The Indian market is likely to open lower Friday following mixed global cues as investors remained cautious amid a recent uptick in coronavirus cases in some countries. At 8 am, the SGX Nifty was trading 43.40 points or 0.43 percent lower at 10,031.30, indicating a negative start for the Sensex and Nifty50.
Here are the top 10 buzzing stocks for today:
1. Reliance Industries: Saudi Arabia's sovereign wealth fund PIF will invest Rs 11,367 crore in Jio Platforms for a 2.32 percent stake, making it the eleventh public investor in the Reliance Industries technology arm in less than two months. With this investment, Jio Platforms has raised Rs 115,693.95 crore from leading technology investors globally. (Disclosure: Network18, the parent company of CNBCTV18.com, is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.)
2. Tata Motors: Moody's has downgraded the company’s corporate family rating and senior unsecured instruments rating to B1 from Ba3 and changed the outlook on all ratings to Negative from ratings under review as the company faces tough market conditions amid the coronavirus pandemic. The downgrade reflects the sustained deterioration in auto maker’s credit profile, Moody’s said.
3. Cipla: The company has expanded partnership with Roche Pharma India to further improve access to key oncology medicines.
4. IRB Infrastructure: The company has achieved financial closure for toll-operate-transfer (TOT) project – Mumbai Pune Expressway.
5. Bajaj Consumer Care: The company reported a 61 percent decline in Q4FY20 net profit at Rs 23.29 crore from Rs 59.82 crore while revenue fell by 27.75 percent to Rs 178.76 crore, YoY.
6. City Union Bank: The bank reported net loss of Rs 95.29 in Q4FY20 as against net profit of Rs 175.11 crore, YoY, due to spike in provisions that stood at Rs 450.38 crore. Net interest income decreased 0.26 percent to Rs 419.50 crore, YoY.
7. MOIL: The company reported over 90 percent fall Q4FY20 net profit at Rs 13.47 crore from 139.63 crore while total income fell to Rs 282.96 crore from Rs 487.47 crore, YoY.
8. Magma Fincorp: The company reported a net loss of Rs 35.51 crore in Q4FY20 as against a net profit of Rs 85.30 crore, YoY. Sequentially, the company posted a net profit of Rs 22.39 crore during the December quarter of FY20.
9. Gujarat Alkalies and Chemicals: The company reported a 93.25 percent decline in Q4FY20 net profit to Rs 11.4 crore from Rs 168.93 crore while revenue fell 24.24 percent to Rs 621.63 crore, YoY.
The company’s net profit in Q4FY20 declined 36.9 percent to Rs 61.8 crore from Rs 97.9 crore while revenue fell 6.2 percent to Rs 1,862 crore, YoY.