1. Shares of SBI, Tech Mahindra, TCI, Reliance Defence will be in focus today; Power Grid earnings to watch

Shares of SBI, Tech Mahindra, TCI, Reliance Defence will be in focus today; Power Grid earnings to watch

Indian markets are likely to open higher as the early indicator of NSE Nifty 50, SGX Nifty traded on Singapore Stock Exchange was little changed, up 0.25% at 10,131 points at 08:45 am.

By: | Updated: August 1, 2017 9:15 AM
Indian markets closed at record highs on Monday ahead of the RBI’s third bi-monthly policy on 2 August where the Reserve Bank of India is expected to cut interest rates and the rally in SBI shares further pushed the indices higher.

Indian markets are likely to open higher as Asian shares were up in early Tuesday trade as investors looked to a barrage of economic data and the early indicator of NSE Nifty 50, SGX Nifty traded on Singapore Stock Exchange was little changed, up 0.25% at 10,131 points at 08:45 am.

Shares of Power Grid Corporation, JSW Steel, GTPL Hathway, Marico, Piramal Enterprises, Shriram City Union Finance, Torrent Power, Century Plyboards, DCM Shriram, Den Networks, EIH, Filatex, Opto Circuits, Orient Paper, PC Jeweller, Reliance Defence, Taj GVK, Tata Investment, TCI Developers, TCI Express, TCI Industries, Westlife Development will in focus today ahead of their first quarter results.

Stocks to watch out after major announcements and earnings release:

The nation’s largest lender State Bank of India yesterday slashed interest rate on savings deposits by 50 bps to 3.5 per cent on balance up to Rs 1 crore, citing “muted credit demand and very high real interest rates”. The new rate effective today is the lowest in the last six years, and comes just two days ahead of the Reserve Bank’s third bi-monthly policy review and will impact over 90 per cent of its millions of small savings account-holders. Shares of State Bank of India yesterday closed with 4.5 per cent gain following the announcement.

Shares of FMCG major Godrej Consumer Products Ltd (GCPL) yesterday fell by 2 per cent after the company reported 8.70 per cent decline in consolidated net profit for the quarter to June.

Interglobe Aviation, that owns the country’s largest airline IndiGo, yesterday reported its highest quarterly profit with a 37.1 per cent increase in bottom line at Rs 811 crore for the three months to June.

Leading sugar firm Balrampur Chini Mills Ltd yesterday reported 8 per cent increase in its net profit at Rs 119.78 crore for the quarter ended June.

Shares of Dr Reddy’s Laboratories fell for the third straight session yesterday, down over 3 per cent, after the drug firm reported a 56.61 per cent dip in consolidated net profit for the June quarter.

Fifth largest software exporter Tech Mahindra yesterday reported a 6.57 per cent rise in net profit in the three months ended June at Rs 798.6 crore, primarily aided by growth in non-core income. The Mahindra group company’s revenue from services grew 5.99 per cent to Rs 7,336 crore, while the other income grew 67 per cent to Rs 410 crore.

Torrent Pharmaceuticals yesterday reported 35.62 per cent decline in consolidated net profit at Rs 188 crore for the first quarter ended June 30, 2017, with its domestic business hit by stock reduction ahead of GST implementation.

Markets regulator Sebi yesterday imposed a penalty of Rs 40 lakh on depository participant Bank of India Shareholding Ltd for not taking “adequate and appropriate” steps to comply with the anti-money laundering regulations. It was alleged that BOI Shareholding’s PMLA (Prevention of Money Laundering Act) policy did not contain mandatory anti-money laundering procedures relating to client risk categorisation, suspicious transaction monitoring and its reporting.

The RBI yesterday said it has imposed a penalty of Rs 1 crore on state-owned Union Bank of India for “non-compliance” with the directions on Know Your Customer (KYC) norms.

State-owned Bank of Maharashtra yesterday reported a widening of its net loss to Rs 412.20 crore for the first quarter ended June of the current fiscal as gross bad loans zoomed.

Reliance Power yesterday posted a 32 per cent decline in consolidated net profit at Rs 230.8 crore for the quarter ended June 30, 2017, on increase in finance cost.

 Security and Intelligence Services (India) IPO: The initial share sale offer of Security and Intelligence Services (India) Limited was subscribed 38 per cent on the first day of bidding today. The IPO received bids for 19,96,380 shares against the total issue size of 53,16,187 shares, data available with the NSE showed.

Domestic markets on Monday:

Indian markets closed at record highs on Monday ahead of the RBI’s third bi-monthly policy on 2 August where the Reserve Bank of India is expected to cut interest rates and the rally in SBI shares further pushed the indices higher. NSE Nifty ended 62 points higher at 10,077.1 points and BSE Sensex settled up over 200 points at 32,514.94 points. The rate cut expectations fuelled up when India’s inflation eased to lowest in over five years in June.

Rupee closing on Monday:

The rupee failed to sustain the early strong enthusiasm and ended 4 paise lower at 64.19, the second straight session loss against the US currency on bouts of month-end dollar demand from importers and corporates.

Wall Street stocks:

The Dow Jones Industrial Average hit a record closing high on Monday, helped by Boeing, while selling in Facebook, Alphabet and other technology companies checked the S&P 500 and pulled the Nasdaq lower. The S&P 500 information technology dipped 0.53 percent, with Facebook falling 1.86 percent and Alphabet, Google’s parent company, down 1.34 percent.

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