IN FOCUS: Top stocks to watch in today's session
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 5 points, or 0.11 per cent, at 9,978 around 8.10 am (IST), indicating a flat start for NSE Nifty index.
Here is a list of top stocks that are likely to be in focus today:
Prestige Estate Projects: The company is looking to raise funds by divesting stake across its business verticals, starting with the commercial and retail portfolios, two persons familiar with the development said. The Bangalore-based company, said to have sounded out some top private-equity players, has multiple realty businesses ranging from retail to commercial to hotels.
Bharti Airtel: The operator reported a 75% slump in its net profit, the lowest level in four and a half years, as its voice and data businesses continued to suffer from the price war triggered by Reliance Jio Infocomm’s dirt cheap offerings. Profit fell to Rs 367 crore in the three months ended June from Rs 1,462 crore a year earlier, India’s No. 1 telco said in a statement on Tuesday. The average estimate in an ET poll of analysts was Rs 355 crore. Profit in the January-March quarter was Rs 373 crore.
HDFC, PVR and Nestle India: Banks HDFC and Federal Bank, NBFCs Bharat Financial, Muthoot Finance and L&T Finance, FMCG major Nestle India and a couple of entertainment companies such as PVR and Inox Leisure will annnounce their quarterly earnings on Wednesday.
Axis Bank: The lender posted 16 per cent fall in net profit at Rs 1305.60 crore for the quarter ended June 30, against Rs 1,555.53 crore in the corresponding quarter last year. Net interest income (NII) of the lender slipped 2.36 per cent YoY to Rs 4,616 crore during the quarter under review. It had reported NII of Rs 4728 crore in the same quarter a year ago.
Reliance Industries: The company wants to make its consumer electronics and mobile phone retailing venture, Reliance Digital, a Rs 40,000 crore entity by 2020, three senior industry executives said. It is betting on demand for the newly launched Jio featurephones, service revenue, expansion into small markets and online sales to reach the target.
Hero MotoCorp: Two-wheeler major Hero MotoCorp on Tuesday posted 3.50 per cent rise in net profit at Rs 914.04 crore for the quarter ended June 30, 2017 against Rs 883.09 crore in the corresponding quarter last year. The company reported its highest-ever quarterly sales of 18,53,647 units in Q1FY18 against 17,45,389 units in the same period a year ago.
Banking stocks: Finance Minister Arun Jaitley today said banks have an exposure of Rs 97,681 crore in the telecom sector, which is grappling with financial stress. In a written reply to the Rajya Sabha, Jaitley said SBI Chairman has pointed out that stress in the telecom sector has reached “highly unsustainable levels” due to erosion of topline and earnings of the service providers.