Stocks in focus: Maruti Suzuki, Vodafone Idea, Wipro, Hero MotoCorp, Axis Bank, Yes Bank, IndiGo

Nifty futures were trading 56 points down at 11,668 points on Singaporean Exchange, suggesting a gap-down opening on Thursday. In the previous session, markets witnessed a massive sell-off amid muted global cues which wiped off Rs 1.56 lakh crore investors’ wealth. Indian share markets are likely to trade volatile on the day of scheduled derivative expiry of October month contracts. “We reiterate our cautious view on markets and suggest continuing with a stock-specific trading approach,” said Ajit Mishra, VP – Research, Religare Broking Ltd.

Stocks in focus today:

Maruti Suzuki, Vodafone Idea: A total of 82 companies including Maruti Suzuki, BPCL, Vodafone Idea, TVS Motors, InterGlobe Aviation, IDBI Bank, Bank of Baroda, Shriram Transport Finance, Welspun Corp and Welspun India are scheduled to announce their July-September quarter earnings today.

Wipro: Wipro Limited announced that it has signed a definitive agreement to acquire Encore Theme Technologies Private Limited (Encore Theme), a specialist in providing SaaS and Cloud solutions in financial services.

Hero MotoCorp: Hero MotoCorp reported a 9 per cent on-year growth in standalone profit for the September quarter 2020. Standalone profit increased to Rs 953.45 crore during the quarter, compared to Rs 874.8 crore in same period last fiscal.

Yes Bank: Yes Bank informed that Swaminathan Janakiraman has submitted his resignation as Nominee Director appointed by State Bank of India on the Board of Yes Bank Limited. Janakiraman said that SBI will be shortly nominating a replacement.

Axis Bank: Axis Bank reported a net profit of Rs 1,683 crore for the September quarter, against a Rs 112-crore loss in the year-ago period, on the back of a 20% year-on-year rise in net interest income to Rs 7,326 crore.

L&T: Larsen and Toubro (L&T) reported a 45% year-on-year decline in its consolidated net profit to Rs 1,410 crore in the September quarter. The company reported an exceptional gain of Rs 3,919 crore on the sale of electrical business to Schneider Electric.

RBL Bank: Private lender RBL Bank’s net profit grew 165 per cent on-year during the September quarter to Rs 144 crore on steady interest income and lower cost of deposits. Operating profit grew 12 per cent on-year to Rs 720 crore.