Following losses in global peers the Indian Market on Friday, will probably open on a flat note. The SGX Nifty at 7:10 am on July 9 was trading 6.50 points or 0.04 percent lower at 15,703.00. This figure implies a flat start for the broader index in India, cncbctv18.com reported.
Top stock to look for the day:
Union Bank of India: The bank accepted bids for raising Rs 1,150 crore by issuing Basel III-compliant bonds.
Jammu & Kashmir Bank: The bank has been penalised for Rs 1 crore by The Reserve Bank of India. This has been done after the bank breached directions mentioned in circulars on Bank Finance to Non-Banking Financial Companies (NBFCs) and Lending to Non-Banking Financial Companies (NBFCs).
Bharat Dynamics: The company will be manufacturing and supplying Akash Missiles to the Indian Air Force. They have signed a contract for approximately Rs 499 crore with the Ministry of Defence.
Tata Consultancy Services: The company’s Q1FY22 net profit fell by 2.6 %. The brand now stands at Rs 9,008 crore. Their revenue increased by 3.9 % and is now at Rs 45,411 crore, Quarter on quarter (QoQ). Earnings before interest and taxes (EBIT) decreased by 1.2 % to Rs 11,588 crore and the EBIT margin fell by 130 bps to 25.5 %.
Texmaco Rail & Engineering: CARE downgraded outlook to Negative from Stable but has reaffirmed long term credit rating on the company at A-.
Tata Steel: The long term credit rating on the company has been upgraded by CARE from AA to AA+. The outlook too shifted from Negative to Stable.
Tata Motors: A two year memorandum of understanding has been signed for retail finance with the Jammu & Kashmir Bank.
Elgi Equipments: The US subsidiary of the company has invested $95,000 for a 33.33 percent stake in a joint venture company called the Gentex Air Solutions, LLC
Dwarikesh Sugar Industries: A 175 KLPD will be set up at the company’s distillery located in Bareilly, Uttar Pradesh. The company has made an investment of Rs 232 crore regarding this.
Sangam Renewables: The company relieved its entire stake in its subsidiary Waacox Energy to Aditya Birla Renewable at an enterprise value Rs 81,57,55,500 on the transaction. This money will be used by them for reducing the short-term debt by Rs 40,32,92,379.
JSW Ispat Special Products: The steel production of the company has gone down by 6 percent. It was at 0.14 million tonnes in Q1FY22 while the same in Q4FY21 was 0.15 million tonnes. However, this is 76 percent more when compared to YoY production that was at 0.08 million tonnes.