EQUITIES

Vedanta, RIL, Maruti Suzuki, Nestle India among stocks to remain in news today

RIL, Vedanta, Maruti Suzuki

The Nifty futures were trading at 9,434 on the Singaporean Exchange, suggesting a positive start for the BSE Sensex and Nifty 50 index on Wednesday. Foreign institutional investors (FIIs) sold shares worth Rs 1,662.03 crore, while domestic institutional investors (DIIs), too, sold shares worth Rs 364 crore net basis on Tuesday, according to the data available on the National Stock Exchange (NSE). The package comes as a shot in the arm and we could see a strong opening today and with a crossover of 9500 levels would witness a broader positive move, says Vikas Jain, Senior Research Analyst at Reliance Securities.

These stocks to hog limelight in today’s trade-

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Vedanta: Vedanta’s promoter Anil Agarwal in a late evening stock exchange filing, announced the decision by its parent Vedanta Resources, to take the company private. “VRL has informed us of their willingness to accept the equity shares of the company tendered by the public shareholders in the delisting offer at a price of Rs 87.5 per equity share which represents a premium of 9.9 per cent over the closing market price of Rs 79.6 as on May 11, 2020, on BSE and NSE,” the company said in a BSE filing.

Reliance Industries: RIL raised over Rs 10,000 crore via short-term bonds that saw its yields drop by about 25 basis points compared to last month, according to information provided by dealers.

Nestle India: Nestle India reported a 13.54 per cent on-year jump in the net profit for the quarter ended March 31. The company reported a net profit of Rs 525.43 crore for the fourth quarter of the financial year 2019-20, compared with Rs 462.74 crore in the corresponding period of last year.

Maruti Suzuki, Kotak Mahindra Bank: ABB, Maruti Suzuki, Kotak Mahindra Bank, Godrej Consumer Properties, Mphasis, Escorts Finance and Siemens are among 10 companies which are scheduled to announce their March quarter earnings today.

Bandhan Bank: Bandhan Bank reported a 20.52 per cent on-year fall in net profit to Rs 517.28 crore in the quarter ended on March 31. Total provision and contingencies rose over five-fold to Rs 827.36 crore, compared with Rs 153.28 crore a year ago.

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