Stocks to Watch: Asian Paints, Bank of Baroda, Gail, Oil India, Sical Logistics2 min read . Updated: 24 Jun 2020, 08:16 AM IST
- Bank of Baroda reported a net profit of ₹507 crore for the three months to March, owing to lower provisions for bad assets
- Yes Bank sold 1.66 million equity shares in Sical Logistics, the logistics business of late VG Siddhartha's Coffee Day group
Here is a list of top 10 stocks that may be in focus on Wednesday:
Asian Paints: The paint maker's net profit fell 2.1% year-on-year (YoY) to ₹461.9 crore in the quarter-ended March as the nationwide lockdown to contain the spread of coronavirus hit demand. Revenue from operations fell 7.1% YoY to ₹4,636 crore.
Bank of Baroda: The public-sector lender reported a net profit of ₹507 crore for the three months to March, owing to lower provisions for bad assets. The bank was expected to post a net loss of ₹161 crore in the March quarter of FY20, according to an average of estimates by 11 analysts polled by Bloomberg.
GAIL: The state-owned natural gas processor and distributor will today announce its earnings for the March quarter. Separately, Indian Oil Corporation Ltd, Canara Bank and Power Finance Corporation Ltd will report their financial results for Q4FY20.
Oil India: Fitch Ratings has revised its outlook on the company's long-term Issuer Default Ratings (IDR) to negative from stable and has affirmed the rating at BBB-, in line with the downgrade on India's sovereign rating. Standalone credit profile (SCP) of the company is assessed at bb+.
Sical Logistics: Private lender, Yes Bank Ltd, sold 1.66 million equity shares with nominal value of Rs10 each, constituting 2.84% of the paid-up share capital of the logistics company, in various tranches, it said in a filing to exchanges. Sical is the logistics business of late VG Siddhartha's Coffee Day group.
HPCL: Global rating agency, Fitch Ratings, has revised the long-term Issuer Default Rating (IDR) of the state-owned fuel retailer to BBB- with a negative outlook. Public-sector firms have been facing downgrades owing to revision in India's sovereign rating.
Berger Paints: The company posted a 6.51% YoY decline in consolidated net profit to ₹103.18 crore for the March quarter. It had reported a net profit of ₹110.37 crore in the same quarter last year. Revenue from operations decreased 7.96% YoY to ₹1,354.84 crore during the quarter under review.
Union Bank: The state-owned bank reported a net loss of ₹2,503.18 crore for the March quarter owing to additional provision of ₹2,509 crore on account of amalgamation with Andhra bank and Corporation bank. The bank had posted a net loss of ₹3,369.23 crore for the same period a year ago.
IFCI: Rating agency, Brickwork Ratings, has reaffirmed the rating of BWR BBB+ with a negative outlook for the non-bank financial company's (NBFC) long-term non-convertible debentures (NCDs).
Kalpataru Power: The company's civil engineering subsidiary, JMC Projects (India) Ltd, has bagged fresh orders worth ₹938 crore, including water supply projects in Uttar Pradesh amounting to ₹841 crore, and a building project of ₹97 crore in south India.