Stocks in focus: RIL, Bharti Airtel, JSW Steel, Godrej Industries among stocks to hog limelight today

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Published: May 22, 2020 9:04:30 AM

Trent, Wabco India, Godrej Industries, IDFC First Bank, Supreme Industries, BASF India, Bayer CropScience and JSW Steel are among 25 companies which are scheduled to announce their March quarter earnings on Friday

stocks in focus, RIL, Bharti AirtelForeign institutional investors (FIIs) sold shares worth Rs 258.73 crore, while domestic institutional investors (DIIs) bought shares worth Rs 401.78 crore on a net basis on Thursday

Following the negative global cues, headline indices BSE Sensex and Nifty 50 are set to open in negative territory on Friday, as the Nifty futures were trading at 9,040 on the Singaporean Exchange. Foreign institutional investors (FIIs) sold shares worth Rs 258.73 crore, while domestic institutional investors (DIIs) bought shares worth Rs 401.78 crore on a net basis on Thursday, according to the provisional data available on the NSE. “We believe volatility will continue in the markets and the underperformance from the banking and financial space would remain the major overhang. In the present scenario, participants should limit their naked leveraged positions and focus more on stock selection,” said Ajit Mishra, VP – Research, Religare Broking Ltd.

Stocks in news today

RIL: Reliance Industries today announced that KKR will pick up 2.32 per cent equity stake in Jio Platforms for Rs 11,367 crore. Over the last month, after the investments by the leading technology investors such as Facebook, Silver Lake, Vista Equity and General Atlantic, this will be the fifth investment in Jio Platforms which will amount to Rs 78,562 crore.

Godrej Industries, IDFC First Bank: Trent, Wabco India, Godrej Industries, IDFC First Bank, Supreme Industries, BASF India, Bayer CropScience and JSW Steel are among 25 companies which are scheduled to announce their March quarter earnings on Friday.

Kotak Mahindra Bank: According to Bloomberg data, Kotak Mahindra Bank has comfortably pipped all lenders in the world to become the most expensive bank stock. Kotak Mahindra Bank replaced HDFC Bank, as the massive sell-off in HDFC Bank stock has dragged down its valuation by 40% with respect to its five-year average.

Bharti Airtel: Bharti Airtel has acquired a strategic stake in Gurgaon-based AI-focused start-up Voicezen for an undisclosed amount. The acquisition has been made by the company under its Airtel Startup Accelerator Programme.

Hindustan Zinc: Hindustan Zinc reported a 33.4 per cent decline in net profit to Rs 1,339 crore for the quarter ended March 31. The company had posted a net profit of Rs 2,012 crore in the corresponding quarter of the previous year.

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