GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a positive opening on Monday. Here’s a look at the key stocks to watch in trade.
Stocks in Focus: GIFT Nifty traded up by 48 points or 0.21% at 22,638 indicating a positive opening for domestic indices NSE Nifty 50 and BSE Sensex on Monday. Previously, on Friday, the NSE Nifty 50 ended down by 150.40 points or 0.67% to settle at 22,419.35 while the BSE plunged 609.28 points or 0.82% to 73,730.16.
“Markets witnessed profit taking on Friday and shed over half a percent, tracking feeble global cues. After the flat start, the Nifty gradually inched lower as the day progressed and finally settled around the day’s low at 22,419.95 (-0.7%). Meanwhile, a mixed trend was witnessed on the sectoral front wherein pharma, realty and IT posted decent gains while financials and banking ended in the red. The broader indices outshined the benchmark and gained in the range of 0.6%-0.8%,” said Ajit Mishra – SVP, Research, Religare Broking.
Stocks To Watch: Nykaa, Ambuja Cement, Adani Power, Wipro, Bharti Airtel, Jain Irrigation Stocks To Watch: Zomato, Reliance Industries, L&T, Ola Electric, Cyient DLM, Petronet LNG, Genus Power Stocks To Watch: Maruti Suzuki India, GMR Airports Infra, Brightcom Group, Hindustan Zinc, Adani Enterprises, Kolte-Patil Developers Stocks To Watch: Eicher Motors, LIC, Cochin Shipyard, Biocon, Oil India, SJVN, Grasim, Alkem Lab, OLA Electric Mobility
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Mishra also added that The intermediate volatility is normal during the earnings season and mixed global cues are further adding to the choppiness. We suggest continuing with stock-specific trading approach and utilizing dips to add quality names.
Stocks to Watch on April 29, 2024
ICICI Bank
The bank disclosed a net profit of Rs 10,757.5 crore, with net interest income reaching Rs 19,092.8 crore. Gross Non-Performing Assets (NPA) decreased to 2.16% from 2.3% in December, while net NPA reduced to 0.42% from last year’s 0.44%. Management noted ongoing discussions with the RBI regarding IT infrastructure and periodic feedback. They anticipate Net Interest Margins (NIMs) to stay within a certain range until there’s a revision in repo rates.
Maruti Suzuki
The net profit recorded Rs 3,877.8 crore, falling short of the anticipated Rs 4,104 crore. Margin fell short of estimates by 120 basis points, standing at 12.2%. However, year-on-year, the margin saw an improvement of 170 basis points. The company announced a dividend of Rs 125 per share. Profit growth reached 47.8% compared to the previous year but was constrained by increased tax expenses.
Yes Bank
Indian private lender YES Bank posted a 123% year-on-year surge in net profit in Q4FY24, soaring to Rs 452 crore from Rs 202.4 crore in the corresponding quarter last year, significantly exceeding analysts’ forecasts. Net Interest Margins (NIM) remained stable at 2.4% for Q4FY24, consistent with the preceding quarter. The bank witnessed notable enhancement in asset quality, with the Gross Non-Performing Asset (GNPA) ratio declining to 1.7% and the Net Non-Performing Asset (NNPA) ratio dropping to 0.6%.
HCL Technologies
The FY25 revenue growth forecast is anticipated to range between 3% to 5% year-on-year, which falls short of CNBC-TV18’s projected growth of 5% to 7%. Constant currency revenue growth stood at 0.3%, compared to December’s 6% and lower than the expected 0.4%. The EBIT margin of 17.6% also trailed behind the estimated 18.3%. Company management clarified that the growth guidance is weighted towards the latter part of the year.
RBL Bank
RBL Bank has reported its highest operating profit growth in 21 quarters, along with the lowest Gross NPA and Net NPA in 13 quarters. The credit-deposit ratio is the lowest in six quarters, while RoA and RoE are the highest in 19 quarters. Net Interest Income met expectations, while net profit marginally exceeded forecasts. Slippages amounted to Rs 680 crore, up from Rs 666 crore, and write-offs totaled Rs 721 crore, up from Rs 356 crore.
L&T Finance
L&T Finance’s Net Interest Income of Rs 1,909 crore fell short of Equirus’ estimates of Rs 1,955.2 crore, while net profit of Rs 554 crore also missed expectations of Rs 661.6 crore. Disbursements increased by 24.8% year-on-year and 3.4% sequentially to Rs 15,366 crore, with Asset Under Management (AUM) growing by 5.7% year-on-year to Rs 85,564 crore. Gross NPA decreased to 2.84% from 2.95%, and Net NPA decreased to 0.62% from 0.64%.
Small Finance Banks
The Reserve Bank of India (RBI) has called for applications from Small Finance Banks (SFBs) meeting specified criteria, including a minimum net worth of Rs 1,000 crore, to become regular or universal banks. This includes approximately a dozen SFBs, such as AU Small Finance Bank, Equitas Small Finance Bank, and Ujjivan Small Finance Bank.
Macrotech Developers
Macrotech Developers has obtained approval from the National Company Law Tribunal (NCLT) for its resolution plan for V Hotels. Under the plan, the company will pay Rs 900 crore over 270 days. The first tranche of Rs 90 crore has already been remitted.
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Adani Enterprises
Adani Enterprises’ Mauritius-based arm has finalized the acquisition of a 49% stake in Abu Dhabi-based Adani Esyasoft Smart Solutions for $24,500.
Vodafone Idea
ATC Telecom Infrastructure sold 144 crore shares (2.95%) of Vodafone Idea at Rs 12.78 apiece, while Citigroup Global Markets Mauritius acquired 49.12 crore shares (0.98%) at Rs 12.7 apiece.
Key Earnings Today
UltraTech Cement, Trent, KPIT Technologies, Poonawala Fincorp, Tata Chemicals, Birlasoft, PNB Housing Finance, KFIN Technologies, Can Fin Homes, Shoppers Stop, Vesuvius India, Spandana Sphoorty Financial, Rossari Biotech, UCO Bank, and Gillette India.