Top stocks in focus on Tuesday, 11 July 2017
Domestic equity markets are likely to open in green on Tuesday following Nifty futures on the Singapore Stock Exchange (SGX Nifty) and mixed global cues.
SGX Nifty was up 29 points, or 0.30 per cent, at 9,802, indicating a gap-up start for NSE Nifty index.
Here is a list of top stocks that are likely to be in focus today:
State Bank of India (BSE 1.10 %) on Monday said its central board approved dilution of its stake in its life arm through an initial public offer for which it has already secured the sectoral regulatory approval.
SpiceJet: SpiceJet’s former promoter, Kalanithi Maran of Sun Group, has sought over Rs 2,000 crore compensation from current promoter Ajay Singh and the airline for allegedly causing losses by failing to honour contractual obligations.
Lupin: Global financial firm CLSA has maintained ‘Outperform’ on LupinBSE 0.61 % with a target price of Rs 1,310.
Sugar stocks: The government increased import duty on sugar to 50 per per cent to curb dumping of the commodity in India as international prices fell. The industry expects the move to prevent a build-up of arrears in payments to sugar cane farmers in the next season starting October 2017.
Maruti Suzuki: At a time when carmakers are re-evaluating plans to introduce hybrid vehicles in the Indian market after high levies under the GST regime, the country’s largest carmaker Maruti Suzuki IndiaBSE 0.18 % said it will put its might behind hybridisation and go ahead with planned launches as these vehicles are environment-friendly and good for the consumer and the country .
IOC: Indian Oil Corporation Limited (IOCBSE 0.34 %) and LanzaTech, carbon recycling company, have signed a Statement of Intent to construct the world’s first refinery off gas-to-bioethanol production facility in India.
Earnings today: Amtek AutoBSE 0.80 %, IndusInd BankBSE -0.05 % and South Indian BankBSE 0.35 % will announce their financial results for the quarter ended June 30, 2017 on Tuesday.
Bharti Airtel: Bharti AirtelBSE -1.39 % announced the launch of Project Next – its digital innovation program aimed at transforming customer experience across all of its services and touch points. Airtel said it plans to invest up to Rs 2000 crore over the next 3 years under Project Next to launch several exciting digital innovations to step change the simplicity and interactivity of the Airtel customer experience. Project Next complements Airtel’s massive investments towards bbuilding a future ready network under Project Leap.
GSFC: Gujarat State Fertilizers & Chemicals (GSFC) announced an emergency shutdown of ammonia-IV plant on July 6, 2017 due to detection of leakage of high pressure process gas from hot header of reformer box. Urea-II plant was also shutdown due to non-availability of CO2 gas which is by product of ammonia-IV plant. All other plants of GSFC are operational with supply of ammonia from ammonia storage tanks. Efforts are being put to rectify the problem and put back the plant on regular operation.
Reliance Power: The company said it has redeemed and paid interest in respect of its 2500 –10.20% unsecured redeemable non-convertible debentures series I (2016) of Rs 10 lakh each aggregating to Rs 250 crore on the due date 10 July 2017.
Bajaj Electricals: The company had advanced a sum of Rs 3.80 crore to Starlite Lighting (SLL) as a short term loan inter-alia on the collateral security by way of pledge by the promoters of SLL of 38 lakh equity shares, 28% equity, held in SLL, under an agreement of pledge of shares dated February 23, 2007, with a right to the company to purchase the same, at its sole discretion, at a pre-determined consideration of Rs 3.50 lakh.
The company has now exercised its right to acquire these shares and with this acquisition, the shareholding of the company in SLL has increased from 19 per cent to 47 per cent.
Cyient: Cyient said it has subscribed to 49 per cent of share capital of a newly incorporated company Cyient Solutions and Systems.