Stocks in focus: Coal India, IndusInd Bank, Jindal Steel, LIC Housing Finance, DHFL, Ashok Leyland

Trends in COVID-19, SC’s hearing on loan moratorium extension and Services PMI data for August will be tracked

Nifty futures were trading just 10.55 points or 0.09 per cent up at 11,575.20 on Singaporean Exchange, indicating a tepid opening for BSE Sensex and Nifty 50 on Singaporean Exchange. Investors will keep a tab on India-China tensions. On Wednesday, India banned 118 more Chinese apps including PUBG. Besides, trends in COVID-19, SC’s hearing on loan moratorium extension and Services PMI data for August will be keenly tracked. “Markets are trying to digest the recent negatives however we feel traders should continue with a cautious view and prefer hedged bets. In absence of any major event, the India-China broader dispute and performance of world markets would continue to dictate the trend,” said Ajit Mishra, VP – Research, Religare Broking Ltd.

Stocks in focus today:

Coal India: Coal India reported a 55.13 per cent on-year decline in its consolidated net profit for the April-June quarter of this fiscal year at Rs 2077.51 crore. The coal major posted a net profit of Rs 4629.87 crore in the first quarter of the last fiscal year.

IndusInd Bank: The private lender said it has approved allotment of preferential shares to marquee investors to raise Rs 2,495.79 crore. The Finance Committee of the board of directors at its meeting held on September 2, 2020, approved allotment of 4,76,29,768 equity shares of the face value of Rs 10 each at a price of Rs 524 per share on a preferential basis, for an aggregate consideration of Rs 24,95,79,98,432.

Jindal Steel and Power Ltd: JSPL informed that it has sold a 48.99 per cent stake in Oman-based wholly-owned venture Jindal Shadeed Iron and Steel to Vulcan steel, a Mauritius-based subsidiary of Templar Investment, another promoter group firm.

LIC Housing Finance: Mortgage lender will seek shareholders’ approval at its annual general meeting (AGM) on September 28 to raise up to Rs 50,500 crore. The fundraising will be done by issuing debt securities or other hybrid instruments on a private placement basis.

Page Industries, Jubilant Industries: A total of 47 companies including Page Industries, Jubilant Industries, Bilcare, Essar Shipping, IL&FS Engineering, MSTC, Panacea Biotec and Zuari Agro Chemicals, will announce their June quarter earnings today.

Ashok Leyland: Hinduja group flagship Ashok Leyland plans to come up with multiple products for various segments as it aims to de-risk its business, which is currently skewed towards heavy and commercial vehicles, Chairman Dheeraj G Hinduja told PTI.

DHFL: Fraudulent transactions worth Rs 17,394 crore happened at debt-ridden mortgage firm DHFL during FY07 to FY19, according to transaction auditor Grant Thornton. Earlier this year, the administrator of Dewan Housing Finance Corporation Limited (DHFL), appointed under the Insolvency and Bankruptcy Code (IBC), obtained assistance from Grant Thornton to conduct an investigation into the affairs of the mortgage firm, according to a PTI report.