Stocks to Watch: Apollo Tyres, Paytm, BHEL, Sun Pharma, Grasim, Ircon and PI Industries
Indian headline indices closed with minimal changes on Tuesday, influenced by subdued global cues. The BSE Sensex dropped 52.63 points, or 0.07%, to end at 73,953.31, while the NSE Nifty50 index gained 27.05 points, or 0.12%, to settle at 22,529.05. Here are the stocks expected to be in focus before the market opens on Wednesday, May 22, 2024:
Q4 Results Today: Several companies will announce their quarterly results, including Sun Pharmaceutical Industries, Power Grid Corporation of India, Grasim Industries, Max Healthcare Institute, Indian Bank, Torrent Power, FSN E-Commerce Ventures, Petronet LNG, The New India Assurance Company, Jubilant Foodworks, Metro Brands, Gland Pharma, Sundaram Fasteners, and One97 Communications.
Bharat Heavy Electricals: The state-owned electrical equipment manufacturer reported a 25% decline in net profit to Rs 484.36 crore for Q4FY24 due to higher expenses. Revenue from operations increased slightly to Rs 8,260.25 crore.
Apollo Tyres: Warburg Pincus' arm, White Iris Investment, is reportedly planning to sell a 3.5% stake, or approximately 2.24 crore shares, in Apollo Tyres for Rs 1,040 crore on May 22.
United Spirits: The Water Resources Department has issued a notice to United Spirits demanding payment of Rs 345.45 crore in water charge arrears for the period from November 2018 to April 2024. The payment is required within seven days under section 49(j) of the Maharashtra Irrigation Act, 1976.
Ircon International: The state-run railways company reported a 3.8% YoY decline in net profit to Rs 246.8 crore for Q4FY24, with revenue from operations falling 1% to Rs 3,742.7 crore. The board has recommended a final dividend of Rs 1.30 per equity share.
JK Tyre and Industries: The company posted a 56% increase in consolidated net profit to Rs 169.33 crore for Q4FY24, driven by sustained demand. Revenue from operations rose 1.8% to Rs 3,698.45 crore. A final dividend of Rs 3.50 per equity share has been announced for FY24.
PI Industries: The agro-chemicals manufacturer reported a 31.7% YoY increase in net profit to Rs 369.5 crore for Q4FY24, with revenue from operations up 11.2% to Rs 1,741 crore. The board recommended a final dividend of Rs 9 per share.
Indoco Remedies: The pharmaceutical company received final approval from the USFDA for an abbreviated new drug application (ANDA) for Pregabalin capsules, a generic equivalent of Lyrica capsules by Upjohn US 2 LLC.
Ramco Systems: The global payroll software provider reported a net loss of Rs 23 crore for Q4FY24, with revenue from operations increasing 4% to Rs 131.2 crore. The company signed deals exceeding $11 million, including a record multi-million-dollar deal in Q4.
PNC Infratech: The infrastructure firm has been declared the lowest bidder for two EPC road projects by the Maharashtra State Road Development Corporation, with a quoted price of Rs 4,994 crore.
Biocon: Biocon Biologics, a subsidiary of the biopharma firm, received USFDA approval for the first-to-file application for Yesafili, an interchangeable biosimilar aflibercept used in treating various ophthalmological conditions.
GR Infraprojects: The road and highway developer emerged as the lowest bidder for two road projects worth Rs 4,346.14 crore from the Maharashtra State Road Development Corporation.
