Stocks in focus: RIL, HDFC Bank, Britannia Industries, Tata Motors, Infibeam Avenues, HDFC

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October 6, 2020 8:55 AM

Nifty futures were trading 44.50 points or 0.40 per cent at 11,568.50 on Singaporean Exchange, indicating a positive start for BSE Sensex and Nifty 50 on Tuesday

sensex, niftygold

Nifty futures were trading 44.50 points or 0.40 per cent at 11,568.50 on Singaporean Exchange, indicating a positive start for BSE Sensex and Nifty 50 on Tuesday. Market participants will keenly watch the Market Services PMI data for September set to be released later in the day. Besides, stock-specific action, trends in covid-19 cases, oil prices, rupee movement and other global cues will set the market direction today. Asian peers were also seen trading mostly higher today taking cues from Wall Street gains. “Markets are closely following global events and the upcoming earnings season would further add to the volatility. We suggest maintaining a positive yet cautious approach and giving preferring to index majors. Nifty has next hurdle at 11,600,” said Ajit Mishra, VP – Research, Religare Broking Ltd.

Stocks in focus

Infibeam Avenues: The company in an exchange filing announced that it has entered into a definitive agreement with Jio Platforms Limited and its affiliates, to license, customise, maintain and access our Enterprise E-commerce Software and Payments Platform for their business use.

RIL: Reliance Industries Ltd has called off the proposed merger of his group’s entertainment business with Sony Pictures Networks India following a strategic rethink. Ambani’s television networks housed in Viacom18 Media Pvt. Ltd. were to merge with Sony Corp., with the Japanese giant having a bigger stake in the merged entity, according to a PTI report.

Britannia Industries: The board of Britannia approved the issue of 1 unsecured, non‐convertible, redeemable fully paid‐up debenture of the face value of Rs 29 each, by way of bonus to the members of the company, for every 1 fully paid‐up equity share of face value of Re 1 each. It has also approved payment of dividend of Rs 12.50 per every 1 fully paid‐up equity share of face value of Re 1 each by utilizing its accumulated profits.

Tata Motors: Jaguar Land Rover retail sales for the three-month period to 30 September 2020 were significantly improved from sales in the preceding quarter but continue to be impacted by Covid-19, company said in an exchange filing.

HDFC Bank: HDFC Bank on Monday disclosed that its advances in September quarter grew 16% and deposits rose at 20% year-on-year. Similarly, the current account savings account (CASA) ratio of the bank grew 270 basis points year-on-year to 42% during the September quarter.

HDFC: Housing Development Finance Corporation on Monday said its individual loan disbursements in the second quarter of 2020-21 reached 95 per cent of the level in the year-ago period and September saw the strongest recovery since the outbreak of COVID-19 pandemic, suggesting business is returning to pre-crisis levels.

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