Stocks in focus: RIL, ONGC, Tata Steel, TCS, Indiabulls Real Estate, Grasim Industries, Lakshmi Vilas Bank

As investors paused to take a breather in the previous session, domestic stock market indices are likely to open in the negative territory on Friday. Despite announcements by Finance Minister Nirmala Sitharaman and upgrade by Goldman Sachs, BSE Sensex and Nifty 50 snapped an eight-day gaining streak. Market participants will react to India’s retail inflation for October which came in at 7.61 per cent, July- September quarter earnings, oil prices, rupee movement and other global cues. Analysts say that previous session’s weakness has not changed the status of near term positive trend of the market. “There is a possibility of further 1-2 sessions of consolidation movement with minor weakness, before showing any upside breakout above 12770 levels. Immediate support is placed at 11580,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.

Stocks in focus today-

ONGC, Tata Steel: Over 500 listed companies including ONGC, Tata Steel, Equitas Holdings, Eveready Industries, Future Retail, General Insurance Corporation of India, Hindustan Aeronautics, MMTC, Sadbhav Engineering and Sunteck Realty are scheduled to announce their July-September quarter earnings today.

Reliance Industries Ltd: RIL in a BSE filing informed that it has entered into a definitive agreement, for making capital contribution, up to USD 50 million, in Breakthrough Energy Ventures II, L.P. (BEV). he capital contribution commitment of US$ 50 million constitutes 5.75% of the size of the fund contemplated at present.

Indiabulls Real Estate: Rakesh Jhunjhunwala’s Rare Enterprises on Thursday acquired Indiabulls Real Estate Ltd’s shares worth nearly Rs 29 crore through an open market transaction. Rare Enterprises bought 50 lakh scrips of the company at an average price of Rs 57.73 apiece, as per NSE’s bulk deal data.

Tata Consultancy Services:  TCS and Prudential Financial Inc. (PFI), announced that they are entering into an agreement that will see TCS acquire the staff and select assets of Pramerica Systems Ireland Ltd. (Pramerica), PFI’s subsidiary based in Letterkenny, Ireland.

Grasim Industries: Grasim Industries will be selling the company’s fertiliser business, Indo Gulf Fertilisers (IGF), by way of a slump sale to Indorama India (IIP), a subsidiary of Indorama Corporation, Singapore, for a cash consideration of Rs 2,649 crore.

Lakshmi Vilas Bank: LVB said it wants to reach an early conclusion to the merger deal with Clix Group without compromising on its core interest. This comes in the wake of reports that Clix is unhappy with the delay in reaching the deal. LVB had received an indicative non-binding offer from Clix on October 8.