Stocks to watch out for on Wednesday, July 11: TCS, Axis Bank
Key Asian indices are trading in the red as concern over a global trade war resurfaced after the US said it would slap tariffs on extra $200 bn worth of Chinese imports. U.S. is looking to impose 10% tariff on Chinese imports.
Indian markets expected to open lower due to weak Asia cues. Nifty resistance seen at 11000, support at 10750, 10830. For bank, Nifty resistance seen at 26950, 27180 and support seen at 26320, 26650.
Here are some stocks which will be in focus today.
TCS: India's most valuable company TCS announced Q1 results which were better than expected post market hours on Tuesday. Revenue stood at $5051 mn vs $4972 mn, up 1.5%. EBIT at Rs 8578 cr vs Rs 8147 cr, up 5.3%, and Net Profit at Rs 7364 cr vs Rs 6904, up 6.6%.
Axis Bank: The board of private lender has recommended 3 names for RBI's approval. The candidate approved by RBI will succeed MD & CEO Shikha Sharma. Mint reported that PS Jaykumar, CEO at BoB & Pramit Jhaveri, CEO at Citi Bank may succeed her.
Bharti Airtel: ET reports that Bharti Airtel is planning to raise $1 bn in overseas loans. The company is in talks with bankers to raise funds to refinance high cost debt.
ICICI Prudential: Business Standard reports that SEBI has launched an adjudication proceeding against Co to further investigate on misuse of investors’ money. Compulsory 75% subscription was needed for IPO to succeed. ICICI securities reduced IPO size due to sluggish demand.
PNB Housing Finance: PNB & Carlyle to jointly sell at least 51% stake in the company. PNB owns 32.79% & Carlyle Owns 32.36% in the company.
IDBI Bank: BTVI reports that government may look at the option of selling its stake in the bank to LIC via an open offer.
Idea Cellular: Vodafone India and Idea has received a letter of approval from the DoT for their merger.
Infosys: Economic Times reports that BlackRock has cut its stake in the American depositary shares of the company to under 5%.
JSW Steel: JSE Steel is looking to acquire smaller steel plants in India and overseas that produce specialised products as per Reuters report.