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Sun Pharma Q1 Result, Jaypee Infratech Insolvency & Cues to Watch Out Today
Mon, 14 Aug Pre-Open

Indian share markets ended last week with their first weekly loss in six, following global markets as escalating tensions between the United States and North Korea continued.

At the closing bell on Friday, BSE Sensex closed lower by 318 points and the NSE Nifty finished down 109 points. Sensex was down by more than 1100 points (3.6%) for the week. The S&P BSE Mid Cap finished down by 4.6% while & S&P BSE Small Cap finished down by 5.6% for the week. Losses were largely seen realty stocks, pharma stocks and auto stocks.

Top Stocks in Focus

SBI share price will be in focus today after the company's heavy loan loss provisions dragged first quarter net profit down 20%. Net profit in the reporting quarter was down to Rs 20.06 billion against Rs 25.21 billion.

Asset quality worsened. As a percentage of total loans, gross non-performing assets (NPAs) spiked to 9.97% as compared to 6.9% in the previous quarter and 6.94% in the year-ago quarter.

Sun pharma industries share price will be in focus today after the company announced its first quarter earnings on Friday. Weak US performance due to pricing erosion & muted domestic growth due to GST impact dragged profits down. Also, a one-time settlement for its Modafinil drug resulted in a consolidated loss of Rs. 425 crore in the quarter.

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Ashok Leyland share price will be in focus today after the company bagged an order worth Rs 1.2 billion from Rivigo, which is India's most innovative and fastest growing logistics company.

This order of 500 fully-built vehicles is driven by the success of the innovative Intelligent Exhaust Gas Recirculation (iEGR) technology which has been developed indigenously by Ashok Leyland.

Jaypee infratech share price will be in focus today after the National company law tribunal (NCLT) declared it as an insolvent company. The NCLT further appointed insolvency professional Anuj Jain as CEO of Jaypee Infratech.

NCLT will now take over the recovery proceedings of the company until the restructuring process is complete.

IPO Buzz

Cochin Shipyard share price debuted on the stock market on Friday. Despite negative sentiments in the overall market, the stock closed at 20% above the upper band of its issue price. 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.

Rising Tension Between US and North Korea Grips Global Markets

With the US president Donald Trump refused to back down on its threats to North Korea. Stocks across Asian markets closed lower last week. Investors rushed towards safe haven assets amidst rising uncertainty between the two nations.

Gold prices hit their highest levels in 2 months before easing down. Earlier last week, North Korea said it was outlining plans for a missile strike near Guam, where the U.S. has a military base, in mid-August.

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Feb 23, 2018 (Close)