Kotak Bank, ONGC, Jaiprakash Associates, RCom, RIL stocks in news today

By: | Published: July 19, 2018 9:34 AM

Indian stock markets opened in the positive territory on Thursday tracking positive global cues. Asian shares made early gains on Thursday as upbeat Wall Street earnings supported global investor sentiment.

Indian stock markets opened in the positive territory on Thursday tracking positive global cues.

Indian stock markets opened in the positive territory on Thursday tracking positive global cues. Asian shares made early gains on Thursday as upbeat Wall Street earnings supported global investor sentiment. TCNS Clothing IPO will open for the second day of bidding today.

These stocks will be in focus today, July 19, 2018:

Kotak Mahindra Bank, Bajaj Finserv, RBL Bank: Kotak Mahindra Bank, ABB, Bajaj Finance, Bajaj Finserv, Aditya Birla Money, RBL Bank and Sterlite Technologies are companies which will announce their June quarter results on Thursday.

ONGC, OIL: The Cabinet on Wednesday tweaked pre-1999 oil and gas contracts to provide for proportionate sharing of statutory levies like royalty and cess between the operators of an area, and not put the entire burden on state-owned ONGC. The CCEA also extended the special dispensation of marketing and pricing freedom to natural gas produced from areas in the North Eastern region.

Jaiprakash Associates: Ace investor Rakesh Jhunjhunwala increased stake in the shares of debt laden Jaiprakash Associates, taking his holding to 2.06% in the latest quarter. At Wednesday’s closing price of Rs 14.95, Rakesh Jhunjhunwala’s stake amounts to Rs 74.75 crore. This amounts to a massive rise in his stake as he held just 1.23% as at the end of March-17.

RCom: RCom on Wednesday reported narrowing of its consolidated net loss to Rs 342 crore for the quarter ended June 30, 2018. The Anil Ambani-led firm had reported a loss (attributable to equity holders) of Rs 1,245 crore in the same period a year ago, and a loss of Rs 19,728 crore in January-March 2018 period. RCom is under debt resolution process under the Insolvency and Bankruptcy Code, 2016 (IBC).

Reliance Industries: Reliance Industries Ltd., India’s second-largest company by market value, plans to raise about 400 billion rupees ($5.8 billion) in fresh debt this financial year as it expands its consumer businesses, Bloomberg reported quoting people familiar with the matter.

PSU Banks: After approving capital support for five public sector banks (PSBs), the finance ministry is assessing the needs of 2-3 more banks and fund infusion in them would be done by the end of the second quarter of the current fiscal, PTI reported. The ministry has already finalised capital infusion of Rs 11,336 crore in five PSBs to help them meet their interest payment commitments without impacting their regulatory capital requirements.

Mindtree: Mindtree posted a 30% rise in consolidated net profit at Rs 158.2 crore for the quarter ended June 30. Mindtree’s revenues rose 27.1%to Rs 1,639.5 crore in the quarter under review from Rs 1,289.5 crore in the year-ago period.

UltraTech Cement: The company on Wednesday reported a 30% plunge in consolidated net at Rs 631 crore in the June quarter from Rs 898 crore a year ago, despite a robust jump in net sales to Rs 8,841 crore from Rs 6,938 crore.

IPO watch: The initial public offer of women’s apparel maker TCNS Clothing was subscribed 10% on the first day of bidding on Wednesday. The IPO, to raise Rs 1,125-crore, received bids for 10,75,880 shares against the total issue size of 1,09,99,828 shares, PTI reported citing data available with the NSE. The portion set aside for QIBs was subscribed 29%, non-institutional investors 1% and retail investors 3%.

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