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Corporate Earnings, Global Key Events & Top Cues in Action Today
Fri, 28 Jul Pre-Open

Indian share markets pared gains to end flat on Thursday, led by losses in Dr Reddy's, Bharti Airtel, Tata Motors and TCS.

However, the Nifty managed to settle the July series of derivatives expiry above 10,000 after the index surged past 10,100-mark in intraday trade.

Global Shares Rise on Fed Signals

Stocks, bonds and commodities were all on a roll in Asia on Thursday, as bulls scented a softening in the Federal Reserve's confidence on inflation that promised to keep US interest rates low for longer than some had expected.

MSCI's broadest index of Asia-Pacific shares outside Japan climbed 0.9% to heights not seen since December 2007. It has gained over 5% so far this month.

The Fed also said it expected to start winding down its massive holdings of bonds "relatively soon," cementing expectations of a September start.

While that would be an effective tightening in financial conditions it might also lessen the need for actual hikes in rates, which matter more for currency valuations.

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Global Key Events to Watch Out Today

  • The US commerce department will release second quarter GDP growth data today. Economists surveyed by Bloomberg expect the economy to have rebounded to a 2.5% annual growth pace, from 1.4% in the first quarter.
  • Japan will release inflation, unemployment and retail sales for June the same day, supplying the latest snapshot of the economy and the Bank of Japan's progress toward reaching 2% inflation.
  • Corporate results still ahead this week include Credit Suisse Group AG, Nomura Holdings Inc., Exxon Mobil Corp., Chevron Corp., UBS Group AG, Barclays Plc and BNP Paribas SA.

Company Earnings That Will Drive Indian Markets Today

L&T ltd would release its quarterly financials for the quarter on 28th July 2017. The stock has beaten the benchmark so far this year with year to date returns of 31%.

ITC share price will in focus today as it released its Q1 results yesterday.

Dr Reddy's Laboratories share price will be in news after it reported 57% decline in profit for the April June quarter impacted by GST-led destocking. The company said headwinds from U.S. price erosion continue, which also contributed to the profit decline.

IDFC Bank reported a 65% rise in quarterly profit on Thursday, helped by higher interest income and as the bad loans ratio fell from a year earlier.

Idea Cellular posted a consolidated loss of Rs 8.2 billion for the June quarter. The company had reported Rs 3.3 billion losses for March quarter.

Meanwhile, Maruti Suzuki India Ltd.'s net profit grew the least in five quarters and margins fell as India's largest carmaker compensated its dealers for tax losses they incurred while moving to the Goods and Services Tax.

Top Cues in Action Today

Axis Bank share price will be in limelight today after the lender decided to enter into a share purchase agreement with Jasper Infotech Pvt. Ltd. to acquire 100% equity capital of Accelyst Solutions Pvt. Ltd. and Freecharge Payment Technologies Pvt. Ltd.

The transaction, subject to regulatory approvals is for a cash consideration of Rs 3.9 billion.

Coal India has asked five of its seven subsidiaries to keep aside a total of 40 million tonnes of coal for auction to independent power producers under the Shakti scheme.

As per an article in The Economic Times, South Eastern Coalfields and Central Coalfields will supply 12 million tonnes each, while Northern Coalfields will provide 4 million tonnes; Mahanadi Coalfields 9 million tonnes and Western Coalfields 3 million tonnes.

Nestle share price will be in focus today after it trimmed its sales guidance and reported worse-than-expected underlying sales for the first half of 2017.

Faced with a trend towards healthier eating, makers of packaged foods are seeking to win back consumers' favour by reducing sugar, salt and fat in their products and to reassure worried investors by improving efficiency and cutting costs.

IPO Buzz

Two more IPOs are set to hit the primary market within a week:

Cochin Shipyards IPO opens on 1 August. The Rs 14.7 billion IPO is priced in Rs 424 to Rs 432 range.

Security and Intelligence Services (SIS) IPO opens on 31 July. The company has priced its Rs 7.8 billion IPO in Rs 805-815 range. The initial public offer (IPO) comprises fresh issue of shares worth Rs 3.6 billion and an offer for sale of up to 51,20,619 shares by the existing shareholders.

Speaking of IPO space, we don't need thousands of IPOs to get rich. That's not how super investors make their fortunes. But a few good IPOs could certainly become the multibaggers in your portfolio in a few years.

We, at Equitymaster, have always recommended IPOs cautiously. Here's Rahul Shah, co-head of research at Equitymaster, explaining our rationale behind the approach:

  • 'We know what a dirty game the IPO business is. We've seen it over and over again: It's a game where the odds are stacked against investors. So for us, the equation is simple. We'd rather face criticism in the short run than see our subscribers lose money over the longer term. We weren't afraid to do this during the hot IPO days of 2007, and we're not afraid to do it today.'

The Bottomline: You need to evaluate each IPO on its merits by considering its fundamentals, and most importantly, the valuations. And this is particularly important when the hype surrounding IPOs is at its peak.

We have reviewed each of them and have released their recommendation notes. You can check the same on their IPO page.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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Oct 23, 2019 01:31 PM