RIL, Adani Ports, Vi, Biocon and CONCOR are among the nine stocks we will be watching on May 17

Stocks to watch on May 17: Benchmark indices Sensex and Nifty50 could open with slight gains on Friday, as per GIFT Nifty futures.

At 6:51 am, futures on GIFT Nifty rose 26 points and traded at 22,478 levels, marking a subdued start for the stock markets.

Stocks on Wall Street slumped amid a mixed bag of economic data. Weekly unemployment claims fell by 10,000 to 222,000, but continuing claims rose by 13,000 to 1.794 million. Moreover, the number of single-family homes fell by 0.4 percent in April, while import prices rose by 0.9 percent. March data was also revised upwards, but industrial production fell 0.3 percent.

At home, foreign institutional investors (FIIs) have slightly scaled back their selling activities. On May 16, FIIs recorded a net sale of Rs 776.49 crore worth of shares. Conversely, domestic institutional investors (DIIs) made net purchases of Rs 2,127.81 crore.

In the meantime, here are the top stocks to watch for May 17

Adani Ports: The company was excluded from the Norwegian government pension fund due to concerns about human rights violations.

Vodafone Idea (Vi): Vodafone Idea’s fourth quarter results show a bigger loss, albeit with a marginal increase in revenue. The loss widened to Rs 7,674.6 crore, compared to a loss of Rs 6,986 crore in the previous quarter of the same fiscal (Q3FY24). Revenue increased marginally to Rs 10,606.8 crore. Earnings before interest, taxes, depreciation and amortization (Ebitda), meanwhile, fell 0.3 per cent to Rs 4,336 crore, while margin rose 10 basis points to 40.9 per cent.

Biocon: The pharmaceutical company’s consolidated net profit fell 56 percent to Rs 135.5 crore for the March quarter of FY24 (Q4FY24), compared to Rs 313.2 crore in the year-ago quarter (Q4FY23). Revenue rose 3 percent to Rs 3,917 crore, against Rs 3,774 crore in the same period last year. Ebitda fell 8 percent year-on-year (year-on-year) to Rs 916 crore. Meanwhile, margin stood at 23.4 percent in Q4FY24, up from 26.4 percent in Q4FY23.

CONCOR: The state-owned company’s profit rose 13.5 percent year-on-year to Rs 317 crore, compared to Rs 279 crore in Q4FY23. The company’s revenue rose 6.5 percent to Rs 2,325 crore during the same period. Ebitda rose 11.4 percent to Rs 498 crore. As a result, the margin grew by 90 basis points to 21.4 percent.

Crompton Greaves: The company’s net profit rose 5.5 percent to Rs 138.4 crore, compared to Rs 131 crore year-on-year. Revenue showed a positive growth trajectory and rose 9.5 percent to Rs 1,961 crore, compared to Rs 1,791 crore in the previous year. However, Ebitda witnessed a slight decline by 4 per cent to Rs 203.6 crore compared to Rs 211.8 crore year-on-year, resulting in a margin of 10.4 per cent versus 11.8 per cent in the corresponding period last year.

PBFintech: The company’s promoters will sell up to 1.86 percent stake through block deals. The money will be used for tax payments and future ESOP exercises, the report said.

JK paper: The paper maker’s profit fell 1.7 per cent to Rs 275.6 crore compared to Rs 280 crore in the previous year. Revenue remained stagnant at Rs 1,719 crore year-on-year. However, Ebitda witnessed a significant decline and declined by 26 percent to Rs 358 crore, compared to Rs 483 crore in the corresponding period last year, resulting in a margin of 20.8 percent compared to 28.1 percent year-on-year year.

Triveni turbine: The company’s profit rose 36.2 percent to Rs 75.6 crore, compared to Rs 55.5 crore year-on-year. Revenue grew 24 percent to Rs 458.1 crore from Rs 369.8 crore in the previous year. Moreover, Ebitda rose 35.3 percent to Rs 89.8 crore, compared to Rs 66.4 crore year-on-year, resulting in an improved margin of 19.6 percent, compared to 18 percent in the corresponding period last year.

First print: May 17, 2024 | 7:17 am IST