A total of 31 companies including Dolat Investments, Gillette India, Indraprastha Gas, Minda Finance, NACL Industries, Sharda Motor Industries, Shree Metalloys, Superb Papers, etc., are scheduled to announce their quarterly earnings later in the day today.
Nifty futures on Singaporean Exchange were trading 27.45 points or 0.24 per cent higher at 11,503.50, suggesting a higher opening for BSE Sensex and Nifty 50 on Wednesday. Market participants are likely to react to the Moody’s outlook for India’s GDP and RBI’s annual report released yesterday. Besides, investors will continue to watch trends in coronavirus cases, newsflow related to COVID-19 cases and corporate earnings for stock-specific action. “We reiterate our bullish view on markets and suggest continuing with the “buy on dips” approach,” said Ajit Mishra, VP – Research, Religare Broking.
Stocks in focus today:
State Bank of India: Moody’s Investors Service has downgraded SBI’s baseline credit assessment (BCA) and adjusted BCA to ba2 from ba1. The agency attributed the downgrade to an expected delay in the recovery in asset quality and profitability at the country’s largest lender due to the deepening economic slowdown.
Indraprastha Gas: A total of 31 companies including Dolat Investments, Gillette India, Indraprastha Gas, Minda Finance, NACL Industries, Sharda Motor Industries, Shree Metalloys, Superb Papers, etc., are scheduled to announce their quarterly earnings later in the day today.
TCS: S&P Global Ratings aid Tata Consultancy Services is likely to face slower growth in revenue and profitability over the next 12-18 months, given subdued global information technology (IT) spending. “We are revising our outlook on TCS to stable from positive. At the same time, we affirmed our ”A” long-term issuer credit rating on the company,” S&P Global Ratings said in a statement.
Bajaj Auto, Hero MotoCorp: On the need for lowering the rate on two-wheelers, Finance Minister Nirmala Sitharaman said it was indeed a good suggestion, as this category is neither a luxury nor a sin good and hence merits a rate revision.
Tata Motors: Tata Motors aims to reduce its total debt to near-zero levels in three years and generate free cash flows from FY22 onwards, Tata Motors Chairman N Chandrasekaran said while addressing shareholders at the company’s 75th annual general meeting. He added that the company would also look to unlock non-core investments in order to deleverage the business.
VA Tech Wabag: The company said it is proposing to allot preferential issue of equity shares aggregating to Rs 120 crore to marquee investors and high net worth individuals (HNIs) as part of the infusion of equity capital into the company.
Oil stocks: Crude oil prices rose to a five-month high on Tuesday as U.S. producers shut most offshore output in the Gulf of Mexico ahead of Hurricane Laura even as rising coronavirus cases in Asia and Europe capped gains, according to Reuters report.