Stocks to watch out for on Thursday, July 12: HCL Tech, ICICI Bank
Indian markets expected to open with positive bias. Key Asian indices showing mixed cues. Nifty resistance seen at 11000 and support at 10750, 10830.
A sharp fall in crude price could induce buying in OMCs, aviation, paint stocks. Bullish positions seen in RIL, HUL, Kotak Bank, Bajaj Auto, Asian Paint. Market will keenly await IIP and CPI data due to be released later today.
Here are some stocks which will be in focus today.
HCL Tech: The board of HCL Tech will be meeting today to consider share buyback. ET reports that the buyback of shares may be upto Rs 5000 cr with the buyback price at Rs 1150/share, which implies a premium of 17-20%. Promoters are expected to participate in the buyback.
Sun Pharma: Arm Dusa Pharma sues Biofrontera for patent infringement.
ICICI Bank: Mint reports ICICI Bank is preparing list of at least Rs 1000 cr bad loans. The bank is preparing a list of bad loans that turned sour since April 2010. It will submit bad loan list to independent panel appointed by board.
Axis Bank: Mint reports that V Srinivasan & P Jayakumar are frontrunners to succeed Shikha Sharma who will step down as CEO later this year.
IDBI Bank: LIC is said to prepare IDBI bank deal completion by September as per a PTI report.
Earnings Today: Shares of Cyient, Karnataka Bank & Talwalkars will be in focus today as these companies detail their quarterly results.
Novartis India: DCGI ordered withdrawal of cos painkiller Diclofenac. Company sells diclofenac under the brand name Voveran 1mn. DCGI ordered withdrawal of the drug following safety concerns raised by health ministry.