Stocks in focus: RIL, Bharti Airtel, Sun Pharma, Titan, United Spirits among others to remain in news

Dabur India, Sun Pharmaceutical, Aditya Birla Fashion, JP Associates and Tata Investment Corporation are among 21 companies that slated to announce their March quarter earnings today.

Nifty futures were trading lower on the Singaporean Exchange at 9,033, down 15 points or 0.16 per cent, indicating a weak start for the BSE Sensex and Nifty 50 on Wednesday. Market participants will focus on fourth-quarter earnings, upcoming derivatives expiry and development around coronavirus cases and vaccines. Foreign institutional investors (FIIs) bought shares worth Rs 4,716.13 crore, while domestic institutional investors (DIIs) also bought shares worth Rs 2,841.09 crore on net basis on Tuesday, according to the provisional data available on the NSE.

Stocks in focus today:

Reliance Industries: Mukesh Ambani led RIL is working with banks on early preparations for an overseas listing of its digital and wireless business, people with knowledge of the matter said, after the unit attracted more than $10 billion of investment in a month, according to a Bloomberg report.

Sun Pharma, Dabur India: Ujjivan Financial Services, Quess Corp, Dabur India, Sun Pharmaceutical, Aditya Birla Fashion, JP Associates, Vaibhav Global, Tata Investment Corporation, United Spirits and JSW Holdings are among 21 companies that slated to announce their March quarter earnings today.

Bharti Airtel: Bharti Airtel promoter Bharti Telecom Limited informed in BSE filing that the company has raised Rs 8,433 crore ($1.15 billion) by selling a 2.75 per cent stake in the operator. The stake sale was anchored by several existing and new shareholders and several marquee global mutual fund complexes, sovereign wealth funds, multi-strategy funds and domestic institutional investors in sizable quantities. Bharti Group and Singtel will continue to own a majority stake in Bharti Airtel at 56.23 %, even post the transaction.

Kotak Mahindra Bank: Kotak Bank on Tuesday disclosed the floor price for its qualified institutional placement (QIP) at Rs 1,147.75 per share for raising capital by a fresh issue of 6.5 crore shares, the bank informed stock exchanges. At the floor price of Rs 1,147.75, the size of the issue works out to Rs 7,460 crore.

Titan: In a regulatory update, Titan informed that the lockdowns and restrictions imposed on various activities due to COVID – 19 pandemic have posed challenges to all the businesses of Titan Company and its subsidiaries. The company’s operations were hit substantially from March 17 till the 1st week of May 2020, when lockdown was gradually lifted.

Coal India: Coal India’s consultancy arm CMPDIL has been roped in by NTPC to make separate mining plans for Banai and Bhalumuda coal mines in Chhattisgarh with an aim to maximise the extractable reserves by merging operations of the two mines.