Stocks to watch: Tata Steel, UCO Bank, auto stocks, Kotak Mahindra Bank, IDFC First Bank, Biocon

As many as 32 companies are slated to announce their March quarter results later in the day. The list includes names such as Ambuja Cements, Home First Finance Company India, KEI Industries, Tata Steel, and UCO Bank, among others.

Stocks to watch May 2, 2023. Representative image. Source: Unsplash

Domestic equities are expected to resume trading on a cautious note on May 2, 2023, amid muted global cues. That apart, all eyes will be on US Fed meet verdict, which will be released Wednesday. At 08:32 am, Nifty futures on the Singapore Exchange (SGX) traded 0.17 per cent lower at 18,242.5.

Here's a look at the top stocks that may remain in focus today -

As many as 32 companies are slated to announce their March quarter results later in the day. The list includes names such as Ambuja Cements, Home First Finance Company India, KEI Industries, Tata Steel, and UCO Bank, among others.

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Aviation and oil exploration and upstream companies stocks are also expected to trade actively today as jet fuel prices have been revised lower. That apart, the government has cut the windfall tax on petroleum crude to Rs 4,100 ($50.14) per tonne from Rs 6,400 per tonne, effective from Tuesday, according to a government notification. Further, city gas distribution companies are also expected to be on the radar today as LPG prices have been reduced and the price of domestic natural gas under new formula revised for May.

GNA Axles: GNA Axles on Monday, May 1, 2023, announced a dividend of Rs 6 per equity share of Rs 10 each for the financial year ended March, 31. GNA Axles's regulatory filing said, "The Board of Directors while approving the annual accounts, has recommended a dividend of Rs. 6/- per equity share (Rupees Six Only per equity share) on 2,14,65,400 Equity shares of Rs 10/- each for the financial year ended March 31 2023."

Auto stocks such as Maruti, Tata Motors, and Hero MotoCorp, among others, are expected to trade actively in today's trading session as the companies announced their April sales data yesterday.

IDFC First Bank: The lender reported a multi-fold jump in its net profit at Rs 2,437 crore for the fiscal FY23 against Rs 145 crore logged in FY22. Profit after tax for Q4-FY23 was at Rs 803 crore, up 134 per cent as compared to Q4-FY22.

Biocon: The biotechnology major last week said the Bengaluru-based plant of Biocon Biologics has received EU GMP approval for a biosimilar product. Biocon Biologics' facility has received a certificate of GMP compliance for Bevacizumab from the representative European inspection authority -- Health Products Regulatory Authority (HPRA), Ireland.

NTPC: The state-owned company on Monday inked a joint venture pact with the Nuclear Power Corporation of India for the development of nuclear power projects. The joint venture company will initially develop two Pressurised Heavy-Water Reactor (PHWR) projects, Chutka Madhya Pradesh Atomic Power Project 2x700 MW and Mahi Banswara Rajasthan Atomic Power Project 4x700 MW, which were identified as a part of fleet mode nuclear projects.

Kotak Mahindra Bank: The private sector lender on April 29 reported a 26 per cent jump in its standalone net profit at Rs 3,495 crore for the March quarter. Its net interest income (NII) for the quarter under review rose to Rs 6,103 crore, against Rs 4,521 crore registered in Q4 FY22, up 35 per cent.

MOIL: The company has fixed/revised prices of different grades of manganese ore and other products, effective from May 1, 2023.

SBI Cards: SBI Cards and Payment Services Ltd (SBI Card) on Thursday reported a 52 per cent jump in its net profit to Rs 526 crore for the quarter ended September on higher income. The pure-play credit card company promoted by the country's largest lender State Bank of India (SBI) had reported a net profit of Rs 345 crore in the previous quarter a year earlier.

RBL Bank on April 29 reported a 37 per cent YoY jump in its standalone net profit at Rs 271 crore for the March quarter. The private lender's net interest income (NII) rose 7 per cent YoY to Rs 1,211 crore.

UltraTech Cement: The Aditya Birla group firm on Saturday reported a 37.9 per cent decline in its consolidated net profit to Rs 1,062.58 crore for the third quarter of FY2022-23. The company had posted a net profit of Rs 1,710.14 crore in the October-December period a year ago, UltraTech Cement said in a BSE filing.

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