The June quarter earnings season started with TCS reporting numbers below estimates. This earnings season would be of key significance as it faced the maximum brunt of lockdown
Nifty futures were trading 0.57 per cent or 61.25 points higher at 10,833 on Singaporean Exchange, suggestive a positive opening for BSE Sensex and Nifty50 on Monday. Indian stock market will take cues from favourable global markets and look for stock-specific development, along with surging COVID-19 cases. In the previous session, the 30-share index Sensex ended 143 points lower at 36,594 while the Nifty50 slipped 45 points to close at 10,768. “The June quarter earnings season started with TCS reporting numbers below estimates. This earnings season would be of key significance as it faced the maximum brunt of lockdown. Thus management commentary would be keenly watched out for and could keep the markets volatile in the near term,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services Ltd.
Stocks in focus today:
Reliance Industries: Mukesh Ambani-led RIL raised Rs 730 crore from wireless technology leader Qualcomm Ventures by selling 0.15 per cent equity stake in Jio Platforms. Following this, the total funding amount in Jio Platforms stands at Rs 1,18,318.45 crore (Rs 1.18 lakh crore).
Bharti Airtel, Vodafone Idea: The Telecom Regulatory Authority of India (TRAI) has asked Bharti Airtel and Vodafone Idea to withhold the specific plan that promised faster speeds to certain priority users, for the interim period, according to a PTI report.
DMart: Radhakishan Damani’s Avenue Supermarts reported a fall of 88 per cent on-year basis in net profits in the April-June quarter of the current financial year. Consolidated total revenue for the hypermarket chain stood at Rs 3,933 crore in the June quarter, down from Rs 5,825 crore in the same quarter last year.
Biocon: Biocon Ltd in a press release informed that it has received the Drugs Controller General of India’s (DCGI) approval to market Itolizumab (ALZUMAb™) Injection 25mg/5mL solution for emergency use in India for the treatment of cytokine release syndrome (CRS) in moderate to severe ARDS (acute respiratory distress syndrome) patients due to COVID-19.
Punjab & Sind Bank: Punjab & Sind Bank reported fraud of Rs 112.42 crore in two NPA accounts of Maha Associated Hotels and Edyar Zinc, according to a PTI report. The bank has reported the fraud to the Reserve Bank of India and is in the process of filing complaints with the Central Bureau of Investigation, according to regulatory filings