)
Markets are likely to witness a weak opening tracking losses in the global peers after China allowed the yuan to fall sharply for a second straight day. Meanwhile, caution is likely to prevail on the bourses ahead of the key macroeconomic numbers, CPI and IIP due to be released later during the day.
Movement of rupee and crude coupled with Parliament proceedings is likely to dictate the trend on the exchanges.
RESULT CAPSULE
Coal India, Ashok Leyland, Aurobindo Pharma, Cadila Healthcare, JSPL, NALCO and Voltas are among some of the prominent companies due to post their results today.
STOCKS ON THE RADAR
SBI reported a 10.25% growth in net profit at Rs 3,692 crore for the quarter ended June 30, compared to Rs 3,349 crore in the year-ago period.
Tata Steel’s consolidated net profit in the April-June 2015 quarter more than doubled to Rs 763 crore on a year-on-year (y-o-y) basis even as its net sales declined in the period under review driven by a sharp fall in the operating expenses, lower tax outgo and higher other income.
Sun Pharma’s operating performance for the June 2015 quarter was driven by its US subsidiary, Taro even as its volumes remained subdued. The first quarter consolidated net profit was down 46% quarter-on-quarter to Rs 479 crore.
Hindustan Petroleum Corporation Limited posted an over 34 times increase in its net profit at Rs 1588 crore, for the first quarter of this fiscal owing to higher refining margins and inventory gains.
Reliance Power witnessed a jump of 41% in its net profit to Rs 344 crore during the first quarter of FY16. The company’s total income increased to Rs 2,864 crore in Q1FY16, up by 58% during the corresponding period last financial.
PowerGrid Corporation of India's net rose by 20% to Rs 1,367 crore for the first quarter ended June 30 against Rs 1,137 crore during the corresponding quarter ended previous year.
Apollo Hospitals Enterprise posted a growth of 9.8% in net profit at Rs 94.95 crore during the quarter ended June 30, 2015, as compared to Rs 89.52 crore in the same period of previous fiscal year.
Syngene International on Tuesday surged about 24 per cent on its first day of trading. Shares of the company closed at Rs 310.4 compared to the issue price of Rs 250. The company is Biocon’s contract research services arm and had launched a Rs 550-crore initial public offering (IPO) last month.
Bharat Sanchar Nigam Ltd (BSNL) will soon float a tender for outsourcing operations and management of 65,000 towers across India, as it prepares to form the second-largest tower firm in the industry.
GLOBAL MARKET
Asian stocks fell after China allowed the yuan to fall sharply for a second straight day, forcing investors to seek refuge in safe-haven government debt. Nikkei, Hang Seng, Straits Times and Shanghai Composite slipped between 0.7-2.5%.
The early indicator, SGX Nifty is down 60 points at 8,428 levels.
US stocks closed sharply lower Tuesday as the Dow fell more than 200 points in the wake of a surprise devaluation of the yuan by China—the world’s second-largest economy raising fears of interst rate hike by the Fed.
