Investors would keep a close watch on earnings announcements, developments around Covid vaccine and US stimulus. Investors can use this opportunity to buy on dips.
Given Tesla’s massive market size, S&P had sought consultation with investors earlier in November.
Nifty futures were trading 50 points down at 11,859 on Singaporean Exchange in early trade on Tuesday, suggesting a weak opening for BSE Sensex and Nifty 50. Factors such as July-September quarter earnings, stock-specific action, and Finance Minister Nirmala Sitharaman’s comment that indicated that the government might unveil another round of economic stimulus at an appropriate time this fiscal, will keep the investors busy today. Besides, oil prices, which dropped for the fourth consecutive day on worries about a resurgence of coronavirus cases, and rupee movement will sway the market sentiment. “Investors would keep a close watch on earnings announcements, developments around Covid vaccine and US stimulus. Investors can use this opportunity to buy on dips in select defensive sectors. Traders are advised to keep booking profits intermittently as volatility may continue for some time,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services Ltd.
ACC: Cement maker ACC reported a 20.25 per cent increase in consolidated net profit to Rs 363.85 crore for the third quarter ended September 30. The company follows January-December financial year and had posted a profit of Rs 302.56 crore in the same quarter a year ago.
RIL: Reliance Retail Ventures Limited (RRVL), a subsidiary of Reliance Industries, received the subscription amount of Rs 1,837.50 crore from TPG Asia VII SF Pte. Ltd. (TPG) and allotted 26,932,942 equity shares to TPG.
Wipro: Wipro announced that it has won an Application Management (AMS) and Services Integration & Management (SIAM) contract from Fortum. As a part of the five-year agreement, Wipro will manage Fortum’s application portfolio across hundreds of applications.
Hexaware Technologies: Hexaware informed that trading of its shares on the National Stock Exchange (NSE) will be suspended from November 2 on account of voluntary delisting by the IT company. The admission to dealings in securities of the said company shall be withdrawn (delisted) w.e.f. November 9, 2020, it added.
BPCL: BPCL privatisation bid deadline will not be extended for the fifth time, as the government’s strategic disinvestment programme that was hit by the pandemic is back on track, PTI quoted DIPAM Secretary as saying.
Britannia Industries: Britannia reported a 22.96 per cent increase in consolidated net profit to Rs 495.20 crore for the quarter ended September. The company had posted a net profit of Rs 402.73 crore in the July-September period a year ago. Total revenue from operations climbed 12.15 per cent to Rs 3,419.11 crore.
HDFC Life: HDFC Life Insurance Company reported a 6.1 per cent increase in consolidated net profit at Rs 327.83 crore for September quarter 2020-21. The life insurer had posted a net profit of Rs 308.98 crore in the year-ago period. Total income jumped nearly 90 per cent to Rs 16,426.03 crore as against Rs 8,661.33 crore in the second quarter of 2019-20.