Stocks in focus: RIL, SBI life, M&M, Eicher Motors, Coal India, Liquor stocks, to remain in news

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June 12, 2020 9:10 AM

Hindalco Industries, Mahindra & Mahindra, Goodyear India, Castrol India, Eicher Motors, IOL Chemicals, Pudumjee Paper Products, Suprajit Engineering and Alkali Metals are among 30 companies which are scheduled to announce their March quarter earnings today

stocks in focus, RIL, Eicher MotorsAfter witnessing sharp rally over last few days, Indian markets seem to have taken a pause and is likely to remain sideways and in a consolidative mode

Nifty futures were trading 290 points or 2.94 per cent lower at 9,639.50 on Singaporean Exchange, indicating a deep in red opening for the BSE Sensex and Nifty 50 on Friday, following a rout on Wall Street. Besides, India recorded its highest single-day surge of 9,996 new coronavirus cases on Thursday. The total number of COVID-19 patients in the country are at 2,86,579 with a death toll at 8,102. Market participants will keep tabs on the GST council meeting which will be held today for the first time after nationwide lockdown. Besides, the Supreme Court’s hearing on interest loan waiver, industrial production (IIP) data for April and CPI inflation for May will be keenly watched today. “After witnessing sharp rally over last few days, Indian markets seem to have taken a pause and is likely to remain sideways and in a consolidative mode,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services Ltd.

Stocks in focus today

M&M, Eicher Motors: Hindalco Industries, Mahindra & Mahindra, Goodyear India, Castrol India, Eicher Motors, IOL Chemicals, Pudumjee Paper Products, Suprajit Engineering and Alkali Metals are among 30 companies which are scheduled to announce their March quarter earnings today.

Reliance Industries: RIL had informed last week in a press release that the listing of right shares on BSE and NSE will likely take place on June 12 under separate ISIN. Reliance Industries Ltd’s Rs 53,124 crore rights issue got subscribed 1.59 times last week, cumulating to an overall commitment of over Rs 84,000 crore.

SBI Life Insurance: State Bank of India (SBI) proposed to sell up to 2.1 crore equity shares (2.1 per cent) stake in SBI Life Insurance through offer for sale (OFS), to comply with the minimum public shareholding requirement of 25 per cent. SBI has set the floor price at Rs 725 per share. For non-retail investors, the issue will open on June 12 while for retail investors and for non-retail investors who choose to carry forward their un-allotted bids, it will open on June 15.

Coal India: Prime Minister Narendra Modi will on June 18 launch the auction of coal mines for commercial mining, a month after the Union Cabinet approved the new revenue-sharing model which puts an end to the monopoly of state-run Coal India.

Liquor stocks: The Delhi government on Thursday allowed the city’s restro-bars, hotels, and clubs to sell their stock of beer expiring this month to liquor shops in a bid to minimise their financial losses, PTI quoted an official as saying. “In wake of the extraordinary situation emerging out of the COVID-19 pandemic and lockdown, the government has allowed these establishments to sell the stock of beer expiring on June 30 to liquor vend,” the official told PTI.

NTPC: NTPC’s decision to offer a rebate of Rs 1,363 crore to power distribution companies (discoms) is seen to reduce its FY21 profit by Rs 920 crore.

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