Stocks in focus: RIL, TCS, Tata Motors, Coal India, IRCTC, Punjab National Bank, DHFL, SAIL

global markets were also trading in red weighed by concerns around growing COVID-19 cases

Nifty futures were trading 55 points or 0.51 per cent down at 10,788 on Singaporean Exchange, suggesting that the Indian stock market is headed for muted opening on Friday. Global cues, rising coronavirus patients, geopolitical tensions, along with macro data, will sway the investor sentiment today. Global markets were also trading in red weighed by concerns around growing COVID-19 cases. “Market would react to TCS results in the early trade. The near term momentum seems positive, however, we would suggest traders should be stock specific and look at booking profits at regular intervals,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services Ltd.

Stocks in focus today:

TCS: Investors will react to the April-June quarter earnings of the index heavyweight, Tata Consultancy Services, released post market hours on Thursday. TCS’ net profit fell a sharp 13% sequentially to Rs 7,008 crore, while revenues declined 4% sequentially to Rs 38,322 crore.

Reliance Industries: BP and RIL on Thursday announced the start of their fuel retailing joint venture under the brand ‘Jio-bp’. BP had last year bought 49 per cent stake in the 1,400-odd petrol pumps and 31 aviation turbine fuel (ATF) stations owned by Reliance Industries Ltd (RIL) for USD 1 billion, according to PTI.

Tata Motors: The company in an exchange filing on Thursday informed that Jaguar Land Rover retail sales for the three-month period to 30 June 2020 were significantly impacted by Covid-19 in line with the unprecedented market conditions, but improved month-on-month through the quarter.

IRCTC, SAIL: Lakshmi Vilas Bank, Future Consumer, IRCTC and Steel Authority of India are set to announce their March quarter earnings today. On the other hand, Karnataka Bank will release April-June quarter earnings of the current fiscal.

Punjab National Bank: PNB’s board approved raising of Rs 10,000 crore capital through share sale and Tier-II bonds. Out of the total, Rs 7,000 crore will be raised through qualified institutional placement (QIP), follow-on public offer (FPO) or rights issue, the bank said.

DHFL: Punjab National Bank on Thursday said it has reported a fraud of Rs 3,688.58 crore in NPA account of Dewan Housing Finance Ltd to the Reserve Bank of India. The DHFL came in the eye of the storm after a report suggested that the company, through layers of shell companies, allegedly siphoned off Rs 31,000 crore out of total bank loans of Rs 97,000 crore, according to a PTI report.

Coal India Ltd: CIL has surpassed its targeted capital expenditure (capex) of Rs 720 crore and has actually spent Rs 844 crore during the first quarter of the current fiscal amid the Covid-19 slowdown. The company has chalked out a Rs 10,000-crore capex plan for FY21. Besides, the government is considering a plan to raise as much as Rs 20,000 crore by selling a stake in the world’s largest coal producer, and a bank to fund a stimulus program aimed at boosting the virus-battered economy, according to a Bloomberg report.