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BHEL's Q1 Result, Cochin Shipyard Listing & Cues to Watch Out Today
Fri, 11 Aug Pre-Open

Indian stocks finished in red for fourth straight session as Sensex plummeted 267 points to hit a one-month low of 31,531 and the Nifty crashed below 9,900 amid weak global cues due to stand-off between the US and North Korea. Barring software sector, all the sectoral indices finished in red with auto and realty stocks leading the losses.

Top Stocks in Focus

Ashok Leyland share price is expected to be in action today as the company scouting for a battery maker to power its expansion into the electric vehicles space, encouraged by the government push to less-polluting mass mobility systems. The company has budgeted Rs 1.2 billion to develop almost half a dozen electric solutions.

Coal India share price is likely to witness some action as the company plans to shut 100 unprofitable mines over the next two-three years. As per an article in The Economic times, Coal India has also been recently hit because the Coal Controller of India downgraded 50% of its 394 mines, meaning they are fetching lower prices for the coal produced compared to what they were fetching in 2016-17. Coal India expects a hit of about Rs 100 billion annually because of downgrading.

Tata motors share price plunged 8% in yesterday's trade and is expected to be in news again as the company and Volkswagen Group's Skoda Auto are set to call off their proposed agreement to co-develop cars. The decision to call off the agreement comes amid mounting losses at Tata Motors' India operations and efforts to turn around the business.

Bharat Heavy Electricals Ltd (BHEL) share price is anticipated to witness action after the company posted a 3.92% jump in standalone net profit to Rs 808.2 million for the quarter ended June 30, 2017.

The company had reported a standalone net profit of Rs 777.7 million for the quarter ended June 30, 2016. Overall income rose to Rs. 61.94 billion for the quarter ended June, from Rs 60.7 billion in the year-ago period. The company has an outstanding order book position of Rs 101 trillion as on June 30, 2017.

In news from auto ancillary sector, Auto parts maker Motherson Sumi Systems Ltd reported a 21% fall in quarterly profit, missing analyst estimates.

Profit fell to Rs 3.47 billion in its first quarter ended 30 June, from Rs 4.39 billion a year earlier. The company said during the quarter it had incurred an exceptional expense of Rs. 150 crore as redemption premium and unamortised transaction costs for prepayment of senior secured notes amounting to 500 million euros due in 2021.

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IPO Buzz

Cochin Shipyard, the largest public-sector shipyard company, will make a debut on exchanges today. The issue price is fixed at higher end of price band of Rs 424-432 per share. The public issue was oversubscribed 76.19 times, with receiving bids for 2.58 billion equity shares against IPO size of 33.9 million shares.

Cochin Shipyard caters to clients engaged in defence sector in India and clients engaged in commercial sector worldwide. In addition to shipbuilding and ship repair, it also offers marine engineering training.

It makes sense for an investor to look at valuations closely for these companies. A careful evaluation of each IPO on its merits - its fundamentals, and most importantly, valuations - is the only way to spot future multibaggers. To learn how to navigate the tricky world of IPOs, do read our special report on finding money-spinning IPOs.

RBI To Drain Excess Cash

As per Livemint, the Reserve Bank of India (RBI) will likely have to drain up to US$22 billion in excess liquidity from the financial system after considering factors such as festival-related consumer spending that naturally reduce cash in the system. This is due to surging foreign investments forces the central bank to absorb the dollar inflows and sell rupees to cap gains in the local currency.

Foreign investments into debt and shares have reached a net US$31 billion this year, compared with US$2.7 billion in sales last year, due to factors including India's low inflation and improving economic growth.

Global Markets Continue to Wobble

Asian and European markets fell in yesterday's trade with caution still lingering as tension between U.S. and North Korea escalated. Geopolitical fears remain the biggest focus after North Korea dismissed comments from President Donald Trump as a "load of nonsense" and said it was outlining plans for a missile strike near Guam, where the U.S. has a military base, in mid-August.

Oil Prices Gain

Oil prices on adding to sizable gains from the prior session, ahead of the closely watched monthly report from the Organization of the Petroleum Exporting Countries. Analysts are waiting to see if cartel members are sticking to the quotas agreed as part of a pact to reduce production to stabilize the oil market.

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Feb 23, 2018 (Close)