“During the day, the Nifty index exhibited a predominantly sideways movement, hovering around the 18,400 level. Despite the lack of significant fluctuations, market sentiment remained optimistic as the Nifty managed to sustain its position above the support level of 18,300. However, a notable resistance was observed at 18,500. If the Nifty manages to break through this resistance decisively, it could potentially trigger a rally towards the 18,800 level,” said Vinod Nair, Head of Research, Geojit Financial Services.
Stocks to Watch on 24 May, 2023
Ashok Leyland’s Q4FY23 profit posted a jump of 436.6% to Rs 752.53 crore as against Rs 140.24 crore in the same quarter last year, beating estimates. The also recommended a dividend of Rs 2.60 per equity share of Re 1 each for the financial year ended March 31, 2023.
Infosys launched Topaz, an AI-first set of services, solutions and platforms using generative Artificial Intelligence technologies, and said the ‘responsible by design’ approach ensures uncompromising ethics, trust, privacy, security and compliance.
Bajaj Electricals reported its fourth quarter profit at Rs 51.85 crore, up 31.8% on-year from Rs 39.35 crore. It posted revenue from operations at Rs 1490.11 crore, up 11.7% as against Rs 1334.32 crore in the fourth quarter of FY22.
Adani Green Energy
Adani Green Energy’s board was scheduled to convene on May 24 to consider raising funds. The meeting has been canceled due to the directors’ non-availability. The next meeting date is yet to be announced.
Biocon’s fourth quarter profit clocked in at Rs 335 crore, up 28% on-year. It posted revenue at Rs 3,929 crore, up 59% compared to the fiscal fourth quarter of FY22.
NMDC’s Q4FY23 profit posted a jump of 22% to Rs Rs 2,277 crore as against Rs 1,862 crore in the same quarter last year. The board of directors also recommended a dividend of Rs 2.85 per share.
IPCA Labs increased its shareholding in Lyka Labs, by 4.78%, taking its total shareholding to 1,20,24,293 equity shares or 36.34% of its paid-up equity share capital. Lyka Labs is engaged in the manufacturing and marketing of injectables, lyophilized injectables and topical formulations.
Wipro announced an expanded partnership with Google Cloud to bring its advanced generative artificial intelligence (AI) capabilities to clients across the globe. Wipro will integrate Google Cloud’s full suite of generative AI products and services with its own AI intellectual property (IP), business accelerators, and pre-built industry solutions.