Domestic stocks are poised for a gap-down opening on weak global cues. Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could slump 110 points at the opening bell. Shares of Cochin Shipyard will debut on the bourses today, 11 August 2017.
Overseas, Asian stocks declined as investors continued to pare their riskier positions following escalating geopolitical tensions between the US and North Korea. Japan's markets were shut for a public holiday. US stocks finished sharply lower yesterday, 10 August 2017 amid a persistent war of words between the US and North Korea and a clutch of disappointing earnings reports.
Geopolitical tension gained momentum yesterday, 10 August 2017 after a North Korean army commander reporedly said that sound dialogue isn't possible with US President Donald Trump and only absolute force can work on him. North Korea also laid out detailed plans of how it would launch a missile strike on US military bases in Guam.
Back home,key benchmark indices dropped yesterday, 10 August 2017 in tandem with global stocks to register losses for fourth day in a row. The Sensex lost 266.51 points or 0.84% to settle at 31,531.33, its lowest closing level since 7 July 2017.
The trading activity on that day showed that the foreign portfolio investors (FPIs) sold shares worth a net Rs 1171.21 crore yesterday, 10 August 2017, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 821.72 crore yesterday, 10 August 2017, as per provisional data.
Among corporate news, Bosch, BPCL, Bank of Baroda, Hindalco Industries and State Bank of India are some of the companies that will release their earnings for the June quarter today, 11 August 2017.
Shares of Cochin Shipyard will get listed on the bourses today, 11 August 2017. The issue price is fixed at Rs 432 per share. The initial public offer (IPO) of Cochin Shipyard had received a stellar response from investors. It was oversubscribed 76.19 times. The IPO price band was fixed at Rs 424-432 per share. Cochin Shipyard is one of the leading shipbuilding and Shiprepairing companies in India.
GAIL (India)'s net profit fell 23.2% to Rs 1025.64 crore on 6.7% growth in net sales to Rs 11406.47 crore in Q1 June 2017 over Q1 June 2016. The result was announced after market hours yesterday, 10 August 2017.
Tata Motors said that the company and Skoda ceased discussions around potential partnership. Tata Motors and Skoda Auto have performed a joint technical feasibility and commercial evaluation of a potential collaboration. Based on intense and constructive discussions, both the companies have jointly concluded that the envisioned areas of partnership may not yield the desired synergies as originally assessed. Nevertheless, the two companies have decided to keep in touch for future areas of collaborations.
Tata Motors will continue to pursue its standalone product strategy to bring exciting and world-class products to its customers. The announcement was made after market hours yesterday, 10 August 2017.
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