NEW DELHI: Flare up in Sino-US trade tensions, record low rupee and negative reading on technical charts, ahead of Q1 GDP numbers, are hinting at a cautious start for the domestic market.
At 8.20 am, Nifty futures on the Singapore Exchange were trading 12 points, 0.10 per cent, lower at 11,724.
Here’s a look at the top stocks that may hog the limelight in today’s session –
IDFC Bank: The lender has sold 12 power sector loans of ₹2,500 crore to Edelweiss Asset Reconstruction Company in a bid to clean its books before its merger with financial company Capital First is effective, two senior officials said.
ICICI Securities: ICICI Bank, which holds 80 per cent stake in ICICI Securities, voted in favour of Chanda Kochhar to stay on the board of ICICI Securities despite opposition from some proxy advisory firms. Kochhar, the bank’s CEO, was sent on leave on June 19, pending a probe against her.
YES Bank: The Reserve Bank of India (RBI) has allowed Yes BankNSE -5.54 % CEO Rana Kapoor to continue in his present position till further notice just a day before his current three-year term was about to end. The bank’s shareholders had approved another three-year term for him in June.
Idea Cellular: The National Company Law Tribunal (NCLT) approved the merger of Idea Cellular NSE 0.60 % and Vodafone India, clearing the last hurdle to the creation of India’s largest mobile phone company with the most subscribers and revenue share, displacing Bharti Airtel, which has held the top spot for about 15 years.
Fortis Healthcare: The board of Fortis HealthcareNSE -0.87 % on Thursday accepted the resignation of its chief financial officer, Gagandeep Singh Bedi, with effect from September 30. He has resigned “due to personal reasons”, the company stated in its filing.
Hathway NSE 3.72 % Cable: Cable services provider Hathway Cable and Datacom has raised close to Rs 100 crore through allotment of equity shares to a promoter group entity on a preferential basis.
GAIL: The railways signed a memorandum of understanding (MoU) with state gas utility GAIL today to use natural gas in its workshops and production units.
HCC: Construction firm HCC’s real estate firm Lavasa Corporation will face insolvency proceedings with the NCLT today admitting plea of lenders of the debt-ridden realty firm.
Sonata Software: Mid-tier IT services firm Sonata Software expects its services revenue to double to over $300 million in four years as it looks to mine the existing 65 global midsized customers in offering services to build platforms and help them battle competition from firms such as Amazon and Airbnb.
HDFC: Mortgage lender Housing Development Finance Corp (HDFC) has sold its Rs 1,000 crore loan in Essar Steel to an asset reconstruction company at a 30 per cent loss as the resolution of the bankrupt metals company drags on with promoter Ruias-partnered Numetal and billionaire Lakshmi Mittal battling it out in courts.
Jet Airways: The airline company on Thursday said it has received communication from a body of the ministry of corporate affairs seeking clarifications in response to a complaint received by it. Edelweiss has downgraded the stock to a hold from buy and revised the target price to Rs 331,
JSW Energy: Sajjan Jindal’s JSW Energy has promised lenders that it would sweeten the offer for Prayagraj Power in an attempt to trump Tatas backed Resurgent Power, but hasn’t specified what the betterment would be, said two people familiar with the matter.
Eicher Motors: Global superbike makers Harley Davidson and Triumph have announced new, low-displacement bikes for emerging markets that will directly aim at the portfolio of Royal Enfield. Eicher that produces Bullet has chosen to respond by making its own range of big bikes, codenamed J, P, Q and K.
Wipro: Wipro has joined the Blockchain in Transport Alliance (BiTA) to spearhead the development of blockchain standards and drive blockchain adoption in the transportation industry. The company intends to use this platform to help ideate platform-agnostic blockchain standards for the logistics and transportation industry.
Mindtree: The company collaborating with GHD Digital on a broad digital platform targeted to the property and infrastructure sectors.
Oil, aviation stocks: Petrol and diesel prices, already hovering near record levels, are poised to soar further, according to the head of the International Energy Agency who sees robust global demand rapidly outpacing dwindling supply.
Infibeam Avenues: sKR Choksey downgraded Infibeam Avenues to an ‘accumulate’ and kept the target price Rs 256. The brokerage said that it expects further inching up of revenue share from service vertical, to aid group margins in medium to long run.
Aarti Inds: Anand Rathi initiated a buy rating on Aarti Industries and set a target price of Rs 1,600. Its process chemistry competence with scale-up engineering competence put Aarti Industries as one of the global leaders in benzene-based chemistry
Larsen & Toubro: CLSA has a buy rating on Larsen & Toubro with a target price of Rs 1,730. L&T needs only 5-7 per cent growth in order inflow in the rest of FY19 to achieve its 10-12 per cent order inflow growth guidance in FY19, said CLSA. The firm said L&T will be a major beneficiary of such government-sponsored water and urban infra-led capex ahead of the elections.
