News

Watch the Stocks: Adani Enterprises, Amara Raja Energy Hindalco Industries, IRCTC, Reliance Industries, Wockhardt

Submitted by admin on May 31st, 2024

GIFT Nifty predicted that NSE Nifty 50 and BSE Sensex, which are Indian equity indices, might wake up to a negative opening on last Wednesday. Take a quick look at the key stocks in trade.

Stocks to Watch: Gift Nifty tanked 52 points or 0.23% to settle at 22, 865, highlighting a negative opening for BSE Sensex and NSE Nifty 50 on Wednesday. On Tuesday, the NSE Nifty 50 dropped down by 44.30 or 0.19% to conclude at 22, 888.15 while the BSE closed lower 220.04 pints or 0.21% to 75,170.46.

“Nifty’s woes deepened as it fell for the third consecutive day, mirroring investor anxiety surrounding upcoming events like exit polls and US GDP data. This nervousness sent the volatility index, India VIX, soaring to a two-year high, indicating a jittery market,” stated Prashanth Tapse, Senior VP (Research), Mehta Equities.

Tapse added that while the heat infected most sectors, a few stocks including Divis Labs emerged as gainers, defying the trend. Adani Ports, on the downside, ended at the bottom of the slot, leading the line of losers.

Stocks to Watch

Adani Enterprises

The Board of Directors at Adani Enterprises had a meeting on May 28. They approved their raising ₹16,600 crore by issuing equity shares and other eligible securities, or a combo thereof. As per a regulatory filing by Adani Enterprises, this will be accomplished via QIP (Qualified Institutional Placement) or other permissible modes.

Aditya Birla Fashion & Retail

The company incurred a net loss of Rs 266.4 crore for the fourth quarter that ended on March 31, 2024 compared to their net loss of 194.5 crore during the same phase the last fiscal year. Revenues from operations went up by 18.3%, increasing from Rs 2,879.7 crore to Rs 3,406.7 crore in the corresponding period of the last year.

Amara Raja Energy

They reported a 61.4% year-on-year increase in net profit, touching Rs 229.8 crore for the fourth quarter, against Rs 142 crore in the same quarter last year. The company enjoyed a 19.5% surge in their revenue that witnessed a hike from 2,433.2 crore to Rs 2,908 crore in the corresponding period of the last fiscal year.

Brigade Enterprises

The realty firm experienced a 234.3% year-on-year increase in net profit, making Rs 210.9 crore as profits for the fourth quarter, compared to Rs 63.1 crore in the same quarter of the previous financial year. The company’s revenue from operations grew by 102.04%, jumping from Rs 842.6 crore to Rs 1, 702.4 crore, compared between the two consecutive fiscal years.

Gujarat Narmada Valley

The state-run company experienced a 61.3% year-on-year drop in its net profit, plummeting to Rs 130 crore in the fourth quarter, compared to Rs 336 crore in the same quarter the last financial year. The company’s revenue dropped by 7.1%, declining to Rs 2, 110 crore from Rs 2, 271 crore in the corresponding time period of the last fiscal year.

Hindalco Industries

Novelis Inc has filed with the Securities and Exchange Commission (SEC) to offer 45 million worth 4.5 crore shares in an initial public offering (IPO). For the IPO, the estimated price band ranges from $18 to $21 per share. At the top end of the range, Novelis aspires for a valuation of up to $12.6 billion in its US IPO.

IRCTC

The railway PSU registered a 1.9% year-on-year hike in their net profit, touching Rs 284.2 crore for the fourth quarter, compared to Rs 278.8 crore during the same period last year. IRCTC’s revenue from operations registered a 19.7% increase, rising to Rs 1,154.8 crore from Rs 965 crore in the corresponding period of the last fiscal year.

NBCC

The state-owned construction firm experienced a 24.6% year-on-year surge in their net profit, climbing up to Rs 141.5 crore for the fourth quarter, compared to Rs 113.6 crore in the same period of financial year 2023. Revenue from operations increased 43%, climbing up to Rs 4,025 crore from Rs 2,814 crore in the corresponding phase of the last fiscal year.

PNB Housing Finance

A 2.68% stake has been offered to two shareholders of the housing finance, which is equivalent to 6.96 million shares. According to sources, the floor price for the offer has been pegged at Rs 717 per share, which represents a 5% discount to the last closing price. The shareholders have a plan to raise about ₹500 crore through the share sale.

Reliance Industries

Reliance Industries and Russia’s Rosneft have entered a one-year contract that will allow the former to procure a minimum of 3 million barrels of oil each month. The India-based company has to make payments in roubles. This agreement, in keeping with Russian President Vladimir Putin’s initiative for alternative financial systems amidst Western sanctions, makes sure Reliance’s access to discounted oil and highlights India’s significant role as a major buyer of Russian crude.

Wockhardt

The pharmaceuticals firm incurred a net loss of Rs 177 crore for the fourth quarter that ended on March 31, 2024, compared to a net loss of Rs 237 crore in the same quarter the previous year. The company’s revenue from operations surged by 3.2%, swelling up to Rs 700 crore from Rs 678 crore in the corresponding period of the last fiscal year.