IDBI Bank, Nestle India, UltraTech Cement, IDFC First Bank, Hexaware, Tata Coffee and 3i Infotech are among companies that are scheduled to announce their April-June quarter results later in the day today.
Nifty futures were trading 48 points or 0.43 per cent higher at 11,162.80 on Singaporean Exchange, indicating a gap-up opening for BSE Sensex and Nifty 50 on Tuesday. Market participants will track firm global cues, trends in coronavirus cases, April-June quarter earnings and stock-specific development. “After the recent rise in Nifty, the market is expected to consolidate for a couple of days, given flaring US-China relations and persistent rise in virus cases. Overall while declines are being bought, follow up is missing at higher levels. The stock-specific action is likely to continue with a lot of heavyweights reporting their earnings over the next few days. Investors would also watch out for commentary from US Fed monetary policy meeting on Wednesday,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services Ltd.
Stocks to watch today:
Nestle, UltraTech Cement: IDBI Bank, Nestle India, UltraTech Cement, IDFC First Bank, Hexaware, Tata Coffee and 3i Infotech are among companies that are scheduled to announce their April-June quarter results later in the day today.
Mahindra Finance: Mahindra & Mahindra Financial Services is scheduled to open its rights issue on July 28, 2020. The company will issue 617,764,960 fully paid-up equity shares of face value of Rs 2 each for cash at a price of Rs 50 per equity share aggregating to Rs 30,88.8 crore on a rights basis.
ITC: ITC Ltd announced the acquisition of spices manufacturer Sunrise Foods Private Ltd (SFPL) in an all-cash deal valued at Rs 2,150 crore. According to the company, it has acquired shares of SFPL at an upfront consideration of Rs 2,150 crores on a cash-free, debt-free basis.
SBI, Yes Bank: State Bank of India’s holding in the private lender Yes Bank has come down to 30 per cent from 48.21 per cent after the follow on public offer (FPO), according to a regulatory filing by SBI.
Tech Mahindra: Tech Mahindra posted a flat 1.36 per cent on-year rise in net profit at Rs 972.30 crore for the quarter ended June 30. The company had posted a net profit of Rs 959.30 crore in the corresponding quarter of the preceding year.
Kotak Mahindra Bank: Kotak Mahindra Bank on Monday reported an 8.51 per cent on-year decline in net profit at Rs 1,244.45 crore in the April-June quarter. The Bank had posted a net profit of Rs 1,360.20 crore in the same quarter of last year.
United Spirits: United Spirits reported a consolidated net loss of Rs 246.6 crore for the first quarter ended June 30. Diageo controlled liquor maker had posted a net profit of Rs 181.7 crore in the April-June quarter a year ago.