During the pandemic around 231 Companies are scheduled to announce their quarterly earnings by today. This includes Hindalco Industries, NTPC, Glenmark Pharmaceuticals, Berger Paints, Fortis Healthcare, Indian Bank, MRF, New India Assurance Company, United Breweries, and Voltas.
The early trade with Singaporean Exchange, the Nifty had slipped to red at 11323. Market participants will keep tabs on the Supreme Court hearing on telecom AGR dues and the RBI Board meeting scheduled for today. As though the trend in COVID-19, oil prices and movement in the rupee may continue to push back the investor sentiment. ”Domestic stock valuation concerns and continuous increase in virus-infected rate has impacted in the Indian market. Markets seem to be in a wait and watch mode, and investors are advised to tread cautiously and accumulate stocks,” said Vinod Nair, Head of Research at Geojit Financial Services.
Stock focused today:
Tata Steel: During quarter April-June the steelmaker has experienced one of its worst performance that is a net loss of Rs. 4609 crore. On the back of nationwide lockdown, the sale declined more than 20% that reduced the revenue to Rs. 24289 crore that is fall in 32% revenue.
Airtel, Vodafone, bank stocks: The Supreme Court is scheduled to hear the case on telecom adjusted gross revenue (AGR) matter later in the day today. Telecom stocks such as Bharti Airtel, Vodafone Idea, RCom, and Tata Teleservices along with bank stocks will remain focused today.
Hero MotoCorp: Indias’ top two-wheeler maker has marked a fall in standalone net profit of Rs.61.13 crore in April- June quarter.
BPCL: Bharat Petroleum Corporation Ltd’s net profit nearly doubled at Rs.2076.17 crore in the April-June quarter. Company Officials reported that a rise in profit was due to inventory gain resulting from the valuation of inventory held rising because of a hike in oil prices in the latter half of the quarter.
Eicher Motors: Eicher Motors posted a consolidated net loss of Rs.55 crore for the April-June quarter as sales were adversely affected due to COVID-19.
