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Stocks In Focus On June 8, 2021: MRF, SBI, Infosys, Indiabulls Housing etc.
Indian indices in Monday's trade ended at a record closing high on strong domestic and global cues. At 8:19 am, SGX Nifty traded weak by 0.05% which points to a subdued start for the Indian indices today.
Meanwhile, Asian markets were also trading mixed with Japanese Nikkei and Hang Seng down in trade while Taiwan index traded higher.
1. MRF:
For the quarter ended March of FY21, total income at the tyre manufacturing firm came in at Rs. 4794 crore versus Rs. 4630 crore in the December quarter. Profit after tax at the firm however declined over 50% YoY to Rs. 317 crore as against Rs. 669 crore in the same quarter during the year ago period.
Profit at the company has taken a hit as MRF took a one-time deferred tax credit in the same quarter in the year ago period.
The company declared dividend of Rs. 94 alongside a special dividend of Rs. 50 to commemorate the 75th anniversary of MRF. Also, during the year the company declared two dividends of Rs. 3 per share each, taking the total dividend for FY 21 to Rs.150.
2. Infosys:
Infosys has entered into collaboration with Archrock, Inc. ("Archrock"), the leading provider of natural gas compression services in the U.S., to integrate digital technologies and mobile tools for its field service technicians.
"As part of this engagement, Infosys will leverage its pre-configured accelerator for Microsoft Dynamics 365 Field Service Application to streamline and enhance the efficiencies of Archrock's field services and operations. Archrock selected Infosys for its rich experience and deep domain expertise in the energy industry, dedicated team, and robust capabilities in the Microsoft Dynamics 365 Field Service space", said Infosys in a BSE Filing.
3. UCO Bank:
After reporting full year profit of Rs. 167 crore for the last FY, public sector lender UCO Bank is nudging the apex banker to take it out of the PCA framework.
In May 2017, the RBI prompt correction action was initiated against UCO Bank due to large NPAs and negative return on assets. In the FY20 period, the bank's net loss stood at Rs. 2436 crore, while during the FY19 period it was still higher at Rs. 4321 crore.
4. Indiabulls Housing Finance:
Indiabulls Housing Finance Limited ('IBH') and Indiabulls Commercial Credit Limited ('ICCL') has entered into a strategic co-lending partnership with Central Bank of India to offer secured retail loans and secured MSME loans respectively. 20% of the total loan order book shall be retained by IBH and ICCL while the remaining shall be with Central Bank.
5. SBI:
The country's leading state run lender SBI has made an investment into digital payments and banking technology startup Cashfree. The financial consideration of the deal is however not made known. In November 2020, the Bengaluru based startup raised $35 million in Series B funding from Apis Growth Fund II and Y Combinator.
6. Hospital stocks:
Hospital stocks including Apollo Hospitals, Narayana Hrudayalaya, Fortis etc. will be watched out in today's trade as the centre has capped the service charge on Covid vaccine at Rs. 150 per dose. Private hospitals until now charged up to Rs. 300 per jab as service fee.
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