Nifty futures were trading 22 points or 0.19 per cent up at 11,500 on Singaporean Exchange in early trade, suggesting a flat opening for BSE Sensex and Nifty 50 on Tuesday. Market participants will focus on stock-specific developments, newsflow related to coronavirus, COVID-19 cases and other global cues. Indian share market ended at a six-month high in the previous session, on the back of firm global cues. “We reiterate our positive view on the index and expect Nifty to test 11,600 soon. With no major event, markets will continue to take cues from the global indices. We suggest following the trend while keeping strong risk management in place,” said Ajit Mishra, VP – Research, Religare Broking Ltd.
Stocks in focus today:
Axis Bank: Axis Bank announced that it would acquire 17 per cent stake in Max Life, instead of 29 per cent, which the bank had decided in April. The Insurance Regulatory and Development Authority of India (Irdai) had then raised questions on the deal structure.
LIC Housing Finance: LIC Housing Finance reported a 34 per cent on-year growth in its net profit to Rs 817 crore for the April-June quarter. Total provisions declined 77.69 per cent to Rs 56.5 crore, compared with Rs 253 crore in the same period a year ago.
Punjab National Bank: PNB’s MD and CEO, S. S. Mallikarjuna Rao said that there will be no retrenchment of employees following the merger of the Oriental Bank of Commerce and Union Bank of India with PNB.
ICICI Bank: Societe Generale sold 90 lakh shares of ICICI Bank through a Block deal on Monday at a price of Rs 378.60, according to BSE block deal data. The shares were bought by Merrill Lynch Markets Singapore PTE Ltd. at Rs 378.60.
Bharti Airtel: Earning $2 for 16 GB of data is a “tragedy” and not sustainable, Bharti Airtel chairman Sunil Mittal asserted on Monday. Reiterating the need for mobile tariffs to rise, Mittal said Airtel expects its average revenue per user (Arpu) to cross the Rs 200-250 mark in the next five-six months.
State Bank of India: SBI informed that Ashwani Bhatia has taken charge as its managing director with effect from the date of assumption of office and up to the date of his attaining the age of superannuation (i.e. 31.05.2022), or until further orders, whichever is earlier.
Future Retail: Kishore Biyani’s Future Retail averted the loan default hours ahead of its 30-day grace period deadline. The company in an exchange filing informed that it has made the payment of interest of $14 million on 5.6 per cent senior secured USD notes due 2025.
IRCON: A total of 76 companies including Atul Auto, Can Fin Homes, IRCON International, Jyoti Resins and Adhesives, Kirloskar Electric Company, Phillips Carbon Black, Ruchira Papers, Panache Innovations, Goodluck India and Hindustan Hardy Spicer, are scheduled to announce their quarterly earning earnings today.