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Stocks in focus: Wipro, Reliance Power, Bharti Airtel, Vodafone Idea, SBI, ICICI Bank, HDFC

by The Outlooker Web Desk
March 5, 2021
in Business
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Stocks in focus: Wipro, Reliance Power, Bharti Airtel, Vodafone Idea, SBI, ICICI Bank, HDFC
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In the absence of any fresh domestic trigger, markets will continue to take cues from global peers for further direction. Image: Reuters

Nifty futures were trading 161 points or 1.07 per cent down at 14,910 on Singaporean Exchange, indicating a negative opening for BSE Sensex and Nifty 50 on Friday. In the previous session, headline indices ended over one per cent lower on the back of rising US bond yields. In the absence of any fresh domestic trigger, markets will continue to take cues from global peers for further direction. Currently, Nifty valuations stand at 20x FY22 EPS, which according to an analyst, are not inexpensive. “On Friday, 15050/50750 and 14950/50400 levels will be decisive for the market. The Nifty / Sensex could fall to 14850/50100 or 14750/49800 on a decisive dismissal of 14950/50400. On the upside, the 15250/51300 level would be a big hurdle for the index,” said Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities.

Stocks in focus today:

Wipro: Wipro Limited announced that it has signed an agreement to acquire Capco, a global management and technology consultancy providing digital, consulting and technology services to financial institutions in the Americas, Europe and the Asia Pacific.

Reliance Power: Reliance Power has defaulted on repayments to Axis Bank, Yes Bank and Lakshmi Vilas Bank (LVB) due on January 31, 2020. As per regulatory disclosures, the company has defaulted on repaying Rs 78 lakh to Axis Bank, Rs 1.09 crore to Yes Bank and Rs 1.25 crore to LVB.

Airtel, Vodafone-Idea: Moody’s Investors Service said that spectrum renewals held in auction will boost telcos’ market position. Bharti Airtel’s renewal of its expiring spectrum, along with the purchase of additional bandwidth, would strengthen its network coverage. While spectrum purchases by Vodafone Idea will not have any impact on the credit quality of Vodafone.

SBI, ICICI Bank, HDFC: State Bank of India, Housing Development Finance Corporation and ICICI Bank will have to offload equity worth Rs 1.21 lakh crore if the central bank goes ahead with its reported plan to make banks cap their stakes in insurance arms at 20 per cent, PTI cited a report as saying.

Indiabulls Housing Finance: Indiabulls Housing Finance has raised $150 million (Rs 1,091 crore) by issuing foreign currency convertible bonds. The securities issuance committee has approved the allotment of secured Foreign Currency Convertible Bonds (FCCBs) of USD 150 million, convertible into equity share of Rs 2 each, Indiabulls Housing Finance said in a regulatory filing.

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