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Stocks to watch on Wednesday, May 8, 2024: Indian bourses are likely to open with modest gains on Wednesday, mirroring a mixed trend in global markets.
At 7:31 AM, the GIFT Nifty futures indicated a slight uptick of 18 points, reaching 22,400 levels compared to Nifty 50 futures, suggesting a subdued start to the day.
In the US, equities witnessed a mixed session on Wall Street, with the Dow Jones and S&P 500 registering minor gains of 0.08 percent and 0.13 percent, respectively. However, the Nasdaq closed 0.10 percent lower.
Domestically, however, below are some stocks to keep a tap on:
Domestically, however, below are some stocks to keep a tap on:
IRB Infrastructure: IRB Infrastructure Developers on Tuesday reported a 45 per cent rise in consolidated net profit to Rs 188.87 crore for the March 2024 quarter, mainly due to higher income. Its net profit was Rs 130.15 crore in the quarter ended March 2023, the company said in a regulatory filing. Total income surged to Rs 2,504.49 crore from Rs 1,698.91 crore in the year-ago period.
Indraprastha Gas Ltd (IGL): The company reported a nine percent increase in its consolidated net profit to Rs 433.29 crore for the fourth quarter of fiscal year 2023-24 versus Rs 397.51 crore in the same period last year, and represents a nearly nine percent decrease from Rs 475.45 crore in the previous quarter ending December 31. Revenue from operations during the quarter stood at Rs 3,964.42 crore, slightly lower than the Rs 4,056.44 crore recorded in the same period last year.
Sonata Software: Sonata Software reported a net profit of Rs 110.4 crore compared to a net loss of Rs 46.2 crore quarter-on-quarter (QoQ). Revenue decreased by 12.1 per cent to Rs 2,191.6 crore from Rs 2,493.4 crore QoQ. EBIT declined by 36.5 per cent to Es 110.5 crore compared to Rs 174 crore QoQ, with margins at 5 per cent versus 7 per cent QoQ.
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Credit Access Grameen: Credit Access Grameen's net profit increased by 33.9 per cent to Rs 397 crore compared to Rs 296.6 crore year-on-year (YoY). Net interest income (NII) surged by 42.3 per cent to Rs 881 crore from Rs 619.2 crore YoY. Gross NPA stood at Rs 303.7 crore versus Rs 219.7 crore quarter-on-quarter (QoQ), while net NPA was at Rs 90.1 crore compared to Rs 65.7 crore QoQ.
IDBI Bank: On Tuesday, IDBI Bank announced that it has received a GST demand order of Rs 2.97 crore, inclusive of interest and penalty, for alleged excess availment of input tax credit (ITC).
Delta Corp: The company reported its Q4 earnings, its Net profit increased by 41.4 per cent to Rs 72.4 crore compared to Rs 51.2 crore year-on-year (YoY).Revenue decreased by 3 per cent to Rs 194.8 crore from Rs 214.3 crore YoY. EBITDA declined by 30.7 per cent to Rs 41.7 crore compared to RS 60.2 crore YoY.
Jupiter Wagons: The firm's total Income for Q4 FY24 stood at Rs 1,12,134 lakh, up 57 per cent (YoY). EBITDA for Q4 FY24 at Rs 1,47 crore, up 59 per cent (YoY). PAT for Q4 FY24 stood at Rs 10.4 crore lakh, higher by 156 per cent (YoY) with PAT margin improving to 9.3 per cent
SJVN: Juniper Green Energy on Tuesday said it has inked a power purchase agreement (PPA) with state-owned SJVN Ltd to supply round-the-clock 320 MW renewable energy. To cater to this, the company will be developing 1GW of capacity across Gujarat and Rajasthan.
