Mumbai: India’s benchmark equity indices are likely to start significantly higher on Wednesday, after Prime Minister Narendra Modi announced an economic package of Rs 20 lakh crore late on Tuesday, beating Street expectations.
'Atmanirbhar Bharat Abhiyan' is a package to spur business, attract investment and strengthen the Make in India Mission, stated Modi.
The package is equivalent to 10 per cent of India's GDP and will have an emphasis on land, labour, liquidity and laws.
Here are a few stocks which may create some buzz in Wednesday’s trade:
Maruti Suzuki (India), Kotak Mahindra Bank, Mphasis: These companies are slated to announce their March quarter earnings on Wednesday.
Vedanta: Mining major Vedanta's promoter Anil Agarwal is set to take the company private. In a late evening stock exchange filing, the company announced the decision by its parent
Vedanta Resources, promoted by the billionaire.
Nestle India: Nestle India, the maker of Maggi noodles and Kitkat chocolate, reported a forecast-beating 13.54 per cent year-on-year (YoY) jump in the net profit for the quarter ended March on Tuesday.
Bandhan Bank: Private lender Bandhan Bank on Tuesday posted 29 per cent quarter-on-quarter (QoQ) fall in net profit at Rs 517.28 crore for the quarter ended March 31 due to over two-fold rise in provision and contingencies.
Vodafone Idea: Vodafone Group Plc is likely to inject Rs 285 crore (35 million euros) more into its India telecom JV - Vodafone Idea - by September, as per a pre-agreed mechanism. The UK group also raised concerns regarding Vodafone Idea's ability to generate cash to settle or refinance its liabilities and guarantees, including those related to its adjusted gross revenue (AGR) dues.
Blue Star: Air conditioning and commercial refrigeration company Blue Star on Tuesday reported a 88.85 per cent decline in consolidated net profit at Rs 8.90 crore for the quarter ended March due to Covid-19 pandemic and the subsequent lockdown.
Sterlite Technologies: Data network solutions provider Sterlite on Tuesday posted over 50 per cent decline in its consolidated net profit to Rs 80.3 crore for the March quarter, due to prolonged industry challenges and the COVID-19 crisis.