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Photo: Reuters
Photo: Reuters

Stocks to Watch: Bharti Airtel, HDFC, ITC, JSW Steel, Avenue Supermarts

  • The promoter of Bharti Airtel will sell shares worth $1 billion, or 2.75% stake, in the firm through a block deal today, according to a Mint report
  • ITC will acquire 100% stake in Kolkata-based spice maker Sunrise Foods

Here is a list of top ten stocks that may be in focus on Tuesday:

Bharti Airtel: The promoter of the telecom operator will sell shares worth $1 billion in the firm through a block deal today, according to a Mint report. The promoter, Bharti Telecom Ltd, will sell a 2.75% stake at a floor price of 558 per share, which is at a discount of 6% to Bharti Airtel Ltd's stock price.

HDFC: The mortgage lender reported a net profit of 2,233 crore for the March quarter of FY20, down 22% from 2,862 crore in the same period last fiscal. Net profit fell owing to provisioning of 1,274 crore, which included the impact of coronavirus-led disruptions, as compared to 398 crore in the year-ago period. The board approved a dividend of 21 per share.

ITC: The company on Sunday said it will acquire 100% stake in Kolkata-based spice maker Sunrise Foods Pvt Ltd (SFPL), in a move that will help the company cement its position in the country’s fast-moving consumer goods (FMCG) market. The market was closed on Monday due to Eid-ul-Fitar.

Kotak Mahindra Bank: The private lender will sell shares to institutional investors to raise about $2 billion in multiple tranches. The the bank looks to dilute the promoter's stake to comply with regulatory norms and raise capital, according to report by The Economic Times.

JSW Steel: The Sajjan Jindal steel giant's revenue declined 20% year-on-year (YoY), while net profit fell a sharp 84.8% during the March quarter due to exceptional items worth 805 crore. The firm's domestic earnings before interest, tax, depreciation and amortisation (Ebitda) per tonne was down 14.9%, while sales volumes decreased 14% YoY to 3.7 MT in Q4.

Vedanta: The Anil Agarwal-controlled firm said it has started the process to seek shareholder nod for delisting the company from stocks exchanges. It has issued a notice seeking shareholder approval for delisting through a postal ballot. Shareholders will get to cast their votes between 26 May and 24 June.

Avenue Supermarts: The hypermarkets chain, DMart, owner's revenue was up 23.1% YoY, while net profit rose 41% during the March quarter driven by higher other income and lower taxes. The company expects declines in its Ebitda due to lower sales, lower gross margins and higher cost of operations.

Bank of Baroda: The state-owned bank plans to approach the Karnataka High Court to restrain billionaire businessman BR Shetty from selling his assets, even those that are not pledged to the bank, according to a Mint report.

IDFC First Bank: The private lender said its senior management has volunteered to take a 10% cut in fiscal 2021 remuneration, with its chief executive officer (CEO) V Vaidyanathan taking a 30% cut in his compensation including fixed and allowances.

ONGC: Infrastructure Leasing & Financial Services (IL&FS) group has sought expressions of interest (EoI) from potential buyers to sell its entire 26% stake in gas-based power plant ONGC Tripura Power Company Ltd. The proposed sale is part of IL&FS' ongoing asset monetisation plan.

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