Graphite India, Century Enka, Hero MotoCorp, Bombay Dyeing, Kirloskar Ferrous Industries, Tata Steel Long Products and TeamLease Services are among 23 companies that are scheduled to announce their March quarter earnings today.
Nifty futures were trading 62 points or 0.61 per cent higher at 10,226.80 on Singaporean Exchange, suggesting a positive opening for BSE Sensex and Nifty 50 on Tuesday, on the back of favourable global cues. Investor sentiment will be impacted by the rising number of coronavirus cases and the decision of the World Bank to lower India’s economic growth outlook by 3.2 per cent for the financial year 2020-21. On Monday, foreign institutional investors (FIIs) bought shares worth Rs 813.27 crore, while domestic institutional investors (DIIs) sold shares worth Rs 1,238.23 crore on a net basis, according to the provisional data available on the NSE. “Given the sharp rally witnessed over the last few days, we may see the Indian markets consolidating or taking a breather, before starting the next leg of the rally. Even valuations have turned expensive at 21xFY21E earnings and any negative development on the global front might derail the momentum. Hence, ‘Buying on Decline’ would be a better strategy over the next few weeks,” said Siddhartha Khemka, Head – Retail Research at Motilal Oswal Financial Services Ltd.
Stock in focus today
Hero Motocorp, Bombay Dyeing: Graphite India, Century Enka, eClerx Services, Hero MotoCorp, Gujarat Pipavav Port, Bombay Dyeing, Kirloskar Ferrous Industries, KRBL, Mangalore Refinery & Petrochemicals, PSP Projects, Tata Steel Long Products and TeamLease Services are among 23 companies that are scheduled to announce their March quarter earnings today.
Titan Company: Titan posted a growth of 21.11 per cent in net profit to Rs 356.79 crore for the quarter ended March 31. “The standalone growth in profit before tax for the quarter, despite the decline in the revenue, was possible due to significant compression of cost in anticipation of the disruption,” Titan said in a release.
PVR Ltd: PVR reported a consolidated net loss of Rs 74.61 crore for the fourth quarter ended March 31, as the film exhibition business was impacted because of COVID-19 pandemic. The company had posted a net profit of Rs 46.75 crore in the January-March quarter a year ago.
Inox Leisure: Inox Leisure reported a consolidated net loss of 82.15 crore for the fourth quarter ended March 31. The company had posted a net profit of Rs 48.08 crore in January-March quarter a year ago.
Larsen & Toubro Ltd: Larsen & Toubro on Monday said that for the quarter ended March 31, the impact due to COVID-19 on the company’s revenues and net profits were approximately Rs 1,800 crore and Rs 400 crore, respectively. “This was due to stoppage of work in almost all the sites for the last part of March 2020 as well as the disruption to the last mile work, like physical inspection, customer clearance etc., that could not be completed due to lockdown restrictions,” company said in a press release.
RITES: RITES has received an order for consultancy services for preparation of detailed project report and providing pre-construction activities for construction of highway tunnels across certain sections on Darcha- Padam road (NH-301) including approaches in Himachal Pradesh and Ladhak from National Highways & Infrastructure Development Corporation Limited.
PNB Housing Finance: PNB Housing Finance Ltd, in an exchange filing, informed that the meeting of the Board of Directors of the company will be held on June 13, 2020, to consider and approve financial results for the quarter and year ended March 31, 2020. It will also consider fundraising by way of External Commercial Borrowings up to $750 Million in one or more tranches. It will also consider the recommendation of dividend for the financial year 2019-20, if any.