NEW DELHI: Nifty futures on the Singapore Exchange were trading 27.50 points, or 0.23 per cent, lower at 11,709.50, indicating a negative start for the Nifty50. Here are a few stocks which may buzz the most in today’s trade:
Axis Bank, Maruti, Tata Steel: Maruti Suzuki, Axis Bank, Tata Steel, Biocon, Nestle India, MCX, SBI Life, Rallis India, Cyient and Indiabulls Ventures are a few companies which are scheduled to report their March quarter results today.
Vodafone Idea: The Rs 25,000-crore Vodafone Idea rights issue was subscribed about 80 per cent on closing day, which market experts said is a sign of weak retail appetite for shares of India’s largest telco, which has been under financial pressure amid intense competition.
Tata Teleservices: American Tower Corp has acquired Tata Teleservices’ near-13% residual stake in ATC Telecom Infrastructure Pvt Ltd for roughly Rs 2,500 crore in an all-cash deal. This marks the exit of Tata Group from the consumer mobility and related businesses.
JP Infra, NBCC: State-owned NBCC submitted its revised bid to acquire debt-ridden Jaypee Infratech and complete over 20,000 delayed apartments in Noida, sources said.
ICICI Prudential Life Insurance: The company reported a 23 per cent decline in consolidated net profit at Rs 261.02 crore for the January-March quarter of 2018-19.
Bharti Infratel: The company said its current managing director and chief executive D S Rawat is not willing to take up the top job after merger with Indus tower.The company has posted a consolidated net profit of Rs 608 crore in the last quarter of 2018-19, almost flat on year, as consolidation in the telecom sector resulting in reduced tenancies.
Mahindra Finance: The NBFC reported an 87 per cent rise in net profit to Rs 588 crore for the fourth quarter ended March 2019.
Ipca Laboratories: Drug firm Ipca Laboratories said it has entered into a pact to buy Maharashtra-based Ramdev Chemical for Rs 108.5 crore.
Jindal Cortex: Markets regulator Sebi barred Jindal Cortex and its three directors from accessing the securities market for five years for manipulating issuance of global depository receipts (GDRs).
RINL: State-run steel producer RINL said it is targeting a turnover of Rs 25,000 crore in the ongoing financial year, compared to Rs 20,844 crore in 2018-19.
Muthoot Capital: The company’s profit in the March quarter fell 15 per cent to Rs 18 crore owing to elevated financing costs and slowdown in twowheeler sales, but the company expects to grow its loans by 25 per cent during the current fiscal.
Neogen IPO subscribed 27% on Day 1
Neogen Chemicals initial public offering was subscribed 27 per cent on the first day of bidding Wednesday. The Rs 132-crore initial public offering (IPO) received bids for 11,67,595 shares against the total issue size of 43,29,038 shares, according to data from the National Stock Exchange.
Board meetings (FULL LIST)
• Jefferies has maintained buy on NTPC and revised target price to ₹160 from ₹171. NTPC should see twin benefits of operational improvement and capacity addition in the next five years, said Jefferies. Potential earnings upside of 5-6% from demand-led PLF recovery is an additional benefit, it added.
• ICICI Securities has initiated coverage on Bandhan Bank with a target price of ₹763. The opportunity that Bandhan has to leverage is its own strengths and fully exploit its banking licence can result in superior growth and profitability.
• Kotak Institutional Equities has retained reduce rating on MRF and revised fair value lower to ₹52,000 from ₹56,000. The brokerage said its cautious view on the stock is underpinned by three major concerns: potential market share loss in the truck-bus radial tyre segment and higher-sized passenger vehicle tyres due to lack of product innovation and investment in R&D; normalisation of margins in the increasingly competitive two-wheeler segment; and expensive valuations.
• Morgan Stanley has maintained underweight rating on Tata Global Beverages with a target price of ₹165. Fourth quarter earnings growth was affected by one-off losses from associates, said Morgan Stanley. There is no quick fix,especially for Tata Global’s international business,given the weak brand construct,exposure to a relatively unattractive category/geographic mix,and mediocre return ratios, it said.
• Investec Securities has initiated coverage on Orient Electric with a target price of ₹210. Following its demerger from Orient Paper in 2017, Orient Electric’s new management team has undertaken measures to improve rand positioning, product offering, distribution and logistics, said Investec.
- No Buy entry for the day .
- No Sell entry for the day.
Note: Disclosure made under Reg 13(4), 13(4a) of SEBI (IT) regulations 1992.
Bulk and Block Deals :
|Blg Tickers||Date||Company Name||Acquirer/Seller||Buy /Sell||Qty Traded||Price|
|BLIS||24-Apr-19||Bliss GVS Pharma Ltd||Achintya Securities Private Limited||Sell||128,080||172.12|
|IBREL||24-Apr-19||Indiabulls Real Estate Ltd||Arcadia Share & Stock Brokers Private Limited||Buy||2,273,838||114.80|
|MRIF||24-Apr-19||Orient Tradelink Ltd||Dinesh Dalichand Vora Huf||Buy||89,098||35.27|
|SUEL||24-Apr-19||Suzlon Energy Ltd||Share India Securities Limited||Buy||662,134||7.27|
Edelweiss Alternative Research