Stocks To Watch: Oil India, IRFC, SAIL And Others In News

The BSE Sensex jumped 88.91 points or 0.12 per cent to settle at 71,005.94, while the NSE Nifty50 surged 35.9 points or 0.16 per cent to settle at 22,502
Stocks To Watch
Stocks To Watch

Indian stock exchanges traded on Saturday as the national exchanges conducted a special trading session for any easy switch over to a disaster recovery site. Benchmark indices continued their winning run for the third session on Saturday as the indices settled higher on both of the special sessions.

The BSE Sensex jumped 88.91 points or 0.12 per cent to settle at 71,005.94, while the NSE Nifty50 surged 35.9 points or 0.16 per cent to settle at 22,502.

"The domestic market has sustained its recovery momentum from recent lows, bolstered primarily by positive signals from its global counterparts and better-than-anticipated earnings from index heavyweights. Throughout this week, mid- and small-cap stocks outperformed the broader index, despite concerns over high valuations. The broader market remained positive, driven by persistent buying in heavyweight sectoral stocks,” said Vinod Nair, Head of Research at Geojit Financial Services.

“The release of PMI data for May from both the US and India next week will be closely monitored for further market insights. Amidst ongoing uncertainties surrounding election results and quarterly earnings, we anticipate continued volatility in the near term," he said.

Here Are The Key Stocks To Watch On Tuesday:

Oil India: The company reported a surge of 17.8 per cent in its consolidated net profit for the last quarter of FY24 at Rs 2,332.94 crore compared to Rs 1,979.74 crore in the March 2024 quarter. The company’s revenue from operations during the quarter increased by 16 per cent to Rs 10,165.78 crore from Rs 8,764.27 in the corresponding period a year ago.

IRFC: The state-owned company reported a 34 per cent rise in its profits to Rs 1,717.3 crore for the March 2024 quarter compared to Rs 1,285.2 crore in the year-ago period. The company’s total income rose to Rs 6,477.9 crore as against Rs 6,230.2 crore in the year-ago period.

SAIL: The company reported a 2 per cent decline in consolidated net profit to Rs 1,126.68 crore during the March quarter compared to Rs 1,159.21 crore in the year-ago period because of higher raw material prices. The company’s revenue fell to Rs 27,958.52 crore from Rs 29,130.66 crore in the year-ago period.

Lupin: The US FDA has issued form 483 with six observations after conducting an inspection at the company’s Somerset, New Jersey manufacturing facility. The pre-approval inspection was conducted between May 7, 2024 to May 17, 2024. It will respond to the US FDA within the stipulated time period.

Ujjivan Small Finance Bank: The bank reported a 6.5 per cent year-on-year increase in net profit to Rs 329.6 crore in the fourth quarter compared to Rs 309.5 crore in the corresponding quarter. Net interest income (NII) jumped 26.4 per cent to Rs 933 crore against Rs 738 crore in the year-ago period.

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