After Tuesday’s dream run, benchmark indexes are likely to open flat-to-negative on Wednesday amid weaker global cues. The Singapore-traded SGX Nifty, which is an early indicator of the NSE Nifty’s performance in India, traded lower in early trade on Wednesday.
Asian stocks retreated after the US said more tariffs are coming against Chinese imports to the tune of $200 billion, spooking sentiments which had otherwise shifted towards corporate earnings.
Here are the top stocks to watch out for today:
IDBI Bank: A member of IRDA said that insurance company LIC has no plans to own the state-run bank and will make a phased exit.
TCS: The IT leader’s shares traded lower at Rs 1,877, declining by over half a percent, ahead of the June results. India’s largest software services exporter reported a 24% rise in first-quarter net profit, beating analyst expectations. TCS’ net profit for the period rose to Rs 7,362 crore for the quarter ended June 30, up from Rs 5,950 crore last year. Click here for details
IndusInd Bank: The bank’s shares declined by over a percent on the BSE yesterday due to profit booking. The sixth largest private sector lender reported stable earnings and a 24 percent jump in its first-quarter net profit on Tuesday. Read here in detail
NMDC: The public sector mineral producer has increased prices for iron ore lumps, fines by Rs 150 per tonne.
Aviation stocks: Aviation secretary on Tuesday said that aviation turbine fuel should come under GST. The secretary added that he had discussed lowering GST rates on MRO services with finance secretary.
Auto stocks: India’s domestic auto sales rose 25 percent to 2,279,151 units in June this year, driven by robust sales in passenger vehicles and increase in demand for two-wheelers in rural areas. Read in detail
Axis Bank: The board of Axis Bank has recommended names of three candidates for the position of MD and CEO, the bank said in a release to the exchanges. Incumbent MD and CEO, Shikha Sharma’s term is due to expire on December 31 this year.
United Bank: To consider employee share purchase scheme on July 13.
Nava Bharat Ventures: The company says it can achieve $60 million worth of annual profits from Zambia Project, have 65% stake in Zambia project, while also adding that it is looking at selling assets in Odisha and Andhra Pradesh.
Reliance Industries: The oil-to-telecom conglomerate has bid for city gas distribution licence in JV with British Petroleum in 15 cities. As many as 86 permits for selling CNG and piped cooking gas in 174 districts in 22 states and union territories, are at stake and closed on Tuesday evening.
HDFC: The financial services conglomerate HDFC group on Tuesday saw the market capitalisation of its listed firms cross Rs 10 lakh crore mark, making it only the second Indian business house after Tatas to achieve this feat.
Telecom shares: The Telecom Commission, the apex decision-making body in the telecom department, is scheduled to meet today to discuss proposed new telecom policy, PTI reported.
Bharti Airtel: The firm on Tuesday said the NCLT has cleared a scheme of arrangement between the company and Bharti Digital Networks, previously known as Tikona Digital Networks. The scheme is now awaiting the approval of the Telecom Department.