The Indian market is likely to open lower Thursday following losses in global markets amid concerns over rising cases of coronavirus infections. Investor sentiment is likely to remain weak after the International Monetary Fund slashed its economic forecasts again on Wednesday. The IMF now estimates a contraction of 4.9 percent in global gross domestic product in 2020, lower than the 3 percent fall it predicted in April. At 7:50 am, the SGX Nifty was trading 124.15 points or 1.21 percent lower at 10,174.80, indicating a negative start for the Sensex and Nifty50.
Here are the top 10 buzzing stocks for today:
1. Reliance Industries: The Competition Commission of India has cleared Facebook's proposed acquisition of 9.99 percent stake in Jio Platforms, the digital arm of Reliance Industries. (Disclosure: Network18, the parent company of CNBCTV18.com, is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.)
2. HDFC Bank: Managing director Aditya Puri has assured stakeholders that the bank is well placed to tide over the difficulties posed by the COVID-19 outbreak.
3. Bharti Infratel: The company extended the deadline for the merger with Indus Towers until August 31.
4. Canara Bank: The bank reported Q4FY20 loss at Rs 3,259.33 crore versus loss of Rs 551.53 crore, YoY. Net interest income fell to Rs 3,318.52 crore from Rs 3,500.15 crore, YoY.
5. Power Finance Corporation: The company’s net profit fell 80 percent to Rs 693.71 crore in Q4FY20 from Rs 3,391.27 crore while total income rose to Rs 16,254.65 crore from Rs 14,387.92 crore, YoY.
6. Karur Vysya Bank: The bank’s net profit in Q4FY20 rose to Rs 83.70 crore from Rs 60 crore while revenue fell to Rs 590.48 crore from Rs 619.23 crore, YoY.
7. Tata Power: The company received shareholders' approval for raising its authorized share capital by Rs 200 crore to Rs 779 crore.
8. Embassy Office Parks REIT: Blackstone Group sold an 8.7 percent stake in Embassy REIT at Rs 341 per share to raise $300 million. Existing investors, including Capital Group, CI Funds and ICICI Prudential, increased their stake in Embassy REIT by participating in the block deals by Blackstone. New investors added to the list are Brookfield, Nomura Asset Management, Norges Bank and Prudential Securities.
9. HG Infra Engineering: The company’s Q4FY20 profit rose to Rs 54.32 crore from Rs 38.58 crore while revenue rose to Rs 634.12 crore from Rs 584.1 crore. YoY.
10. Andhra Paper:
The company’s promoter International Paper Investments (Luxembourg) SARL will sell 10 percent stake in the company via an offer for sale on June 25-26 with an option to sell an additional 7.2 percent stake.