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Stocks to watch on Thursday, May 30, 2024: Indian markets may see a lower start on Thursday, mimicking global peers. The GIFT Nifty futures also signalled a subdued opening, as they quoted 74 points lower against Nifty50 futures 22,669.
Asia-Pacific markets showed a bearish trend with Japan's Nikkei 225 falling 1.73 per cent, and the broader Topix index dropped 1.13 per cent.
South Korea's Kospi edged down by 0.73 per cent, while the small-cap Kosdaq declined by 0.42 per cent. Australia's S&P/ASX 200 dipped by 0.55 per cent.
In contrast, futures for Hong Kong's Hang Seng index were trading 0.27 per cent higher at 18,526 levels.
Overnight in the US, the Dow Jones Industrial Average declined by 1.06 per cent. Similarly, the S&P 500 fell by 0.74 per cent, and the Nasdaq Composite declined by 0.58 per cent.
Meanwhile here are some stocks to watch back home:
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Tata Steel: India’s second-biggest steelmaker by market capitalization, reported a 64.1 per cent year-on-year (YoY) drop in consolidated net profit at Rs 611.48 crore in the fourth quarter ended March 2024 on lower steel realisation and restructuring cost relating to the UK. The steel major’s net profit in the year-ago period stood at Rs 1,704.86 crore. The consolidated revenue from operations was Rs 58,687.31 crore, down 6.8 per cent YoY.
Cummins India: It reported a 54.4 per cent spike YoY in net profit to Rs 538.9 crore in Q4FY24 on a consolidated basis compared to Rs 348.9 crore in the corresponding quarter of the previous year. Revenue grew by 20 per cent YoY to Rs 2,319 crore compared to Rs 1,933.9 crore. The board approved a final dividend of Rs 20 per share.
GMR Airports Infrastructure: It reported a narrowed net loss to Rs 167.6 crore in Q4FY24 compared to a loss of Rs 638.9 crore in Q4FY23. Revenue jumped by 29.5 per cent YoY to Rs 2,446.8 crore compared to Rs 1,889.7 crore in Q4FY23.
G R Infraprojects: It witnessed a spike in profit by 42 per cent YoY to Rs 553.1 crore in Q4FY24 as against Rs 389.7 crore. Revenue rose by 1 per cent YoY to Rs 2,485.1 crore compared to Rs 2,461.1 crore.
MTNL: Its performance in Q4FY24 on a consolidated basis showed a widened loss to Rs 783.7 crore compared to a loss of Rs 748.6 crore in the same quarter a year ago. Revenue fell by 4.6 per cent YoY to Rs 209 crore versus Rs 219.2 crore.
SJVN: It reported a 255 per cent jump in profit to Rs 61.1 crore in Q4FY24 compared to Rs 17.2 crore in Q4FY23. Revenue fell by 4.1 per cent YoY to Rs 482.9 crore versus to Rs 503.8 crore.
Aditya Birla Capital: The company has made a Rs 300 crore investment through rights issuance in the equity shares of Aditya Birla Housing Finance, maintaining its existing percentage shareholding, while ABHFL remains wholly owned by the company.
Capacite Infraprojects: The company's board is scheduled to convene on June 3 to contemplate raising funds up to Rs 100 crore through non-convertible debentures via private placement.
Awfis Space Solutions: The workspace solutions provider, is poised to list its equity shares on May 30, with the final issue price fixed at Rs 383 per share.
RR Kabel: TPG Asia, a US-based private equity firm, is poised to divest its entire 5 per cent stake in the wire and cable manufacturer through block deals. The transaction entails selling over 56 lakh shares at an estimated price of Rs 1,718 per share, totaling approximately Rs 1,000 crore, according to news reports.
