Stocks in focus: RIL, Kotak Mahindra Bank, Britannia Industries, IndiGo, IGL stocks to remain in news

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Published: June 2, 2020 9:01 AM

Motherson Sumi Systems, Dhampur Sugar Mills, Dolat Investments, Britannia Industries, IndiGo, Granules India, Tata Teleservices and Zydus Wellness are among 18 companies which are scheduled to announce their March quarter earnings today

Stocks in focus, RIL, Kotak mahindra bankEven though it is a downgrade, the rating is still in investment grade. This is on par with the rating of S&P & Fitch. This is unlikely to impact the market materially

The Nifty futures were trading at 9,816 on the Singaporean Exchange with 40 points gain suggesting a flat to positive opening for BSE Sensex and Nifty 50 on Tuesday. Market participants are expected to remain cautious after Moody’s Investors Service slashed India’s sovereign rating by a notch from ‘Baa2’ to ‘Baa3’ and retained the negative outlook. On Monday, foreign institutional investors (FIIs) bought shares worth Rs 1,575.46 crore, while domestic institutional investors (DIIs) sold shares worth Rs 459.25 crore on net basis, according to the provisional data available on the NSE. “Even though it is a downgrade, the rating is still in investment grade. This is on par with the rating of S&P & Fitch. This is unlikely to impact the market materially since the strength of the market is largely due to the humongous liquidity floating in the global financial system,” said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

Stocks in focus:

Kotak Mahindra Bank: Kotak Mahindra Bank promoter Uday Kotak is set to sell up to 56 million shares of the bank, equivalent to a 2.83 per cent stake, in the secondary market on Tuesday, sources aware of the development said.

Britannia, InterGlobe Aviation: Motherson Sumi Systems, Dhampur Sugar Mills, Dolat Investments, Britannia Industries, IndiGo, Granules India, Tata Teleservices and Zydus Wellness are among 18 companies which are scheduled to announce their March quarter earnings today.

Indraprastha Gas Limited: CNG price in the national capital and adjoining cities on Monday was hiked by Re 1 per kg to make up for the additional cost incurred to keep stations coronavirus ready. Indraprastha Gas Ltd (IGL) retails CNG to automobiles and piped natural gas to household kitchens.

Reliance Industries: RIL’ mega Rs 53,124 crore rights issue was on Monday oversubscribed 1.1 times, two days ahead of the issue closing. According to issue subscription data on stock exchanges, total bids received for RIL’s rights shares stood at 46.04 crore, overshooting the 42.26 crore shares on offer by 8.9 per cent, according to PTI report.

Bank stocks: Banking stocks to remain in focus today after Moody’s trimmed India’s long-term sovereign rating to ‘Baa3’. The credit rating agency has also downgraded India’s local-currency senior unsecured rating to Baa3 from Baa2, while adding that the outlook remains negative.

Ashok Leyland: The total commercial vehicle sales stood at 1,420 units in May. The company had sold 13,172 in the corresponding month of last year. Ashok Leyland’s domestic sales, however, stood at 1,277 units as compared to 12,778 units in the year-ago month.

V-Guard Industries: V-Guard Industries reported 47.49 per cent decline in the fourth quarter of the financial year 2020-21. The company had posted a profit of Rs 61.38 crore in the corresponding period of the preceding fiscal.

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