Market Watch: Hero Motocorp, Titan, Biocon, Tata Motors in focus

Markets are likely to open on a positive note tracking strength in the global peers as global bond markets begin to stabilize after a big selloff. However, investors will remain wary ahead of the US job data due later during the day.

"Nifty is likely to open with the gap up by tracking the positive Asian market. Nifty has a resistance level of 8140 on the upside any move on closing basis will extend it’s rally towards 8260 levels. The support for Nifty lies at 8,040-8,000 levels," points out a morning note from Nirmal Bang.

Meanwhile, the movement of the rupee will be keenly watched as it hit a 20-month low as it broke past 64 to the dollar yesterday.

STOCKS TO WATCH

Hit by an impairment charge of Rs 155 crore, Hero MotoCorp, the country’s largest two-wheeler manufacturer by volume, reported a 14 per cent slump in net profit for the quarter ended March, 2015. Stand-alone net profit for the quarter was Rs 476.5 crore, against Rs 554 crore in the corresponding period of the previous year. 

Bio-technology major Biocon has made clinical progress in its partnered programmes with Mylan, a British pharma major.

Canara Bank has entered into memorandum of understanding with the LIC of India for offering Pradhan Mantri Jeevan Jyoti Yojana (PMJJBY) insurance cover and United India Insurance Co Ltd for Pradhan Mantri Suraksha Bima Yojana (PMSBY) insurance cover to its eligible customers.

Titan Company, the watches to jewellery and eye wear to precision engineering products maker from the Tata Group, on Thursday reported a marginal growth of 4.3 per cent in net profit at Rs 215 crore for the fourth quarter ended March 2015 compared to Rs 206 crore in the corresponding quarter last year. 

The $2.25-billion (or Rs 13,500 crore) Adi Godrej Group on Thursday completed 118 years of its existence in India, has identified fast-moving consumer goods (FMCG), consumer durables, estate, defence and agri-products to drive its next leg of growth.

Tata Motors, the global autogiant said its rights issue, which closed on May 2, was oversubscribed by 1.21 times and the company "collected" an amount of Rs 9,040.56 crore. 

Tech Mahindra, the IT major, on Thursday sought urgent intervention by the Supreme Court to quash money laundering charges pursued by the Enforcement Directorate related to Satyam Computer Service, the scam-tainted company that was acquired and later merged with it by Tech Mahindra. 

Pipe products maker Jindal Saw reported 24.6 per cent rise in standalone net profit at Rs 71.10 crore for the quarter ended March 31, 2015, on the back of higher income from operations. 

The Anil Ambani-promoted Reliance Power has moved a court here for a stay on encashment of its Rs 800-crore bank guarantee for the Tilaiya ultra mega power project in Jharkhand.

United Bank of India on Thursday reported a net profit of Rs 104.78 crore for the quarter ended March this year, a 77 per cent fall compared to the year-ago period.

Jet Airways, India’s premier international airline has launched a premium cargo product that offers customers an express service on the airline’s domestic network to send urgent shipments within a defined time frame.

GLOBAL MARKET

Asian shares held firm on Friday on signs global bond markets are stabilizing after a big selloff and sterling jumped about one percent after UK exit polls forecast the ruling Conservatives taking the most seats in parliament.

Europe has been the epicenter of a rout as investors rushed to exit crowded long bond positions built up after the European Central Bank had started quantitative easing in March.

Stocks in the US closed higher as investors awaited the key April jobs report and eyed easing in oil prices and bond yields. Gains marked a rebound from the last two days' selloffs in both and equity markets. On the economic data front, initial claims for state unemployment benefits rose 3,000 to a seasonally adjusted 265,000 for the week ended May 2. The number was below forecasts and continues to show a steady improvement in the jobs market.

The early indicator SGX Nifty is up 73 points at 8,143.00 levels.