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Stocks To Watch: Bajaj Finance, Coforge, Coal India And Others In News

The NSE Nifty rose by 43.35 points or 0.19 per cent to close at 22,648.20. From the sectors, auto, metal, oil & gas, and power gained one per cent each, while bank and realty indices ended marginally in the red

Benchmark equity indices rebounded on Thursday as record GST collections in April, positive manufacturing data, and foreign fund inflows boosted investor sentiment.

The BSE Sensex climbed 128.33 points or 0.17 per cent to settle at 74,611.11. The NSE Nifty rose by 43.35 points or 0.19 per cent to close at 22,648.20. From the sectors, auto, metal, oil & gas, and power gained one per cent each, while bank and realty indices ended marginally in the red

"Benchmark indices saw moderate gains, mirroring global trends after the FED decided to maintain its interest rate, as widely accepted. The US central bank hinted at potential rate cuts while remaining cautious about sustaining the high inflation trend. The broader market largely traded range-bound, while positive commentary from the auto companies on recent volume numbers led the sector to outperform,” said Vinod Nair, Head of Research, Geojit Financial Services.

Here are the key stocks to watch on May 3:

Bajaj Finance: The non-banking finance company (NBFC) has announced that the Reserve Bank of India (RBI) has removed the restrictions on sanctioning and disbursing new loans in the ‘eCOM’ and online/digital Insta EMI Cards segment. This comes after the company’s implementation of corrective measures in response to concerns raised by the regulatory authority.

Coforge: The IT services company reported a consolidated net profit of Rs 229.2 crore for the quarter ended March 31, 2024, up 94.86 per cent compared to Rs 114.8 crore in the year-ago period. The company’s revenue from operations increased 8.7 per cent to Rs 2,358.5 against Rs 2,170 crore in the same quarter of the previous fiscal. The board has recommended an interim dividend of Rs 19 per share and the record date for this will be May 15, 2024.

Coal India: The state-run miner reported a 26 per cent year-on-year growth in net profit to Rs 8,640.5 crore compared to Rs 6,869.5 crore in the corresponding period last year. Revenue from operations fell 2 per cent to Rs 37,410.4 crore compared to Rs 38,152.3 crore in the year-ago period. The board has recommended a final dividend of Rs 5 per share.

Yes Bank: Carlyle Group is likely to sell a significant chunk of its stake worth Rs 1,500 crore in private lender through a block deal scheduled for Mar 3. Carlyle, holding an 8.74 per cent stake in Yes Bank post-warrant conversion is reportedly planning the stake sale through an entity named CA Basque Investments.

Ceat: The tyre maker announced a 23 per cent decline in its consolidated net profit to Rs 102 crore for the March 2023 quarter compared to Rs 132 crore in the year-ago period. The company’s revenue from operations increased to Rs 2,992 crore as against Rs 2,875 crore in the year-ago period.

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