Stocks in focus: IRCTC, HDFC Bank, Bharat Dynamics, Future Consumer, MCX, Future Enterprises

The market is likely to follow the tech-driven rout on Wall Street in overnight trade, where US major indices fell up to over 4 per cent, marking the third straight session of losses

Nifty futures were trading 42.50 points or 0.38 per cent lower at 11,259.50 on Singaporean Exchange, indicating a negative opening for BSE Sensex and Nifty 50 on Wednesday. The market is likely to follow the tech-driven rout on Wall Street in overnight trade, where US major indices fell up to over 4 per cent, marking the third straight session of losses. Meanwhile, India Ratings’ forecast of 11.8 per cent on-year contraction in Indian GDP in FY21 will dent the market sentiment today. “The market would continue consolidating in near term and would remain subdued till the India-China border tensions subside. Any weakness in the market should be looked as a buying opportunity to add quality stocks in the portfolio as the overall long term market trend remains positive,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services Ltd.

Stocks in focus today:

IRCTC: The government plans to sell about 15-20 per cent stake in IRCTC via offer for sale (OFS) and would like to complete the transaction in the minimum number of tranches. The government currently holds 87.40 per cent stake in IRCTC. To meet Sebi”s public holding norm, it has to lower its stake in the company to 75 per cent.

HDFC Bank: Number of customers preferring to buy high-value products through instalments stood at an “all-time high” during the coronavirus pandemic, the country’s largest private sector lender HDFC Bank said on September 8.

Bharat Dynamics: The offer for sale of government stake in Bharat Dynamics which began on September 8, saw an oversubscription of the portion reserved for institutional investors of 1.40 times. The floor price for the OFS has been fixed at Rs 330 per share, where the centre is looking to offload 2.71 crore shares.

MCX: Multi-Commodity Exchange of India Ltd (MCX), India’s largest commodity derivatives exchange, informed that it has witnessed a record-breaking 12-year high in the silver delivery. A total of 139.96 tons of silver was delivered via the Silver 30 kg September contract along with the Silver Mini (5 kg) and the Silver Micro (1 kg) August contracts on MCX.

Indiabulls Ventures, Eveready Industries: A total of 45 companies, including Indiabulls Ventures, CESC Ventures, Emami Realty, Eveready Industries, Shriram EPC and Texmaco Infrastructure are scheduled to announce their June quarter earnings today.

GIC Re: State-owned reinsurer GIC Re reported a net loss of Rs 557.47 crore for the quarter ended June 2020. The company had posted a net profit of Rs 108.60 crore in the corresponding period of the previous financial year. GIC Re said the company saw a reduction in business mainly due to the pandemic and partially due to strategic reduction of risk acceptance because of a fall in overall direct premium in the domestic market.

Future group companies: Heavy selling for Future Consumer, Future Supply Chain Solutions and Future Enterprises was seen by Enam Finance, Edelweiss Crossover Opportunities Fund, Alpha Leon Enterprises LLP, Chetan Raiklal Shah and Dhunseri Ventures. While, Chetan Raiklal Shah, Alpha Leon Enterprises LLP and Tejas Tradefin LLP were involved in some buying as well. Enam Finance sold 1 crore shares of Future Consumer at Rs 10.13 per share, according to the bulk deals data on NSE.