Indian benchmark indices are likely to open in the red today as SGX Nifty was trading 35 points lower at 16,929 amid mixed global cues.
On August 31, Sensex surged 765 points to scale a fresh lifetime high, driven by gains in index heavyweights Reliance Industries, ICICI Bank and Axis Bank amid a positive trend in global markets.
After touching a lifetime high of 56,958 during the day, the 30-share index ended 765 points or 1.36 per cent higher at 56,889.76.
Nifty rose 225.85 points or 1.35 per cent to its record closing of 16,931.05. It touched an all-time intra-day high of 16,951.50.
Here’s a look at the stocks that are likely to be in focus today.
Axis Bank: The bank said it has started issuing debt securities under its Rs 35,000 crore-debt raise plan announced earlier this year.
In April, the private sector lender had said that its board had approved capital raise proposal up to Rs 35,000 crore by issuing various debt instruments in Indian or foreign currency in domestic/overseas markets in one or more tranches.
Bharti Airtel: Bharti Airtel Chairman Sunil Mittal said the company has taken baby steps towards increasing prices and it will not shy away from tariff hikes.
┬а
Addressing an investor call, a day after the company announced raising up to Rs 21,000 crore through a rights issue, Mittal said Airtel has taken small steps towards increasing prices and it has been received well by the customers. However, the company is bound by market forces and cannot go beyond a point.
┬а
“We will be happy to take small baby steps which could even be first and foremost compared to others. So, I can assure that we will not shy away from doing it (tariff hike). This Rs 79 (plan) and some post-paid plans which have been taken up are a testimony that we have run out of patience and we have taken the first move,” Mittal said while replying to a question on tariff hike.
NHPC: The company said Unit 3 (60 MW) of Bairasiul Power Station (3 X 60 MW) in Himachal Pradesh has been tested and commissioned after completion of Renovation and Modernization works.
Shriram City Union Finance: Chennai-based non-banking finance company Shriram City Union Finance (Shriram City) is eyeing total disbursements of Rs 22,000-23,000 crore in the current financial year, a top company official said.
During the first quarter of 2021-22, it disbursed Rs 4,560 crore compared to Rs 6,570 crore in March 2021 quarter.
The lender’s managing director and CEO Y S Chakravarti said July 2021 was better than June with disbursements crossing Rs 3,000 crore. Even the collection efficiency had touched closed to 100 per cent in July compared to 93 per cent in June.
L&T: The company said that it has completed the sale of its stake in L&T Uttaranchal Hydropower Ltd to ReNew Power Services Pvt Ltd after meeting the customary conditions agreed under the securities purchase agreement dated 11 August.
