Stocks in focus: Yes Bank, NTPC, Dixon Technologies, Indian Hotels, telecom stocks, to remain in news

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June 11, 2020 9:04 AM

Westlife Development, Allied digital services, Dixon Technologies, EID Parry, Foods Inns, Redington, Sundram Fasteners, IIFL Wealth Management, KNR Constructions, and Take Solutions are among 23 companies that are scheduled to announce their March quarter earnings today.

stocks in focus, yes bank, AGR, telecom stocksMarket participants will also react to S&P’s decision to reaffirmed its ‘BBB-‘ long-term sovereign credit ratings on India with a stable outlook

Nifty futures were trading 39.40 points or 0.39 per cent lower at 10,103 on the Singaporean Exchange, suggesting a tepid start for BSE Sensex and Nifty 50 on Thursday US Federal Reserve reassured investors of its support for the economy but projected a 6.5 per cent decline in US GDP this year. Market participants will also react to S&P’s decision to reaffirmed its ‘BBB-‘ long-term sovereign credit ratings on India with a stable outlook. Similarly, Fitch Ratings has also forecast that India’s economy will bounce back with a sharp growth rate of 9.5 per cent next year provided it avoids further deterioration in financial sector health. On Wednesday, foreign institutional investors (FIIs) sold shares worth Rs 919.26 crore, while domestic institutional investors (DIIs) bought shares worth Rs 500.7 crore on a net basis, according to a provisional data available on the NSE.

Stocks in focus today

Yes Bank: The private lender informed that it has made an application to the stoc exchanges for re-classification of the promotors or promoter group post the reconstruction scheme for the lender in March this year.

Dixon Technologies, EID Parry: Westlife Development, Allied digital services, Dixon Technologies, EID Parry, Foods Inns, Redington, Sundram Fasteners, IIFL Wealth Management, KNR Constructions, and Take Solutions are among 23 companies that are scheduled to announce their March quarter earnings today.

NTPC: NTPC will give Rs 1,363 crore discount to discom on fixed or capacity charges during the lockdown period this fiscal. The NTPC board has also approved deferring the collection of Rs 2,064 crore fixed charges from discoms till the end of lockdown.

Telecom stocks: Supreme Court will hold a hearing for the adjusted gross revenue (AGR) case today. A bench headed by Justice Arun Mishra and comprising Justices S. Abdul Nazeer and M.R. Shah will hear the contention of various telecom firms – Vodafone Idea, Tata Teleservice, and Bharti Airtel, according to IANS report.

Indian Hotels: Indian Hotels Company reported a 37.75 per cent decline in its consolidated net profit at Rs 76.29 crore for the March quarter, hit by the Covid-19 pandemic. The company had posted a net profit of Rs 122.56 crore for the corresponding period of the previous fiscal.

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