Top 10 trending Stock Market news you must knowIn the holiday shortened week ahead, investors will continue to monitor the impact caused by the deadly pneumonia like virus, Coronavirus, which has virtually shut down the Chinese economy. The death toll from the epidemic in mainland China surged past 1,500 on Saturday, a day after people returning to the capital from holidays were ordered to quarantine themselves for 14 days to try to contain the virus' spread. While the epidemic is still far from peaking, its impact on trades has started worrying investors. A number of Indian companies, which depend on supplies from China, could face disruptions. Closer home, focus will be on the telecom companies which have to partially payback the AGR dues by Monday. Banks with exposure to these companies, including SBI and Yes Bank, will also be in focus. Traders will also keep an eye on crude oil prices and minutes from RBI’s Monetary Policy Committee meeting to be released this week. Let us look at the stocks that will be in focus as markets open on Monday:
- Telecom companies: Telecom operators Bharti Airtel, Vodafone Idea and Tata Teleservices are likely to make payment for adjusted gross revenue (AGR) dues on Monday to avoid stringent punitive action from the Telecom Department, media reports suggested citing a source from the department. The three companies are jointly liable to pay dues of over Rs1 lakh cr, but they have informed the Department of Telecom (DoT) of making only partial payment, as per their representatives. Vodafone Idea on Saturday said that it is assessing the amount that can be paid towards AGR dues, even as it flagged concerns over the continuation of its business.
- DLF Ltd: Delhi based real estate company DLF is looking to raise Rs2,000cr through monetisation of certain commercial land parcels to its existing joint venture partners or new partners. The monetisation of land parcels would help the company in reducing its net debt, which stood at Rs4,866cr at the end of December quarter. The company intends to monetise select commercial land parcels through its existing joint venture arrangements and/or new alliances.
- Dr Reddy’s Laboratories Ltd: Hyderabad based drugmaker Dr Reddy’s said the United States Food and Drug Administration (USFDA) has asked it to initiate voluntary action at its Duvvada facility in Andhra Pradesh. In a statement to the stock exchanges on Sunday, the pharma company said that its formulations manufacturing plant at Duvvada has been classified as Voluntary Action initiated with the respect to audit conducted by the USFDA.
- Bharat Petroleum Corporation Ltd: An inter-ministerial group has approved sale bid documents for privatisation of India's second biggest oil refiner Bharat Petroleum Corp Ltd (BPCL), and a notice seeking bids will be issued after a small group of ministers approves it, media reports suggested citing unnamed sources. An inter-ministerial group or IMG comprising representatives from the ministries of finance, petroleum, law, corporate affairs and department of disinvestment has approved Expression of Interest (EoI) and Preliminary Information Memorandum (PIM) for the company. This will now be put up for approval by 'Alternative Mechanism' which is essentially a very small grouping of key Cabinet ministers.
- Zydus Cadila Ltd: Drug maker Zydus Cadila on Saturday said it has initiated an accelerated research programme with multiple teams in India and Europe for developing a vaccine for the novel coronavirus, 2019-nCoV (COVID-19) based on two approaches. The Novel Coronavirus outbreak which started in December 2019 has so far infected over 67000 people and has claimed over 1500 lives. The first approach deals with development of a DNA vaccine against the major viral membrane protein responsible for the cell entry of the novel coronavirus, now called COVID-19. The second approach deals with development of a live attenuated recombinant measles virus vectored vaccine against COVID-19, the company said. The recombinant measles virus (rMV) produced by reverse genetics would express codon-optimised proteins of the novel coronavirus and will induce long-term specific neutralizing antibodies, which will provide protection from the infection, it added.
- Unichem Laboratories Ltd: Unichem Pharmaceuticals USA Inc is recalling 1.91 crore units of Clonidine Hydrochloride tablets used for treating high blood pressure from the US market, according a report by the USFDA. The company is recalling units of Clonidine Hydrochloride tablets, USP 0.1 mg manufactured by Unichem Laboratories Ltd at Goa facility, the report added. The reason for the voluntary ongoing nationwide is "failed impurities/degredation specifications. This recall is initiated as a precautionary measure due to potential migration of Benzophenone at very low level into product from container label
- Oil India Ltd: Public sector oil explorer Oil India Ltd (OIL) may move Telecom Disputes Settlement and Appellate Tribunal (TDSAT) challenging any move by Department of Telecommunications (DoT) to seek additional licence for their limited telecom and internet service operations on the basis of a recent Supreme Court ruling on adjusted gross revenue (AGR). Other PSUs including PowerGrid, Railtel, GAIL, DMRC and Gujarat Narmada Valley Fertilizers & Chemicals Ltd are also evaluating the option and would finalise their move soon about getting clarity from the tribunal on expected licence fee demand from DoT based on their overall revenue and not limited telecom operations that they run.
- Fortis Healthcare Ltd: The company’s consolidated net loss in Q3FY20 narrowed to Rs69.32cr, mainly on account of robust performance in its hospital business. The company had posted a net loss of Rs 180.11 crore for the corresponding period of the previous financial year, Fortis Healthcare said in a filing to the BSE.
- ONGC Ltd: Oil and Natural Gas Corporation (ONGC) posted a 49.7% yoy fall in standalone profit at Rs4,151.63cr for the quarter ended 31st December 2019. The state-run oil explorer had posted a profit of Rs8,262.70cr in the same period last year. Revenue from offshore and onshore operations declined 16.83% and 9.1% yoy to Rs15,764.66 cr and Rs7,945.39 cr, respectively, during the quarter under review.
- Tata Steel Ltd: Tata Steel Ltd is expecting its capex during the current fiscal to touch the Rs 9,000-crore mark, media reports suggested citing sources. The steel major, however, will take a cautious approach at the capital allocation for the next financial year, they said. The steel maker had, earlier, said that it would revise the planned capital expenditure for the 2019-20 to Rs8,000cr from Rs 12,000cr for the group.
Let us look at the developments which took place on the global front:
Chinese officials on Saturday said 121 more people had died from COVID-19, the disease caused by a novel strain of coronavirus that emerged in Wuhan in late 2019, over the previous 24 hours, bringing the pushing the total above 1,500. The country’s National Health Commission reported 5,090 new confirmed cases in mainland China, bringing the total to 63,851. The number of new cases jumped sharply on Thursday after a change in the government’s counting method.