L&T Finance Holdings, L&T Technology Services, Bajaj Consumer Care, Aditya Birla Money, Cyient are among companies that are scheduled to announce their June quarter earnings later in the day today.
Nifty Futures were trading 16.25 points or 0.15 per cent down at 10,625.80 on Singaporean Exchange, suggesting a weak start for BSE Sensex and Nifty 50 on Thursday. Factors such as lockdown in most parts of the country on the back of rising coronavirus, reports of experimental COVID-19 vaccine produced by Moderna Inc, and June quarter earnings will sway the market sentiment today. Besides, India posted a trade surplus of $790 million in June, with imports plunging due to coronavirus pandemic. “Market should consolidate in the near term given the persistent rise in virus cases and implementation of fresh lockdowns in certain parts of the country. Further, the ongoing earnings season would also keep the markets volatile. We would advise traders to stay cautious, while investors should be more defensive in their portfolio approach,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services Ltd.
Stocks in focus today:
Infosys: Infosys recorded a net profit of Rs 4,272 crore in Q1 FY20, which is a growth of 12.4 per cent from Rs 3,802 crore in the same duration last year. The firm signed large deals worth $1.74 billion in the three months to June 30. Infosys’ revenue also grew by 8.5 per cent to Rs 23,665 crore in the quarter ended June 30.
Cadila Healthcare: Zydus Cadila informed that it has received final approval from the USFDA to market Betamethasone Dipropionate Ointment USP, 0.05%. Betamethasone Dipropionate Ointment is used to treat a variety of skin conditions such as eczema, dermatitis, allergies, rash, etc. The ointment will be manufactured at the group’s Topical manufacturing facility at Ahmedabad.
Titan: Titan Company is expecting its businesses to be hit very substantially in the current financial year due to disruptions caused by COVID-19 pandemic. The company said its focus during 2020-21 will be on cash flows and optimising spends to ensure liquidity. “The lockdown necessitated by the COVID-19 pandemic is expected to hit the company’s businesses very substantially in the financial year 2020-21,” said Titan.
Titagarg Wagons: The company announced that it has acquired the shares held by Matiere SAS, France (Matiere), representing 50% of the paid-up share capital of Matiere Titagarh Bridges Private Limited.
L&T Finance, Bajaj Consumer: L&T Finance Holdings, L&T Technology Services, Bajaj Consumer Care, Aditya Birla Money, Cyient are among companies that are scheduled to announce their June quarter earnings later in the day today.