Bank of Baroda, Power Grid Corporation of India, Titan Company, AstraZeneca Pharma, Ujjivan Financial Services, CARE Ratings, Equitas Holdings, Force Motors, etc., are scheduled to announce their quarterly earnings today
Nifty futures were trading 31.65 points or 0.28 per cent higher at 11,260 on Singaporean Exchange, suggesting a positive start for the BSE Sensex and Nifty 50 on Monday. Last week both the headline indices gained around one per cent. Market participants will continue to track US fiscal stimulus, US-China trade tension, trends in coronavirus and stock-specific developments. “Global cues and earnings would continue to dictate the market trend, in the absence of any major events. Besides, the macroeconomic data viz. IIP and CPI inflation, hearing on AGR dues, update on vaccine trails and COVID situation would be closely tracked by the participants,” said Ajit Mishra, VP – Research, Religare Broking Ltd.
Stocks in focus today:
Bharti Airtel, Vodafone Idea, RCom: Supreme Court in the previous hearing, reserved its order on the payment window of AGR dues by telcos including Bharti Airtel, Vodafone Idea and Tata Teleservices. It is expected that the apex court will deliver its order on the same today. SC asked DoT to provide details on Reliance Communications’ insolvency and will examine the bonafides of the company going into insolvency. “Several telcos with AGR dues of over Rs 38,000 crores are currently in liquidation. Need to ensure that IBC (Insolvency and Bankruptcy Code) is not being misused by telcos to escape liabilities,” Justice Arun Mishra said.
Bharat Forge, BEL: The government has planned to put an embargo on the import of many defence items that are expected to be progressively implemented between 2020 to 2024. Defence stocks such as Bharat Forge, HAL, L&T, etc., will remain in focus today. Union Minister of Defence Rajnath Singh informed that the government is aiming to apprise the Indian defence industry.
Godrej Properties: Godrej Properties expects its sales bookings during the ongoing fiscal to be at an all-time high, beating the previous year’s record Rs 5,915 crore despite the COVID-19 pandemic, as housing demand is consolidating towards trusted developers, PTI report citing a top company official as saying.
UltraTech Cement: The cement maker expects a subdued performance in the wake of weak real estate and the overall slowdown in the economy coupled with the impact of the coronavirus pandemic, according to the company’s annual report for 2019-20.
IndusInd Bank: IndusInd Bank said it has acquired 7.82 per cent stake in battery maker Eveready Industries by invoking pledged shares following a loan default. The bank invoked pledge on 56,83,320 shares forming 7.82 per cent of paid-up equity share capital of Eveready Industries.
Titan Company, Power Grid, BoB: Bank of Baroda, Power Grid Corporation of India, Titan Company, AstraZeneca Pharma, Ujjivan Financial Services, CARE Ratings, Equitas Holdings, Force Motors, etc., are scheduled to announce their quarterly earnings today.
Cipla: Cipla reported a 26.58 per cent rise in its consolidated net profit to Rs 566.04 crore in the April-June quarter. The company had posted a net profit of Rs 447.15 crore in the corresponding quarter of previous fiscal.