Every year on the festival of Diwali, investors trading in the Indian stock market make ceremonial purchases to win the favour of the goddess of wealth in a special one-hour session popularly known as Muhurat trading.
On Sunday, the equity market will start trading at 6:15 pm. Investors will seek special blessings of goddess Lakshmi at a time when concerns over a slowing economy combined with lapses in governance and liquidity issues at large corporates have been weighing on the market sentiment.
Here is a list of top 10 stocks that may be in focus during Muhurat trading today:
RIL: The biggest company by market capitalisation will invest ₹1.08 lakh crore through a rights issue in a newly formed and wholly-owned subsidiary. The proceeds from the new subsidiary will be used to invest in Reliance Jio Infocomm with the aim of making the telecom company net debt free by 31 March 2020.
ICICI Bank: The private lender reported its September quarter earnings on Saturday. Analysts expect the stock to touch a lifetime high today due to strong performance during the quarter. The bank’s net profit would have surged 293% to ₹3,575 crore if a one-time hit of ₹3020.7 crore due to taxes was not accounted for.
Tata Motors: The auto major announced its September quarter results after market hours on Friday. It has reported a consolidated net loss of ₹217 crore in the second quarter of this fiscal due to increased tax expenses and accumulated losses from joint ventures, primarily the Cherry Jaguar Land Rover Automotive Company Ltd, its JV unit in China.
SBI: The largest public-sector lender announced its September quarter earnings on Friday. Investors will watch this space on the back of the bank’s strong performance during the quarter. Its net profit more than tripled to ₹3,011.7 crore from ₹944.9 crore in the same period last year due to higher net interest income and other income.
Marico: The Mumbai-based fast moving consumer goods maker on Friday posted a 17% jump in the second-quarter net profit to ₹253 crore on the back of benign input costs even as domestic demand continued to remain weak during the quarter. In the same quarter last year, the company had reported a net profit of ₹216 crore.
Jubilant Life Sciences: The board on Friday announced a restructuring of the company into two separate entities--one handling pharmaceuticals operations and the other its life science ingredient business.The decision followed recommendations of a committee set up by the board in July. The company also announced its September quarter earnings on Friday.
Mahindra & Mahindra: The company’s subsidiary Mahindra Two Wheelers Europe will fully acquire France-based Peugeot Motorcycles for an undisclosed amount. Mahindra Two Wheelers had acquired a 51% equity stake in the French company from Groupe PSA in 2015. The acquisition will enable the company to grow and expand into European markets and geographies.
Lemon Tree Hotels: The Hotel chain’s board has approved the acquisition of 100% stake in Berggruen Hotels and issuance of convertible preference shares for an amount not exceeding ₹421 crore to APG Strategic Real Estate Pool NV and Lemon Tree Hotels.
NTPC: The state-owned company entered into a JV and Shareholders Agreement with Ceylon Electricity Board for development of 300 megawatts (MW) LNG-based Power Project at Hope Town in South Andaman. The establishment of the power plant is being looked after by NTPC Ltd’s subsidiary NTPC Vidyut Vyapar Nigam.
Tata Power: The company’s joint venture will acquire two power plants at Kalinagar for ₹920 crore from Tata Steel. The joint venture has also signed rolling agreements with the steelmaker for supply of power from the said power plants at Kalinagar. Separately, Tata Coffee may also be in focus as it released its earnings on Friday after market hours.