The Indo-Chinese continued border tensions have triggered unease across the country and globe. Last week the two nuclear-armed nations engaged in a deadly clash — the worst in 45 years which left 20 Indian soldiers dead and injured more than 70. China did not disclose the casualty figures for its soldiers. Apart from that. The country is still struggling to contain the spike in coronavirus cases. The number of Covid19 infected people has crossed the 4-lakh mark as of Sunday. Trade this week may also see some volatility ahead of futures and options expiry for the month of June. Let us look at the stocks that will be in focus as markets open on Monday:
- Glenmark Pharmaceuticals Ltd: The drugmaker has launched antiviral drug Favipiravir, under the brand name FabiFlu, for the treatment of patients with mild to moderate COVID-19 patients. Favipiravir has shown clinical evidence showing encouraging results in patients with mild to moderate covid-19. The prescription-based drug will be available as a 200 mg tablet at an MRP of Rs3,500 for a strip of 34 tablets.
- Housing Development Finance Corporation: The mortgage lender plans to raise funds of up to Rs14,000 cr through the sale of shares or bonds, with the intention to augment the long-term resources of the corporation, finance organic or inorganic business opportunities, to maintain liquidity and for general corporate purposes. HDFC mentioned that it was looking to use equity as well as debt options to raise these funds.
- Cipla Ltd: The Central Drugs Standard Control Organisation’s (CDSCO), granted emergency use approval to two Indian drugmakers, including Cipla for generics of Gilead Science’s remdesivir. These approvals will allow Cipla to manufacture and supply the injectible medicine for the treatment of suspected or laboratory-confirmed cases of COVID-19 “with severe disease”.
- HDFC Bank: The lender said its board has approved proposal to raise up to Rs50,000 cr in the next 12 months by issuing various debt securities. The decision was taken at the board of directors meeting held on June 20, 2020, HDFC Bank said in a filing to the stock exchanges. The largest bank in the private sector said that it will raise the capital in the period of next 12 months through private placement mode, subject to the approval of the shareholders at the ensuing annual general meeting (AGM) and any other regulatory approvals.
- Piramal Enterprises Ltd: The conglomerate's pharma business as entered a pact with G&W Laboratories to acquire its solid oral dosage product manufacturing facility in US' Sellersville for over Rs 130cr. According to the agreement, Piramal Enterprises, through one of its affiliates, would acquire 100% stake in the entity that operates the facility and owns the related real estate. In a filing to the stock exchanges on Saturday, Piramal said the latest Sellersville acquisition widens the offering of Piramal Pharma solutions in North America by adding solid oral dosage form capabilities.
- LIC Housing Finance Ltd: The housing financer reported a 39% decline in its net profit to Rs421.43cr for the March 2020 quarter. The mortgage financier's profit stood at Rs165cr in a year-ago period. The company's net interest income declined 9% to Rs1,089 cr in the January-March quarter of the current fiscal as compared to Rs1,202cr in a year-ago period. Its net interest margin (NIM) stood at 2.34% in FY20 as against 2.38% in the same period last year. Its individual loan portfolio stood at Rs1.96 lakh cr, up 8% YoY, while its project loan portfolio grew 9% YoY to Rs14,237cr.
- Punjab National Bank: The lender is planning to hit capital markets in the fourth quarter this fiscal to raise funds to help meet growth needs and regulatory requirements. At the moment, the bank is sufficiently capitalised with the capital adequacy ratio of 14.14 per cent at the end of March 2020, PNB’s MD S S Mallikarjuna Rao said in an interview over the weekend.
- Oil and Natural Gas Corporation: State-owned Oil and Natural Gas Corp (ONGC) has said that the COVID-19 pandemic will impact the speed of execution of its projects and the company is identifying opportunities for optimisation of capital and operating expenditure. While about 9% of the company's natural gas output was impacted by inability of customers to take supplies due to the coronavirus lockdown, lower oil and gas prices had impacted its revenues, the company said.
- Arvind Fashions Ltd: The company has revised the amount it intends to raise from its rights issue to nearly Rs400cr, from Rs300cr earlier. In a statement to the stock exchanges Sunday, the garment maker said it has lowered the issue price to Rs 100 per share from Rs 150 earlier. The issue will open on June 29, and close on July 17. The company announced the ratio would be 62 equity shares for every 91 equity shares held.
- Greenlam Industries Ltd: The company’s consolidated net profit slipped 8.6% to Rs 21.71 crore on 10% decline in net sales to Rs324.02cr in Q4FY20. During the quarter, laminates exports value grew 11.8% and volumes jumped 11.7% yoy. The domestic business was severely impacted due to nationwide lockdown on account of COVID-19 outbreak.
U.S. stock indexes on Friday gave up strong early gains to close mostly lower on the session, after the World Health Organization signaled that the coronavirus pandemic remains a deadly threat. The Dow Jones Industrial Average finished 207 points, or 0.8% lower at 25,871, the S&P 500 index closed 0.6% lower at 3,098, while the Nasdaq Composite Index finished virtually unchanged at 9,946.
New cases of COVID-19 set records across at least six U.S. states, and mandated mask use is becoming more common. China, also reported an uptick in new cases of the disease. Stocks also fell after Apple Inc’s announcement of fresh store closures against anticipated spike in Coronavirus cases.