New Delhi: Here is a list of top 10 stocks that may remain in focus today:
TCS: The IT major will kick start the earnings season for the September quarter on Thursday. This is likely to set the tone and steer the Indian equity market this week. Equity markets will be closed on Tuesday for Dussehra. Along with TCS Ltd, Infosys Ltd will also announce its earnings this week. Global factors such as crude oil prices and investment by overseas investors will drive the markets.
Bosch: The company, one of the leading automotive component suppliers, said it will observe no production days ranging upto 10 days per month per plant belonging to its powertrain solutions division during Q3FY2020. Bosch Ltd wants to align its production with sales requirements. The company had in August suspended production operations to avoid inventory build up.
Glenmark Pharma: The US Food and Drug Administration has issued a warning letter to the company’s manufacturing plant in Baddi, Himachal Pradesh. This after the regulator made adverse observations during an inspection in April. The company does not expect a significant financial hit from the warning letter, as there are no major pending product approvals from the facility in the next 12 months.
Zee Entertainment: Essel Group-owned Zee Entertainment Enterprises Ltd (ZEEL), at a conference call on Saturday, told investors that none of ZEEL’s shares were pledged to Russian media conglomerate VTB Capital Plc, in the structured loan arrangement inked between the firms in September 2017. Additionally, ZEEL Chief Executive Officer told investors that VTB Capital has not invoked any of those pledged shares.
Yes Bank: The bank is in talks with three top technology companies, including Microsoft Corp, to induct one of them as a strategic shareholder as part of the bank’s strategy to get fresh capital infusion and augment its digital ambitions. In another development, the bank filed a complaint with Mumbai Police and cyber cell against circulation of fake news and spreading of rumours about the bank’s financial credibility.
Pharma stocks: The Central Pollution Control Board (CPCB) is examining a proposal to change effluent treatment norms for pharmaceutical companies after a submission by an industry body sought tweaks to existing regulations that are acting as hurdles for manufacturing. The government also plans to hold a consultation with various stakeholders to discuss ways of reducing the time taken for environment approval.
JSW Steel: The company is positive that the post-budget measures announced by the government and the ongoing festival season will boost demand sentiment, leading to better days ahead for the alloy major. Metal stocks have been under pressure due to slowdown in real estate, auto and infrastructure sectors. The company, however, remains cautious in investing in new mines.
BPCL: For a hassle-free privatisation of the state-owned firm, the government has quietly repealed the legislation that had nationalised the company, doing away with the need to seek Parliament nod before selling its off to private and foreign firms. The government has proposed to entirely sell its 53.3% stake in Bharat Petroleum Corp Ltd (BPCL).
Auto Stocks: Shares may remain under pressure as the sector is grappling with weakening demand. Toyota Kirloskar Motor Vice-Chairman Vikram Kirloskar said Indian auto industry is facing a big structural issue with affordability becoming one of the most serious challenges due to several factors, including headwinds created by government policies.
HDIL: The company may remain in focus as investigations in alleged financial irregularities by promoters—Sarang and Rakesh Wadhawan—will continue in the Punjab and Maharashtra (PMC) Bank case. The Economic Offenders Wing (EOW) of Mumbai Police arrested the two promoters last week for non-cooperation with officials in probe. More than two-third of the bank’s total loan book has exposure to Housing Development Infrastructure Ltd (HDIL).