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Infosys Raises Revenue Growth Forecast; Axis Bank in search of a new CEO and Stocks to Watch Out Today
Mon, 17 Jul Pre-Open

Indian share markets ended the week marginally lower due to selling pressure in software stocks after muted results from TCS, the flagship software company.

At the closing bell, the BSE Sensex stood lower by 17 points, while the NSE Nifty finished down by 5 points. Meanwhile, the S&P BSE Mid Cap finished up by 0.2% & the S&P BSE Small Cap finished down by 0.4%. Gains were largely seen in PSU stocks, pharma stocks, and energy stocks while, software stocks finished in red.

Let us now have a look at some of the major events that market participants will be tracking today.

Infosys Raises Revenue Growth Guidance for FY18

Infosys share price will be in focus today after the company reported better than expected earnings. The company reported 3.3% quarter-on-quarter (QoQ) in June quarter net profit at Rs 34.83 billion.

Infosys also raised its revenue growth forecast in dollar terms for FY18. Strong growth in the current quarter prompted Infosys to revise its estimates upwards to 7.1%-9.1% in FY18 from its earlier guidance of 6.1%-8.1%.

Axis Bank start search for a new CEO

Axis Bank has started the search for a new CEO to succeed its current CEO Shikha Sharma whose term ends in 2018. The board has hired executive search firm Egon Zehnder to identify a new CEO. Axis bank has been one the best performing banks amongst major banks since Shikha Sharma took charge in 2009.

Axis Bank share price has been under pressure recently after a disappointing end to FY17. The bank reported 3.9% YoY growth in net interest income while net profits declined 43.1% YoY in 4QFY17.

Its Asset quality pains continued throughout the year with Gross non-performing assets rising 3.98% during the quarter to Rs. 212.8 billion at end of FY17.On a YoY basis, it has more than tripled from Rs. 60 billion.

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Top Cues in Action Today

In news from IPO space, the initial public offer of infrastructure firm Salasar Techno Engineering will close today. The IPO was oversubscribed 5.07 times on 14th July, its second day of bidding.

The IPO received bids for 16,852,375 shares against the total issue size of 3,321,000 shares, data available with the NSE showed.

Proceeds from the issue will be utilized for meeting working capital requirements and general corporate purposes. Salasar Techno provides customised steel fabrication solutions in the domestic market.

In news from the pharma stocks, Cipla and Swiss giant Novartis are reportedly in preliminary talks to jointly market asthma drug Xolair, just months after they ended a legal battle over another respiratory drug. Xolair (Omalizumab) is an injectable prescription medicine used to treat moderate to severe persistent asthma in patients whose symptoms are not controlled by inhaled corticosteroids.

Cipla lost its battle with Novartis in March, when the Delhi High Court stayed the company's request to sell copies of Novartis respiratory brand Onbrez (indacaterol).

Meanwhile, Biocon Ltd share price has been on an upswing after the company said FDA Oncologic DAC Favors Nod for Proposed Biosimilar. FDA Oncologic Drugs Advisory Committee unanimously recommends approval of Mylan and Biocon's proposed biosimilar Trastuzumab.

Volatility in Crude Oil Prices continue

Crude oil traded in an uptrend during the past week. After witnessing a volatile start to the week, the commodity ended the week on a positive note and was up 5.5%. The traction in the crude was in response to a fall in US fuel inventories and a cut in the US government's forecast for crude output next year.

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Feb 26, 2021 (Close)