Indian stock markets are likely to open higher on Wednesday following the 2-day recovery in major US indices and better-than-expected Q3 earnings reported by major blue-chip companies. The early indicator of NSE Nifty, SGX Nifty Futures was also trading up 0.75% at 10,543.5 on Singapore Exchange. Shares of Sun Pharma, Grasim Industries, Tata Power, NLC India, Nestle India, Godrej Industries and Infibeam Incorporation will be in close watch ahead of their respective third-quarter results. Other major companies which are also lined up with their Q3 results are 8K Miles Software Services, Allahabad Bank, Apollo Hospitals Enterprise, Balkrishna Industries, Cox & Kings, Dena Bank, Indo Count Industries, , Jet Airways, Repco Home Finance, Speciality Restaurants, Sunteck Realty, Vivimed Labs and Welspun Enterprises.
These shares will be in focus today
PSU bank shares such as SBI, PNB, BoB will be in watch: In a major development on Tuesday, the Reserve Bank of India came out with a revised framework for the expeditious resolution of bad loans, harmonising the existing guidelines with the norms specified in the Insolvency and Bankruptcy Code (IBC). The new guidelines have specified framework for early identification and reporting of stressed assets. “In view of the enactment of the Insolvency and Bankruptcy Code (IBC), 2016, it has been decided to substitute the existing guidelines with a harmonised and simplified generic framework for resolution of stressed assets,” the RBI said in a notification.
DLF: India’s largest realty firm DLF reported a nearly 42-fold rise in its consolidated net profit at Rs 4,091.27 crore for the December 2017 quarter, driven by deemed gain from stake sale in rental arm to GIC.
Reliance Industries: Mukesh Ambani-headed Reliance Industries has sought the Andhra Pradesh government’s support for setting up an international submarine cable landing station (CLS) at Visakhapatnam, PTI reported citing an unidentified official.
SAIL: State-run SAIL invited bids from companies for strategic sale of its Alloy Steels Plant at Durgapur.
NMDC: NMDC Ltd reported 48.9 per cent rise in standalone profit at Rs 886.53 crore for the quarter ended December 2017.
Unitech: Unitech Ltd reported widening of its net loss to Rs 103.42 crore for the quarter ended December on higher expenses.
Fortis Healthcare: Credit ratings of Fortis Healthcare and its four arms have been downgraded by ICRA following disclosure by the healthcare chain about transfer of considerable funds to third parties, which were later classified as promoter entities. Meanwhile, Fortis Healthcare has sought a 15-day extension to declare earnings for the second and third quarter of the current financial year.
Shipping Corporation of India: The largest domestic ship liner Shipping Corporation of India reported about eight-fold jump in its standalone profit at Rs 82.17 crore for the quarter ended December 2017.
Indian Overseas Bank: State-run Indian Overseas Bank reported higher losses at Rs 971.17 crore for the quarter to December, against a net loss of Rs 554.44 crore a year-ago, due to higher provisioning for bad loans.
Dilip Buildcon: Highway developer Dilip Buildcon posted a Rs 164-cr standalone profit for the quarter ended December 2017.
Punjab and Sind Bank: Public sector Punjab and Sind Bank has reported a net loss of Rs 258.25 crore in the third quarter ended December 2017, owing to over two-fold jump in NPA provisioning.
Britannia Industries: FMCG major Britannia Industries has plans to launch around 50 new products by the end of the next fiscal, PTI reported. Britannia Industries reported 19.60 per cent increase in its consolidated net profit at Rs 263.65 crore for the third quarter ended December 2017.
NTPC: NTPC, India’s biggest electricity producer, today said it has won a tender to supply 300 megawatts (MW) of electricity to Bangladesh for 15 years.
Motherson Sumi Systems: Auto component major Motherson Sumi Systems Ltd reported a consolidated net profit of Rs 561.71 crore in the third quarter ended December 2017.
Bank of Baroda: State-owned Bank of Baroda said it has decided to exit by March-end its South Africa operations after 21 years amid a probe into alleged compliance lapses by the bank there.
Canara Bank: Public sector Canara Bank will raise up to Rs 4,500 crore through issuance of shares to investors, including FIIs, QIBs or NRIs.
Power Finance Corp: State-run Power Finance Corp standalone net profit dipped 17.7 per cent at Rs 1,604.43 crore for the quarter ended December 2017.
JK Tyre & Industries: Tyre manufacturer JK Tyre & Industries said its consolidated net profit declined by 86.9 per cent at Rs 11.32 crore for the third quarter ended December 2017.
Corporation Bank: Corporation Bank has reported a net loss of Rs 1,240.49 crore for the December quarter of the current fiscal on higher provisioning for bad loans.
Bank of India: State-run Bank of India reported a net loss of Rs 2,341.23 crore in the quarter to December as it had to make up for under-reporting of bad loans worth Rs 14,057 crore and also driven down by treasury losses.
NHPC: State-run hydro power giant NHPC posted 220 per cent jump in its net profit at Rs 687.93 crore in the quarter ended December 2017, mainly on account of higher revenue.
United Bank of India: Public sector United Bank of India has reported a net loss of Rs 637.53 crore during third quarter ended December 2017 on dip in investment income and a substantial rise in NPA provisioning.
GAIL India: GAIL India Ltd reported 28 per cent rise in the December quarter net profit to Rs 1,262.22 crore on better margins from gas marketing and transportation business.
The Indian rupee on Monday: The rupee recovered by 8 paise to end at 64.32 against the dollar.
Indian stock markets on Monday
Shares of heavyweight companies such as HDFC twins, RIL drove Sensex to log a 295-point gain on Monday with Nifty ending near 10,500 while shares of Tata Steel and Bank of Baroda rose up to 9%. The S&P BSE Sensex gained 294.71 points or 0.87% to finish at 34,300.47 and NSE Nifty jumped 84.8 points or 0.81% to conclude at 10,539.75. Shares of Tata Steel, Bank of Baroda, Marico, Bajaj Finserv, PNB, Power Grid, Yes Bank, IndusInd Bank, UPL and BHEL advanced 2-9%. A market-wide recovery was seen in the Indian equities as all the broader indices and nine sectoral indices settled in green. Among the A group of shares on BSE, stocks of L&T Technology Services, Shipping Corporation of India emerged as the top gainers surging 10-12% while the stock of Fortis Healthcare, Hexaware Technologies lost 3-6%.
US stock markets on Tuesday
Wall Street climbed on Tuesday for a third straight session, buoyed by Amazon.com and Apple, while investors focused on inflation data on Wednesday that could upset the market’s fragile recovery – or clear the way for additional gains, Reuters said in a report. The Dow Jones Industrial Average rose 0.16 percent to end at 24,640.45 points, while the S&P 500 gained 6.94 points to close at 2,662.94. The Nasdaq Composite added 0.45 percent to 7,013.51.