The Indian market is likely to open lower Thursday following muted trend in Asian peers. At 8:05 am, the SGX Nifty was trading 18.50 points or 0.17 percent lower at 10,623.50, indicating a negative start for the Sensex and Nifty50.
Here are the top 10 buzzing stocks for today:
1. Infosys: The company’s net profit in Q1FY21 fell 2 percent to Rs 4,233 crore from Rs 4,321 crore while revenue rose 1.7 percent to Rs 23,665 crore from Rs 23,267 crore, QoQ. The company gave FY21 revenue growth guidance in the range of 0-2 percent in constant currency. Operating margin for FY21 is estimated to be in the range of 21-23 percent.
2. State Bank of India: The company’s board approved raising up to Rs 25,000 crore via bonds in FY21.
3. L&T Infotech: The company reported 2.6 percent sequential fall in Q1FY21 net profit at Rs 416 crore while revenue declined 2.1 percent to Rs 2,949 crore. EBIT rose 2.1 percent to Rs 514 crore while EBIT margin expanded by 90 bps to 20.1 percent, QoQ.
4. Federal Bank: The bank’s net profit in Q1FY21 rose 4.3 percent to Rs 400.8 crore from Rs 384.2 crore, YoY. NII increased 12.3 percent to Rs 1,296.4 crore while NIM improved to 3.07 percent from 3.15 percent, YoY. Asset quality also improved as net NPA ratio at 1.22 percent was the lowest in last 10 quarters.
5. Sugar stocks: Balrampur Chini Mills, Dhampur Sugar Mills Ltd, EID Parry, Bajaj Hindusthan, Dalmia Bharat Sugar among other sugar stocks will be in focus after the government approved an increase in the minimum selling price (MSP) of sugar by Rs 2 to 33 per kg.
6. Minda Corporation: The company reported a consolidated net loss of Rs 299.77 crore in Q4FY20 as against net profit of Rs 41.92 crore, YoY on account of impairment charges of one of its arms that has filed for insolvency. Revenue during the quarter fell to Rs 697.93 crore from Rs 771.39 crore, YoY.
7. Indiabulls Real Estate: Embassy Group has proposed 11 projects worth 61.9 million sq ft to merge into Indiabulls Real Estate.
8. IDBI Bank: The bank will raise up to Rs 11,000 crore equity capital through various modes, including a qualified institutional placement (QIP), in about a year to strengthen its capital base.
9. PowerGrid Corporation of India: The Department of Telecommunications (DoT) has withdrawn provisional demand notices served to the company with respect to the license fee for the period from 2006-07 to 2018-19.
10. Coffee Day Enterprises: The company’s interim Chief Operating Officer Nithin Bagamane has resigned from the company citing personal reasons.