Overnight Digest: Stocks to watch out on May 23

The stocks that are likely to witness significant movement on the bourses on May 23 are Power Mech, Ramco Cements, Bharat Forge, Wipro and TCI Express.

Power Mech Projects: The company has received approval to incorporate an associate company in Kuwait.

Ramco Cements: The company has reported a rise of 52.29  per cent in its net profit at Rs 165.37 crore for Q4FY19 as compared to Rs 108.59 crore for the same quarter in the previous year. Total income of the company increased by 21.17 per cent to Rs 1,543.47 crore for Q4FY19 as compared to Rs 1,273.76 crore for the quarter ended March 31, 2018.

Bharat Forge: The company has entered into a share subscription agreement with Aeron Systems and its founders, agreeing to subscribe to 97,500 equity shares of Rs 10 each for 26 per cent stake. The stake is agreed to be subscribed in three tranches.

Wipro: IT giant Wipro builds a blockchain-based solution for Travacoin to enable digital currency-based payments for the airline industry.

TCI Express Limited: The company has informed that its Board of Directors at a meeting held on Wednesday recommended Final Dividend of 0.60 per equity.