Indian stock markets extended gains in the early morning session on Tuesday despite weak cues from the Asian markets. The BSE Sensex surged over 100 points to a high of 36,447.26 points in early trade, while the Nifty of the National Stock Exchange rose by 44.75 points or 0.41% to 10,981.60 points. Gains in Tata Motors, Tata Steel, Reliance Industries, Yes Bank, Sun Pharma, ICICI Bank shares added to the upward trajectory of the Sensex index.
These stocks will be in focus today, July 17:
IDBI Bank: IDBI Bank will soon convene the board meeting to approve allotment of preference shares to LIC, enabling the insurance behemoth to acquire 51 per cent stake in the bank. The meeting could take place in a day or two, PTI reported citing sources, who added that the board should approve the allotment latest by the end of this week.
HUL: FMCG major Hindustan Unilever reported a 19.17% increase in standalone net profit at Rs 1,529 crore for the first quarter ended June 30, 2018. On Monday, the company said that the total income during Q1 FY19 stood at Rs 9,622 crore, up 3.07% as against Rs 9,335 crore in the corresponding quarter a year ago.
ICICI Bank: ICICI Bank has decided to postpone its annual general meeting (AGM) by a month amidst independent enquiry conducted by Justice B N Srikrishna on alleged cases of impropriety against the bank’s CEO Chanda Kochhar, PTI reported. The meeting has been rescheduled to September 12. It was earlier scheduled for August 10.
Punjab National Bank: The scam-hit bank announced opening of second centralised loan processing centre (CLPC) in a Mumbai branch. PNB’s Managing Director and Chief Executive Officer Sunil Mehta said that the lender is on track to bouncing back within six months, PTI said in a report. Hit by over Rs 14,300 crore fraud, allegedly by diamond jeweller Nirav Modi, the lender embarked on Mission Parivartan in March, a 10-pronged transformation strategy to clean its balance sheet.
Dr.Reddy’s Laboratories: The drugmaker on Saturday said it will appeal the decision of the US District Court of New Jersey regarding further sale and commercialisation of its Buprenorphine and Naloxone sublingual film in America. “The company disagrees with the court’s decision, and will vigorously appeal it,” Dr Reddy’s said in a BSE filing.
JSW Energy: The firm on Monday said it will seek shareholders’ approval to raise Rs 15,000 crore through issuance of debentures, shares and bonds at its annual general meeting on August 6.