Market participants are eyeing TCS June quarter earnings along with surge in COVID-19 cases, global cures and geopolitical tensions
Nifty futures were trading 46.30 points or 0.43 per cent higher at 10,728.50 on Singaporean Exchange, indicating a positive opening for BSE Sensex and Nifty 50 in Thursday’s session. Market participants are eyeing TCS June quarter earnings along with a surge in COVID-19 cases, global cues and geopolitical tensions. Besides, as first-quarter earnings of the current fiscal have kick-started, investors will adopt stock-specific action today. “Markets were volatile as virus infections continued to mount and uncertainty increased regarding economic recovery. Volatility is expected to continue and investors need to maintain a stock-specific view on the market,” said Vinod Nair, Head of Research at Geojit Financial Services.
Stocks in focus today:
TCS: IT bellwether Tata Consultancy Services today is set to announce its April-June quarter earnings for the financial year 2020-21. The board will also consider a declaration of interim dividend to equity shareholders. According to analysts, key things to watch out for include commentary on pricing, deal closures, deal pipelines attrition; client feedback on TCS structural change in work-from-home strategy, among others.
SBI, Yes Bank: State Bank of India’s (SBI) central board approved an investment of up to Rs 1,760 crore in the follow-on public offer (FPO) of Yes Bank. The board of Yes Bank on Tuesday approved a proposal to raise capital through an FPO.
ICICI Bank: The board of ICICI Bank has approved a proposal to raise up to Rs 15,000 crore. The bank will raise funds through various options including private placements, preferential issue, qualified institutional placement (QIP) and further public offer.
Cipla: Cipla has launched its generic version of anti-viral drug remdesivir (branded Cipremi), to be used on critically ill COVID patients in the hospitals. While Cipla did not disclose the price, industry sources said that Cipremi is likely to be priced at Rs 4,000 per vial.
Sadbhav Engineering: Arvind Fashions, Arihant Capital Markets, Sadbhav Engineering, Brady & Morris Engineering, CIL Nova Petrochemicals, HPL Electric & Power, SKIL Infrastructure, Tree House Education, Tirupati Tyres, WH Brady & Co, are among 19 companies that are scheduled to announce their quarterly earnings today.
PI Industries: PI Industries on Wednesday said the company has fixed the issue price at Rs 1,470 per share, about 4 per cent lower than the floor rate, for sale of shares to institutional investors. The company in a regulatory filing informed that the qualified institutional placement (QIP) issue has been closed on Wednesday but did not mention the amount it has raised through the process, according to a PTI report.