The Indian stock market is expected to open higher on Tuesday following the positive trend in the global markets especially after American biotech firm Novavax said it started the first human study of its experimental coronavirus vaccine. At 8:15 am, the SGX Nifty traded 1.04 percent or 94.30 points higher at 9,135.30, indicating a positive start for the Sensex and Nifty50.
Here are the top 10 buzzing stocks for today:
1. HDFC Ltd: The mortgage lender reported a 22 percent YoY fall in standalone profit to Rs 2,232.5 in Q4FY20 due to higher provisions related to COVID-19. Provisions increased to Rs 1,274 crore from Rs 398 crore in March quarter 2019 and Rs 2,995 crore in December quarter. Net interest income grew by 17 percent to Rs 3,780 crore.
2. Bharti Airtel: Promoter Bharti Telecom will sell 2.75 percent stake in the company for $1 billion through a private placement at a floor price of Rs 558 per share.
3. Reliance Industries: The company has expanded its JioMart service to customers across several cities, after successfully conducting a pilot across areas in Navi Mumbai, Thane and Kalyan. (Disclosure: Network18, the parent company of CNBCTV18.com, is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.)
4. ITC: The company has entered into a share-purchase agreement to acquire 100 percent in spices firm Sunrise Foods Private Ltd for an undisclosed sum.
5. UPL: The company’s net profit in Q4FY20 fell to Rs 617 crore from Rs 701 crore while revenue rose to Rs 11,141 crore versus Rs 8,892 crore, QoQ.
6. IDFC First Bank: The bank reported a profit of Rs 71.54 crore in Q4FY20 as against a loss of Rs 218 crore, while NII rose to Rs 1,563.5 crore from Rs 1,113 crore, YoY. The bank also announced a voluntary cut in compensation of its Managing Director & CEO and Senior Management.
7. JSW Steel: The company’s net profit in Q4FY20 fell to Rs 231 crore from Rs 1,523 crore and revenue declined to Rs 17,887 crore versus Rs 22,368 crore, YoY. The company will raise up to Rs 7,000 crore via an issue of NCDs with warrants or equity shares and/or convertible securities (other than warrants) to qualified institutional buyers.
8. RITES: The company signed Shareholders Agreement for acquiring 24 percent stake in Indian Railway Stations Development Corporation (IRSDC) for Rs 48 crore, with Rail Land Development Authority and IRCON International being the other equity partners.
9. Bharat Forge: The company has commenced operations in a graded manner at Mundhwa, Chakan and Satara Plants post completion of the mandatory safety check and training of personnel
10. Orient Cement:
Q4FY20 profit fell to Rs 44 crore versus Rs 62 crore while revenue declined to Rs 654.5 crore from Rs 751 crore YoY.