There are rumours again about the Reliance-Future Retail Deal. Reliance Industries Ltd (RIL) is close to buying Future Group’s retail assets for ₹24,000-27,000 crore to bolster its position in India’s retail segment, according to two people familiar with the details of the deal.
Kotak Mahindra Bank reported a 4 per cent decline in consolidated net profit at Rs 1,853 crore for the June quarter, mainly due to reduced advances amid the coronavirus pandemic and marginal rise in non-performing assets.
ITC completed acquisition of spices manufacturer Sunrise Foods Private Ltd (SFPL) in an all-cash deal valued at Rs 2,150 crore.
Bharti Infratel posted a 21 per cent on year fall in net profit, hurt by a fall in sharing revenue and higher net finance cost.
Tech Mahindra managed to beat estimates as it reported a 1.35% rise in net profit in the quarter ended June.
United Spirits reported a consolidated net loss of ₹246.6 crore for Q1, while it managed to make a profit of ₹180 crores during Q1 last year.
Marico reported a great result with a 23.17 per cent increase in its consolidated net profit to Rs 388 crore for the first quarter ended June.
Escorts, interestingly, reported a 6 per cent increase in consolidated net profit to Rs 92.58 crore in the quarter ended June.
Havells India, Orient Electric and V-Guard have posted huge falls in revenue and profits.
Q1 Results Announcement Today:
IDBI Bank
Yes Bank
RBL Bank
Nestle India
UltraTech Cement
IDFC First Bank
Hexaware
What to expect today?
Yesterday, the market fell heavily at open but took support at 11,100, thereby re-establishing the strength of the support at 11,000-11,100 and consolidation in NIFTY. Yesterday was the 5th consecutive day where NIFTY was trading in the range of 11,100 to 11,230. Strong consolidation can finally result in a breakout or breakdown.
The entire global markets are mostly up. SGX NIFTY is currently trading higher at 11,177, indicating a gap up opening in the Indian Market!
NIFTY is likely to trade between 11,100 and 11,300 today. There is support at 11,175, 11,120 and 11,090 and resistance at 11,210 and 11,250.
Highest Call Open Interest at 11,500, followed by 11,200. Highest Put Open Interest at 11,000, followed by 10,800.
Foreign institutional investors (FIIs) and domestic institutional investors (DIIs) sold shares worth Rs 453.31 crore and Rs 977.88 crore, respectively.
Banking sector continues to be in focus. There might be short covering in ICICI Bank. Reliance and IT stocks are also in the watch.
