The Nifty futures were trading 29.50 points or 0.29 per cent lower at 10,229 on Singaporean Exchange, indicating a tepid opening for BSE Sensex and Nifty 50 on Wednesday. On the back of overnight gains on Wall Street, global markets were up in early morning trade. Market participants to keep tabs on coronavirus cases, global trends and June auto sales numbers. “On one side there is the hope of gradual economic recovery along with strong liquidity inflows while on the other side, there is fear of a sharp rise in COVID cases and chances of the second round of lockdown. We would advise investors to stay cautious and look for buying opportunities on declines,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services Ltd
Stocks in focus today:
Eveready Industries: Tejassvi Aaharam, Premium Capital Market, Eveready Industries, Intense Technologies, Continental Controls and Budge Budge Company are six companies that are scheduled to announce their March quarter earnings today.
Auto stocks: Automobile companies will remain in focus today as companies are set to announce their June auto sales numbers. Analysts hope better sales numbers in June over May on the back of unlock phase, expectations of normal monsoon, ramped-up economic activities and pent-up demand from bookings from pre lockdown period.
Vodafone Idea: Vodafone Idea Ltd (VIL) reported a loss of Rs 11,643.5 crore in the January-March quarter of the financial year 2019-20. It is the seventh successive quarter where the company posted a loss. The company had posted a pre-tax loss of Rs 6,758 crore in the corresponding quarter of the preceding year.
Bharti Airtel: Bharti Airtel announced an agreement under which Comfort Investments II will invest US$235 million in Nxtra Data Limited, a wholly-owned subsidiary of Airtel engaged in the data centre business. The Carlyle Group will acquire approximately 25 per cent stake in Airtel’s Data Centre business at a valuation of US$1.2 billion. The post-money enterprise valuation of Nxtra is approximately US$1.2 billion and Carlyle will hold a stake of approximately 25% in the business upon completion of the transaction, with Airtel continuing to hold the remaining stake of approximately 75%, the company said in a press release.
JSPL: Jindal Steel and Power on Tuesday said it would transfer its entire stake in its Oman asset, Jindal Shadeed Iron and Steel, to another promoter group firm, Templar Investments, for an enterprise value of over $1 billion.
Yes Bank: Yes Bank is in advanced talks with a clutch of domestic and international private equity (PE) funds, who are expected to acquire stakes in the lender and a deal is likely to be locked by mid-July, people aware of the development told FE. The lender plans to raise Rs 15,000-crore capital through share sale, ADRs, GDRs and bonds to meet its capital needs for two years.
Bank of Baroda: BoB informed in an exchange filing that the committee of the bank approved the issuance of Basel III compliant additional Tier I bonds for an aggregate total size not exceeding Rs 2,000 crore in single or multiple tranches.
Larsen & Toubro Ltd: L&T said that it has achieved an important milestone in the global nuclear fusion arena under ‘Make in India’ initiative by building the most complex and final assembly of Cryostat, the largest stainless-steel, high-vacuum pressure chamber in the world.