NEW DELHI: The domestic equity market is likely to open on a negative note on Wednesday, tracking global cues and Nifty on Singapore Stock Exchange (SGX). At 07:59 am, Nifty futures on the Singapore Stock Exchange were trading 84.50 points, or 0.78 per cent lower at 10,741.
Here is a list of top stocks that are likely to be in focus in today’s trading session.
RCom: The dedicated bankruptcy court NCLT has admitted three insolvency petitions filed against Reliance Communications (Rcom) and its subsidiaries, by telecom gear maker Ericsson, dealing a severe blow to the telco’s plans of selling most of its wireless units to Reliance Jio Infocom (Jio). RCom was aiming to sell its towers, fibre, spectrum and nodes to Jio for about Rs 18,000 crore. According to sources in the courtroom, this case will finally head Supreme Court since neither side will back down. This apart, Sistema Shyam Teleservices (SSTL) on Tuesday offloaded over 1.5 crore shares of debt-ridden Reliance Communications, lowering its holding to 4.43 per cent.
Key Q4 earnings today
ITC, JSW Steel, Tata Steel, HindalcoNSE -1.89 %, TVS Motor, Zee Media, GSFC, Balkrishna Industries, Birla CorporationNSE -0.49 %, Century Ply and DB Corp would be among the companies scheduled to report their quarterly numbers during the day.
Punjab National Bank: State-run Punjab National Bank posted its highest-ever quarterly loss at Rs 13,416.91 crore in the January-March quarter as it took a massive hit from the Rs 14,000-crore Nirav Modi scam. The Delhi-based lender had reported a standalone profit of Rs 261.90 crore in the January-March period of the corresponding fiscal last year. It ended the FY18 with a net loss of Rs 12,283 crore, against a profit of Rs 1,324.8 crore in the year before.
ICICI Bank, Gammon Infrastructure: ICICI Bank has acquired nearly 18 per cent stake in Gammon Infrastructure Projects through invocation of pledged shares. Gammon Infrastructure Projects Limited (GIPL) is an infrastructure project development company incorporated by Gammon India Ltd to participate in the development of infrastructure projects on a public private partnership basis.
NTPC: NTPCNSE 0.21 % on Tuesday inked a pact with Bihar and its power utilities to acquire their entire stake in two joint ventures at Nabinagar and Kanti, and to buy Barauni thermal plant. The transactions would enable NTPC to have 100 per cent stake in Nabinagar and Kanti JV projects, which is part the company’s broad objective of acquiring state-owned generation units across the country.
TCS: Tata Consultancy ServicesNSE 0.26 % said it had grown its headcount in the US state of Arkansas by more than 200 employees, as part of its $2.5 billion deal with insurer Transamerica. The IT major will add the new employees in Little Rock. The company already has about 150 employees in the city of Bentonville. As part of its Transamerica deal, TCS was expected to take on about 2200 Transmerica employees.
Britannia: Leading Indian cookies maker Britannia is consolidating its global procurement operations to trim costs and capture synergies offered by a reformed tax environment that recognises a uniform producer levy, said an ET report. “After GST issues have settled down, we are leveraging backend synergies with the consolidation,” company VP (supply chain) Vinay Singh said.
Tata Steel: The National Company Law Tribunal (NCLT) on Tuesday approved Tata Steel’s bid for Bhushan Steel Limited (BSL), clearing the deck for the bankrupt mill’s acquisition by India’s oldest maker of the primary infrastructure alloy. The NCLT also dismissed a plea filed by employees of Bhushan Steel opposing Tata Steel’s bid. It also rejected another petition by engineering and construction major L&T, an operational creditor to Bhushan Steel: L&T had sought priority in repayment of debt in the resolution process.
Jaypee Infratech: A group led by Lakshdeep Investments & Finance, which was the highest bidder for bankrupt developer Jaypee Infratech, is open to renegotiating its rejected offer, said an ET report citing a person familiar with the development. The consortium filed an intervening application in an ongoing case in the Supreme Court seeking to extend the deadline for insolvency proceedings. The top court is hearing petitions of homebuyers who haven’t got their apartments and were left stranded after Jaypee Infratech was admitted for bankruptcy protection.
Allahabad Bank: The board of Allahabad Bank has taken away all executive powers of the bank’s chief executive officer Usha Ananthasubramanian, as directed by the government on Monday after the Central Bureau of Investigation named her in the Rs 13,700-crore Punjab National Bank-Nirav Modi fraud. The board has requested the government to make suitable arrangements for smooth functioning of the bank.
Lupin: Lupin on Tuesday reported a net loss of Rs 777.60 crore for the quarter ended March as the Mumbai-based drug maker had to make a one-time impairment provision towards its acquisition of Gavis Pharma. Lupin took a hit worth Rs 1,464.35 crore on USbased Gavis, which it acquired in 2015 for $880 million (Rs 5,610 crore then). Consolidated revenue stood at Rs 4,033 crore, a 5.2 per cent drop from Rs 4,253 crore in the same quarter last year.
Videocon: The Income Tax Department (ITD) on Tuesday questioned Videocon group promoter Venugopal Dhoot in connection with its tax evasion probe linked to the Videocon-ICICI bank loan case, officials said. They said Dhoot appeared before the designated probe officer at the IT department office in Mumbai after he was issued summons to join the investigation. He was questioned for about four hours, they said.