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IndiGo, HCLTech, JK Lakshmi Cement among nine stocks to track on May 24

On Thursday, US markets closed in the red as robust economic data dashed hopes for Federal Reserve rate cuts

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Tanmay Tiwary New Delhi

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Stocks to watch on May 24: Indian markets may open on a lower note on Friday, mirroring weak global cues. At 6:58 AM, GIFT Nifty futures indicated a downward trend, trading 53 points lower at 22,949.50 against Nifty futures.

On Thursday, US markets closed in the red as robust economic data dashed hopes for Federal Reserve rate cuts. Both services and manufacturing data for May surpassed forecasts, while initial jobless claims for the week ending May 18 stood at 215,000.

The Dow Jones recorded its worst session since March last year, settling 1.53 per cent lower. Similarly, the S&P 500 declined 0.74 per cent, and the Nasdaq ended 0.39 per cent lower, despite Nvidia's strong guidance and earnings beat.

In the domestic arena, foreign institutional investors (FIIs) were active, purchasing shares worth Rs 4,670.95 crore on May 23. On the other hand, domestic institutional investors (DIIs) bought shares worth Rs 146.51 crore.

Meanwhile, here are few stocks to keep an eye on May 24

IndiGo: The aviation company’s profit rose over 106 per cent to Rs 1,894.8 crore in Q4FY24 against Rs 919.2 crore in the same quarter a year ago (Q3FY23). Revenue, meanwhile, surged 26 per cent to Rs 17,825.3 crore during the same period.

HCL Technologies: The IT firm, has finalised the acquisition of select assets from Hewlett Packard Enterprise's Communications Technology Group (CTG) for $225 million. This strategic acquisition encompasses valuable intellectual property (IP), engineering and research & development (R&D) talent, as well as established client relationships with leading global Communication Service Providers (CSPs).

JK Lakshmi Cement: The cement manufacturer’s profit rose 41.1 per cent to Rs 162 crore in Q4FY24 compared to Rs 114.8 crore in the corresponding period last year. However, there was a slight decline in revenue, which fell 4.4 per cent to Rs 1,780.9 crore compared to Rs 1,862.1 crore in the previous year.

Zee Entertainment Enterprises: Zee Entertainment has declared that Culver Max Entertainment and Bangla Entertainment have not fulfilled their obligations as per the Merger Cooperation Agreement (MCA). As a result, Zee has decided to terminate the MCA and has requested Culver Max and BEPL to settle the termination fee of $90 million as stipulated in the agreement.

Fortis Healthcare: Fortis Healthcare profit surged 46.9 per cent to Rs 203.1 crore in Q4FY24, as compared to Rs 138.3 crore in the same period last year (Q4FY23). Meanwhile, revenue saw an uptick, rising 8.7 per cent to Rs 1,785.9 crore compared to Rs 1,642.7 crore in the previous year.

Barbeque Nation Hospitality: The food chain operator’s losses narrowed to Rs 1 crore in Q4FY24, as opposed to a loss of Rs 11.8 crore. Revenue, on the other hand, rose 6.4 per cent to Rs 298 crore in Q4FY24.

UPL: UPL has entered a joint venture agreement with Aarti Industries for the production and promotion of specialty chemicals utilised across various downstream industries.

Schneider Electric Infrastructure: The company’s profit plummeted 92.7 per cent to Rs 3.28 crore in Q4FY24 compared to Rs 44.8 crore in the same period last year. Despite this, revenue rose 14.9 per cent to Rs 471.8 crore compared to Rs 410.5 crore in the previous year. 

Concord Biotech: The company’s profit increased 3.9 per cent to Rs 95 crore in Q4FY24 compared to Rs 91.5 crore in the same period last year. Meanwhile, revenue surged 17 per cent to Rs 319 crore compared to Rs 272.6 crore in the previous year.

Transformers and Rectifiers: Transformers and Rectifiers secured two orders worth Rs 359 crore, including export order of transformers of Rs 161 crore from AL Anwaar International, and another order of transformers worth Rs 179 crore from Adani Group.

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First Published: May 24 2024 | 7:29 AM IST

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