The Sensex and the Nifty lost ground on Thursday, after the US Fed advanced the possibility of rate hike to as early as 2023. The Nifty lost 76 points in trade, while the Sensex ended lower by 179 points. According to Siddhartha Khemka of Motilal Oswal Domestic Market may consolidate for some-time before resuming its rally.
Technically too, the trend remains intact till Nifty holds above 15,700 for an up move towards 16k mark. Globally, investors would cautiously track what action does other Central Banks take following Fed hawkish announcement. Domestically, monsoon, opening up of the economy in a phased manner and the pace of vaccination going forward would decide the further direction of the market," he said.
Here are stocks that are in the news and will be in action in trade on Friday, June 18.
Tube Investments stock would be in the limelight post its quarterly numbers.
The company reported a standalone net profit at Rs 129.12 crore for the quarter ending March 31, 2021. The company had reported standalone profit after tax at Rs 73.55 crore during corresponding quarter previous year.
The sharp increase in net profits may go down well with the markets. Tube Investments is a part of the Murugappa Group and specializes in engineering, bicycles, metal formed products, and chains.
"We are hopeful that with governments' constant endeavor in controlling the spread of the COVID-19 pandemic and efforts towards maintaining the momentum in economic activity, the impetus in our operations is likely to continue," the Chairman of the company said.
The government owned Power Grid Corporation of India posted over six per cent rise in its consolidated net profit to Rs 3,526.23 crore for the March 2021 quarter, mainly on the back of higher revenues.
The company's consolidated net profit had stood at Rs 3,313.47 crore in the quarter ended on March 31, 2020, according to a BSE filing. Its total income during January-March increased to Rs 10,816.33 crore, from Rs 10,507.65 crore in the year-ago period.
The shares of PowerGrid ended trade 1.5 lower on Thursday and Friday may see an upside on the stock.
Drug maker Venus Remedies said it has won a 10-year-long patent battle against French firm SCR Pharmatop with regards to production of the intravenous paracetamol solution in the country.
The Indian drug firm had initiated the legal battle in order to remove any patent hurdle in manufacturing of intravenous paracetamol solution in the country.
Venus Remedies shares closed at Rs 327.90 in trade.
Drug firm Natco Pharma said its consolidated net profit declined by 43 per cent to Rs 53 crore for the fourth quarter ended March 31, 2021. The Hyderabad-based drug firm had posted a net profit of Rs 93 crore for the January-March quarter of 2019-20 fiscal.
Total income during the fourth quarter stood at Rs 360 crore, down from Rs 477 crore in the fourth quarter of the financial year 2019-20, the drugmaker said in a regulatory filing.
The shares of Natco Pharma were last trading at Rs 1081.
Hindustan Media Ventures
Hindustan Media Ventures has reported a 20.1 per cent decline in its consolidated net profit to Rs 22.07 crore for the fourth quarter ended March 31.
The company had posted a net profit of Rs 27.62 crore in the January-March quarter a year ago, HMVL said in a BSE filing. Its revenue from operations during January-March 2021 fell 8.41 per cent to Rs 161.75 crore as compared with Rs 176.61 crore in the year-ago period, the company said.
The numbers may not go down well with the markets and there maybe some selling on the stock.
Jammu & Kashmir Bank has reported a net profit of nearly Rs 316 crore for the January-March 2021 quarter, and said it is the highest quarterly profit since March 2014.
The lender had posted a net loss of Rs 294.10 crore in the corresponding quarter of the previous financial year.