Stocks of Reliance Industries, Airtel, Ashok Leyland, Nestle India, Raymond will be in focus today

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Updated: September 7, 2017 9:32:55 AM

Sensex and Nifty are likely to open higher on Thursday as most of the Asian stocks were trading higher in the early morning trade after President Donald Trump cut a deal with Democrats to extend borrowing limits.

The early indicator of NSE Nifty 50, SGX Nifty Futures was trading little changed, up 0.21% at 9,956.5 points. (Image: Reuters)

Sensex and Nifty are likely to open higher on Thursday as most of the Asian stocks were trading higher in the early morning trade after President Donald Trump cut a deal with Democrats to extend borrowing limits. Meanwhile, the early indicator of NSE Nifty 50, SGX Nifty Futures was trading little changed, up 0.21% at 9,956.5 points.

These stocks will be on focus today:

Reliance Jio made several records not only in India but across the globe and crossed 130 million customers mark in one year of its operations, Reliance Industries Chairman and MD Mukesh Ambani said in his letter to employees. “In this past one year, we have broken several records, both in India and globally. But what gives me the biggest personal satisfaction is to have broken the myth that India is not ready to adopt advanced technology,” Ambani said in his letter to Jio employees.
Reliance Jio launched its mobile services commercially on September 5 last year, with 90 days of unlimited 4G data free
along with free unlimited voice calling and access to services during roaming at no additional cost for lifetime.

Reliance Industries Ltd has made a foray into the new materials business by acquiring the assets of a Gujarat-based loan defaulter Kemrock Industries and Exports Ltd, it said on Wednesday. “Reliance Industries Ltd participated in an online e-bidding process held recently by Allahabad Bank being leader of the consortium of 11 Banks to sell/dispose off assets of “Kemrock Industries & Exports Limited” of Vadodara (Gujarat) and has been declared as the winner in the said bid,” the Mukesh Ambani-controlled diversified conglomerate said in a statement yesterday.

Diversified firm ITC has filed a Rs 1,000-crore defamation suit against proxy advisory firm IiAS at the Calcutta High Court for allegedly making ‘defamatory’ statements against the company and its directors. In the suit, filed last month, ITC said Institutional Investor Advisory Services (IiAS) had published two reports that were “false, defamatory and malicious” on its website www.iiasadvisory.com in July 2017 before the AGM of the company.

Bharti Airtel yesterday accused Reliance Jio of “misleading” the telecom regulator and public over call connect charge issue, and claimed it has suffered a loss of Rs 6,800 crore in the last five years due to low network interconnection charges set by Trai. The telecom major in a strongly worded letter alleged that Reliance Jio mislead the regulator and public that incumbent operators have gained to the tune of Rs 1 lakh crore in last five years. “Airtel has not made any gains on account of IUC. In fact, the loss to Airtel on account of below cost IUC has been to the tune of Rs 6,800 crore in the last 5 years on present value basis,” Bharti Airtel Chief Regulatory Officer Ravi P Gandhi said in a letter to Trai Chairman RS Sharma.

Hinduja Group flagship company Ashok Leyland said its defence entity had signed a memorandum of understanding with Rosoboronexport, Russia, to supply tracked vehicle solutions to the armed forces. Ashok Leyland’s Head – Defence Amandeep Singh exchanged documents with Rosoboronexport Deputy Director General S S Goreslavskiy at the sidelines of the International Military Technical Forum Army 2017 held at Kubinka near Moscow recently, a company statement said.

State-owned Life Insurance Corporation (LIC) has reduced its stake in textile and apparel major Raymond by 2.01 per cent, selling 12.37 lakh shares in the open market. LIC, which had 5.53 per cent stake earlier, brought down its shareholding in the company to 3.51 per cent by selling shares between October 11, 2016 to September 4, 2017, Raymond said in a filing to the BSE.

India’s fourth-largest software services firm HCL Technologies yesterday said it has inked a pact with Alpha Insight for acquiring select assets of the UK-based firm for up to GBP 3.25 million (Rs 27.17 crore). “The proposed asset purchase consideration shall be up to GBP 3.25 million, including contingent payments subject to certain financial milestones,” HCL Technologies said in a BSE filing.

FMCG major Nestle India yesterday said it is consolidating product portfolio to focus on performing brands, having introduced 43 products following the Maggi crisis about two year ago. The company is in the process of reviewing products in chocolate, confectionery, coffee, milk and some other segments, which were launched 15-18 months ago as part of its
drive to introduce ‘innovation-based’ products.

State-owned construction firm NBCC has bagged a Rs 464 crore contract from the health ministry for expansion of a sports injury centre in the national capital. In a regulatory filing, NBCC said it has signed an agreement with the Ministry of Health and Family Welfare for planning, designing and construction of ‘Expansion of Sports Injury Centre’ project in New Delhi amounting to Rs 464 crore.

The Rs 1000 crore personal care products unit of Hindustan Unilever Ltd at Doomdooma in Assam yesterday began Commercial production. Assam Chief Minister Arbananda Sonowal and Global CEO of Unilever Paul Polman jointly inaugurated the new unit, the fourth in the state. Polman said that Unilever is committed to Prime Minister Narendra Modi’s ‘Make in India’ plan.

Drug firm Cipla said some of its promoters and promoter group along with their relatives have entered into an agreement on transfer of their shares in the company. Under the shareholders’ agreement, if any of the parties to the pact wishes to transfer their shares in the company, they shall first offer the other parties a pre-emptive right to acquire such shares, Cipla said in a filing to the BSE.

Indian markets on Wednesday

Sensex and Nifty closed lower on Wednesday after recovering partially yesterday. Indian stock market opened down today as Asian stocks were tepid in the early morning trade, and later on continued to trade lower led by a weak start in European markets. BSE Sensexwhich dipped as much as 223 points to the day’s low of 31,586.53 points closed 0.46% down at 31,661.97 points while the broader Nifty 50 which lost 69 points to the day’s low of 9,882.55 points settled 0.36% lower at 9,916.2 points.

Indian Rupee on Wednesday

The rupee recuperated from early plunge and ended with gains, though a marginal 2 paise, at 64.10 against the US dollar even as geopolitical worries continued to cast shadow over forex trading. The domestic currency yesterday recorded its first gain in past four sessions. It had lost 22 paise in the last three days.

US markets on Wednesday

Wall Street climbed on Wednesday, fueled by energy shares and helped by news of an agreement to extend the debt limit, as stocks bounced back from a day-earlier selloff. The Dow Jones Industrial Average rose 55.29 points, or 0.25 percent, to 21,808.6, the S&P 500 gained 7.75 points, or 0.32 percent, to 2,465.6 and the Nasdaq Composite added 17.74 points, or 0.28 percent, to 6,393.31.

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