With a positive movement on the SGX Nifty of 0.52% at around 6:21 am Indian time, Indian benchmark indices are set to see a gap up opening. In trade on May 31, 2021, Nifty hit a fresh high of 15606 led by gains in the heavyweights and metal pack.
Markets would today acknowledge the better than expected GDP number for FY21 which for the full year saw a contraction of 7.3 percent and on a quarterly basis for the quarter ended March, the growth came in at 1.6%.
Meanwhile, Asian markets at the time of writing this copy traded positively, with Kospi trading with gains of up to 0.56 percent.
Here are few of the stocks that shall be in news today:
1. Auto stocks:
Sales volume numbers for auto companies for May shall be revealed today. Because of the low base effect, Emkay Global has made a comparison to May 2019 figures and expects a double digit fall owing to localized lockdowns in most parts of the country amid the second wave.
Furthermore, the research company expects swift recovery in demand for vehicles from Q2 owing to pent up demand and after the curbs are lifted.
2. Jammu and Kashmir Bank:
Ahead of the board meet, the shares of Jammu and Kashmir Bank may see traction. In a regulatory filing, the bank said that its board is scheduled to meet on June 4 to discuss on the plan of capital infusion to the tune of Rs. 500 crore by the J&K government.
3. Honeywell Automation:
The telecommunication equipment major reported a drag in its Q4FY21 profit of over 6 percent YoY to Rs.104.2 crore on account of fall in sales. EBIDTA margins have come in stable sequentially as also on a year on year basis. A dividend of Rs. 85 per share has been approved by the company.
4. Narayana Hrudayalaya Ltd:
Total income at the hospital and medical services entity for the quarter ended March of FY21 came in at Rs. 582.7 crore versus previous quarter's revenue of Rs. 496.77 crore.
Reported PAT at the firm is at a positive Rs. 27.6 crore as against a loss of Rs. 0.86 crore in the previous quarter. PAT at the March ended quarter of FY20 was at Rs. 5 crore, implying an over 5 fold in profit for the hospital chain.
The results from hotel to tobacco giant are expected to be released today. The company may post muted fourth quarter results. Analysts are seeing a drag of 2 percent in profit year on year while its net sales may rise 12.2 owing to the lower base of last year. The stock last quoted at Rs. 216.60.