Indian stock markets are likely to open lower as the early indicator of NSE Nifty, SGX Nifty Futures is trading down 0.07% at 9,911 points. Meanwhile, Asian stock investors joined a global retreat from riskier assets on Friday and the dollar wavered on growing doubts about US President Donald Trump’s ability to deliver his economic agenda.
These stocks will be in focus today after the major announcement yesterday:
The Infosys share buyback may be priced at up to Rs 1,200 per share say industry analysts. Earlier this week, India’s second largest information technology services company Infosys Ltd has said it will consider a proposal for buyback of equity shares of the company later this week at its board meeting on Saturday, 19 August. Analysts say that the buyback provides a good exit opportunity for the retail investors. The share closed at Rs 1,021 up 4.7% since the previous close.
GMR Infrastructure rose as much as 18.9% to the day’s high of Rs 19.5 on Thursday after the Supreme Court endorsed Delhi High Court’s, which allows the infrastructure company to use the land at Delhi airport for non-aviation or commercial purposes. GMR Infrastructure stock witnessed highest volumes on Thursday since 2 June 2017. On NSE, more than 15 crore shares were traded in the counter. However, the government policy which came in 2016 had banned the airports from using such land for aviation purposes. GMR Infrastructure holds 54% stake in Delhi International Airport (DIAL). The stock of GMR Infrastructure which is a constituent of BSE has gained 20% in the last three trading sessions from the Friday’s close of Rs 15.5 on 11 August 2017.
Telecom major Bharti Airtel yesterday said a meeting of its shareholders and creditors has been convened next month to consider the proposed amalgamation of Telenor Communications with it. The company in a filing to BSE said that pursuant to an order of the Special Bench of the National Company Law Tribunal, a meeting of equity shareholders and unsecured
creditors of Bharti Airtel Limited (the Company) has been convened on September 19.
Engineering firm Larsen & Toubro (L&T) yesterday said it has delivered two more high speed interceptor ships to the India Coast Guard at the company’s Kattupalli shipyard in Chennai in Tamil Nadu. The delivery of the C-433 and C-434 high speed interceptor ships is part of the two contracts being executed by L&T for design and construction of 54 interceptors to the Indian Coast Guard, valued at Rs 1,424 crore, the company said in a statement issued here.
Ratings agency Moody’s yesterday downgraded ratings on ICICI Bank‘s future bond issuance through its Bahrain branch under the medium term notes (MTN) programme, but retained the ratings on its existing bonds. “We have downgraded the provisional ratings on forex currency senior unsecured MTN programme of the bank’s Bahrain branch to Ba2 from Baa3, because the forex bond ceiling for Bahrain is now at Ba2,” Moody’s said in a note.
Rajesh Exports (REL), the world’s largest gold refiner, yesterday said it hopes to complete its export order worth Rs 1,914 crore by September-October this year. “In May this year, we secured an export order of Rs 1,140 crore from a UAE firm and it is to be completed in September 2017. Another export order of Rs 774 crore for gold products bagged in June is expected to be completed by October 2017,” a company said in a regulatory filing.
Direct-to-home operator DishTV yesterday reported a consolidated net loss of Rs 13.94 crore for the quarter to June 30, hit by lower revenue and rise in expenses. The company had posted a net profit of Rs 36.15 crore in the April-June quarter a year ago, Dish TV said in a BSE filing.
Indian markets on Thursday:
Stocks consolidated their gains today after US Fed minutes signalled uncertainties over near-term rate hikes. RBI’s own concern over inflation in its minutes dragged banking stocks down. Auto and healthcare shares too registered losses. The benchmark Sensex, which stayed up for most part of the day, hit a high of 31,937.51 on the back of rally in the Infosys stock following the company’s buyback proposal and unabated buying by domestic institutional investors. However, it succumbed to profit-booking before closing up by 24.57 points, or 0.08 per cent, at 31,795.46. The gauge had gained 557.30 points in the previous two sessions. The NSE Nifty, after recapturing 9,900, advanced to hit a high of 9,947.80, but ended at 9,904.15, up 6.85 points, or 0.07 per cent.
Forex Reserves anticipation for today:
If the present pace of dollar accretion to the forex kitty continues, which crossed past the USD 393 billion, the reserves may hit the USD 400-billion mark by the week to September 8, 2017, says a report. Forex reserves have been rising with a total accretion of USD 4.389 billion to the kitty since July 14, 2017. It had touched a record high of USD 393.448 billion
after it rose by USD 581.1 million in the week to August 4, 2017.
US stocks on Thursday:
U.S. stocks sold off on Thursday, with the S&P 500 recording its biggest daily percentage drop in three months as escalating worries about the Trump administration’s ability to push through its economic agenda rattled investors.
The benchmark index also closed at its lowest since July 11, with the day’s move marking the first time since the Nov. 8 election of two days with more than 1 percent declines so close together. The Dow Jones Industrial Average ended down 274.14 points, or 1.24 percent, to 21,750.73, the S&P 500 lost 38.1 points, or 1.54 percent, to 2,430.01 and the Nasdaq Composite dropped 123.20 points, or 1.94 percent, to 6,221.91.