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Stocks to watch on May 31, 2023: The SGX Nifty, on Wednesday, indicated a muted start to trade as it quoted around 18,687 levels, down 42-odd points, amidst mixed global cues.
Globally, the US markets finished overnight trade on a mixed note as traders await legislative approval on the debt ceiling deal. Dow Jones declined 0.1 per cent, NASDAQ Composite gained 0.3 per cent, while the S&P 500 remained unchanged.
In Asia-Pacific, similar moves were seen this morning as Nikkei 225, the S&P 200, and Topix indices slipped up to 1 per cent, whereas Kospi bucked the trend and gained 0.1 per cent.
Meanwhile, back home, here are few stocks to watch in Wednesday's trade:
Adani Ports & SEZ: The company clocked 5.1 per cent year-on-year (YoY) rise in consolidated net profit to Rs 1,158.9 crore for the January-March quarter (Q4FY23). Revenue from operations, too, grew to Rs 5,797 crore, up 40 per cent YoY. The board recommended dividend of Rs 5 per share of Rs 2 each fully paid-up for FY23.
HDFC Life: Abrdn, a part of HDFC Life's promoter group, is set to sell its entire stake in the firm as part of a block deal on Wednesday. At present, abrdn holds 35.7 million shares or a 1.66 per cent stake in the insurance firm. The shares will be sold between Rs 563.2-Rs 585.15 each. READ MORE
Sun Pharmaceutical: The pharma major announced that its new drug application (NDA) of tildrakizumab injection, used to cure adults with moderate-to-severe plaque psoriasis was approved by the Chinese health authority. READ MORE
NMDC: The state-owned company cut iron ore lump and its fines rates by Rs 300 and Rs 450 per tonne, respectively. It has fixed the price of lump ore at Rs 3,900 per tonne and fines at Rs 3,560 a tonne. READ MORE
Mahindra & Mahindra: The company announced that Icarus Hybren has been incorporated as a Wholly Owned Subsidiary of Mahindra Susten, which is a subsidiary of Mahindra Holdings Limited, which in turn is a wholly-owned subsidiary of the company.
Apollo Hospitals: The company reported a consolidated net profit of Rs 145 crore for the March quarter. Consolidated revenue from operation, further, rose by 21.3 per cent to Rs 4,302 crore in Q4FY23.
Inox Wind: The company secured a 150 megawatt (MW) wind energy project from NTPC Renewable Energy Limited (NTPCREL) in Gujarat. With this, the total orders awarded to Inox Wind from NTPC to date stands at 550 MW.
Patanjali Foods: The company registered profit-after-tax of Rs 264 crore, up 12.8 per cent from Rs 234 crore a year ago. Revenue from operations, on the other hand, rose by 18.14 per cent to Rs 7,873 crore for the March quarter.
Rajesh Exports: The company appointed Suresh Kumar Sarojamma Linge Gowda as managing director for a term of five years, effective June 1, 2023, subject to approval of shareholders at the ensuing general meeting.
Torrent Pharma: The company witnessed a consolidated net profit of Rs 287 crore for the March quarter, as against loss of Rs 118 crore, in the year-ago period. The board of directors has recommended to the members a final dividend of Rs 8 per equity share of Rs 5 each.
V-Guard Industries: The electric goods manufacturer reported a 41.14 per cent YoY decline in consolidated net profit to Rs 52.72 crore in Q4FY23. Revenue from operations, meanwhile, rose 7.64 per cent to Rs 1,140.14 crore during the period under review.
PTC Industries: The company reported 19 per cent YoY growth in total income to Rs 62.6 crore in Q4FY23, as against Rs 52.6 crore in the year-ago period. Profit-after-tax, on the other hand, surged 99.1 per cent YoY to Rs 9.2 crore in the March quarter.
