The Indian benchmark indices may open on a cautious note on Friday, June 4, ahead of the Reserve Bank of India’s monetary policy announcement at 10 am today. In the interim, the SGX Nifty was trading 16.50 points or 0.11 percent lower at 15,678.50 at 7:10 am, indicating a mildly subdued start for the broader index in India.
Top stock to look for the day:
Banks and NBFCs: The Reserve Bank of India (RBI) will announce its monetary policy at 10 AM IST today. Amid uncertainty about the economic fallout of the second COVID-19 wave in the country, the policy is expected to leave rates unchanged.
IDBI Bank: The bank has secured a USD 239 million judgment in the commercial division of the High Court of London against India-based Essar Shipping Group, which is a Cypriot subsidiary.
Mahindra & Mahindra: The Ministry of Defence (MoD) signed a contract with Mahindra Telephonics Integrated Systems for procurement of 11 airport surveillance radars to be used by the Indian Navy and Indian Coast Guard at a cost of Rs 323.47 crore. The procurement will be made under the ‘buy and make’ category.
ABB Power Products and Systems India: The company has resumed operations at its manufacturing facility in Bengaluru, Karnataka from May 28, 2021.
Gujarat State Petronet: The company’s consolidated profit rose to Rs 577.5 crore in Q4FY21 against Rs 497.67 crore in Q4FY20. Revenue jumped to 3,828.65 crore from Rs 3,207.41 crore, YoY.
Lupin: The multinational pharmaceutical company launched an authorised generic version of Brovana (arformoterol tartrate) Inhalation Solution 15 mcg/2 mL, unit-dose vials, of Sunovion Pharmaceuticals Inc, in the United States. The drug is used for the maintenance treatment of patients with chronic obstructive pulmonary disease.
Som Distilleries & Breweries: The company reported consolidated profit at Rs 3.7 crore in Q4FY21 against a loss of Rs 4.97 crore in the same period last year. Revenue jumped to Rs 191.62 crore from Rs 161.55 crore, YoY.
Cupid: The company’s Q4FY21 profit fell to Rs 6.47 crore from Rs 10.43 crore in Q4FY21. While revenue fell to Rs 41.69 crore from Rs 42.69 crore, YoY.
Quess Corp: The company’s reported net loss in Q4FY21 tapered to Rs 58 crore from Rs 630 crore in Q4FY20. Revenue increased marginally to Rs 3,005 crore from Rs 2,995 crore, YoY.
Anupam Rasayan India: The company’s long term rating was upgraded by CRISIL to A/Stable from A-/Stable. While the short term was also revised to A2+ from A1.
Nucleus Software Exports: The company reported a consolidated profit at Rs 27.35 crore in Q4FY21 against Rs 28.14 crore in the corresponding quarter last year. While revenue declined to Rs 124.18 crore from Rs 138.23 crore, YoY.
List of companies which are going to declare their quarterly results: Bharat Forge, Bank of India, Balkrishna Paper Mills, IOL Chemicals & Pharmaceuticals, Jubilant Pharmova, MOIL, NIIT, Punjab National Bank, Paisalo Digital, Pennar Industries, Simbhaoli Sugars and Varroc Engineering among others will release their quarterly results on June 4.