Shares of RCom, Idea, NDTV, Hero Moto, United Spirits, PNB, Dish TV, Videocon, Dilip Buildcon in focus today

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Published: March 23, 2018 8:57:30 AM

Indian stock markets are likely to open lower on Friday following a huge slump in the US stock markets as the key equity indices tumbled over 2% each, their biggest since last six weeks, with Dow Industrials plunging as much as 724 points.

As at 8:45 am, SGX Nifty Futures was down 1.2% or 121 points at 9,996.5 on the Singapore Exchange. (Image: Wikimedia Commons)

Indian stock markets are likely to open lower on Friday following a huge slump in the US stock markets as the key equity indices tumbled over 2% each, their biggest since last six weeks, with Dow Industrials plunging as much as 724 points. The early indicator of NSE Nifty — SGX Nifty Futures — also took a heavy jolt this morning slipping below the 10,000 mark. As at 8:45 am, SGX Nifty Futures was down 1.2% or 121 points at 9,996.5 on the Singapore Exchange.

These stocks will be in focus today

NDTV: NDTV said the Income Tax Department has rejected the application for stay on Rs 131.04 crore tax demand and has been directed to pay the due.

Hindustan Construction Company: Shares of Hindustan Construction Company slumped over 17% on Thursday on news reports that its subsidiary Lavasa Corp is headed for bankruptcy, which the company has denied as misleading and without any basis.

Punjab National Bank: Punjab National Bank has witnessed losses to the tune of Rs 14,500 crore due to fraud so far in this fiscal, according to information available with Parliament.

Dilip Buildcon: Dilip Buildcon has won a Rs 677 crore award from National Highways Authority of India (NHAI) in Uttar Pradesh.

Rural Electrification Corp: Rural Electrification Corp has approved a Rs 60,000 crore borrowing plan for the next fiscal.

Shriram Transport Finance Company: Shriram Transport Finance Company has raised Rs 1,830 crore by issuing bonds on a private placement basis.

Idea Cellular: Idea Cellular and Vodafone Group on Thursday announced that Kumar Mangalam Birla will be the non-executive Chairman heading the new leadership team of the merged entity.

Reliance Communications: Reliance Communications exuded confidence that its asset monetisation programme will be completed “expeditiously”, much ahead of the RBI-prescribed deadline of 31 August.

Hero MotoCorp: Hero MotoCorp has increased stake in its Colombian joint venture to 68%.

Dish TV and Videocon: The merger of DTH operators Dish TV India and Videocon d2h has finally been concluded, which is set to create the largest DTH service provider in the country with a subscriber base of about 28 million.

IRB Infrastructure Developers: IRB Infrastructure Developers has bagged Rs 3,400-crore road project from the NHAI in Uttar Pradesh.

United Spirits: United Spirits will consider splitting the equity shares at the upcoming meeting on 13 April.

The Indian rupee on Thursday: The rupee jumped 10 paise to close at 65.11 against the US dollar.

Indian stock markets on Thursday 

Indian stock markets ended in negative zone on Thursday as major stock indices Sensex and Nifty shed 0.4% each with the stocks of PSU bank, real estate, media, IT and automobile sector losing most under the increased volatility. Shares of small-cap and mid-cap companies declined even higher as compared to the blue-chip peers with Nifty Small100 Free index diving over 1%. A slump in the shares of heavyweight companies such as ICICI Bank, Infosys, Maruti Suzuki, State Bank of India, HDFC, L&T, M&M, TCS and Axis Bank dragged the BSE Sensex to close in the red while an uptick in stocks of Reliance Industries, HDFC Bank, IndusInd Bank and ONGC helped to trim the losses.

US stock markets on Thursday

US stocks slumped on Thursday as President Donald Trump’s move to impose tariffs on up to $60 billion of Chinese imports drove fears about the impact on the global economy, fueling the biggest percentage declines in Wall Street’s three major indexes since they entered correction territory six weeks ago, Reuters said in a report. The Dow Jones Industrial Average fell 724.42 points, or 2.93 percent, to 23,957.89, the S&P 500 lost 68.24 points, or 2.52 percent, to 2,643.69, and the Nasdaq Composite dropped 178.61 points, or 2.43 percent, to 7,166.68.

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