Stocks in focus: HDFC Bank, Reliance Capital, TCS, UltraTech Cement, L&T, VA Tech Wabag, IDFC First Bank – The Financial Express

Market participants will continue to track COVID-19 cases, ongoing vaccination drive, movement in prices, rupee trajectory and other global cues. Image: Reuters

Nifty futures were trading 40 points or 0.27 per cent down at 14,889 on Singaporean Exchange, suggesting a gap-down start for Sensex and Nifty on Wednesday. Market participants will continue to track COVID-19 cases, ongoing vaccination drive, movement in prices, rupee trajectory and other global cues. According to a technical analyst, Bank Nifty can go up to 34500/34700. “If the Bank Nifty performs, the Nifty could move closer to 14900 and 15050 levels. On the other side, Nifty / Sensex would find major support at 14730 and 14620 levels. Buy between 14750/14730 and for that keep a stop loss at 14600,” said Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities.

Stocks in focus today:

HDFC Bank: HDFC Bank on Tuesday said that it was looking into resolving internet and mobile banking issues faced by some customers, according to a tweet by the bank. The bank’s response came after some of its customers reported issues in accessing net banking and mobile banking services yet again.

Reliance Capital: Reliance Capital has once again failed to make interest payment for non-convertible debentures (NCDs) due on March 28 and March 29, 2021. With this default, the non-bank lender has failed to make payment to bondholders at least 50 times in the current financial year (FY21).

State Bank of India: SBI plans to revamp its entire operational setup for lending to micro, small and medium enterprises (MSMEs) with a view to improve turnaround time (TAT) and customer experience while keeping bad loans in check. The bank has floated a request-for-proposal (RFP) seeking bids from consultants to carry out the process.

Tata Consultancy Services: TCS unveiled a new brand statement, ‘Building on Belief’, to articulate its mission and relationship with customers for the next decade of transformation-led growth. Commenting on the move, Rajesh Gopinathan, MD & CEO, TCS said that every innovation and the transformational journey begins with the belief that it will make the world better.

VA Tech Wabag: VA Tech Wabag on Tuesday said it had completed the financial closure of its hybrid annuity model (HAM) project received from Bihar Urban Infrastructure Development Corporation (BUIDCO). To meet the project debt funding requirement, Wabag has partnered PTC India Financial Services (PFS), which will invest up to Rs 86 crore in the SPV of Wabag called DK Sewage Project.

UltraTech Cement: UltraTech Cement, during the last week, has prepaid its long-term loans amounting to Rs 5,000 crore. “This is in line with the company’s endeavour to maintain optimal capital structure,” the firm said in BSE press release. The loan repayments have been done through free cash flows.

Larsen & Toubro: The construction arm of L&T has secured orders from clients for its various businesses. These orders include jobs for heavy civil infrastructure, water and effluent treatment, and building and factories projects.

IDFC First Bank: IDFC First Bank said it has fixed the floor price at Rs 60.34 for the Rs 3,000 crore qualified institutional placement (QIP) issue. The Capital Raising Committee of the Board also decided that the bank may at its discretion offer a discount of not more than 5 per cent on the floor price for the issue.