EQUITIES news

Stocks in focus: Vodafone Idea, Yes Bank, Wipro, Motherson Sumi, Glenmark Pharma, Coal India, HDFC

stocks in focus, vodafone idea, yes bankTraders should maintain extra caution now as stocks usually react sharply, even on a small dip in the benchmark

Nifty futures were trading 59.55 points or 0.55 per cent down at 10,755 on Singaporean Exchange, hinting at the lower start for BSE Sensex and Nifty 50 on Tuesday. Investors will react to macroeconomic data and track June quarter earnings along with the trend in coronavirus cases. Two out of three stock market indices in the United States closed in the red. Similarly, major Asian peers were seen trading in the negative territory on Tuesday’s morning. “The continuous underperformance of the banking index, which holds significant weightage in the index, is also adding to the chaos. Traders should maintain extra caution now as stocks usually react sharply, even on a small dip in the benchmark,” said Ajit Mishra, VP – Research, Religare Broking Ltd.

Stock in focus today:

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Wipro, Mindtree: Barak Valley Cements, Century Textiles, Wipro, Mindtree, Delta Corp, Hindustan Copper, Khadim India, National Peroxide, Paramount Communications, Reliance Industrial Infrastructure, Oberoi Realty etc., are scheduled to announce their June quarter earnings today.

Motherson Sumi Systems: Moody’s Investors Service Inc has revised to negative its ratings outlook for Motherson Sumi Systems Ltd., on account of an expected weak financial performance this fiscal due to the Covid-19 pandemic. The ratings action—from ‘ratings under review’ to ‘negative’—concludes the review for downgrade that was initiated on March 27, 2020, Moody’s said on Monday.

Vodafone Idea: Vodafone Idea on Monday moved the Telecom Disputes Settlement and Appellate Tribunal (TDSAT) against the TRAI’s directive blocking its RedX plan, which offers higher speed to its premium customers. The matter is listed for hearing on Tuesday.

Yes Bank: Yes Bank to use proceeds from Rs 15,000-crore further public offer (FPO) to fund growth over the next two years. The private bank is also looking at manpower rationalisation to save costs. Yes Bank FPO will open on July 15 and close on July 17.

Glenmark Pharmaceuticals: Glenmark Pharmaceuticals has announced that it has commenced a Post Marketing Surveillance (PMS) study on FabiFlu® to closely monitor the efficacy and safety of the drug in 1000 patients that are prescribed with the oral antiviral, as part of an open-label, multicenter, single-arm study, company said in a press release.

Coal India: Coal India’s dues from state-owned power generation companies have risen to Rs 22,000 crore amid muted demand and high production, PTI reported citing sources said on Monday. The outstanding amount was around Rs 12,000 crore in January.

HDFC: Housing Development Finance Corporation in a regulatory on Monday informed that the company is considering to raise up to Rs 45,000 crore by issuing debt securities, and will seek approval of shareholders in its upcoming AGM later this month.

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