Indian markets are likely to open lower as Asian shares and US stock futures slipped while US Treasuries, gold and the safe-haven yen rose in early morning trading on Wednesday.
Indian markets are likely to open lower as Asian shares and US stock futures slipped while US Treasuries, gold and the safe-haven yen rose in early morning trading on Wednesday. The early indicator of NSE Nifty, SGX Nifty Futures was trading in negative territory, down 0.32% at 9,975.5 points. The Asian stock markets fell after tensions on the Korean peninsula escalated with Pyongyang’s warning that it is “carefully examining” plans for a missile strike on the US Pacific territory of Guam.
Shares of Aurobindo Pharma, Eicher Motors, Tata Motors, Ajanta Pharma, AU Small Finance Bank, Bayer CropScience, City Union Bank, Engineers India, Inox Wind, Mahanagar Gas, Max Financial Services, NALCO, NHPC, NMDC, Parag Milk Foods, Thomas Cook, VA Tech Wabag, Finolex Cables, GMDC, Shankara Building Products, Tube Investments Of India, Unichem Laboratories, Varun Beverages will be in watch today ahead of their first quarter earnings.
These stocks are in focus on Wednesday after earnings release and major announcements:
Tata Chemicals yesterday reported a 14 per cent fall in consolidated net profit at Rs 177.9 crore for the first quarter ended on June 30, 2017.
GlaxoSmithKline Consumer Healthcare yesterday reported 17.6 per cent decline in standalone net profit at Rs 132.23 crore for the quarter ended on June 30, 2017.
Helped by higher revenue from operations, Jindal Steel and Power Ltd (JSPL) yesterday reported narrowing of its consolidated net loss at Rs 420.4 crore in the three months ended June 30.
NBFC firm Muthoot Finance yesterday reported an increase of 30 per cent in net profit at Rs 351 crore for the first quarter ended June 30, 2017.
Several companies today petitioned the stock exchanges against being tagged as ‘suspected shell companies’, a day after regulator Sebi asked the bourses to restrict trading in shares of 331 firms following a reference from the government.
Private sector Kotak Mahindra Bank yesterday said it will offer debit card at a special price of Rs 99 for the first year for customers who will open account under its zero balance account scheme till September 15.
Kaveri Seeds yesterday posted 31.10 per cent jump in its standalone net profit at Rs 202.37 crore in the first quarter of this fiscal on robust sales.
Pharmaceuticals firm Abbott India yesterday reported 34.8 per cent decline in net profit to Rs 48.25 rore for the first quarter ended June 30, with sales hit by de-stocking in trade channels ahead of GST implementation.
Chemical firm SRF Ltd yesterday reported narrowing of consolidated net profit to Rs 103.81 crore in the first quarter ended June, which the company attributed to sharp rupee appreciation and GST-related transition issues.
Kishore Biyani-led Future Retail yesterday reported an over two-fold jump in its standalone net profit at Rs 147.85 crore for the quarter ended June 30 on account of higher income.
Jagran Prakashan, the publisher of leading Hindi daily Dainik Jagran, yesterday reported a 5.48 per cent increase in consolidated net profit at Rs 88.70 crore for the June quarter.
E-tailing giant Amazon yesterday announced its partnership with India’s iconic lifestyle brand Titan to help them foray into the US market. Under the partnership, Amazon through its ‘Global Selling Programme’ will enable Titan take its vast range of watches to millions of global customers across ethnicities on Amazon.com in the US and eventually across other Amazon marketplaces.
Bajaj Auto and British niche bike maker Triumph yesterday announced a global partnership for design, development and distribution of mid-range motorcycles.
Jubilant FoodWorks Ltd (JFL), which operates Domino’s Pizza and Dunkin’ Donuts chains in India, will invest around Rs 100 crore over the next 12 months to relaunch its pizza offerings in the country. The company will invest major chuck of this sum in product upgrade and rest on marketing campaigns.
Multiplex operator PVR Ltd yesterday said it has sold bluO entertainment, its premium bowling and entertainment format, to Smaaash Entertainment for Rs 86 crore as part of strategy to focus on its core business of movies.
Telecom major Bharti Airtel yesterday said it has sold 6.75 crore shares, about 3.65 per cent stake, in its tower firm Infratel for Rs 2,570 crore. The sale was done for Rs 380.6 per share, a 4 per cent discount to previous day’s closing price. The company sold part of Bharti Infratel equity held through its wholly-owned subsidiary Nettle Infrastructure Investments Limited through a secondary share sale in the stock market, both at BSE and NSE.
Mobile operator Idea Cellular yesterday said it has sought approval of the National Company Law Tribunal (NCLT) for merger of its operations with Vodafone India. Idea’s move comes after the Securities and Exchange Board of India (Sebi) and exchanges gave their conditional nod to the proposed USD 23-billion merger deal that would create the country’s largest telecom operator.
Private sector lender Axis Bank yesterday reduced interest rate on savings bank accounts by 50 basis points to 3.5 per cent for deposits up to Rs 50 lakh. However, the bank will continue to pay 4 per cent interest on deposits of above Rs 50 lakh.
Indian markets on tuesday:
The NSE benchmark Nifty extended its losses for the second day to drop below the psychological 10,000-level on emergence of selling mainly in realty and banking space after market regulator Sebi imposed trading restrictions on 331 listed shell companies with immediate effect. Investors were spooked after the markets watchdog last night directed bourses to initiate action against the suspected shell companies. These scrips will not be available for trading this month. Brokers said the order raised concerns of more such regulatory action.
India International Exchange (India INX), an arm of the top bourse BSE, today started trading in gold kilogram futures.
Besides, the exchange has begun trading in 53 additional single stock and futures contracts, taking the total number of such derivatives offerings to 107 on its platform.
Rupee closing on Tuesday:
The rupee today staged a strong comeback after a brief overnight slump to close higher at 63.63, a smart 17 paise gain even as the US dollar’s recovery against major rivals overseas short-lived. Fresh bouts of dollar selling interest from local
corporates and exporters along with growing expectations of more foreign fund inflows largely supported the recovery
momentum, recouping most of its losses.
US Stocks on Tuesday:
US stocks closed lower on Tuesday after a late afternoon selling spree as investors fled for safety after US President Donald Trump vowed to respond aggressively to any threats from North Korea. The Dow Jones Industrial Average ended down 33.08 points, or 0.15 percent, at 22,085.34, snapping a 9-day streak of closing records. The S&P 500 lost 5.99 points, or 0.24 percent, to close at 2,474.92 and the Nasdaq Composite dropped 13.31 points, or 0.21 percent, to 6,370.46.