HPCL, NMDC, Ashiana Housing, Bhansali Engineering Polymers, Bliss GVS Pharma, Globus Spirits, Ipca Laboratories, Bank of Maharashtra, and Schneider Electric Infrastructure are among 25 companies that are scheduled to announce their March quarter earnings today.
Nifty futures were trading 222 points or 2.27 per cent higher at 10,039 on the Singaporean Exchange, suggesting a gap-up start for the BSE Sensex and Nifty 50 on Tuesday. Headline indices started the week on a negative note as coronavirus cases continue to rise in India which investors fear could delay economic recovery in the country. Market participants will keenly watch the PM Narendra Modi’s virtual meeting with the chief ministers today. “We expect the markets to remain volatile and in a consolidation mode for sometime, as it would be driven by global cues, development around coronavirus cases and vaccines. Even valuations look a little stretched, thus markets may take a pause till some clarity emerges over whether the economy is on the recovery mode or not. Hence, ‘Buying on Decline’ would be a better strategy over the next few weeks,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services Ltd.
Stock in focus today
Tata Motors: Tata Motors posted a consolidated net loss of Rs 9,894 crore for the January-March 2020 period, one of its highest quarterly losses as the Covid-19 pandemic impacted its India and overseas businesses. The company had reported a consolidated net profit of Rs 1,108 crore in the corresponding quarter last year.
Reliance Industries: Saudi Arabia’s sovereign wealth fund, PIF, is all set to pick up a stake in Jio Platfoms which would complete 25 per cent of Jio’s equity dilution to the investors, IANS quoted a report by the Gulf News. The Public Investment Fund (PIF) will acquire 2.33 per cent for an estimated $1.5 billion, the report said.
HPCL, Ipca laboratories: HPCL, NMDC, Ashiana Housing, Bhansali Engineering Polymers, Bliss GVS Pharma, Globus Spirits, Ipca Laboratories, Bank of Maharashtra, Manali Petrochemical, Navin Fluorine International and Schneider Electric Infrastructure are among 25 companies that are scheduled to announce their March quarter earnings today.
Lakshmi Vilas Bank: LVB said it has received a preliminary non-binding letter of intent (LoI) for investment from Clix Capital Services and Clix Finance India. This is the lender’s second public attempt at raising capital after the RBI turned down a proposal for its merger with Indiabulls Housing Finance in October last year.
InterGlobe Aviation: IndiGo aims to operate 70 per cent of its pre-COVID-19 flights by the end of this year, its CEO Ronojoy Dutta on Monday said, adding that resuming international passenger services in July would be a “good idea”. The Centre should allow the airlines to operate 50 per cent of their pre-COVID domestic flights now, Dutta told PTI in an interview.