Equity benchmark indices settled higher on Wednesday amid buying in index heavyweights Reliance Industries and Infosys amid mixed cues from global markets.
The BSE Sensex climbed 267.75 points or 0.36 per cent to settle at 74,221.06. Extending gains to the fifth consecutive session, the NSE Nifty added 68.75 points or 0.31 per cent to finish at 22,597.80.
"Despite mixed global market sentiments ahead of the US FED minutes, Indian markets exhibited a subtle positive trend. Investors are optimistic about stable Q4 earnings and easing election jitters that had previously increased volatility. Interest in the FMCG sector has risen due to the potential for an early onset of monsoon. Nevertheless, markets may underperform in the short term as they wait for the election outcome, with FIIs staying on the sidelines," said Vinod Nair, Head of Research at Geojit Financial Services.
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Here are the key stocks to watch on May 23:
One97 Communications (Paytm): The parent company of Paytm reported its net loss widening to Rs 550 crore in the March quarter from Rs 168 crore in the year-ago period due to a fall in revenue from operations. The operation revenue for the reported quarter declined 3 per cent YoY to Rs 2,267 crore, impacted by temporary disruptions in business operations. In addition, the fintech major warned of job cuts and said it would trim non-core assets.
Nykaa: FSN E-Commerce Ventures, the parent company of Nykaa, reported a March 2024 quarter profit of Rs 9.07 crore, up 297.8 per cent from Rs 2.28 crore in the year-ago period. Its revenue from operations increased 28 per cent to Rs 1,667.98 crore as against Rs 1,301.72 crore during the same quarter of the previous financial year.
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Jubilant Foodworks: The operator of Domino’s restaurants in India posted a more than seven times or 627.1 per cent jump in profit to Rs 207.52 crore in the March 2024 quarter compared to Rs 28.54 crore in the year-ago period. Its revenue from operations stood at Rs 1,572.80 crore, up 23.9 per cent as against Rs 1,269.85 crore during the corresponding quarter of the previous financial year.
Power Grid: The company reported a 3.6 per cent decline in net profit to Rs 4,166 crore compared to Rs 4,323 crore in the year-ago period. Revenue from operations fell 2.5 per cent to Rs 11,978 crore compared to Rs 12,286 crore in the corresponding quarter of the previous financial year. In addition, the company announced a final dividend of Rs 2.75 per share.
Torrent Power: The company reported a 7.6 per cent fall in net profit to Rs 447 crore compared to Rs 484 crore in the year-ago period. Revenue from the operations increased to Rs 6,529 crore as against Rs 6,038 crore in the same quarter of previous fiscal. The company’s board approved the issuance of non-convertible debentures of up to Rs 3,000 crore.
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