Shares of RCom, Allahabad Bank, SJVN, Bank of Maharashtra, HPCL, NALCO in focus today

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Updated: January 4, 2018 9:43:00 AM

Indian stock markets opened marginally higher on Thursday as most of the Asian markets inched up on the back of solid economic data from the United States.

The early tracker for NSE Nifty, SGX Nifty Futures was trading little changed, down 0.04% at 10,474.5. (Image: Reuters)

Indian stock markets opened marginally higher on Thursday as most of the Asian markets inched up on the back of solid economic data from the United States. The sentiments were also optimistic after the US stock markets shot up to record highs for the second consecutive day. Meanwhile, the early tracker for NSE Nifty, SGX Nifty Futures was trading little changed, down 0.04% at 10,474.5.

These stocks will be in focus today

Allahabad Bank: Public sector Allahabad Bank said the Reserve Bank of India has put the lender under prompt corrective action framework after an on-site inspection of high NPAs the and negative return on assets for the financial year 2016-2017. “We have to inform you that the Reserve Bank of India vide letter dated January 2, 2018 received by the bank on date has placed the bank under Prompt Corrective Action Framework, consequent to the on-site inspection under the Risk Based Supervision Model carried out for the year ended March, 2017,” the Allahabad Bank said in an exchange filing.

National Aluminium Company: Upbeat over a 94 per cent jump in net profit, National Aluminium Company Limited
(NALCO), has lined up projects with an investment of about Rs 25,000 crore, three of which will be inaugurated on Friday.

Bank of Maharashtra: Public sector lender Bank of Maharashtra today said it will fix the issue price for the preferential allotment of shares worth Rs 650 crore to the government on January 17.

RCom: Shares of Anil Ambani’s telecom company Reliance Communications emerged as the top loser among the group ‘A’ stocks on BSE. The stock of RCom slipped as much as 7.5% to Rs 30.1 before closing down 5.71% at Rs 30.55 on NSE on Wednesday.

SJVN: The electric utilities firm said that it will consider share buyback on 8 January 2018.

HPCL: The amount that will flow to the government’s kitty from the proposed acquisition of Hindustan Petroleum Corporation (HPCL) by ONGC could be around Rs 45,000 crore, 45% higher than the current market capitalisation of the government’s 51.1% stake in HPCL that will change hands under the deal.

The Indian rupee on Wednesday: Ending its four-session rise, the rupee retreated from its multi-year high and ended marginally lower by 5 paise at 63.53 against the US dollar.

Indian stock markets on Wednesday

Indian stock markets ended a little lower on Wednesday in a choppy trade. The key equity indices Sensex and Nifty fell suddenly after 12:35 pm led by the slump in heavyweight shares such as HDFC Bank, Infosys, Maruti Suzuki, Wipro and Tata Motors. The profit booking in the late afternoon trade took the key indices to lose the shine at the closing bell. BSE Sensex closed 18.88 points or 0.06% at 33,793.38 after opening up by 117 points at 33,929.61 whereas NSE Nifty finished almost unchanged, up 1 point or 0.01% at 10,443.2 after starting 40 points higher at 10,482.65. In the intraday trades, Sensex rose 186.11 points to hit the day’s high at 33,998.37 and Nifty added 61.4 points to mark the day’s high at 10,503.6.

US stock markets on Wednesday

The S&P 500 index rose above 2,700 for the first time on Wednesday and other major indexes hit record closing highs as technology stocks climbed after signs of robust economic growth, Reuters said in a report. The Dow Jones Industrial Average rose 98.67 points, or 0.4 percent, to 24,922.68, the S&P 500 gained 17.25 points, or 0.64 percent, to 2,713.06 and the Nasdaq Composite added 58.63 points, or 0.84 percent, to 7,065.53.

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