Indian stock markets are likely to open lower on Wednesday following the heavy declines in the US stock market with the benchmark index Dow Industrials falling by nearly 425 points as US 10-year Treasury yield spiked to a four year high level of 3%.
Indian stock markets are likely to open lower on Wednesday following the heavy declines in the US stock market with the benchmark index Dow Industrials falling by nearly 425 points as US 10-year Treasury yield spiked to a four year high level of 3%. The early indicator of NSE Nifty, SGX Nifty Futures was trading down 0.51% at 10,595.5 on Singapore Exchange on Wednesday. Shares of Wipro, Ultratech Cement, Bajaj Corp, ICICI Lombard General, Indiabulls Real Estate, Mahindra & Mahindra Financial Services, Reliance Nippon Life AMC, Sterlite Technologies, Future Supply Chain and Jindal Stainless will be in close watch ahead of the Q4 earnings release later today. Other major companies which are also lined up with their respective Q4 report card are Syngene International, Agro Tech Foods, GHCL, Khaitan Electricals, KSB Pumps, Meera Industries, Miven Machine Tools, Soril Holdings And Ventures and Wendt.
These stocks will be in focus today
Fortis Healthcare: KKR-backed Radiant Life Care made a revised bid for Fortis Healthcare with a binding offer to acquire its Mulund hospital for an enterprise value of Rs 1,200 crore.
Zensar Technologies: Zensar Technologies reported a multifold surge in the consolidated net profit to Rs 72.65 crore for the quarter ended 31 March 2018 as against Rs 10.37 crore in the same period a year earlier.
Raymond: Raymond posted a 61.46% increase in its consolidated net profit to Rs 54.38 crore for the fourth quarter ended 31 March 2018.
Hero MotoCorp: Hero MotoCorp has increased prices of its models by up to Rs 625 with immediate effect.
Bharti Airtel: Bharti Airtel posted the lowest quarterly net profit in at least 14 years following the unusual competition with free voice calls and cheap data tariffs from new entrant Reliance Jio Infocomm Ltd. Airtel reported a consolidated net profit of Rs 82.9 crore for the quarter ended 31 March 2018, down by 78% from Rs 373.4 crore in the same period of the last fiscal. This was the eighth consecutive drop in quarterly profit and the smallest since April-June 2004.
IDFC Bank: IDFC Bank reported over 76% drop in the standalone net profit to Rs 41.93 crore for the March quarter on the back of rising in bad loans following which higher provisioning has to be made. The gross NPAs rose to 3.31% (or Rs 1,779.06 crore) of the gross loans as on 31 March 2018, up from 2.99% (Rs 1,542.10 crore) at end of 31 March 2017.
Dilip Buildcon: Dilip Buildcon’s SPV has entered into a pact with NHAI for Rs 2,991.70 crore projects in Karnataka.
ICICI Prudential Life: ICICI Prudential Life Insurance reported a 17% decline in consolidated net profit at Rs 340.26 crore for the January-March quarter of 2017-18.
Reliance Naval and Engineering: Shares Reliance Naval and Engineering touched an all-time low on Tuesday after auditors of the Anil Ambani-led firm raised doubts about the company’s ability to “continue as a going concern”. In its notes to the company’s 2017-18 earnings statement, auditors Pathak H.D. & Associates listed cash losses, erosion of network, loans being called back by secured lenders, current liabilities being substantially higher than assets and winding up petitions being filed by few operating creditors to raise its doubts.