Pre-Market: Stocks to watch in trade on Tuesday
Here are a few stocks that are likely to be in focus today:
State Bank of India has paid Rs 1,290 crore as advance tax for the first quarter of the current financial year, a rise of 4% the same period last year.
The Ruias of the Essar group are set to sell 49% stake inEssar Oil to Russian oil and gas giant Rosneft for about Rs 10,500 crore. The deal is likely to be announced on Tuesday.
Indian Oil will cut the retail prices of diesel by 2.6% and raise those of petrol by about 1% from Tuesday, reflecting changes in global prices of the two fuels since the last revision.
The Mahindra Group on Monday clinched a multi-million dollar aerospace contract with European consortium Airbus at the Paris Air Show, marking a major milestone in the Make-in-India initiative.
Russia-based Sistema JSFC has entered into discussions with Anil Ambani’s Reliance Communications (RCom) for a potential merger between Sistema Shyam TeleServices, Indian arm of Sistema JSFC, and RCom, through a stock swap.
IndusInd Bank has now decided to focus on the real estate business, after a gap of almost six years.
The Foreign Investment Promotion Board (FIPB) has deferred for the second time Kotak Mahindra Bank‘s proposal for raising foreign investment limit in the bank to 55% from the existing more than 48%.
The Adani Group has decided to invest Rs 5,000 crore for establishing 700-Mw solar power generation capacity in Tamil Nadu.
Bharti Airtel will start trials of its 4G services in Delhi from June 18.
HDFC has reported 12% increase in its advance tax outgo to Rs 465 crore for the first quarter of the current fiscal.
Aurobindo Pharma has received the final approval from the US Food & Drug Administration(US FDA) to manufacture and market extended Phenytoin Sodium Capsules, an anti-epileptic drug for controlling seizures.
MARKET COMMENTARY
The markets are likely to open marginally lower on Tuesday following weak trend across other global markets. The early indicator, SGX Nifty has slipped by 13 points at 7,987 mark.
Benchmark share indices ended higher on Monday, shrugging off weak European cues, amid buying in index heavyweights even as auto shares emerged as the top gainers.
Further, stock markets around the world fell on Monday, suffering their first bout of significant contagion from the Greek crisis after 11th hour talks between the near bankrupt country and its creditors collapsed.
MONSOON EXPECTATION
The monsoon accounts for more than 70% of India’s total rainfall. About 77% of the country has received excess or normal rain since June 1, the weather office. The government on June 2 cut its estimate of June to September monsoon rains to 88% of the 50-year average, from 93% in April.
GLOBAL MARKETS
Asian stocks were subdued early on Tuesday as financial markets braced for the possibility of Greece defaulting on its debt, while a two-day policy meeting of the US Federal Reserve’s monetary committee starting later in the session also counselled caution.
Global equity markets have felt a pinch after talks between Athens an its creditors broke down over the weekend, with Greece only having two weeks before it has to repay 1.6 billion euro to the International Monetary Fund. Sentiment soured further on Monday as both sides hardened their stance.
MSCI’s broadest index of Asia-Pacific shares outside Japan and stood unchanged. Japan’s Nikkei lost 0.3% while Australian shares were little changed.
The two-day Federal Open Market Committee (FOMC) meeting begins later in the session and the focus was on whether the US central bank offers a hint of an interest rate rise later in the year.
[“source – business-standard.com”]