GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a positive opening. Here’s a look at the key stocks to watch in trade.

Stocks in Focus: GIFT Nifty traded higher as the index was up 48 points or 0.21% at 22,424.50 indicating a positive start for domestic indices NSE Nifty 50 and BSE Sensex on Wednesday. Previously, on Tuesday, the NSE Nifty 50 gained 31.60 points or 0.14% to settle at 22,368, while the BSE Sensex advanced 90 points or 0.12% to close at 73,738.45.

Stocks to watch on April 24, 2024

Hindustan Zinc

Stocks To Watch: Hindustan Zinc, Suzlon Energy, Glenmark Pharma, Hindustan Aeronautics, Vedanta Stocks To Watch: Berger Paints, Vodafone Idea, ONGC, IRFC, Wipro Stocks To Watch: Realty Stocks, Lupin, Tata Power, PB Fintech, SBI, Suzlon Energy, Godrej Consumer, ABFRL Stocks To Watch: Tata Consumer Products, Varun Beverages, JSW Infra, IOC, Vodafone Idea

The government has persisted with its opposition to Vedanta’s move to de-merge Hindustan Zinc (HZL), even after the promoter changed the plan from a three- to two-way split. A senior official, on condition if anonymity told FE that the Centre would not support the revised proposal either, as it felt that several issues could arise as a result of the split.

Tata Elxsi 

Tata Elxsi announced its Q4 and full-year earnings. The Q4FY24 PAT came in at Rs 196.9 crore, down 4.6% QoQ as compared to the Q3 performance. The revenue in Q4 also came in muted at Rs 905.9 crore, down 0.9% QoQ.

Tata Consumer Products 

Tata Consumer Products on Tuesday posted its fiscal fourth-quarter earnings with profit at Rs 267.71 crore, down 22.5 per cent on-year in comparison to Rs 345.58 crore during the fourth quarter of FY23, missing estimates. It posted revenue from operations at Rs 3926.94 crore for the quarter ended March 31, 2024, up 8.5 per cent as against Rs 3618.73 crore during the same period last year, with strong performance in India business, which grew 10 per cent.

Reliance Industries

Reliance Jio, India’s largest telecom operator by market share, would require two tariff hikes in the range of 15-20% over the next three years to close the gap with peer Bharti Airtel on the average revenue per user (ARPU)-level, according to analysts.

Reliance Industries, JSW Neo Energy, Amara Raja, and Lucas TVS are among seven companies that have bid for the Production Linked Incentive that the government plans to provide for the manufacturing of 10 gigawatt-hour (Gwh) Advanced Chemistry Cell Battery Storage.

Telecom Companies

Spectrum for mobile services will continue to be given through the auction process, sources in the government told FE on Tuesday.

Petroleum and natural gas companies

The Petroleum and Natural Gas Regulatory Board is now seeking to revise the tariff policy for the product pipelines laid out by the state-owned oil marketing companies and private refiners, a member of the regulatory board, who did not wish to be identified told FE.

Vedanta 

With Vedanta Resources (VRL) unwilling to lose its majority stake in Zambia-based Konkola Copper Mines (KCM), plans of UAE-based International Resources Holdings (IRH) to buy a 51% stake in KCM may not materialise. Besides, the company helmed by Anil Agarwal could be reluctant to let go of its majority stake in KCM, as the latter’s operational visibility is improving, according to a report by CreditSights.

MCX

Multi Commodity Exchange of India (MCX) reported a net profit of Rs 88 crore during the quarter ending March of FY24. The company posted a 35% on-year rise in its revenue to Rs 181 crore. The company also declared a final dividend of Rs 7.64 per equity share for FY24. 

Cyient DLM 

Cyient DLM posted a net profit of Rs 22.7 crore, an increase of 23.3% sequentially. The company clocked a net profit of Rs 18.4 crore during the Q3 of FY24. The company’s revenue came in at Rs 362 crore.

Earnings Today

Hindustan Unilever, Axis Bank, LTIMindtree, Macrotech Developers, Indian Hotels Company, AU Small Finance Bank, Dalmia Bharat, Nippon Life India Asset Management, Chennai Petroleum Corporation, Anant Raj, Equitas Small Finance Bank, Maharashtra Scooters, MAS Financial Services, DCB Bank, Network People Services Technologies, Agro Tech Foods, 5paisa Capital, Dhampur Bio Organics, Goyal Salt, Harshdeep Hortico, Oracle Financial Services Software, Tata Investment Corporation, Syngene International, Supreme Petrochem, PNGS Gargi Fashion Jewellery.