The Indian market is likely to open lower on Thursday as the SGX Nifty, an indicator of the opening for the Nifty50, was trading 7.50 points or 0.07 percent lower at 10,077.50 at 8:00 am. However, Asian shares rose as optimism over the economic recovery from the coronavirus pandemic continued to keep investor sentiment afloat.
Here are the top 10 buzzing stocks for today:
1. Reliance Industries: The company’s Rs 53,124.20 crore rights issue has been subscribed 1.59 times on the last day of subscription. The allotment of equity shares will happen on or about June 10, 2020.
2. BPCL: The company has reported net loss at Rs 1,847.37 crore in Q4FY20 versus profit at Rs 2,912 crore while revenue was at Rs 81,829.6 crore versus Rs 84,791.88 crore, YoY.
3. Aurobindo Pharma: The company’s net profit in Q4FY20 rose 45.1 percent to Rs 849.83 crore versus Rs 585.38 crore while revenue increased 16.4 percent to Rs 6,158.43 crore versus Rs 5,292.20 crore, YoY.
4. HDFC Life Insurance Company: The company’s promoter HDFC Ltd has sold 2.6 crore shares in the company at Rs 490.22 per share.
5. Berger Paints India: The company said that the ramp up of production levels will be done gradually to allow for the inventory build up since April 2020 sales were extremely low. However, from the month of May there were signs of recovery, it said.
6. Tata Consumer Products: The company said it is in a comfortable liquidity position to meet its commitments. While sales are getting back to normal levels there could be an impact of increased input costs including due to commodity price volatility and supply constraints. The pandemic has imposed incremental operating costs on the business. While there will be some impact on our profitability in the short term; however, it is difficult to assess the exact quantum at this stage.
7. Jindal Steel & Power: The company’s steel sales in May increased 26 percent to 7.97 lakh ton.
8. GAIL (India): The company and Energy Efficiency Services have signed an MoU for jointly exploring business opportunities in the Trigeneration business segment in India.
9. VST Tillers and Tractors: The company's Power Tillers sales in May rose 24 percent to 1,750 units while tractor sales rose 20 percent to 633 units.
10. Heidelberg Cement:
The company said that it is witnessing a gradual increase in cement demand but do not expect a V-shaped recovery. Many dealers are facing a liquidity crunch and want to liquidate their existing inventory before placing any fresh orders. Cement demand may remain sluggish due to the shortage of labour in urban areas, it said.