BackStocks to Watch: Wipro, TCS, Punjab & Sind Bank, IOC, BPCL, Motherson Sumi
Punjab and Sind Bank on Wednesday said it will raise up to ₹1500 crore through equity and preferential issue of sharesWipro posted a 5.3% sequential decline in net profit to ₹2,326 crore for the fourth quarter ended March
PremiumNEW DELHI : Here’s a list of stocks that may be in news in Thursday’s trade:
Wipro: Bengaluru-based IT services company Wipro Ltd has been lagging peers for several years now with subdued revenue growth. Wipro posted a 5.3% sequential decline in net profit to ₹2,326 crore for the fourth quarter ended March mainly due to lower operating margins and higher tax rates as compared to the previous quarter.
Tata Consultancy Services: India’s largest software services provider will announce its financial results for the quarter ending 31 March today.
Motherson Sumi Systems: India Ratings and Research has placed Motherson Sumi Systems Limited’s long-term issuer rating of ‘AAA’ on Rating Watch Negative (RWN) with a stable outlook.
Tata Steel: S&P Global has lowered the rating of Tata Steel to 'B+' with a negative outlook. The ratings agency expects covid-19 related disruptions and the consequent economic slowdown to adversely impact the steel maker.
Navin Fluorine: The Company has resumed operations at its facilities in Gujarat and Madhya Pradesh from 14 April after obtaining requisite permissions, as applicable, from concerned government authorities. The operations will be ramped-up in a phased manner, after considering all the relevant factors.
Punjab & Sind Bank: State-owned Punjab and Sind Bank on Wednesday said it will raise up to ₹1500 crore through equity and preferential issue of shares. The board of directors in its meeting resolved and approved to raise equity capital through qualified institutional placement (QIP) up an amount of ₹750 crore in one or more tranches within a period of 12 months, the bank said.
India Cements: CARE Ratings had downgraded long term banking and NCDs rating to ‘A negative’ from ‘A’, with the outlook remaining unchanged at stable.
Eveready Industries: The company has resumed partial operations at its battery manufacturing facility at Maddur in Karnataka, after obtaining permission from the concerned authorities.
Oil marketing companies: The nation’s three biggest state-owned refiners -- Indian Oil Corp., BPCL and Hindustan Petroleum Corp. -- have been forced to cut processing rates by as much as half and are predicting diesel demand will plunge by 40% in April from a year earlier, due to the nationwide lockdown, says a Bloomberg report.
JSW Energy: Brickwork Ratings India has reaffirmed its ratings of ''A1+'' on commercial papers of the company.
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