Stocks to watch out for on Friday, Aug 10: Jet Airways, Bhushan Steel
Indian markets expected to open sideways due to mixed Asian cues. Long build up seen in Nifty Futures, Open Interest up 2%. Nifty resistance seen at 11,540, 11,600; support seen at 11,180, 11,350. Long build up seen in Axis Bank, SBI, BoB, IDFC Bank, ICICI Bank. Bank Nifty resistance at 28,400, 28,900; support seen at 27,500, 28,000
Here are some stocks which will be in focus today.
Earnings impact: Stocks of Eicher, JSPL & Bhushan Steel will be in focus as companies announced results post market hours on Thursday. Eicher Motors' consol PAT was up 25.7% YoY Rs 576 cr, revenue up 13% YoY at Rs 2,548 Cr. JSPL's reported PAT at Rs 110 cr vs loss of Rs 421 cr. Bhushan Steel reported a net loss of Rs 24,566.2 cr.
Earnings in focus: Stocks of SBI, GAIL India, Hindalco and Sun TV, DLF and Bosch will be in focus as they announce results today. SBI net profit expected at Rs 238 cr.
Jet Airways: Jet airways announced on Thursday that it has defered it's Q1 earnings announcement. Co's audit panel did not recommend Q1 FY19 earnings to the board, the panel is awaiting closure of certain pending matters.
NALCO: Business Standard reports Nalco plans to invest Rs 131 cr in wire rod unit at smelting unit at Angul. Company planned facility envisages a capacity of 40,000 tn/per annum.
Vakrangee: SEBI has directed Vakrangee promoters to make open offer within 45 days, have also asked Vakrangee promoters to pay 10% annual interest to shareholders. SEBI has accused Vakrangee promoter of violating takeover threshold norms In 2013.
Bhushan Steel: Bhushan Steel reported net profit of Rs 2100 cr, board approved change of name of company to Tata Steel BSL Ltd. SFIO arrested Neeraj Singhal, Ex-Promoter Of Bhushan Steel. For fraud on Thursday, Neeraj Singhal accused of siphoning off Rs 2,000 cr from loans by Bhushan Steel.
Aviation cos in focus: Aviation Secretary said on Thursday that ministry is in discussions on providing ECBs window to airlines are on with Finance Minister. The move will be a positive step for airlines.
RIL/BPCL/HPCL: Mint reports that RIL is seeking petcoke from 3 oil marketing firms for $5 bn gasifiers. BPCL and HPCl among firms RIL has approached to buy petcoke. RIL want to eliminate petcoke production of 6.5mn tonnes a year.