Overnight Digest – Stocks to look out for on May 23

The stocks which could see a significant movement on May 23 are Aban Offshore, Tata Power Ltd., Piramal Enterprises Ltd., Jyothy Laboratories Ltd., and IDBI Bank Ltd. 

a) Aban Offshore: Company on May 23, is expected to declare its Q4FY16 results. The company is in the business of drilling and wind energy. The company is also in oil field services, oil field for offshore exploration and production of hydrocarbons for the oil industry in India and abroad. The shares on May 20 have closed at Rs 204.90, down by 0.39 per cent.

b) Tata Power Ltd.: Tata Power on Friday announced that it has completed the acquisition of 30 MW wind farm in Maharashtra. With this acquisition, Tata Power's total generation capacity now becomes 9,213 MW and current operating non-fossil based capacity stands at 1,704 MW.

c) Piramal Enterprises Ltd.: Piramal Enterprises is in the process of setting up a fund to invest in distressed assets and it will come into effect with the backing of a marquee global partner. In this deal, both the companies together will aim at launching a USD 1 billion fund to invest in debt-laden companies and ease the non-performing asset (NPA) burden in the banking space.

d) Jyothy Laboratories Ltd.: Jyothy Laboratories which manufactures products in the fabric care, household insecticides, utensil cleaners and personal care space is poised to declare its Q4 results on May 23. The stock on May 20 closed at Rs 205.10, down by 0.44 per cent.

e) IDBI Bank Ltd.: IDBI post market on May 20 has declared its Q4 results. On a YoY basis the firm has reported a net loss of Rs 3665 crores. The stocks on May 23, are likely to react to the results.