Here is a list of top ten stocks that may be in focus on Wednesday:
Reliance Industries: The company, which is on a fund-raising spree amid the covid-19 pandemic, is set to open its massive ₹53,125-crore rights issue today. The rights issue, which closes for subscription on 3 June, will be the largest share sale in India—more than double the 2019 record held by Bharti Airtel Ltd and Vodafone Idea Ltd of around ₹25,000 crore each.
L&T: The company's board recommended a final dividend of Rs15.5 per equity share of face value of Re 1.0 each, subject to approval of the shareholders, for the financial year 2020.
Piramal Enterprises: Boston-based private equity firm, TA Associates, is in talks to buy about a 20% stake in Piramal Pharma Solutions for about $500 million. Piramal Group aims to reach an agreement by June, according to Bloomberg.
Bajaj Finance: The company reported a 19.4%% year-on-year (YoY) decline in consolidated net profit to ₹948.1 crore for the March quarter owing to a covid-19 provision of ₹900 crore. Managing director (MD) Rajeev Jain told analysts that the firm has 27% of its loanbook under the three-month moratorium but has not allowed the deferment to customers with a high probability of default.
Bajaj Auto: The auto major will today announce earnings for the March quarter and fiscal 2020. Ultratech Cement Ltd, Dr Reddy's Laboratories Ltd, JSW Energy Ltd, Kalpataru Power Transmission Ltd and Jubilant Foodworks Ltd will also report their Q4 results.
L&T Infotech: The IT services provider's board approve the re-appointment of Sanjay Jalona as chief executive officer (CEO) and MD for five years, effective August 10, 2020.
Future Consumer: Care Ratings has downgraded the credit rating of the company's long-term bank facilities worth ₹266 crore to CARE A- from CARE A and placed them under credit watch with negative implications.
Finolex Industries: The company said it has increased the turnover discount scheme (TOD) across its dealer network amid the lockdown that has taken a toll on businesses. The additional dealer incentive will be paid to those who have achieved their target, and those who could not, will be paid a token amount as a gratitude to cushion the impact of the challenging business environment.
Mangalam Drugs and Organics: The pharma company has received Certificate of Suitability (CEP) for active pharmaceutical ingredient (API), hydroxychloroquine sulphate, from European Directorate for the Quality of Medicines & Healthcare (EDQM).
Zensar Tech: The technology services company has launched digital human resources solution to manage the current and post covid-19 workplace transformation initiatives.