While the main indices may remain directionless, activity will heat up in select counters especially those announcing their results.
On expected lines, IT companies continue to disappoint to some extent. TCS saw ~30% drop in net profit for Q4 after it rewarded staff with a one-off bonus. Overall weakness and cross currency issues also weighed on the performance.
The attention now will shift to Reliance in particular. Though crude oil prices fell, no major change was seen in demand for petroleum products, which means product spreads have increased leading to better GRMs. Reliance Industries could well report one of its best GRM in Q4. The recent movement in the stock seems to suggest that the street is speculating on whether RIL can clock a net profit close to the Rs.6000 mark.
The outlook is a flat start. While the main indices may remain directionless, activity will heat up in select counters especially those announcing their results. Shares of Tata Motors and Tata Motors DVRs could gains as the Rs. 7,500-crore rights issue opens today and closes on May 2.
MMTC is ready to divest 15 per cent more of its equity in the current fiscal in line with the government’s intent of increasing public holding in State-run units to at least 25 per cent.Based on current market valuation, the stake sale could fetch the exchequer an estimated Rs. 800 crore, a report stated.
Meanwhile, Prime Minister Narendra Modi has vowed to “clean up” the mess left behind by the others. “There is a new atmosphere of trust in our nation... We say ‘jan gana man adhinayak’ — that ‘Jan Man’ has changed,” Modi said in Canada.
California-based Glaucus Research, issued a "strong sell" report on software firm Rolta India, saying the company does not produce free cash flow and cannot repay offshore bondholders without refinancing. Rolta's crashed on the report. Rolta Chief Financial Officer Hiranya Ashar rejected the Glaucus report as "inaccurate and completely baseless".
Maharashtra has emerged on top with a share of over 21 per cent in the total investments attracted by real estate sector across India as of 2014-15 followed by Uttar Pradesh (14 per cent), Gujarat (13 per cent), Karnataka (12 per cent) and Haryana (eight per cent) that are amid top five states in this regard, apex industry body ASSOCHAM said.
“Investments attracted by real estate sector from various public and private sources in Maharashtra have increased slightly by about one per cent i.e. from a level of Rs 3.01 lakh crore as of 2011-12 to Rs 3.04 lakh crore as of 2014-15,” according to sector-specific analysis conducted by The Associated Chambers of Commerce and Industry of India (ASSOCHAM).
Tata Consultancy Services announced that it will pay employees a Special Reward or one-time bonus to mark the 10th anniversary of the company’s initial public offering in 2004.Globally all employees who have completed at least one year of service will be eligible for the special bonus payment. Each employee will be given a reward equivalent to one week’s salary for every year of service completed at TCS. For the company, the total consideration for this Special Reward to employees to mark ten years of listing on India’s largest stock exchanges will be Rs 2,628 crore.
Aditya Ghosh, president – IndiGo reportedly said that no decision on the IPO has been taken yet. The airline is not looking for any partners, he added.
Budget-carrier SpiceJet is seeking a deferment of three years on the payment of dues of Rs 211 crore to AAI, according to reports. The airline has also requested the Airports Authority of India (AAI) to waive the interest against these dues.
Sun Pharma dropped 2.7 percent to Rs. 1,087. Lupin slipped 2.5 percent to Rs. 1,903 on the back of sustained selling pressure at the counter in the last few trading days. The weakness at the counter was also attributed to reports of likely negative impact on Lupin's earnings going forward following the US Food and Drug Administration (USFDA) nod to Aurobindo Pharma to manufacture and market its generic version of oral suspension of antibiotic Cefixime.
Eicher Motors rallied to a high of Rs. 16,350 on getting RBI nod for higher cap on FII investment limit. According to reports, the Reserve Bank of India (RBI) has allowed Foreign investment up to 49 percent of the equity in the company.
Insecticides India ended almost unchanged at Rs. 571 on going ex-bonus. The company will issue bonus shares in the 1:2 ratio, as per record date of 17 April.
KEC International surged 9.5 percent to Rs. 110 on the back of plans to sell its telecom assets. According to a release issued by the company to the BSE, KEC has entered into a binding agreement for sale of its telecom assets in the states of Chhattisgarh, Meghalya and Mizoram consisting of 381 telecom sites to ATC Telecom Tower Corporation for a consideration of Rs. 81 crore.
Gammon India skyrocketed 12.3 percent to Rs. 23.30 on winning two orders worth Rs. 840.66 crore.
No comments:
Post a Comment