GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a subdued opening. Here’s a look at the key stocks to watch in trade.

Stocks in Focus: GIFT Nifty traded lower as the index was down 54.50 points or 0.24% at 22,960 indicating a red start for domestic indices NSE Nifty 50 and BSE Sensex on Friday. Previously, on Thursday, the NSE Nifty 50 jumped 370 points or 1.64% to settle at 22,967.65, while the BSE Sensex soared 1,197 points or 1.61% to close at 75,418.04.

Stocks to watch on May 24, 2024

L&T Technology Services 

L&T Technology Services announced the inauguration of its simulation centre of excellence (CoE) for Airbus, located at its state-of-the-art campus in Bengaluru. This new centre is poised to provide significant engineering support for Airbus aircraft structural simulation activities across several European business units, including those in France, Germany, the UK, and Spain, the company said.

Stocks To Watch: Berger Paints, Vodafone Idea, ONGC, IRFC, Wipro Stocks To Watch: Tata Consumer Products, Varun Beverages, JSW Infra, IOC, Vodafone Idea Stocks To Watch: Cyient DLM, Jana Small Finance Bank, Oil India, Gensol Engineering, RailTel Stocks To Watch: Infosys, LTIM, CEAT, Tata Power, Zydus Lifesciences

Infosys 

Infosys has not considered any form of job cuts, such as rightsizing or downsizing, as a result of adopting generative AI (GenAI), CEO Salil Parekh told CNBC-TV18. “Infosys is not looking at rightsizing, downsizing, or any kind of job cuts as has happened with others in the industry due to GenAI,” he said.

HCLTech 

HCLTech has announced its plan to acquire specific intellectual property (IP) and research and development (R&D) assets from Hewlett Packard Enterprise (HPE). This strategic move is designed to enhance HCLTech’s capabilities in the telecom engineering services sector, particularly focusing on business support systems (BSS), network applications, service cloudification, and data intelligence.

Paytm

Paytm parent One97 Communications, which is looking to reduce employee costs, may have to cut around 15-20% of its workforce this fiscal. In FY23, the company had an average of 32,798 on-roll employees. Of these, 29,503 were active on-roll. Its average cost per employee was Rs 7.87 lakh. In FY24, the total cost has gone up by 34% year-on-year (y-o-y) to Rs 3,124 crore, and the average employee cost is estimated to have risen to Rs 10.6 lakh.

Kirloskar Industries

The NCLT’s Mumbai bench has ruled that Kirloskar Industries, (petitioner in the case and controlled by Atul and Rahul Kirloskar), can sell shares in Kirloskar Brothers. However, they must first offer them to Sanjay Kirloskar and his nominees. If Sanjay Kirloskar declines within 30 days, the petitioners can sell the shares to others via off-market or on-market transactions. 

Jio Financial Services 

Jio Financial Services has sought shareholder approval for foreign investments of up to 49% through the equity route.The e-voting period for shareholders will start on Friday and end on June 22.  Public shareholders own a 52.88% stake in the company, while promoters own the remaining 47.12%. According to data from the exchanges, mutual funds own a 4.7% stake, and foreign investors own 19.45%.

Wipro

Wipro’s executive chairman Rishad Premji did not receive any variable or commission pay for the second consecutive year in FY24.The variable or commission was withheld as the company’s incremental consolidated net profit during the fiscal was negative, Wipro said in its 20-F filing with the US Securities and Exchange Commission.

Hinduja Group

The Mumbai bench of the National Company Law Tribunal (NCLT), hearing a petition filed by Hinduja Group for an extension to the May 27 deadline to close the bankruptcy proceedings of Reliance Capital, has directed the Committee of Creditors (CoC) to file its response by June 3. 

InterGlobe Aviation 

InterGlobe Aviation, which runs IndiGo airline, reported a profit of Rs 1894.82 crore for the quarter ended March 31, 2024, a growth of 106.1% compared to Rs 919.20 crore during the fourth quarter of FY23. It recorded revenue from operations at Rs 17,825.27 crore, up 25.9 per cent as against Rs 14,160.60 crore during the corresponding quarter of previous fiscal year.