IN FOCUS: HUL, Alok Ind and ITC among stks to watch today
NEW DELHI: Domestic equity markets are likely to open on a flat to positive note on Wednesday, tracking Nifty futures on the Singapore Stock Exchange (SGX Nifty) and mixed global cues.
SGX Nifty was up 12 points, or 0.12 per cent, at 9,870 around 7.55 am (IST), indicating a flat to positive start for NSE Nifty index.
Here is a list of top stocks that are likely to be in focus today:
Hindustan Unilever: Hindustan Unilever (HUL) on Tuesday reported a 9.3 per cent rise in profit after tax at Rs 1,283 crore for the June quarter, compared with Rs 1,175 crcrore profit estimate by analysts in an ETNow poll. The FMCG major had reported Rs 1,174 crore profit for the corresponding quarter last year. Volume growth remained flat, the company said in a BSE filing.
ITC: The stock, which fell by its steepest in quarter of a century on Tuesday, could witness further downside of 6 per cent or more in the current F&O series, options data show. ITC options expiring on July 27 indicate resistance for the stock at Rs 300 and support at Rs 274.8, followed by Rs 268. The second support is around 6 per cent lower from Tuesday’s closing.
Alok Inds: The National Company Law Tribunal (NCLT) on Tuesday admitted insolvency proceedings against textile company Alok Industries, which owes about `23,000 crore to a consortium of lenders.
Canara Bank, Mindtree: The day will see many BSE listed companies reporting June quarter results. Among them would be lender Canara Bank, NBFCs Bajaj Finserv and Bajaj Finance, auto component maker Amtek Auto, IT firms Mastek, Mindtree and KPIT and electrical equipment firm Havells India.
Ashok Leyland: The company said it has formed a strategic alliance with SUN Mobility to develop electric mobility solutions. The companies said they are looking at creating an integrated ecosystem by deploying Ashok Leyland‘s electric vehicles and supporting them with smart batteries and a network of quick interchange battery stations developed by SUN Mobility.
Reliance Industries:Reliance Industries and Shell India have challenged the government decision to demand $3 billion from the contractors of Panna, Mukta and Tapti fields on the basis of an arbitration tribunal’s ruling and asserted that the action is premature as the legal process has not been completed.
Bhansali Engineering Polymers: A production capacity expansion programme is proposed by the company at its ABU Road Plant at Sirohi, Rajasthan to enhance its ABS production capacity from the existing 80 KTPA to 137 KTPA by 31 December, 2018 with the estimated capex of Rs. 300 crore, which will be funded through internal accruals only.
Glenmark Pharma: The drugmaker has signed a pact with Cyndea Pharma for generic soft-gelatin capsule.
City Union Bank: The board of the lender will meet on July 21 to consider fund raising.
MOIL: Government may offer 6.6 lakh shares at Rs 346.75/share to employees via OFS.
Sasken Technologies: The company reported a 60 per cent fall in Q1 net profit on a flat revenue. EBITDA fell 9.8 per cent for the quarter.