Stocks in focus: RIL, IndusInd Bank, Titan, IOCL, L&T, among others to remain in news

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Updated: Jun 08, 2020 9:13 AM

Chalet Hotels, Abbot India, Titan, Inox Leisure, Coromandel Engineering Company, PVR and Themis Medicare are among 19 companies that are scheduled to announce their March quarter earnings today.

RIL, stocks in focus, IndusInd bankThe reopening of hotels, restaurants, malls, and temples likely to boost investor sentiment

Nifty futures on Singaporean Exchange were trading 90 points or 0.88 per cent higher at 10,269, indicating a strong start for the BSE Sensex and Nifty 50 on Monday. The reopening of hotels, restaurants, malls, and temples likely to boost investor sentiment. Besides, market participants will keep tabs on the rising coronavirus cases. On Friday, foreign institutional investors (FIIs) bought shares worth Rs 97.61 crore, while domestic institutional investors (DIIs) sold shares worth Rs 47.29 crore on a net basis, according to the provisional data available on the NSE. “Investors need to be a bit cautious since valuations are running high and the expected recovery is not yet visible in the numbers,” said Vinod Nair, Head of Research at Geojit Financial Services.

Stock in focus today

Reliance Industries: RIL on Sunday announced that the Abu Dhabi Investment Authority (ADIA) bought 1.16 per cent stake in Jio Platform for Rs 5,683.50 crore. Apart from this, US private equity firm Silver Lake has invested an additional Rs 4,546.80 crore in Jio Platforms to raise its stake in the firm to 2.08 per cent. The latest investments take Jio Platforms’ funding tally to Rs 97,885.65 crore.

Titan Company, PVR: Chalet Hotels, Abbot India, Titan, Inox Leisure, Coromandel Engineering Company, PVR, Gujarat State Petronet and Themis Medicare are among 19 companies that are scheduled to announce their March quarter earnings today.

IndusInd Bank: The promoters of the bank, plan to acquire shares of the bank from the secondary market. The promoters, IndusInd International Holdings Ltd. and IndusInd Ltd., currently hold 14.68 per cent of the paid-up share capital of the bank, IndusInd Bank informed the stock exchange on June 7.

Indian Oil, BPCL, HPCL: Petrol and diesel prices were hiked by 60 paise per litre on Sunday, as the state-owned oil firms restarted daily price revisions after an 82-day hiatus. OPEC and allies, along with Russia on Saturday agreed to extend record oil production cuts until the end of July. Oil prices surged over 2 per cent on Monday.

Vedanta: Vedanta posted a consolidated net loss of Rs 12,521 crore for the quarter ended March 31, 2020. The company had posted a net profit of Rs 2,615 crore in the corresponding period of the previous year.

Larsen & Toubro Ltd: L&T reported a decline of 6% in net profit on a year-on-year basis for the quarter ended March 31, 2020. The company’s Ebitda stood at Rs 5,120.7 crore.

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