Shares of SBI, RCom, Tata Steel, Bank of Baroda, NALCO, HPCL, ONGC, NTPC, RInfra in focus today

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Published: February 12, 2018 9:16:49 AM

Indian stock markets are likely to open higher as major US indices recovered on Friday and over the mixed sentiments over third-quarter earnings reported by blue-chip companies.

The early indicator of NSE Nifty, SGX Nifty Futures was trading little changed, up 0.3% at 10,488 on the Singapore Stock Exchange. (Image: NSE)

Indian stock markets are likely to open higher as major US indices recovered on Friday and over the mixed sentiments over third-quarter earnings reported by blue-chip companies. The early indicator of NSE Nifty, SGX Nifty Futures was trading little changed, up 0.3% at 10,488 on the Singapore Stock Exchange. The stocks of GAIL India, Bank of India, Britannia Industries, Indian Hotels, General Insurance Corporation of India, Power Finance Corporation will be in close watch ahead of their respective Q3 results today. Other major companies which are also lined up with third-quarter report card are CG Power And Industrial Solutions, Corporation Bank, Eris Lifesciences, GlaxoSmithKline Consumer, Indian Bank, J Kumar Infraprojects, JK Tyre, MEP Infra, SCI, UFO Moviez India and United Bank of India.

Reliance Infrastructure: Reliance Infrastructure has bagged a Rs 567 crore order from the state-run power major NTPC to build a flue gas Desulphurisation in Haryana.

State Bank of India: State Bank of India reported a net loss of Rs 1,886.57 crore for the quarter ended 31 December after a massive under-reporting of dud assets in the past fiscal and reverses in treasury operations. India’s largest lender SBI wrote off bad loans worth Rs 20,339 crore in 2016-17, the highest among all the public sector banks, which had a collective write off of Rs 81,683 crore for the fiscal.

NALCO: Aluminium major NALCO reported a nearly five-fold jump in its net profit to Rs 721.78 crore for the quarter ended December 31 on account of higher income.

Syndicate Bank: Syndicate Bank reported a net loss of Rs 869.77 crore for the December quarter of the current fiscal on higher provisioning for bad loans.

Reliance Communications: Reliance Communications skipped payment of debentures worth Rs 375 crore which was due on February 7. “Company has not made payment of 3rd instalment of Rs 375 crore of principal on NCD’s (non-convertible debentures) which was due on 7th February 2018,” RCom said in a regulatory filing.

Suzlon Energy: Suzlon Energy reported a consolidated net loss of Rs 32.68 crore in the quarter ended December 31, mainly due to lower income.

ONGC: State-owned ONGC reported 15% rise in the December quarter net profit as higher prices made up for fall in output.

Bank of Baroda: State-run Bank of Baroda reported a 55.73% fall in its net profit at Rs 112 crore in the quarter ended December due to higher provisions for bad loans.

NTPC: State-run power giant NTPC may borrow about Rs 16,000 crore next financial year for adding 6,900 MW of fresh electricity generation capacity by March 2019, PTI reported citing an unidentified source.

Coal India: State-run miner Coal India reported a 4.21% increase in its consolidated net profit at Rs 3,004.79 crore for the quarter ended December 2017.

Tata Steel: Tata Steel reported a five-fold rise in consolidated net profit to Rs 1,135.92 crore for the third quarter ended December 31.

Max Financial Services: Max Financial Services plans to raise Rs 5,000 crore through preference issue and qualified institutional placement to fund growth in its subsidiary firm Max Life Insurance.

Central Bank of India: Central Bank of India reported widening of loss to a staggering Rs 1,664.22 crore for the third quarter ended December 31, 2017-18, on persisting bad loans.

Hindustan Petroleum Corp: State-owned Hindustan Petroleum Corp Ltd reported a 22% rise in standalone net profit for the third quarter on the back of higher refinery margins and inventory gains.

The Indian rupee on Friday: The rupee today fell 14 paise against the US dollar to end at a near two-month low of 64.4.

Indian stock markets on Friday 

Indian stock markets closed on a negative note on Friday as global sell-off returned which led a bloodshed activity in US markets on Thursday with Sensex losing as much as 1,493 points in last six days and Nifty hitting a low of 2018. Since Friday last week, shares of heavyweight companies such as HDFC Bank, Reliance Industries, ICICI Bank, HDFC, Infosys, Bharti Airtel and State Bank of India have plummeted massively. On Friday, global markets were marked down by the Dow Industrial’s cascading activity on Thursday following which the S&P BSE Sensex settled down 407 points and Nifty tumbled 121 points in a highly volatile trading session on Friday. A huge volatility was observed in the Indian equities as India Vix, the indicator of volatility shot up nearly 15% to 20.4225 in the intraday before ending up 8.2% at 19.23 on Friday.

US stock markets on Friday 

US stocks ended a wild week with a burst of buying, pushing the S&P 500 up 1.5% on Friday, but still recorded their worst week in two years, and investors braced for more volatile trading days ahead, Reuters said in a report. The Dow Jones Industrial Average rose 330.44 points or 1.38% to 24,190.9, the S&P 500 gained 38.55 points or 1.49% to 2,619.55, and the Nasdaq Composite added 97.33 points or 1.44% to 6,874.49.

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