The following stocks are worth keeping an eye on: Hero MotoCorp, PSP Projects, Adani Group, Patel Engineering, Indian Overseas Bank, and Tata Consumers

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

 

Focused Stocks: GIFT Nifty opened higher on Tuesday, rising 73.50 points, or 0.33%, to settle at 22.458, signaling a bullish start for the domestic indexes NSE Nifty 50 and BSE Sensex. Earlier on Monday, the BSE surged 560.29 points, or 0.77%, to 73,648.62, while the NSE Nifty 50 closed up 189.40 points, or 0.86%, to conclude at 22,336.50.

“The Middle East tension saw some respite last Friday, and the Indian market continued its relief rally, though the situation is still unstable.” There was a widespread rebound in all industries, with mid- and small-cap stocks seeing a spike in demand. According to Vinod Nair, Head of Research at Geojit Financial Services, “gold and oil prices showed some relief but are still at elevated levels.”

Nair also said that the US Federal Reserve’s hawkish comments, along with ongoing inflation and strong economic indicators, caused bond rates to rise. The current environment of rising interest rates is anticipated to last longer than anticipated, which, along with the slowing pace of profits growth, points to a near-term continuation of the consolidation.

April 23, 2024: Stocks to Monitor for Reliance Industries

The conglomerate, which operates in the oil, telecom, and retail sectors, reported a consolidated net profit of Rs 18,951 crore, or Rs 28.01 per share, for the January–March quarter of the fiscal year 2023–24. Compared to the same time last year, when a net profit of Rs 19,299 crore, or Rs 28.52 per share, was recorded, this statistic shows a decline. Revenue for the company’s Oil & Gas division increased significantly, rising by 42% to Rs 6,468 crore. In the main, increased volumes from the KG D6 block drove this rise. By contrast, the segment’s revenue for the same quarter of the previous year was Rs 4,556 crore.

Adani Enterprises
Reuters reports that SEBI found infractions pertaining to declarations of holdings and exceeding investment limits in offshore funds connected to the Adani Group. Eight offshore funds have agreed to pay fines to resolve the allegations without taking responsibility.

Indian Abroad
Plans to raise capital have been revealed by Indian Overseas Bank, which hopes to raise up to Rs 1,000 crore via debt and Rs 5,000 crore through equity.

Engineer Patel
A qualified institutional placement (QIP) was made by Patel Engineering, with a floor price of Rs 59.50 per share. With this sale, the business hopes to generate around Rs 400 crore.

PSP Initiatives
In an effort to collect ₹244 crore, PSP Projects is preparing to launch a qualified institutional placement (QIP). For the QIP, an indicative issue price of Rs 670.00 per share has been determined.

Kabel R. R.
The Board of R R Kabel authorized Dinesh Aggarwal’s dismissal as CEO with immediate effect. The Managing Director of the firm, Shreegopal Rameshwarlal Kabra, will take over the duties and obligations of the CEO.

Industrial and Commercial Bank
The Reserve Bank of India’s programmable Central Bank Digital Currency (CBDC) pilot was successfully completed, according to IndusInd Bank on Monday. This is the first time a bank has done anything of this nature.

Foods Patanjali
With an initial capital of Rs 20 lakh each, Patanjali Foods has created two completely owned subsidiaries: Rishikrishi Farming and Contemporary Agro.

Hero MotoCorp
Hero MotoCorp’s Chief Technology Officer Arun Jaura has submitted his resignation, which will take effect on April 30.

Tejas Networks
The local telecom equipment manufacturer Tejas Networks reported a net profit of Rs 146.8 crore for the fourth quarter that concluded on March 31, 2024, as opposed to a net loss of Rs 11.5 crore for the same period in the previous fiscal year. Additionally, the company’s sales surged to Rs 1,326.9 crore, or 343.40%.

The Mahindra Logistics
In contrast to a net profit of Rs 0.20 crore during the same time previous year, Mahindra Logistics recorded a net loss of Rs 11.9 crore for the fourth quarter that ended on March 31, 2024. Nonetheless, the company’s sales increased by 14% to Rs 1,450.8 million.

Focus on Earnings Currently, MCX, Huhtamaki India, Cyient DLM, 360 One WAM, Tata Consumer Products, ICICI Prudential Life Insurance Company, and Tata Elxsi.