Stocks in focus: RIL, Yes Bank, Titan, ICICI Bank, Suzlon Energy to remain on investors’ watchlist

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Published: July 8, 2020 8:58 AM

Market participants will track global markets, coronavirus related newsflow, geopolitical tensions, rupee trajectory and oil movement

RIL, yes bank, stocks in focusGlobal markets, especially the US, are not showing any sign of slowing down despite the rising COVID-19 cases

Nifty futures were trading 28.55 points or 0.27 per cent higher at 10,784.50 on Singaporean Exchange, signalling a flat to positive opening for BSE Sensex and Nifty 50 on Wednesday. Market participants will track global markets, coronavirus related newsflow, geopolitical tensions, rupee trajectory and oil movement. Besides, investors will also keep tabs on rising COVID-19 cases. “Global markets, especially the US, are not showing any sign of slowing down despite the rising COVID-19 cases. And in line with others, our markets are also rejoicing this phase,” said Ajit Mishra, VP – Research, Religare Broking Ltd.

Stocks in focus today:

Reliance Industries: RIL on Tuesday informed that it has received the subscription amount of Rs 43,574 crore from Jaadhu Holdings, LLC (a wholly-owned subsidiary of Facebook Inc) for its digital arm Jio Platforms. Jio Platforms Limited has allotted equity shares to Jaadhu Holdings following which Jaadhu Holdings holds 9.99% of the fully diluted equity share capital of Jio Platforms Limited, the said in an exchange filing.

Yes Bank: Yes Bank in an exchange filing on Tuesday informed that its capital raising committee of the Board of Directors has approved raising funds by way of a further public offering. It also said that a meeting of the CRC of the bank is scheduled to be held on or after July 10, to consider and approve the price band and discount, if any, as permitted under the provisions of the SEBI ICDR Regulations

Titan Company: Titan gave a business update for the June quarter for the current fiscal. “Almost all manufacturing operations have commenced operations. However, production levels are low now, given the inventory situation and will be ramped up only gradually when the company sees sales picking up to normal levels,” it said in a regulatory filing.

ICICI Bank: ICICI Bank has decided to reward over 80,000 of its frontline employees with a salary hike of up to 8 per cent, PTI said citing sources on Tuesday. These employees form over 80 per cent of its overall workforce and the decision has been taken in recognition of the services rendered during the COVID-19 pandemic.

Suzlon Energy: Suzlon Energy’s net loss widened in the March quarter to Rs 834 crore due to fall in revenues and higher finance cost. The company had posted a net loss of Rs 295 crore in the same quarter during 2019. Total income from operations declined 54.6% to Rs 659 crore in the quarter under review from Rs 1,450 crore in the same period last year.

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