The Indian market is likely to open higher Wednesday following upbeat Asian peers as optimism over reopening of economies after easing coronavirus-induced lockdowns kept investor sentiment buoyant. At 8:15 am, the SGX Nifty was trading 80.10 points or 0.80 percent higher at 10,068.00, indicating a positive start for the Sensex and Nifty50.
Here are the top 10 buzzing stocks for today:
1. ICICI Bank: The lender has cut the interest rate on saving deposits by 25 bps. Interest rates for deposits of less than Rs 50 lakh stand at 3 percent and for deposits of Rs 50 lakh and above at 3.50 percent.
2. InterGlobe Aviation: The airline carrier reported a loss of Rs 870.8 crore in Q4FY20 versus profit at Rs 595.8 crore, YoY. Revenue rose to Rs 8,299 crore versus Rs 7,883 crore, YoY.
3. Britannia Industries: The company reported a 26.5 percent YoY rise in Q4FY20 net profit at Rs 372.35 while revenue rose to Rs 2,867.7 crore. Volume growth was flat at 2 percent.
4. IndusInd Bank: Moody’s has downgraded the bank’s long-term local and foreign currency deposit ratings to Ba1 from Baa3 and its BCA to ba2 from ba1.
5. Hindustan Unilever: The company was able to gradually improve the operations to 70 percent in April and has now ramped-up production to 80-90 percent of normative levels.
6. Lupin: The company has received approval for Meloxicam capsules, which is used to reduce osteoarthritis pain.
7. Colgate-Palmolive India: The company has resumed operations at all of its manufacturing plants. It believes that the impact of COVID-19 on its business operations on an annual basis may not be material.
8. Jubilant Foodworks: The company said that the shutting of the dine-in format across all the stores will have a material impact on the performance of Q1FY21. Further, the company was able to open stores for delivery only in a staggered manner. As of May 20, 2020, 938 stores are operational that are serving customers across 234 cities, it said.
9. Havells India: The company said that the lockdown has caused significant loss of production and sales in March and April. Recovery in revenues in the last few weeks have been encouraging especially in the non-metro cities, it said.
10. Syngene International:
The company has tied up with HiMedia Laboratories to manufacture ELISA test kits for COVID-19.