Stocks in focus: ITC, Asian Paints, Axis Bank, Lupin, SpiceJet, realty stocks, to remain in news

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July 24, 2020 9:09 AM

Ambuja Cements, JSW Steel, Coromandel International, ITC, Asian Paints, Crompton Greaves Consumer Electricals, TCI Express, Texmo Pipes, Welspun India, etc., are scheduled to announce their quarterly earnings later in the day today.

Axis bank, lupin, stocks in focusMarkets are currently riding high on better than expected earnings and upbeat global markets

Nifty futures were trading 89.35 points or 0.80 per cent lower at 11,128 on Singaporean Exchange, indicating a weak start for BSE Sensex and Nifty 50 on Friday. Market sentiments are likely to be dented by the rising coronavirus cases. India witnessed a sharp spike of 48,000 COVID-19 cases in the last 24 hours, taking the total tally to 12.88 lakh. Investors will also track Apr-June quarter earnings, oil prices and rupee trajectory. “Markets are currently riding high on better than expected earnings and upbeat global markets. Considering the momentum, the Nifty index might test 11,350 soon. Traders should align their trades accordingly but we suggest preferring hedged trades instead of outrights,” said Ajit Mishra, VP – Research, Religare Broking Ltd.

Stocks in focus today:

ITC, Asian Paints: Ambuja Cements, JSW Steel, Coromandel International, ITC, Asian Paints, Crompton Greaves Consumer Electricals, TCI Express, Texmo Pipes, Welspun India, etc., are scheduled to announce their quarterly earnings later in the day today.

Realty stocks: An alternate investment fund (AIF), set up to extend last-mile funding to complete stuck housing projects, has approved Rs 8,767 crore for 81 projects, which will enable the completion of almost 60,000 houses across the country, according to the latest official data. FM Sitharaman reviewed the performance of the fund set up under the Special Window for Affordable and Mid Income Housing (SWAMIH) with secretaries of the ministries of finance and the senior management team of the State Bank of India, SBI Capital Markets and SBICAPS Ventures (SVL).

Axis Bank: Axis Bank has picked advisers including BNP Paribas SA and Credit Suisse Group AG to manage its proposed share sale, Bloomberg reported citing sources.

Max Financial Services: Axis Bank and Max Financial Services will make changes to certain options that were agreed upon earlier this year for the lender to hike stake in Max Life Insurance, following correspondence from regulator Irdai, according to a filing. In another development,

Spicejet: SpiceJet has been designated as the ‘Indian scheduled carrier’ to operate flights to the US. SpiceJet would be the first Indian budget carrier to operate services to the United States.

Lupin: Pharma major announced that it has received tentative approval for its Empagliflozin and Linagliptin Tablets from the United States Food and Drug Administration (U.S. FDA) to market a generic version of Glyxambi® Tablets of Boehringer Ingelheim Pharmaceuticals, Inc.

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