Here is a list of top 10 stocks that may be in focus on Friday:
Bharti Airtel: The telecom operator reported a massive net loss in the September quarter due to an unfavourable Supreme Court verdict on the definition of adjusted gross revenue (AGR). The company posted a loss of ₹23,045 crore in July-September against a profit of ₹118 crore due to provisions made for payment of dues in the AGR case. Its net loss exceeded revenue from operations, which grew 4.9% year-on-year to ₹21,131 crore in the quarter.
RIL: Moody's Investors Service on Thursday affirmed Baa2 domestic long-term issuer rating and foreign currency senior unsecured rating. Moody's also affirmed the Baa2-backed domestic currency senior unsecured debt ratings on dollar-denominated bonds issued by Reliance Holding USA, Inc., with a guarantee from RIL. The outlook on the ratings is stable.
Vedanta: The company, after market hours on Thursday, reported a 44% year-on-year jump in its consolidated net profit to ₹2,731 crore in the September quarter following a deferred tax writeback of ₹1,891 crore. However, revenue in the second quarter of the current fiscal slipped 3% to ₹21,739 crore primarily due to lower international prices of zinc and aluminium.
Operating profit for the said quarter was at ₹4,497 crore, down 15% year-on-year.
Vodafone Idea: The company reported a whopping net loss of ₹50,922 crore in the quarter-ended September compared with a net loss of ₹4,874 crore a year ago, as the Supreme Court’s verdict in favour of the department of telecommunications led to provisions made for dues and penalties to be paid to the government. The telecom industry, which is already burdened with falling tariffs and mounting debt, will have to a repay a massive ₹92,000 crore.
IOC: The government is planning to reduce its stake in the fuel retailer below 51% while ensuring that the Centre and state-run companies retain control of the the company, according to a Bloomberg report. A cabinet chaired by Prime Minister Narendra Modi will look at selling shares in some state-owned companies, including Indian Oil Corporation Ltd.
Dr Reddy’s: The pharmaceutical major entered the nutrition segment in India with the launch of ‘Celevida’ drink, targeted at diabetics to help them manage blood sugar levels. Made from soy, ragi and gram flours, Celevida is formulated to have high protein and fibre, and slow-digesting carbohydrates, which will help managing postprandial blood glucose response and satiety of patients.
Bajaj Auto: The auto company plans to share the platform of its all-new electric scooter ‘Chetak’ with KTM and Husqvarna, according to a Mint report. With its new electric scooter, Bajaj Auto Ltd brings back Chetak brand after almost 15 years. The company said it plans to launch the e-scooter in January starting from Pune, followed by Bengaluru next year.
PNB: India's federal police will soon file fresh charges in the $2 billion Punjab National Bank (PNB) fraud case and detail how the alleged wrongdoing was carried out, according to a Bloomberg report. In the police's initial charges, billionaire jeweller Nirav Modi, 21 other people, including PNB officials, and three Modi companies were accused of being involved in fraudulent transactions that led to losses of roughly ₹6,500 crore ($911 million) for PNB.
Fortis: The Supreme Court on Thursday quashed the proceedings for eviction of Fortis Healthcare Ltd’s subsidiary Escort Heart Institute & Research Centre from its premises at Okhla in Delhi. The case pertained to the 25% quota for economically weaker sections that hospitals have to provide for getting land for the premises.
Union Bank: The public-sector bank on Thursday said its September quarter net loss stood at ₹1,194 crore on account of higher provisioning for bad loans. The bank had posted a net profit of ₹139 crore for the same period last year. The loss was higher than a Bloomberg poll of 7 analysts’ estimate of ₹293.5 crore.