Investors will focus on the slew of first quarter earnings that will released in the forthcoming week. HDFC Bank, Mahindra &Mahindra Ltd, Wipro Ltd, Infosys Ltd, are among the companies that are set to report their results this week. Another major event that is sure to impact the domestic indices is the Reliance Industries AGM. Furthermore, stock markets may also be guided by the COVID19 updates. In the past week, many states and cities have decided to put their citizens under lockdown again. Let us look at the stocks that will be in focus as markets open on Monday:
- Reliance Industries Ltd: The company’s famous subsidiary Jio platforms has received nearly Rs30,792.43cr from 5 investors for 6.28% stake in the company. Interstellar Platform Holdings Pte. Ltd. (L Catterton) has put in Rs1,894.50cr for a 0.39% share in the RIL subsidiary, while PIF has bought 2.23% equity for Rs11,367cr. SLP Redwood Holdings Pte. Ltd, and SLP Redwood Co-Invest (DE), L.P. (Silver Lake) have invested Rs10,202.55cr for a 2.08% share and General Atlantic Singapore has picked up 1.34% for Rs6,598.38cr in Jio Platforms. Additionally, Qualcomm Ventures, the investment arm of Qualcomm Incorporated invested Rs730cr for 0.15% stake in the company.
- JSW Steel Ltd: The steel company has decided to reduce its capex target for 2020-21 by about 45% to Rs9,000cr against its earlier plan of spending Rs16,340cr. In the company's annual report, JSW Steel CMD Sajjan Jindal said the company has undertaken a detailed exercise to prioritize all planned and discretionary spends.
- Punjab National Bank Ltd: The lender said said it will seek shareholders' approval next month to raise up to Rs 45,000cr through debt securities. The company's annual general meeting is scheduled to take place on 5th August, 2020. In a statement to the stock exchanges, PNB said shareholders are being requested to authorize the board of directors to offer, from time to time, the subscription of redeemable, secured/unsecured non-convertible debentures (NCDs) aggregating up to Rs 45,000 crore in one or more tranches. The housing finance company may issue the bonds through private placement or by way of public issue.
- Rossari Biotech IPO: The company’s public issue will open for subscription tomorrow. In the Rs500cr IPO, Rossari Biotech has fixed a price band of Rs423-425 per equity share and the issue will remain open till 15th July. Rossari Biotech's IPO comprises fresh issuance of shares worth ₹50 crore and sale of 1,05,00,000 equity shares by company's promoters through offer-for-sale route. Post the IPO, the promoter shareholding will fall to 73% from 95% earlier. The equity shares will be listed on the NSE and BSE.
- Biocon Ltd: The biopharma company got approval from the Drug Controller General of India (DGCI) to use Itolizumab on COVID patients. It is a drug that the company already has in the market and is used to treat patients with psoriasis, a debilitating skin ailment. The link node between the two ailments - psoriasis and COVID - being the drug's ability to tone down the aggressive and self-damaging response of the body's immune system. Itolizumab is a ‘humanised monoclonal antibody’ developed by the Bangalore-based biopharmaceutical company, Biocon, in collaboration with the Centre for Molecular Immunology (CIM) in Cuba.
- Dilip Buildcon: Highways builder Dilip Buildcon said it has won an Rs 882-cr project in Gujarat from the National Highways Authority of India (NHAI). In a statement to the stock exchanges post market hours Friday, Dilip Buildcon said it has been declared as L-1 (lowest) bidder for a new HAM project viz. four-laning of the Dhrol-Bhadra-Patiya section and the Bhadra-Patiya-Pipalia section of NH151 in Gujarat.
- Avenue Supermarkets Ltd: The owner of Dmart grocery chain, reported 88% drop in its consolidated net profit for the quarter ending 30th June, 2020. The company attributed Covid-19 for its net profit decreasing to Rs40 cr as against Rs323 cr in the year-ago period. The company's consolidated total income fell 32% to Rs3,933cr as against Rs5,826cr in June 2019. The company’s CEO Neville Noronha said that wherever stores were allowed to operate unhindered, the company recovered nearly 80% or more of pre-Covid sales in most stores.
- Lakshmi Vilas Bank: The private sector lender said it was talking to investors other than Clix Group. Last month, LVB signed an LoI with Clix Group for the proposed amalgamation of Clix Capital Service and Clix Finance India into the bank. Furthermore, the lender reported a pre-tax loss of Rs233.14cr during the March quarter compared to Rs4,99.96cr during the corresponding period last year. Its total income dropped to Rs 6,29.75 crore from Rs 739.72 crore.
- Bharti Airtel, Vodafone Idea: The Telecom Regulatory Authority of India (Trai) has blocked Bharti Airtel Ltd’s Platinum and Vodafone Idea Ltd’s RedX premium plans that offer faster data speeds and priority services to high-paying postpaid customers, citing such schemes violate norms and could impact the quality of services for those outside the plans. Bharti Airtel Ltd on 6 July had announced faster 4G data speeds for all its platinum customers - postpaid users paying Rs499 or above. Vodafone Idea had introduced its RedX plan in November 2019 for postpaid customers with a price of Rs999, offering up to 50% faster speeds and special services.
- Havells India Ltd: The company has announced that CARE has reaffirmed/ assigned the following ratings to bank facilities of the company as follows - Long Term Bank Facilities (CC) - CARE AAA (Reaffirmed), Long Term Bank Facilities (TL) - CARE AAA (Assigned), Short Term Bank Facilities - CARE A1+ (Reaffirmed).
U.S. stocks ended higher Friday, underpinned by optimism over a coronavirus treatment. The Dow Jones Industrial Average rose 369.21 points, or 1.4%, to close at 26,075.30. The S&P 500 added 32.99 points, or 1.1%, to close at 3,185.04. The Nasdaq Composite closed at 10,617.44, up 69.69 points, or 0.7%.
Stocks gained momentum after Gilead said a new analysis of previously disclosed clinical trial data found its experimental therapy remdesivir can reduce the risk of mortality in COVID-19 patients. Total U.S. cases of coronavirus climbed to more than 3.1 mn and the death toll topped 133,000, according to data compiled by Johns Hopkins University.