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Stocks in the news: Kotak Mahindra Bank, RIL, Britannia, IndiGo, Maruti and Wipro

Stocks in the news: Kotak Mahindra Bank, RIL, Britannia, IndiGo, Maruti and Wipro
NTPC on Monday said it has incorporated a joint venture firm NTPC EDMC Waste Solutions for developing and operating waste to energy project.

Nifty futures on the Singapore Exchange traded 11.75 points, or 0.12 per cent lower at 9,827.75 in signs that Dalal Street was headed for a tepid start on Tuesday.

Kotak Mahindra Bank: Billionaire banker Uday Kotak, who has had a long run-in with the Reserve Bank over his excess personal holding in Kotak Mahindra Bank will be selling 2.83 per cent stake worth over Rs 6,800 crore in the lender on Tuesday.

RIL: Abu Dhabi Investment Authority has joined active discussions for a minority stake in Jio Platforms as cash-rich sovereign wealth funds from the Gulf proactively seek out deals around the world, people familiar with the matter said

Britannia Industries, InterGlobe Aviation: Britannia Industries, Motherson Sumi Systems, InterGlobe Aviation and Eris Lifesciences are among companies, which are slated to announce their March quarter earnings today.

Maruti Suzuki: The country’s largest carmaker Maruti Suzuki India reported 88.93 per cent decline in sales last month at 13,888 units as compared with 1,25,552 units in May 2019.

Adani Transmission: The company said the coronavirus-induced lockdown has delayed execution of its under-construction projects and escalated costs.

Wipro: The IT major anticipates a decrease in its gross margins in the short-term due to lower demand for IT products and delay in customers’ purchasing decisions, resulting from the ongoing COVID-19 pandemic, as per a regulatory filing

Mahindra & Mahindra (M&M): The company said its domestic sales stood at 9,076 units last month, down 79 per cent from 43,056 units in May 2019. In the passenger vehicles segment — which includes utility vehicles, cars and vans — it sold 3,867 vehicles in May as against 20,608 vehicles sold in the same month last year, down 81 per cent.

Banking stocks: The banking pack will be in focus after Moody’s Investors Service’s sudden downgrade of India’s ratings to Baa3 from Baa2, while maintaining a negative outlook.

Ircon International: The company said it has inked pact with NIIFL and Ayana Renewable Power for exploring opportunities in solar energy sector.

PNB: Punjab National Bank (PNB), the country’s second-largest state-owned lender, on Monday said it has reduced its repo-linked lending rate (RLLR) by 40 basis points (bps) to 6.65 per cent from 7.05 per cent. The bank’s marginal cost of funds-based lending rate (MCLR) has also been revised downwards by 15 bps across all tenors.

NTPC: State-owned power giant NTPC on Monday said it has incorporated a joint venture firm NTPC EDMC Waste Solutions for developing and operating waste to energy project.

Ashok Leyland: The Hinduja flaghip firm reported 89 per cent decline in total commercial vehicle sales at 1,420 units in May. The company had sold 13,172 in the same month last year, Ashok Leyland said in a statement. Domestic sales stood at 1,277 units as against 12,778 units in the year-ago month, down 90 per cent, it added.

V-Guard Industries: the company reported 47.49 per cent decline in March quarter consolidated net profit at Rs 32.23 crore due to the impact of lockdown. It clocked a profit of Rs 61.38 crore in January-March, 2018-19, V-Guard Industries said in a regulatory filing.

Adani Power, Adani Green Energy: Billionaire Gautam Adani-led companies Adani Power and Adani Green Energy have sought shareholders approvals to raise up to Rs 2,500 crore each through issue of equity shares or any other instruments in one or more tranches, the two companies said in the respective annual reports for 2019-20.

TVS Motor Company: The company reported total sales of 58,906 units in May after resuming operations which were suspended due to nationwide lockdown. Total two-wheeler sales stood at 56,218 units, out of which domestic sales were at 41,067 units last month, TVS Motor Co said in a statement.

Tata Power: The company said it has completed the acquisition of 51 per cent stake in TP Central Odisha Distribution Ltd (TPCODL) for Rs 178.5 crore.

Oil India:

Oil India has contacted global expert to control the blowout in the gas well at Baghjan in upper Assam, from which offers with action plan and timeline were received.

Welspun Enterprises: The company said its consolidated net profit jumped manifold to Rs 89.08 crore during the quarter ended March 31. The company had clocked a consolidated net profit of Rs 29.63 crore in the corresponding quarter a year ago.

Timex Group: Watch maker India said it has resumed operations at its manufacturing plant at Baddi in Himachal Pradesh following relaxation of lockdown guidelines. On March 23, the company had announced temporary suspension of production operations at the Baddi plant following outbreak of COVID -19 pandemic.

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