Indian stock markets are likely to open higher on Thursday following the optimism over the fourth-quarter corporate earnings as India's largest IT services company and Tata group's cash cow TCS is all set to announce its financial results for the quarter and the year ended 31 March 2018.
Indian stock markets are likely to open higher on Thursday following the optimism over the fourth-quarter corporate earnings as India’s largest IT services company and Tata group’s cash cow TCS is all set to announce its financial results for the quarter and the year ended 31 March 2018. Other than Tata Consultancy Services, mid-sized private sector lender IndusInd Bank is also scheduled to release the earnings report card today. The early indicator of NSE Nifty, SGX Nifty Futures was trading little changed, up 0.36% at 10,592 on Singapore Exchange on Thursday.
These stocks will be in focus today
ICICI Bank: Mutual fund houses, which have a huge exposure to ICICI Bank, have met the non-executive chairman MK Sharma after a litany of allegations surfaced against Chanda Kochhar and have discussed all the issues, including succession planning, PTI reported citing an unidentified source.
The CBI on Wednesday questioned Sunil Bhuta, the Chief Financial Officer (CFO) of NuPower Renewables, a company founded by the husband of ICICI Bank CEO and MD Chanda Kochhar, in connection with a Rs 3,250-crore loan from the bank to the Videocon Group in 2012, PTI said in a report citing unidentified officials.
Fortis Healthcare: Fortis Healthcare on Thursday said it had got an improved binding offer worth Rs 1,500 crore from Hero Enterprise Investment Office and Burman Family Office. The proposal is higher than their last week’s offer of Rs 1,250 crore.
Mindtree: Mindtree reported over 87% rise in net profit to Rs 182.2 crore for January-March quarter of FY18, and said it expects the current fiscal to be significantly better than 2017-18.
Firstsource Solutions: Firstsource Solutions will hire 1,000 people this year in the UK to strengthen its operations in the European nation.
HDFC Standard Life: HDFC Standard Life Insurance reported 40.4% jump in standalone net profit to Rs 346.84 crore for the quarter ended 31 March 2018.
Maruti Suzuki: Maruti Suzuki India has attained leadership position in utility vehicles sales in the Indian market in FY18, with over 27.5% market share.
The Indian rupee dropped 2 paise to end at a new seven-month low of 65.66 against the US dollar.
Indian stock markets on Wednesday
Indian stock markets ended in negative territory on Wednesday snapping the nine straight days of gains with key benchmark indices Sensex and Nifty finishing marginally lower led by a slump in heavyweight shares of Axis Bank, Reliance Industries, HDFC Bank, HDFC, M&M and IndusInd Bank. BSE Sensex settled at 34,331.68, down by 63.38 points or 0.18% whereas NSE Nifty concluded down 22.5 points or 0.21% at 10,526.2 on Wednesday. The domestic markets traded higher up until 1:45 pm but a sudden crack was seen just after that followed by an extended sell-off in the banking scrips after Bank of Baroda shares tumbled over 4% on news of CBI questioning the former CMD of Bank of Baroda in connection to Rs 2,919 crore Rotomac loan fraud case.