Stocks to watch, May 29, 2023: Domestic equities will likely see a gap-up opening on May 29, Monday amid firm global cues. At 08:14 AM, the Nifty futures on the Singapore Exchange (SGX) were trading 159 points or 0.86 per cent higher at 18,707.0 levels. Besides, Asian shares and US stock futures rose in early trade, thanks to a weekend deal by US President Joe Biden and House Speaker Kevin McCarthy to suspend the government's debt ceiling, ending a protracted stalemate and providing some relief for investors, Reuters reported.

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That said, let's take a look at the top stocks that may remain in focus today - 

GMR Airports: The company widened its losses for the quarter that ended in March 2023. The company posted a loss of Rs 441.47 crore against a loss of Rs 141.28 crore in the corresponding quarter of the preceding fiscal. Its revenue from operations came in at Rs 1894.62 crore, up 47.6 per cent as against Rs 1,283.60 crore logged in the fourth quarter of FY22. The company's EBITDA stood at Rs 259.3 crore, down 52.5 per cent on-year.

Tata Motors: As per reports, Moody's Investors Service Inc. has changed its outlook on Tata Motors Ltd. to positive from stable over robust credit metrics. The rating agency expects the improvement in the Indian automaker's credit profile to sustain for the next 12–18 months.

Earnings today: IPCA Labs and IRCTC, among others, are slated to release their March quarter numbers today.

ONGC: The state-run company reported a 53 per cent decline in its consolidated net profit to Rs 5,701 crore for the fourth quarter of FY23 from Rs 12,061.44 crore reported in the year-ago period. The company reported a rise in its consolidated total income in Q4FY23 to Rs 166,728.80 crore, against Rs 158,660.49 crore in the year-ago quarter.

Sundaram Finance: The Board of Directors has recommended a final dividend of Rs 15 per share (150%) for the financial year ended March 31, 2023, on the paid-up capital of Rs 111.10 crore. This, together with the interim dividend of Rs 12 per share (120%) paid on March 3, 2023, will make a total dividend of Rs 27 per share (270%) for the financial year ending March 31, 2023. Besides, the company has also released its March quarter and FY23 numbers.

Vedanta: Mining mogul Anil Agarwal has said his Vedanta group has ample cash flow to service all its debt repayment obligations and that it aims to become a "net zero debt company" in 2-3 years. Agarwal said questions over Vedanta's debt servicing ability are "absolutely irrelevant" as the group will make $9 billion of profits next year on revenue of $30 billion, which would be sufficient to meet all obligations.

Karnataka Bank reported a net profit of Rs 353.53 crore for the fourth quarter of fiscal Q4FY23, up 171.53 per cent from Rs 130.20 crore logged in the corresponding period of the preceding fiscal. The bank's board also recommended a dividend of Rs 5 per share (50 per cent) out of the net profits for the year ended March 31, 2023, subject to the approval of the shareholders at the annual general meeting.

BHEL: The company on Friday reported a 33 per cent decline in its consolidated net profit at Rs 611 crore for the quarter ended March. The same stood at Rs 912 crore in the corresponding quarter of last year. Revenue from operations rose 2 per cent YoY.

City Union Bank: The private sector lender on Friday, May 26, reported a 4.4 per cent year-on-year (YoY) increase in net profit at Rs 218 crore for the March 2023 quarter (Q4FY23). The bank posted a net profit of Rs 209 crore for the corresponding quarter of the preceding fiscal.

ICICI Lombard, ICICI Bank: The ICICI Bank board has approved raising its stake in ICICI Lombard General Insurance by 4 per cent in multiple transactions. The lender owns 48.02 per cent of the general insurance arm. ICICI Bank plans to acquire at least 2.5 per cent of the 4 per cent by September 9, 2024.

Sun Pharma: The pharma major has offered to acquire the outstanding shareholding in its US-based subsidiary, Taro Pharma for around $300 million through a reverse triangular merger.