Stocks to watch on 16 May: The SGX Nifty hinted at a positive open for domestic indices BSE Sensex and NSE Nifty 50. Here are the key stocks to watch in trade on Monday.
Stocks to watch: The SGX Nifty signaled that domestic benchmark indices NSE Nifty and BSE Sensex might open on a positive note, as Nifty futures traded 44 points lower at 18,447.50 on the Singaporean exchange. Nifty and Sensex closed Monday’s session higher. Nifty 50 closed at 18,398.85, just shy of the 18,400 level and 60 points down from its intraday high. Sensex closed 317 points higher at 62,346.
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“Domestic benchmark indices are marching ahead driven by favourable developments such as declining inflation levels, steady foreign inflows, and in anticipation of robust earnings growth on a QoQ basis next quarter, due to drop in global commodity prices. The domestic CPI inflation came in better than expected at 4.7%, and the WPI inflation decreased by 0.92%, reaffirming RBI’s decision to hold rate hikes,” said Vinod Nair, Head of Research, Geojit Financial Services.
Stocks to watch on 16 May, 2023
Pfizer
Pfizer posted its fourth quarter profit at Rs 129.65 crore, up 3.1% as against Rs 125.79 crore in the same quarter last year. The company’s revenue from operations was at Rs 572.64 crore, up 4.2% from Rs 549.66 crore in Q4FY22.
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Vedanta
Vedanta on Monday named Holcim AG executive Sonal Shrivastava as its new chief financial officer, effective from 1 June.
Bharti Airtel
The telecom player is set to announce its quarterly results on Tuesday. Experts estimated the firm’s revenue to rise between 1-2% on tepid customer additions and relatively flat ARPU. As a result of the previous quarter’s one-time provisional charge, the net profit for quarter ended March will see a sharp sequential jump.
GAIL, Oil India, ONGC
The government slashed windfall tax on domestically produced crude oil to zero, which will have a beneficial impact on ONGC, Oil India and GAIL.
Indian Oil
The oil major will report its fourth quarter earnings later today. Analysts predicted that IOC might see a multifold jump in profit after tax, even though revenue might see a fall.
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Coromandel International
Coromandel International reported a 15% fall in its quarterly profit on Monday, as soaring costs offset growing demand.
PVR Inox
Multiplex player PVR Inox reported a net loss of Rs 333.4 crore in the quarter ended March compared to a net profit of Rs 105 crore in the same quarter last year.
