Stocks in focus: RIL, ICICI Bank, Yes Bank, Asian Paints, BoB, IT stocks, to remain in news today

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Published: June 23, 2020 8:57 AM

Union Bank of India, Berger Paints, Asian Paints, Bank of Baroda, Aster DM Healthcare, Balrampur Chini Mills, Page Industries are among 78 companies that are scheduled to announce their March earnings today

stocks in focus, RIL, yes bankEarnings announcements and upcoming derivatives expiry would keep the volatility high

Nifty Futures were trading 47 points or 0.46 per cent higher at 10,352 on Singaporean Exchange, suggesting a positive start for BSE Sensex and Nifty 50 on Tuesday. Market participants will continue to keep a watch on the India-China standoff, coronavirus situation and stock-specific movements on the back of corporate earnings. Meanwhile, Moody’s projected the Indian economy to shrink 3.1 per cent in 2020. Besides, Fitch Ratings expects the government to roll out another set of the fiscal stimulus package in the coming months. “Earnings announcements and upcoming derivatives expiry would keep the volatility high. Traders should limit their leveraged positions and continue their focus on stock selection,” said Ajit Mishra, VP – Research, Religare Broking Ltd.

Stocks in focus today:

Asian Paints, Bank of Baroda: Union Bank of India, Berger Paints, Asian Paints, Bank of Baroda, Aster DM Healthcare, Balrampur Chini Mills, EIH Associated Hotels, Finolex Industries, GM Breweries, Indian Bank, Kolte-Patil Developers, Man Industries, NLC India, Page Industries, Phillips Carbon Black, Precision Camshafts, Surana Telecom, Talbros Engineering and Vardhman Textiles are among 78 companies that are scheduled to announce their March quarter earnings.

Reliance Industries: RIL informed in a regulatory filing that the company will hold its 43rd annual general meeting (AGM) through video conferencing or other audio-visual means on July 15. It also said that the company has fixed July 03 as the record date for the purpose of determining the members eligible to receive a dividend for the financial year 2019-20. The dividend, if declared at the AGM, will be paid within a week from the conclusion of the AGM.

ICICI Bank: ICICI Bank on Monday sold a 1.5 per cent equity stake in ICICI Prudential Life Insurance Company on the stock exchange for an approximate total consideration of Rs 840 crore. Following this, the bank’s shareholding in ICICI Prudential Life Insurance Company Limited stands at approximately 51.4%.

IT stocks: IT stocks will remain in focus today as US President Donald Trump has issued a proclamation to suspend issuing of H-1B visas along with other foreign work visas for the rest of the year.

Uco Bank: Uco Bank on Monday said its profitability may get impacted during the first half of this fiscal due to lack of economic activities during the lockdown, imposed to control the spread of the Covid-19 pandemic.

Yes Bank: Yes Bank will not make interest payments to upper Tier-II bondholders on June 29 as the Reserve Bank of India (RBI) has not granted it permission. Yes Bank’s upper tier-II bonds also face the risk of getting downgraded to default from rating agencies after the decision of non-payment of interest.

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