Top stocks to watch out for on May 30: Manpasand Beverages, RCom, Glenmark Pharma, PNB

SUMMARY

Indian shares are set to open little changed on Thursday ahead of the expiry of futures and options contracts and fourth-quarter gross domestic product (GDP) data. Investors will also keep an eye on new government formation and ministry allocation as Narendra Modi is set to take oath as the prime minister of India for the second term. In global markets, Asian shares fell following losses on Wall Street as US and China showed no signs of easing trade tensions. Chinese newspapers reported that Beijing could use rare earths to strike back at Washington, reported Reuters. Indian benchmark indices BSE Sensex and NSE’s Nifty 50 settled snapped a three-day losing streak and settled 0.6 percent lower in the previous session. At 7.10 AM, the SGX Nifty was up 15 points, or 0.13 percent, at 11,879, indicating a mixed start for the Sensex and the Nifty 50. Here are the top stocks to watch out for in today's trade:

By CNBC-TV18May 30, 2019 8:19:01 AM IST (Updated)

Glenmark Pharma: The drug firm reported a 6.62 percent rise in its consolidated net profit to Rs 161.66 crore for the fourth quarter ended March 31. Consolidated revenue stood at Rs 2,563.47 crore for the quarter, compared to Rs 2,279.81 crore a year ago.

Manpasand Beverages: Chirag Doshi, an independent director of Manpasand Beverages, has resigned in the wake of search and seizure proceedings by Commissioner of Central GST and Customs at various premises of the company.

Reliance Communications: The committee of creditors of RCom is scheduled to meet on Thursday.

Bharti Airtel: The company’s rights issue of over 113.3 crore shares has been oversubscribed, with bids for over 119.6 crore stocks. "The total number of applications received were 27,335 for 1,196,630,354 equity shares which is 105.561 percent of the issue size in terms of equity shares applied for," Bharti Airtel said in a print advertisement.

Ruchi Soya: The edible oil firm Ruchi Soya reported a consolidated net loss of Rs 88.04 crore for 2018-19, compared to a net loss of Rs 5,754.6 crore last year. The company's total income rose to Rs 12,849.38 crore during 2018-19, compared with Rs 12,063.93 crore in the previous year. Expenses fell by over Rs 5,300 crore during the period under review.

United Spirits: The company reported a 40.19 percent decline in standalone net profit at Rs 126.20 crore for the fourth quarter ended March on account of significantly lower other income. Revenue from operations stood at Rs 7,215.6 crore as against Rs 6,900.4 crore in the last year, up 4.56 percent.

Punjab National Bank: PNB is looking to raise Rs 10,000 crore in 2019-20 from sale of non-core assets, rights issue and expected write-backs from two large accounts undergoing insolvency proceedings. The lender is expecting a write-back of Rs 4,000 crore from Essar Steel and Bhushan Power and Steel which are undergoing resolution under the Insolvency and Bankruptcy Code.

Cholamandalam Investment: The financial services company said it has received an investment of $222 million (about Rs 1,550 crore) from IFC, a member of the World Bank Group, to finance micro and small borrowers in rural and semi-urban parts of the country.

Adani Enterprises: The company reported a 46.87 percent jump in consolidated profit to Rs 266.09 crore for the fourth quarter ended March 31, mainly driven by higher income. The consolidated income during the quarter rose to Rs 13,472.97 crore, from Rs 10,577.21 crore in the year-ago period.

West Coast Paper/International Paper: West Coast has agreed to acquire 51 percent stake of International Paper at a price of Rs 275 per share. Moreover, West Coast also said its cable company will set up high-speed optical fibre draw tower with 3M capacity in Rangareddy District, Telangana as a new line of business. (Stock Image)