Stocks in focus: MRF, Bharat Forge, Axis Bank, NBFCs, IDBI Bank, ITC, among others to hog limelight today

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Published: June 29, 2020 8:58 AM

Bharat Electronics, Petronet LNG, Central Bank of India, MRF, Balaji Telefilms, Bajaj Hindusthan Sugar, CESC, GIC Housing Finance, GMR Infrastructure, Panacea Biotec, Raymond, Reliance Communications, Rail Vikas Nigam, and Welspun India, are among 586 companies that are scheduled to announce their March quarter earnings today.

stocks in focus, mrf, Reliance communicationsGlobal cues will continue to dictate the market trend, in the absence of any major domestic event.

Nifty futures were trading 46.25 points or 0.45 per cent cent lower at 10,285.80 on Singaporean Exchange, signalling a negative opening for BSE Sensex and Nifty 50 on Monday. S&P Global Ratings comment on Indian economy, PMI data for the manufacturing and services sectors, auto sales number likely to steer the markets today. Besides, a surge in coronavirus cases, ongoing US-China tariff war, India-China border tensions are also fuelling fears in the market. “We believe global cues will continue to dictate the market trend, in the absence of any major domestic event. Besides, macroeconomic data and auto sales figures will also be on the participants’ radar. Needless to say, they would continue to keep a close eye on India-China border dispute and any news of fresh escalation might not go well with the markets,” said Ajit Mishra, VP Research, Religare Broking.

Stocks in focus today:

MRF, Reliance Communications: Bharat Electronics, Petronet LNG, Bharat Forge, Central Bank of India, MRF, Balaji Telefilms, Bajaj Hindusthan Sugar, CESC, GIC Housing Finance, GMR Infrastructure, Panacea Biotec, Parag Milk Foods, PC Jeweller, Phoenix Mills, Raymond, Reliance Communications, Rail Vikas Nigam, Venky’s India, and Welspun India, are among 586 companies that are scheduled to announce their March quarter earnings today.

ITC: The cigarette-to-FMCG-to-hotel major on Friday reported a 9 per cent on-year jump in its standalone net profit to Rs 3,797.08 crore for the fourth quarter ended March 31. ITC had posted Rs 3,481.90 crore net profit for the fourth quarter of FY19.

Axis Bank, NBFCs: S&P Global Ratings on Friday said that it has downgraded Axis Bank, Bajaj Finance, Shriram Transport Finance Company, Manappuram Finance and Power Finance Corporation (PFC) on worsening operating conditions following the Covid-19 outbreak, which has increased risks for banks and financial institutions operating in India.

IDBI Bank: IDBI Bank on Saturday announced its plan to divest 27 per cent of its stake in IDBI Federal Life Insurance Company to its existing partners. IDBI Bank will sell 23 per cent to Ageas Insurance and 4 per cent to Federal Bank at a combined value of about Rs 595 crore.

Coal India: Coal India: Coal India reported 23.24 per cent on-year decline in consolidated net profit at Rs 4,625.76 crore for the quarter ended March 31. The company had posted a net profit of Rs 6,026.47 crore in the corresponding quarter last year.

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