Domestic equity market benchmarks BSE Sensex and NSE Nifty 50 were likely to open in green on Monday, as suggested by trends on SGX nifty in early trade. SGX Nifty 50 Index July Futures were ruling at 16,211, up 176 points or 1.1 per cent on Singaporean Exchange. Analysts say first quarter financial results, foreign fund movement, global cues and trends in the rupee are among the major factors that will drive the equity markets this week. Moreover, international oil benchmark Brent crude movement would also influence trading in the market.
Stocks to watch
HDFC Bank: HDFC Bank on Saturday reported a 20.91 per cent jump in its June quarter net profit at Rs 9,579.11 crore on the back of overall growth. On a standalone basis, its net profit increased to Rs 9,195.99 crore from Rs 7,729.64 crore in the year-ago period, but was down from Rs 10,055.18 crore in the preceding March quarter.
Bank of Baroda: Public sector lender Bank of Baroda on Saturday approved raising Rs 1,000 crore through long-term bonds for financing of infrastructure and affordable housing. The lender in June approved raising Rs 5,000 crore in FY23 through debt for affordable housing.
ACC: Shares of ACC Ltd sharply declined on Friday after the cement maker posted a 60.07% decline in its consolidated net profit to Rs 227.35 crore for the quarter ended June 30, 2022. The stock fell 0.73% on the BSE to Rs 2,140.70 while it declined 0.85% to Rs 2,142 on the NSE.
LIC: Life Insurance Corporation of India’s (LIC) bid to buy a 15% stake in India International Exchange (India INX), an international exchange, and a similar stake in India International Clearing Corporation (India ICC) — both promoted by BSE and located at GIFT IFSC — may come to fruition after the government tweaked provisions of the Insurance Act last week to allow Indian insurers to invest in the International Financial Services Centre (IFSC) at GIFT city, Gujarat.
Reliance Capital: Amidst a poor response from bidders, the lenders of Reliance Capital (RCap) have proposed hiving off two group companies’ assets into a separate trust to speed up the firm’s resolution process. They have also waived the condition for an earnest money deposit (EMD) of Rs 75 crore on the first date of submission.
Coal India: Coal India (CIL) has cancelled its maiden tender for short-term imports of coal, in which Adani Enterprises had emerged as the L1 bidder. Adani had quoted Rs 4,033 crore for the supply of 2.416 million tonne (mt) on a freight on road basis, but CIL ultimately didn’t issue the contract’s letter of award (LoA) to Adani.
Q1 results: HeidelbergCement India, Nelco, Bank of Maharashtra, Bhansali Engineering Polymers, Alok Industries, Ganesh Housing Corporation, Onward Technologies, Sudal Industries, Tanfac Industries stocks will be in focus ahead of quarterly earnings on Monday, 18 July 2022.
Vodafone Idea: Vodafone Idea: Vodafone Idea’s shareholders have approved equity allocation worth Rs 436.21 crore to its promoter entity, the Vodafone Group. As per voting results submitted to the stock exchanges, 99.94 per cent of VIL shareholders approved allocation of the equity to Vodafone Group firm Euro Pacific Securities.