Stocks in focus: HUL, Axis Bank, Bajaj Finance, BEML, Bajaj Finserv, Bajaj Auto, Larsen & Toubro

Markets are inching higher with every passing day and Nifty may face the next hurdle around 11,250 level

Nifty futures were trading 16.25 points or 0.15 per cent higher at 11,191.20 on Singaporean Exchange, hinting at a flat start for the BSE Sensex and Nifty 50 on Wednesday. Market participants will continue to track trends in coronavirus cases, global cues, stock-specific action induced by quarterly earnings and movement in oil prices. “Markets are inching higher with every passing day and Nifty may face the next hurdle around 11,250 level. The up move in the banking index is now helping the index to sustain at the higher levels while others are witnessing rotational buying. Traders should maintain their focus on trade selection and position management,” said Ajit Mishra, VP – Research, Religare Broking Ltd.

Stocks in focus today:

Hindustan Unilever: The FMCG giant HUL reported a 7 per cent on-year growth in its standalone net profit at Rs 1,881 crore in the April to June quarter of the current fiscal. The company had reported a net profit of Rs 1,755 crore in the corresponding quarter last year.

Axis Bank: Axis Bank’s net profit declined 18.8 per cent to Rs 1,112 crore in the April-June quarter of the financial year 2021, as provisions rose 15.8 per cent on-year to Rs 4,416 crore and other income fell 33 per cent to Rs 2,587 crore. As of June 30, 9.7 per cent of the bank’s loan book by value was under the moratorium, down from 25-28 per cent earlier.

Bajaj Finance: Rahul Bajaj, chairman of Bajaj Finance, has announced his retirement after heading the company for the last 33 years. Bajaj said as part of the succession plan, he was resigning and handing over reigns of the company to Sanjiv Bajaj who is currently vice-chairman.

Bajaj Finserv: Bajaj Finserv on Tuesday reported a 44 per cent rise in consolidated net profit at Rs 1, 215 crore for the June 2020 quarter. Bajaj Finserv’s consolidated income increased by 16 per cent to Rs 14,192 crore. There was degrowth in the finance and insurance business because of the lockdown during Q1FY21, the company said.

BEML: BEML announced that it has received the order from Ministry of Defence (MoD) for the supply of 1,512 Track Width Mine Plough (TWMP) for T-90 S/SK Tanks at an approximate cost of Rs 557 crore. Under ‘Make in India’ policy the contract has Buy and Make (Indian) categorisation with a minimum of 50 per cent indigenous content in make portion of the contract.

Larsen & Toubro, Bajaj Auto: Bajaj Holdings, Alembic Pharma, Jindal Steel, ICICI Securities, Larsen & Toubro, Bajaj Auto, TTK Prestige, Rallis India, MTNL, and Heidelberg Cement are among companies which are scheduled to announce their June quarter results later in the day today.