Stocks to Watch: Reliance Industries, Tata Motors, Infosys, banks2 min read . Updated: 15 Sep 2020, 07:28 AM IST
- S&P Global has said it now expects India’s GDP to shrink 9% this fiscal against its earlier estimate of a 5% contraction. It said rising coronavirus cases will keep private spending and investment under pressure for longer than anticipated
NEW DELHI: Here is the list of top 10 stocks that could be in focus Tuesday:
Public sector banks: State-run banks are poised to get ₹20,000 crore through recapitalisation bonds this fiscal, at a time the coronavirus crisis threatens to bump up bad loans across the banking system. The government on Monday tabled the first batch of supplementary demand for grants in Parliament, seeking additional spend beyond budget allocations.
Bank stocks: The Reserve Bank of India (RBI) on Monday asked banks to put in place and upgrade their systems and ensure automation of non-performing asset (NPA) identification. The central bank asked banks to put in place and upgrade their systems to conform to the guidelines by June 30, 2021.
Reliance Industries: The Mukesh Ambani-led company lans to sell about a 10% stake in Reliance Retail to financial investors and almost all the $5.7 bn worth of shares have been taken up, Bloomberg reported citing people familiar with the development.
Tata Motors: Riding a pandemic-fuelled demand for both small cars and sports utility vehicles, Tata Motors has ramped up monthly production to 16,000-18,000 cars for the coming months, three people aware of the company’s production schedules said.
Infosys: Is doubling down on investment in its cloud business as it witnesses a surge in demand, with clients opting for remote working solutions, new business models, and business continuity plans in the post-pandemic era, a top executive said.
ICICI Bank: The private sector lender on Monday said it has been exempt from provisions of the Banking Regulation Act relating to its investments in its insurance companies. While the bank has no immediate plans of divesting stake to less than 50% in the life insurance company, it is looking to bring down its shareholding in the general insurance.
Vedanta: Anil Agarwal-led Vedanta is the sole bidder for Videocon’s 25 per cent stake in the Ravva oil and gas field located in the shallow offshore area of the Krishna-Godavari basin on the eastern coast of India. Videocon is undergoing insolvency proceedings at the NCLT with a separate bidding process being undertaken for the Ravva block.
Consumer stocks: Business outlook has brightened since the dark days of lockdown, but demand will take longer to revive as consumer sentiment remains muted, participants at a Mint-Bain India CEO Survey webinar said. Builders, consumer discretionary businesses—from alcohol and pizza to shoes and home furnishing—and media firms painted a gloomy picture.
Economy: S&P Global Ratings on Monday joined other forecasters in slashing India’s FY21 economic growth, saying that rising coronavirus cases will keep private spending and investment under pressure for longer than anticipated. It now expects the country’s gross domestic product (GDP) to shrink 9% in the year to 31 March against its earlier estimate of a 5% contraction.
Manufacturing: Toyota Motor Corp. won’t expand further in India due to high tax regime, a blow for Prime Minister Narendra Modi, who’s trying to lure global companies to offset the deep economic malaise brought on by the coronavirus pandemic, Bloomberg has reported.