Stocks in focus: RIL, Future Retail, ITC, Vedanta, JK Cement, IRCON International, Lakshmi Vilas Bank

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November 9, 2020 8:17 AM

Indian share market benchmarks BSE Sensex and Nifty 50 are likely to make new highs on Monday, after hitting a nearly 10-month high in the previous session

RIL, future retail, vedanta, itc, stocks in focusMarket are expected to cheer Democratic candidate Joe Biden's victory in the recently concluded US Presidential election

Indian share market benchmarks BSE Sensex and Nifty 50 are likely to make new highs on Monday, after hitting a nearly 10-month high in the previous session. Nifty futures were trading 167.50 points higher at 12,433 on the Singaporean Exchange. The market is expected to cheer Democratic candidate Joe Biden’s victory in the recently concluded US Presidential election. Today, India’s biggest pharma IPO, Gland Pharma, is set to open for subscription. The Rs 6480-crore Gland Pharma issue will remain open till November 11. Analysts expect a formation of new all time high soon in the market (above 12430). “A sustainable move above this hurdle could pull Nifty towards 12600-12700 levels in the next few weeks. Intra-week dips could be a buying opportunity for the near term. Immediate support is placed at 12150,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.

Stocks in focus today:

RIL, Future Retail: Future Retail has filed a suit in the Delhi High Court against Amazon interfering with its deal to sell its retail, wholesale, logistics, and warehousing units to Mukesh Ambani’s Reliance Industries Ltd in a deal worth Rs 24,713 crore.

ITC: The cigarette-to-FMCG-to-hotel reported a 19.65 per cent on-year fall in its standalone net profit to Rs 3,232.40 crore for the July-September quarter, with gross revenue from sale rising just 1.2 per cent on-year. Its gross revenue from sale for the period July-September stood at Rs 11,891.91 crore as against Rs 11,750.16 for the same period last year.

Vedanta: Vedanta reported 61.8 per cent decline in consolidated net profit at Rs 824 crore for the quarter ended September 30, 2020, on the back of one-time tax expense. The company posted a net profit of Rs 2,158 crore in the year-ago period.

IRCON International: The government is planning to sell up to 15 per cent of its stake in railway engineering company IRCON International Ltd through an offer-for-sale of shares, PTI quoted an official as saying. The government currently holds 89.18 per cent stake in IRCON International Ltd.

Lakshmi Vilas Bank: LVB on Saturday said that despite logistical challenges arising due to the Covid-19 situation, the bank has made significant progress with Clix group for the proposed amalgamation of Clix Capital Service and Clix Finance India into the bank. There was minor incremental due diligence requested by Clix Group, which was completed this week.

JK Cement, PC Jeweller: A total of 253 companies including Oil India, Equitas Small Finance Bank, Honeywell Automation, JK Cement, NOCIL, Parag Milk Foods, PC Jeweller, Sun Pharma Advanced Research Company, SREI Infrastructure Finance, Triveni Engineering, Venky’s India, VIP Industries and Zuari Agro Chemicals, are scheduled to announce their July-September quarter earnings today.

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