Stocks in focus: RIL, Airtel, Vodafone Idea, Britannia, Jubilant Life Sciences, HUL, Axis Bank, Bajaj Finance

Markets are largely focusing on the earnings and the recent announcements from the index majors have positively surprised the market, which in turn fueling the recovery

Nifty futures were trading 116.25 points or 1.06 per cent higher at 11,126.50 on Singaporean Exchange, suggesting an upbeat start for BSE Sensex and Nifty 50 on Tuesday. Meanwhile, positive COVID-19 vaccine trial data uplifted the investor sentiment in Asian stock markets and on Wall Street. Market participants will track stock-specific action, trends in coronavirus cases, oil prices and movement in the rupee. “Markets are largely focusing on the earnings and the recent announcements from the index majors have positively surprised the market, which in turn fueling the recovery. However, the rising COVID-19 cases and talks of community transmission could dent the pace ahead,” said Ajit Mishra, VP – Research, Religare Broking Ltd.

Reliance Industries: Reliance Jio has sought spectrum in certain frequencies from the Department of Telecom for holding trials of the latest 5G technology, according to sources. The company’s wholly-owned US-based subsidiary Radisys has already started selling some of the 5G solutions to foreign companies.

Bharti Airtel, Vodafone Idea: The Supreme Court reserved its order on the time to be granted to telecom operators Bharti Airtel, Vodafone Idea, and Tata Teleservices to pay their adjusted gross revenue (AGR) dues. While the department of telecommunications maintained the companies be given a 20-year period to pay their dues, Airtel and Voda Idea were comfortable with a 15-year period, while Tata Teleservices said it was comfortable with a 7-10 year period.

Britannia: Britannia Industries will invest over Rs 700 crore to open five new manufacturing units in the next two-and-a-half years to meet the growing demand in different parts of India, its MD Varun Berry said on Monday. The Wadia group company said the company needs to set up three new plants in Bihar, Uttar Pradesh and Tamil Nadu to meet the demand.

ACC: ACC reported a 40 per cent decline in consolidated net profit at Rs 270.95 crore in the April-June quarter of the financial year 2021. The company had posted a net profit of Rs 455 crore in the corresponding period of the previous year.

Jubilant Life Sciences: Jubilant Life Sciences announces that its subsidiary, Jubilant Generics Limited, has received approval from the Drug Controller General of India (DCGI) to manufacture and market the investigational antiviral drug remdesivir for 100 mg/vial for restricted emergency use in India for the treatment of severe COVID-19.

HUL, Axis Bank, Bajaj Finance: Hindustan Unilever, Axis Bank, Bajaj Finance, ICICI Prudential Life, Bajaj Finserv, Crisil, DCM Shriram, IndiaMART InterMESH and Syngene International are slated to announce their June quarter earnings later in the day today.