Stocks of RIL, ITC, ICICI Bank, ONGC, PNB, Idea, Maruti Suzuki will be in focus today; L&T earnings ahead

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Updated: July 28, 2017 9:45:42 AM

The domestic markets are likely to open lower as Asian stock markets slump on Friday after the US technology shares retreated from recent rallies. The early indicator of NSE Nifty 50 index SGX Nifty, fell 0.74 percent to 9,998.5 as of 8:50 am.

Shares of L&T, Alembic, Bhageria Industries, Coromandel International, Equitas Holdings, Escorts will be in focus ahead of earnings. (Image: BSE)

The domestic markets are likely to open lower as Asian stock markets slump on Friday after the US technology shares retreated from recent rallies. However, the optimism about US corporate earnings is still in flow. The early indicator of NSE Nifty 50 index SGX Nifty, fell 0.74 percent to 9,998.5 as of 8:50 am.

Shares of L&T, Alembic, Bhageria Industries, Coromandel International, Equitas Holdings, Escorts, Heidelberg Cement, India Cements, Karur Vysya, LIC Housing, NIIT, Oberoi Realty, Shakti Pumps and SKF will in focus today ahead of the corporate earnings for the April-June quarter.

Stocks to watch out on Friday after the major announcements and earnings:

Reliance IndustriesThe government has slapped ONGC, Reliance Industries and Royal Dutch Shell with a demand of USD 3.9 billion (about Rs 25,487 crore) in dues following an arbitration award in its favour, the state-owned firm said yesterday. The demand notice pertains to interpretation of the contract for the Panna-Mukta and Tapti (PMT) oil and gas fields in the Arabian Sea.

ITC: Diversified conglomerate ITC yesterday reported 7.37 per cent rise in standalone net profit to Rs 2,560.50 crore for the first quarter ended June 30, 2017, driven mainly by revenue growth from FMCG and cigarettes business.

ICICI Bank: Continuing asset quality woes and lack of two key profit streams crimped the bottomline of the country’s largest private sector lender ICICI Bank, which yesterday reported a marginal 3 per cent rise in June quarter consolidated net at Rs 2,605 crore.

ONGC: India’s biggest oil and gas producer ONGC yesterday reported a 8.2 per cent drop in its June quarter net profit after sharp reduction in natural gas rates took away gains made from higher oil prices. Oil and Natural Gas Corp (ONGC) reported a net profit of Rs 3,884.73 crore, or Rs 3.03 a share, in April-June compared to Rs 4,232.54 crore, or Rs 3.30 per share, in the same period of the previous fiscal, the company said in a statement.

Punjab National BankState owned Punjab National Bank (PNB) yesterday said it plans to raise up to Rs 3,000 crore by way of follow on public offer, rights issue or QIP. The board of directors of the bank will meet next month to consider the proposal, the bank said in a regulatory filing.

Reliance Capital: Reliance Capital has reported a 15 per cent rise in consolidated net profit at Rs 238 crore in the first quarter ended June 30, 2017.

Maruti SuzukiIndia’s largest carmaker Maruti Suzuki India yesterday posted over 4 per cent rise in net profit at Rs 1,556.4 crore for the first quarter ended June 30 as high commodity prices and GST-related expenses took a toll on its bottom line.

Idea: Telecom operator Idea Cellular yesterday posted a loss of Rs 815.9 crore in the first quarter ended June 30, impacted by sustained pressure from disruptive tariffs of Reliance Jio. This is the third straight quarter loss for the Aditya Birla group firm as it has not been able to recover from the pressure of aggressive tariff war triggered by Mukesh Ambani-led Reliance Jio Infocomm.

Biocon: Bio-pharmaceutical firm Biocon yesterday reported a 51.20 per cent decline in its consolidated net profit to Rs 81.3 crore for the quarter ended June 30, on account of weakening of the US Dollar and GST impact. The company had posted a net profit of Rs 166.6 crore for the corresponding quarter of the previous fiscal, Biocon said in a BSE filing.

Glenmark Pharma: Glenmark Pharmaceuticals yesterday reported a 47 per cent rise in consolidated net profit to Rs 333.38 crore for the first quarter ended June, mainly on account of robust sales in the US and India.

Motilal Oswal Financial ServicesMotilal Oswal Financial Services yesterday reported a 29 per cent jump in net profits at Rs 101.6 crore, for the first quarter of 2017-18, and saw strong growth across its businesses including asset management.

Tata Coffee: Tata Coffee yesterday posted a 29.93 per cent drop in consolidated net profit at Rs 44.91 crore in the first quarter ended June on lower income.

IDFC: IDFC Ltd yesterday registered a growth of over 65.2 per cent in consolidated net profit at Rs 299.40 crore for the first quarter ended June 30, 2017.

Dr Reddy’s Laboratories: Dr Reddy’s Laboratories Limited yesterday said its consolidated profit after tax (PAT) for the quarter ended June 30 was down by 53 per cent to Rs 59.1 crore (as per IFRS), owing to price erosion in the US market and implementation of GST in India.

HDFCShares of mortgage player HDFC yesterday jumped nearly 6 per cent, adding Rs 15,171.66 crore to its market capitalisation, even as the company reported a marginal decline in consolidated net profit for the first quarter ended June 30.

Amtek Auto: The National Company Law Tribunal (NCLT) yesterday appointed an interim resolution professional to carry out the insolvency process of debt-ridden auto component maker Amtek Auto, according to a regulatory filing. The insolvency proceeding against the company, initiated by a consortium of banks led by Corporation Bank, has been accepted by the NCLT.

Indian Markets on Thursday:

The benchmark BSE Sensex retreated from record high levels to close flat at 32,383.30 due to selling in IT, pharma, oil and gas and technology stocks. The Sensex closed marginally higher by 0.84 point at 32,383.30. During the day, the barometer rallied over 260 points to touch fresh high of 32,642.91 following buying spree in financials, banks, realty, auto, IT, FMCG and oil and gas stocks.

However, late selling in blue-chips like Reliance Industries, ITC, Infosys, TCS and Bharti Airtel dragged down the index from the record level to close flat. The 50-share Nifty of NSE scaled all-time high of 10,114.85 in day trade, but closed flat at 10,020.55 as 33 index constituents ended with losses.

Indian rupee highest closing: 

The rupee yesterday staged an incredible comeback after its three—session lustreless trade and ended at a fresh two-and-a-half month high of 64.11 a dollar after the US currency took a big knock amid the Fed indicating it will maintain a slow pace of monetary tightening. The Federal Reserves’ statement came after the two-day policy meet where the central bank kept key policy rates unchanged but expected to begin winding down its huge bond holdings soon.
The domestic currency appreciated by a solid 26 paise, or 0.40 per cent. This is the highest closing for the home currency since May 16, when it had settled at 64.08.

US markets ended on record highs:

Markets are A swoon in technology and transportation shares led the S&P 500 slightly lower on Thursday on a day full of corporate earnings reports, but the Dow industrials set a record closing high, helped by a jump in Verizon. Twitter shares fell 14.1 percent. The social media platform disappointed investors with stagnant monthly active user growth. Verizon shares surged 7.7 percent.

The S&P 500 technology sector was the worst performing major group, falling 0.8 percent even as Facebook shares gained 2.9 percent after the social media company’s results. After the bell, Amazon.com shares fell 2.7 percent after the e-commerce company’s results.

The Dow Jones Industrial Average rose 85.54 points, or 0.39 percent, to 21,796.55, the S&P 500 lost 2.41 points, or 0.10 percent, to 2,475.42 and the Nasdaq Composite dropped 40.56 points, or 0.63 percent, to 6,382.19. Twitter shares fell 14.1 percent. The social media platform disappointed investors with stagnant monthly active user growth. Verizon shares surged 7.7 percent. The No. 1 U.S. wireless carrier’s quarterly revenue topped expectations.

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