Indian markets are likely to open marginally higher on Friday as SGX Nifty futures are trading higher 0.02% at 9,897.5 points on Singapore Stock Exchange.
Blue-chip stocks in focus today on the cues of overnight earnings and major announcements:
Reliance Industries Ltd: Yesterday, oil-to-telecom conglomerate Reliance Industries Ltd reported its highest quarterly consolidated net profit of Rs 9,108 crore in three-months to June 30 on the back of higher petrochemical margins and a one-time gain from the sale of African asset. Net profit in the April-June quarter of current fiscal at Rs 9,108 crore (Rs 30.8 per share) was 28% higher than Rs 7,113 crore (Rs 24.1 a share) in the same period of the last financial year, RIL said in a statement. “Strong refining and petrochemicals margin environment contributed to higher operating profits for the quarter,” it said. Mukesh Ambani is not taking a pause in ramp up of the venture which has taken the Indian telecom industry by storm. The company said on Thursday that Reliance Jio will launch a rights issue of shares to raise Rs 20,000 crore.
Wipro Ltd: India’s third largest IT firm Wipro today posted a 1.2 per cent rise in its consolidated net profit at Rs 2,076.7 crore for the April-June quarter on Thursday. Wipro Ltd also announced a share buyback of Rs 11,000 at the board meeting held yesterday. Earlier this week, shares of Wipro Ltd jumped over 5%, after the company said on Friday that it would consider a share buyback proposal in the company’s board meeting on 20 July. The IT services solution provider announced the buyback to buy up to 343.45 million shares at the price of Rs 320 per share which is at a whopping 18.51% premium than its today’s closing price of Rs 270 on NSE.
Here are the stocks to watch out ahead of their earnings:
Ashok Leyland, Can Fin Homes, Dewan Housing Finance, Indian Bank, MRPL, Persistent Systems, Atul, Chowgule Steamships, DIC India, Hindustan Dorr-Oliver, Keltech Energies, Mafatlal Finance, Onward Technologies, Tata Sponge Iron, Tinplate
Asian Shares on Friday: The euro held near two-year highs against the dollar on Friday after the head of the European Central Bank said tapering of its stimulus will be on the table this autumn, while a solid global economic outlook kept Asian share prices near decade highs.
Yesterday’s Market: The domestic market closed slightly lower on Thursday despite the earnings boost and positive global cues, as yesterday Wall Street stocks hit a fresh record high. BSE Sensex somehow managed to close above 31,900 but closed down after giving away 50 points and NSE Nifty ended below 9,900 with 32 out of 50 scrips ending in the red. Indian stock markets today opened marginally higher after the Union Cabinet approved the ONGC–HPCL merger.
Shares of third-largest private sector lender Kotak Mahindra Bank ended down 1.44% at Rs 980.4, though the shares jumped 2.4% to the day’s high of Rs 1019.4 after the lender posted a 23.1% increase in standalone net profit at Rs 912.73 crore for the April-June quarter. The shares of leading automaker Bajaj Auto also closed down 0.22% at Rs 2,818,65 after the company today reported 19.51% decline in consolidated net profit to Rs 836.79 crore for the June quarter of current fiscal, on account of lower sales. Reliance Industries and Wipro shares ended in red down 0.31% at Rs 1528.7 and 0.83% at Rs 269 respectively ahead of their first quarter earnings.
Rupee closing on Thursday: Rupee suffers first loss in 4 days, dips 15 paise After three consecutive days of gains, the rupee today saw a sharp fall of 15 paise to close at 64.43 a dollar on the back of fresh demand for the American currency from importers and bank. The domestic currency had closed at a near six-week high of 64.28 yesterday, after seeing gains of 17 paise in three straight sessions. A smart rebound in the US dollar overseas after a struggle early this week predominantly terminated rupee rally, but unabated foreign capital inflows brought some respite.