Stocks in focus: Yes Bank, CSB Bank, Muthoot Finance, Dr Reddy’s Lab, Indian Overseas Bank

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August 20, 2020 9:05 AM

A total of 58 companies including MOIL, Indian Overseas Bank, IRB InvIT Fund, McDowell Holdings, and Valecha Engineering, etc will announce their quarterly earnings later in the day today.

yes bank, CSB bank, muthoot finance, stocks in focusMOIL, Indian Overseas Bank, J Kumar Infraprojects, IRB InvIT Fund, among others are slated to announce their quarterly earnings today

Nifty futures were trading down 140.75 points or 1.23 per cent at 11,287.20 in early trade on Singaporean Exchange, suggesting a gap-down opening for BSE Sensex and Nifty 50 on Thursday. Investors will keep tabs on corporate earnings for stock-specific actions, trends in coronavirus, movement in oil price, rupee trajectory and other global developments. In the previous session, Indian equities gained for the third consecutive day. “We’re seeing rotational buying on the sectoral front and almost all the sectors are contributing to the move. However, the decisiveness is still missing and thus we suggest traders to choose their bets wisely,” said Ajit Mishra, VP – Research, Religare Broking Ltd.

Yes Bank: Yes Bank has exited CG Power & Industrial Solutions Ltd (CG Power) by selling its entire stake-holding in the company. The private bank has sold 6.34 lakh equity shares having nominal value of Rs 2 each, constituting 10.12 per cent of the share capital of CG Power in various tranches, last being on August 18, 2020, the private sector lender said in a regulatory filing.

CSB Bank: CSB Bank reported a 174 per cent on-year increase in its first-quarter net profits to Rs 53.6 crore. The lender had reported a net profit of Rs 19.5 crore in the year-ago period and a net loss of Rs 59.7 crore in Q4 of FY20.

Muthoot Finance: Muthoot Finance reported a 52 per cent increase in its first-quarter consolidated net profit at Rs 858 crore, compared to Rs 563 crore in the first quarter of the previous fiscal. The standalone net profit of the gold financing company grew 59% to Rs 841 crore for the quarter under review, against Rs 530 crore for the year-ago period.

Indian Overseas Bank, McDowell Holdings: A total of 58 companies including HealthCare Global Enterprises, MOIL, Indian Overseas Bank, J Kumar Infraprojects, IRB InvIT Fund, Madhucon Projects, McDowell Holdings, Metalyst Forgings, and Valecha Engineering, etc will announce their quarterly earnings later in the day today.

Dr. Reddy’s Laboratories: Dr. Reddy’s Laboratories announced the launch of AVIGAN® (Favipiravir) 200 mg tablets in India. AVIGAN® (Favipiravir) has been approved by the Drugs Controller General of India (DCGI) for the treatment of patients with mild to moderate COVID-19 disease, the company said in a press release.

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