Benchmark indices have ended in the negative territory for the last few trading sessions. So far this week, Sensex and Nifty have slipped nearly 1% each while the volatility index, India VIX, has dropped 5%. “Nifty continued to show choppy movement with negative bias and still there is no evidence of any upside bounce emerging from the lows,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities. As major triggers seem to be missing, stock-specific action has been advised by analysts. SGX Nifty hints at a flat start to Friday’s trading session.
Bank stocks: With the Reserve Bank of India (RBI) saying that non-performing assets (NPA) are set to rise, bank stocks could see some action today. The central bank has, however, said that domestic lenders are well capitlised to tide over any stress emerging.
Bharti Airtel: Sunil Mittal, Chairman of Bharti Group on Thursday said that the telecom sector is under tremendous stress and in urgent need for increasing telecom tariffs. Sunil Mittal also said that telecom tariffs need to go up and Bharti would not hesitate in raising them but added it cannot do so unilaterally.
Hero Motocorp: The two-wheeler manufacturer on Thursday said that it sold more than 4.6 lakh motorcycles and scooters in June. The company further added that it has sold more than 10 lakh units in the first quarter of the current fiscal year.
TVS Motors: In the month of June, TVS Motor said its sales grew by 27%. Total units sold by the company stood at 2.51 lakh units, up from 1.98 lakh units in the same period last year. The company’s total exports registered sales of 1.06 lakh units in the month of June 2021 as against sales of 53,123 units in June 2020.
Dr Reddy’s: On Friday morning, the pharma company informed the bourses that the Subject Expert Committee has recommended Dr Reddy’s to submit safety, immunogenicity and efficacy data from the phase III clinical trial of Sputnik Light in Russia to the SEC for its consideration of Marketing Authorisation of Sputnik Light in India.
Cadila Healthcare: The company has announced that it has applied for Emergency Use Authorization (EUA) to the office of Drug Controller General of India for ZyCoV-D – its Plasmid DNA Vaccine against COVID-19. The Company plans to manufacture 10-12 crore doses annually.
Dixon Technologies: Dixon Technologies is among the 14 firms that have received approval under the Production Linked Incentive Scheme (PLI) for IT hardware from the government. Other companies include Dell, ICT (Wistron), Flextronics and Rising Stars Hi-Tech (Foxconn). Over the next four years, these companies are expected to fuel a total production of over Rs 1.61 lakh crore, and generate direct employment opportunities for over 36,000 people.