Stocks in focus: SBI, Happiest Minds, Dabur, Muthoot Finance, IndusInd Bank, Adani Gas

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November 4, 2020 8:55 AM

Nifty futures were trading 80 points down at 11,746.50 on Singaporean Exchange, indicating a gap-down opening for BSE Sensex and Nifty 50 on Wednesday

S&P 500 futures, U.S. stock market, elections, Nasdaq 100, Dow Jones Industrial Average, S&P 500It was the biggest daily percentage gain for the S&P 500 since June 5 and for the Nasdaq, since April 14.

Nifty futures were trading 80 points down at 11,746.50 on Singaporean Exchange, indicating a gap-down opening for BSE Sensex and Nifty 50 on Wednesday. All eyes are on the US election and market participants will be closely eyeing the signals from global indices for cues in today’s session. Analysts expect share market volatility to continue on the back of US presidential election 2020. “Buying is advisable if Nifty comes back to 11750/11700 levels with a final stop loss at 11650. On the higher side, 11900/11950 would be the resistance zone, where one need to book profits on long positions,” said Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities.

Stocks in focus

SBI, Happiest Minds: A total of 91 listed companies including State Bank of India, Lupin, HPCL, Adani Enterprises, Adani Green Energy, Apollo Tyres, Happiest Minds Technologies, JK Lakshmi Cement and United Spirits are scheduled to announce their July-September quarter earnings today.

Dabur India: Dabur India on Tuesday reported a 19.62 per cent increase in consolidated net profit at Rs 482.86 crore for the second quarter ended September 30, 2020. The company had posted a consolidated net profit of Rs 403.64 crore in the same quarter last financial year. The board of directors has also declared an interim dividend of Rs 1.75 per equity share for the financial year 2020-21.

Muthoot Finance: Muthoot Finance reported a 2.4 per cent on-year increase in its consolidated net profit to Rs 930.7 crore during the September quarter, as the lender took a cautious approach to lending at its non-gold subsidiaries. Sequentially, the non-bank lender reported an 8 per cent increase in net profit.

IndusInd Bank: UBS Principal Capital Asia Ltd on Tuesday sold shares of IndusInd Bank worth nearly Rs 148 crore through an open market transaction. On BSE, 23 lakh scrips of the private lender were sold at an average price of Rs 642.85 apiece. The shares of IndusInd Bank were purchased by BofA Securities Europe SA at the same price, block deal data showed.

Adani Gas: The board of directors of Adani Gas has approved a plan to raise $400 million or Rs 3,000 crore in the US-denominated bonds to fund its capital expenditure requirement for the next two years, senior company management said in a conference call on Tuesday.

Punjab National Bank: PNB is planning to raise Rs 7,000 crore through qualified institutional placement (QIP) in the second or third week of December this year. The lender also plans to raise Rs 1,500 crore in tier-II capital and Rs 3,000 crore in additional tier I (AT-1) capital from the market before the end of November.

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