Indian shares closed higher on Wednesday, lifted by financial and pharma stocks. The benchmark Sensex rose 0.75 percent to end at 35,645, while the 50-share Nifty index ended at 10,769, up 0.65 percent.
Auto stocks continued their upmove following strong sales in June. The 4-wheeler major Maruti closed at 1-month high and Bajaj auto surged 4 percent. Also, shares of auto parts and equipment makers, Bharat Forge and MM Forgings gained.
Here are the top stocks likely to be in focus today:
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Reliance Industries: The 41st annual general meeting (AGM) of Mukesh Ambani-controlled oil-to-retail-to-telecom conglomerate Reliance Industries Ltd (RIL) is scheduled to be held on July 5, 2018 at 11am in Mumbai today. For the last few years, RIL has made massive Jio related announcements during the AGM and is expected to continue once again. RIL is likely to announce the commercial launch and prices for Jio Fiber service.
Tata Motors: Tata Motors’ small car Nano is inching closer towards the end of its journey with just one unit produced in June, although the company maintained that no decision has been taken yet on stopping its production. In terms of production, only one unit was produced last month as against 275 units in June 2017. Domestic sales were at three units in June as against 167 units in the year-ago month.
Future Lifestyle Fashions: Future Lifestyle Fashions, part of Kishore Biyani-led Future group, on Wednesday said it will acquire 29.9 percent stake in London-listed e-commerce fashion firm Koovs for GBP 15.3 million or approximately Rs 140 crore.
Coal India: Coal imports by the country’s power industry reduced by nearly 15 percent during April-May this year in view of increased supplies from state miner Coal India Ltd (CIL), Coal Minister Piyush Goyal said on Wednesday.
Yes Bank: Yes Bank has received the final regulatory approval from the Sebi to commence its mutual fund business, the bank said in a press release on Wednesday. The fund house will be called Yes Asset Management (India) Limited (YAMIL).
PSU bank stocks: The Finance Ministry is going to meet heads of banks to discuss NPA resolution structure. The meeting will start at 10 am.
Bharti Airtel: The market leader in the telecom sector is likely to post a sizeable net loss in the range of Rs 220-500 crore in the April-June quarter —its first in nearly 15 years, The Economic Times reported. Nomura estimates a net loss of Rs 500 crore, while Kotak Securities expects it to be around Rs 449 crore. Goldman Sachs pegs it significantly lower, at Rs 220 crore. The company had posted a net profit of Rs 83 crore in the January-March quarter, and Rs 367 crore in the year ago period.
HDFC: Succession in HDFC and its group companies is a key agenda before the board, says Deepak Parekh. Parekh, however, made it clear that at HDFC Ltd, the board and its present vice chairman and CEO Keki Mistry have agreed that he will continue in this role for a period of three years, subject to shareholders’ approval.
Kwality: Shares are likely to extend Wednesday’s losses after the board deferred its decision on share buyback, bonus issue and payment of interim dividend.
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