Stocks in the news 23rd Oct, 2020

Here is the important stock market news to watch out for today.

  • Markets to open on a flat to negative note; support @11,837, resistance at 11,939.

  • FIIs shares bought worth Rs1118.46 (cash), sold Rs2019.87cr in index futures.

  • US markets closed higher on Thursday; Asian markets opened flat.

  • Oil trades marginally higher at 42.53 USD/bbl.

  • Tech Mahindra’s wholly-owned subsidiary Tech Mahindra (Americas), Inc. has agreed to acquire 6.03% equity shares in VitalTech Holdings, Inc. The target entity, headquartered in Texas, is engaged in the business of cloud-based Telehealth and remote patient monitoring platform development and services. Turnover for the financial year ended December 31, 2019 was $0.396 million.

  • Nestle is set to announce its quarterly results on Friday.

  • Biocon reported an increase of 11.33% in top line sales for the Sep-20 quarter at Rs1744.80cr on a yoy basis.

  • Kirloskar Brothers said that no fraud was found in the SEBI order against promoters Sanjay Kirloskar and Pratima Kirloskar. The transactions were between private parties with parity of information and no loss was caused to minority shareholders and the public.

  • HDFC AMC appoints KPMG as the internal auditor of the company with immediate effect on the resignation of company’s Internal audit head - Gautam Chandra. Chandra is moving into another role within the company

  • Radhakishan Damani bought 6.9 lakh shares or 0.5% of Cochin Shipyard of total equity at Rs394.14 per share.

  • Music Broadcast board recommends issuance of 1 bonus non-convertible, non-cumulative redeemable preference share for every 10 equity shares held by non-promoter shareholders. The issue price is Rs100 per share translating to the total issue size of Rs89.69cr.

  • Pharma stocks in focus as FDA approves Gilead’s remdesivir as coronavirus treatment.

  • PVR appoints former IMAX CEO Greg Foster as new director on board.

  • Pricol | The company reported consolidated profit at Rs 49.51 crore in Q2FY21 against loss of Rs 59.67 crore, revenue rose to Rs 390 crore from Rs 330 crore YoY.

  • Crompton Greaves Consumer Electricals | Company reported profit at Rs 141.68 crore in Q2FY21 against Rs 110.88 crore, revenue rose to Rs 1,213.2 crore from Rs 1,075.79 crore YoY.

  • Duroply Industries | Promoter entity Sudeep Chitlangia created pledge on entire 5.66 percent stake.

  • Foseco India | Company reported profit of Rs 5.08 crore in Q3CY20 against Rs 10.21 crore, revenue fell to Rs 68.94 crore from Rs 78.93 crore YoY.

  • Reliance Power | Company reported profit at Rs 105.67 crore in Q2FY21 against Rs 45 crore, revenue jumped to Rs 2,449.3 crore from Rs 2,019.6 crore YoY. Axis Trustee Services sold 1,88,50,000 equity shares of the company at Rs 2.86 per share on the NSE.

  • HDFC Asset Management Company | Company reported profit at Rs 338 crore in Q2FY21 against Rs 368 crore, revenue fell to Rs 456 crore from Rs 498 crore YoY

  • Tata Consultancy Services | TCS launched blockchain quality engineering services suite.

  • Gokaldas Exports | Company reported profit of Rs 8.66 crore in Q2FY21 against Rs 4.10 crore, revenue fell to Rs 340.5 crore from Rs 361.87 crore YoY.

  • Cadila Healthcare | CRISIL reaffirmed its A1+ rating on the Rs 1,300 crore Commercial Paper of the company.

  • Munjal Auto Industries | ICRA reaffirmed its AA-/Stable credit rating on company’s long term bank facilities

  • Alembic Pharma | Company reported profit at Rs 333.4 crore in Q2FY21 against Rs 246.3 crore, revenue rose to Rs 1,457 crore from Rs 1,240.9 crore YoY.

  • Bharti Infratel | Company reported profit at Rs 732.6 crore in Q2FY21 against Rs 703.6 crore in Q1FY21, revenue rose to Rs 3,695.2 crore from Rs 3,504.7 crore QoQ.

  • Hexaware Technologies | Company reported profit at Rs 162.7 crore in Q3CY20 against Rs 152.4 crore QoQ, revenue jumped to Rs 1,585.9 crore from Rs 1,569 crore QoQ.

  • Tech Mahindra | Company’s subsidiary agreed to acquire 6.03 percent equity shares in VitalTech Holdings, Inc. The company will announce its September quarter earnings on October 23 wherein, apart from the numbers, progress on deal ramp-ups and outlook on telecom vertical will also be in the focus. It is expected to post a fall in EBITDA margin and profit after tax (PAT) on a yearly basis

  • L&T Finance Holdings | Company approved the appointment of Tushar Patankar as the Chief Risk Officer. Company reported profit at Rs 265 crore in Q2FY21 against Rs 174.2 crore, revenue fell to Rs 3,408 crore from Rs 3,611 crore YoY.

  • Music Broadcast | Company reported loss at Rs 6.49 crore in Q2FY21 against profit Rs 18.51 crore, revenue fell to Rs 30.08 crore from Rs 62.53 crore YoY. Company recommended issuance of 1 bonus non-convertible non-cumulative redeemable preference shares for every 10 equity shares held by the non-promoter shareholders.

  • Vishal Fabrics | Company approved bonus issue of equity shares in the ratio of 1:2.

  • Coforge | Company reported profit at Rs 122.2 crore in Q2FY21 against Rs 82.9 crore, revenue rose to Rs 1,153.7 crore from Rs 1,057 crore QoQ.

  • 3i Infotech | Company reported profit at Rs 15.31 crore versus Rs 10.49 crore, revenue rose to Rs 250.8 crore from Rs 239.7 crore QoQ.

  • Cochin Shipyard | Radhakishan Damani acquired 6,94,646 equity shares in company at Rs 349.14 per share on the NSE.

  • JK Tyre & Industries | Navodya Enterprises bought 15 lakh equity shares in company at Rs 65.13 per share on the NSE.

  • Sanghi Industries | Government Pension Fund Global sold 20,22,631 equity shares in company at Rs 25.77 per share on the NSE.