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Wipro's Q1FY20 Result, Crude Oil Prices, and Top Cues in Focus Today
Thu, 18 Jul Pre-Open | Monish Vora, TM Team

On Wednesday, share markets in India traded on a positive note most of the day and ended marginally higher.

The BSE Sensex closed higher by 85 points to end the day at 39,216. Tech Mahindra and SBI were among the top gainers.

While the broader NSE Nifty ended up by 25 points to end at 11,688.

Among BSE sectoral indices, IT stocks gained the most by 0.9%, followed by FMCG stocks and finance stocks.

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Top Stocks in Action Today

ICICI Bank share price will be in focus today as the lender has launched a new digital platform called 'InstaBIZ' targeted at micro, small and medium enterprises (MSMEs) and self- employed customers to enable them to undertake their business banking transactions digitally and instantly.

Cox & Kings share price will also be in focus today as the company has defaulted on its repayment obligations on commercial papers (CP) worth Rs 450 million, while interest of Rs 4.1 million could not be paid timely on bonds worth Rs 500 million.

Market participants will also track Tata Motors share price.

Reportedly, Tata Motors' wholly owned subsidiary - Jaguar Land Rover (JLR) will receive a 500 million pounds guarantee from the UK government to underwrite a planned 625 million pounds loan facility from commercial banks to develop the next generation electric vehicles and future mobility solutions.

To know more about the company, you can read Tata Motors' 2018-19 Annual report analysis on our website.

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Results Corner

Wipro has reported a 12.6% jump in first-quarter profit boosted by robust demand from its key financial clients.

The Bengaluru-based company reported a net profit of Rs 23.9 billion for the three months ended June 30, compared with Rs 21.2 billion a year ago. Revenue rose 5.3% to Rs 147.16 billion.

Tata Elxsi has reported 30.8% fall in its net profit at Rs 487.9 million for June quarter as compared to Rs 705 million for the same quarter in the previous year.

DCB Bank has reported 16.6% rise in its net profit at Rs 810.6 million for the quarter under review as compared to Rs 695 million for the same quarter in the previous year.

Total income of the lender increased by 20.4% at Rs 9444.6 million for Q1FY20 as compared Rs 7842.6 million for the corresponding quarter previous year.

ACC share price, Cyient share price, and Trident share price will be watched out for today as these companies are set to announce their June quarter results later today.

You can also read our recently released Q1FY20 results: Infosys, TCS, IndusInd Bank, DCB Bank, Bajaj Consumer Care.

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From the Banking Space...

Finance minister Nirmala Sitharaman has said that total non-performing assets (NPAs) of scheduled commercial banks (SCBs), after reaching a peak of Rs 10.4 trillion as on March 2018, dropped by Rs 1 trillion to Rs 9.3 trillion in the fiscal ended March 2019 (FY19) as a result of steps taken by the government.

She noted that the government has implemented a comprehensive 4R's strategy, consisting of recognition of NPAs transparently, resolution and recovery of value from stressed assets, recapitalizing of public sector banks (PSBs), and reforms in PSBs and the wider financial ecosystem for a responsible and clean system.

The minister also said that among others, change in credit culture with the Insolvency and Bankruptcy Code (IBC) fundamentally changing the creditor-borrower relationship, taking away control of defaulting companies, debarring willful defaulters from taking part in resolution process as well as raising funds from markets are the steps that have been employed.

Sitharaman further highlighted that comprehensive measures have been taken to prevent frauds including directions to banks to examine all NPA accounts above Rs 500 million from the angle of possible fraud, initiation of criminal proceedings, enactment of Fugitive Economic Offenders Act 2018, creation of Central fraud registry, empowering heads of public sector banks to request for issue of look out circular.

From the Commodity Space...

On Wednesday, crude oil regained little ground lost in the previous session, weighed down by industry data suggesting US crude inventories fell less than expected.

Crude inventories fell by 1.4 million barrels in the week to July 12 to 460 million barrels, the American Petroleum Institute (API) said on Tuesday.

The decline suggested production shut-ins caused by Hurricane Barry late last week had little impact on inventories. More than half of daily crude production in the Gulf of Mexico remained offline on Tuesday in the wake of Hurricane Barry, as most oil companies were re-staffing facilities to resume production.

Oil prices slumped on Tuesday on increased hopes for a return of Iranian crude to the global oil market after US President Donald Trump said progress had been made with Tehran, signaling tensions could ease in the Middle East.

However, Iran later denied it was willing to negotiate over its ballistic missile programme, contradicting a claim by US Secretary of State Mike Pompeo, and appearing to undercut Trump's statement.

Speaking of crude oil, catch Vijay Bhambwani talk about the impact of hike in excise duty and taxes on fuel in India. As per him, trading in crude oil offers excellent opportunities in nearly all market conditions due to its unique standing within the world's economic and political systems.

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Stock Market Updates

IDFC Share Price Up by 10%; BSE 500 Index Up 0.2% (Today's Market)

Aug 11, 2020 03:31 PM

IDFC share price is trading up by 10% and its current market price is Rs 23. The BSE 500 is up by 0.2%. The top gainers in the BSE 500 Index are IDFC (up 10.1%) and GARWARE TECHNICAL (up 11.0%). The top losers are M&M and V GUARD INDUSTRIES .

STRIDES PHARMA SCIENCE at 52 Week High; BSE 500 Index Up 0.5% (Today's Market)

Aug 11, 2020 02:25 PM

STRIDES PHARMA SCIENCE share price has hit a 52-week high. It is presently trading at Rs 628. BSE 500 Index is up by 0.5% at 14,843. Within the BSE 500, STRIDES PHARMA SCIENCE (up 2.1%) and NESCO (up 15.9%) are among the top gainers, while top losers are LAURUS LABS LTD and CAPLIN POINT.

CENTRAL BANK Share Price Up by 6%; BSE BANKEX Index Up 1.1% (Today's Market)

Aug 11, 2020 02:15 PM

CENTRAL BANK share price is trading up by 6% and its current market price is Rs 19. The BSE BANKEX is up by 1.1%. The top gainers in the BSE BANKEX Index is CENTRAL BANK (up 5.6%). The top losers is CITY UNION BANK (down 0.2%).

INDIAN BANK Share Price Up by 5%; BSE BANKEX Index Up 0.9% (Today's Market)

Aug 11, 2020 01:55 PM

INDIAN BANK share price is trading up by 5% and its current market price is Rs 63. The BSE BANKEX is up by 0.9%. The top gainers in the BSE BANKEX Index is INDIAN BANK (up 5.3%). The top losers is CITY UNION BANK (down 0.5%).

SCHNEIDER ELECTRIC INFRA Share Price Up by 5%; BSE CAPITAL GOODS Index Down 0.1% (Today's Market)

Aug 11, 2020 01:47 PM

SCHNEIDER ELECTRIC INFRA share price is trading up by 5% and its current market price is Rs 90. The BSE CAPITAL GOODS is down by 0.1%. The top gainers in the BSE CAPITAL GOODS Index is SCHNEIDER ELECTRIC INFRA (up 5.3%). The top losers are AIA ENGINEERING (down 0.1%) and LAKSHMI MACHINE (down 0.5%).

Indian Indices Trade Higher; ITC & Tata Steel Top Gainers (Today's Market)

Aug 11, 2020 12:30 pm

The BSE Sensex is trading up by 226 points, while the NSE Nifty is trading up by 56 points.

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