Hindustan Zinc, Tata Consumer, Tata Elxsi, Vedanta, and Reliance are stocks to keep an eye on

The Indian stock indexes, BSE Sensex and NSE Nifty 50, might open higher, according to GIFT Nifty. Here are some important stocks to keep an eye on while trading.

Focused stocks: The GIFT Nifty index saw a gain of 48 points, or 0.21%, at 22,424.50 on Wednesday, signaling a favorable start for the local indexes NSE Nifty 50 and BSE Sensex. Prior to this, on Tuesday, the BSE Sensex increased 90 points, or 0.12%, to end at 73,738.45, while the NSE Nifty 50 gained 31.60 points, or 0.14%, to close at 22,368,.

Investing ideas for April 24, 2024: Hindustan Zinc

The government continues to oppose Vedanta’s attempt to de-merge Hindustan Zinc (HZL), notwithstanding the promoter’s modification of the original three-way split proposal to a two-way split. According to a senior official who spoke to FE on condition of anonymity, the Center would not back the updated plan either since it believed that the divide may lead to a number of problems.

The Tata Elxsi

Tata Elxsi released its quarterly and annual financial results. PAT for Q4FY24 was Rs 196.9 crore, which was 4.6% QoQ less than Q3’s earnings. Additionally subdued, Q4 sales of Rs 905.9 crore saw a 0.9% QoQ decline.

The Tata Consumer Goods Company

Tata Consumer Products reported its fiscal fourth-quarter profits on Tuesday, below projections and showing a profit of Rs 267.71 crore, down 22.5% year over year from Rs 345.58 crore in the fourth quarter of FY23. With a solid performance in India business, which climbed 10%, it reported revenue from operations at Rs 3926.94 crore for the quarter ended March 31, 2024, up 8.5 percent from Rs 3618.73 crore during the same time the previous year.

Industries Reliance

Analysts estimate that Reliance Jio, the biggest telecom provider in India based on market share, would need to raise rates twice in the next three years by a total of 15-20% in order to catch up to rival Bharti Airtel in terms of average revenue per user (ARPU).

Seven firms have submitted bids for the Production Linked Incentive that the government intends to provide for the production of 10 gigawatt-hour (Gwh) Advanced Chemistry Cell Battery Storage. These companies include Reliance Industries, JSW Neo Energy, Amara Raja, and Lucas TVS.

Telecom Businesses

Government sources told FE on Tuesday that the auction mechanism would still be used to provide spectrum for mobile services.

Natural gas and petroleum businesses

According to a member of the regulatory board who wished to remain anonymous, the Petroleum and Natural Gas Regulatory Board is now looking to amend the tariff policy for the product pipelines established by the state-owned oil marketing businesses and private refiners.

Yoga

Plans by UAE-based International Resources Holdings (IRH) to purchase a 51% share in Zambia’s Konkola Copper Mines (KCM) may not come to pass as Vedanta Resources (VRL) is hesitant to give up its controlling ownership in the company. Furthermore, a report by CreditSights suggests that the Anil Agarwal-led business may be hesitant to sell its controlling position in KCM given the latter’s increasing operational visibility.

MCX

For the quarter that ended in March of FY24, Multi Commodity Exchange of India (MCX) declared a net profit of Rs 88 crore. The firm reported sales that increased by 35% year over year to Rs 181 crore. Additionally, the business announced a final dividend for FY24 of Rs 7.64 per equity share.

Cyient DLM

With a net profit of Rs 22.7 crore, Cyient DLM reported a 23.3% sequential rise. In the third quarter of FY24, the firm had a net profit of Rs 18.4 crore. The business made Rs 362 crore in sales.

Profits for Today

The companies that make up Hindustan Unilever are 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, Oracle Financial Services Software, Agro Tech Foods, 5paisa Capital, Dhampur Bio Organics, Goyal Salt, Harshdeep Hortico, Oracle Financial Services Software, Tata Investment Corporation, Syngene International, Supreme Petrochem, and PNGS Gargi Fashion Jewellery.