The last week's rally was led by government initiatives of hiking gas prices. This week, benchmarks as well as broader markets shut the shop with around 0.5 percent gains. So, which stocks are likely to be in focus next week?
Indian market saw a second straight positive weekly close on Friday. The last week's rally was led by government initiatives of hiking gas prices. This week, benchmarks as well as broader markets shut the shop with around 0.5 percent gains.
Meanwhile, the US markets ended the week on a cheerful note, with a gain of almost a percent, after a strong jobs report indicating an improving US economy. The jobs report pushed the US 10-year above 2.70 percent. The dollar index too regained strength.
So, which stocks are likely to be in focus next week?
As India Inc gears up for April-June quarter earnings, brokerages paint a gloomy picture. They say a depreciating rupee will inflate corporate debt and hurt profitability. They project a sluggish 3-5 percent earnings growth for most companies. Brokerages are also warning that the upcoming earnings season, which begins on the July 10 with IndusInd Bank's numbers, will not lay the groundwork for a blockbuster recovery as the year goes on.
Raamdeo Agrawal, Joint MD, Motilal Oswal Financial Services says, “There is not much to be expected from earnings. It is going to be very muted like what happened in the last quarter.”
IT major Infosys is expected to announce first quarter earnings on July 12. . Earnings will be closely watched by the market after Nayaran Murthy joined the company as executive chairman as the company has disappointed the street with its performance for several quarters now.
With hopes to retire debt by as much as Rs 22,000 crore over the next one year Anil Ambani's telecom business is gearing up for another round of fund raising to retire its estimated Rs 37000 crore debt. Rel Comm told the stock exchanges that a board meeting on the July 7 will consider unlocking value in its real estate properties.
Market regulator, Sebi acts quickly to capitalise on its victory at the Securities Appellate Tribunal (SAT) and freezes voting rights and corporate benefits for Gillette India promoters. The market watchdog warns the company of monetary penalties and prosecution. Sebi also prohibited the promoters and directors of the company, which is part of global consumer goods giant P&G, from dealings in the shares of Gillette India , except for meeting the minimum 25 percent public shareholding limit, till the time of their compliance to this requirement.
UK Medicines and Healthcare Products Regulatory Agency (MHRA) has imposed an import alert on Wockhardt 's export-oriented unit plant at Waluj in Maharashtra. The Waluj facility makes injectables and solid dosages. Earlier in May, an import alert was also issued by the US health regulator on the same manufacturing facility. USFDA has put an import alert on one of the company facilities, at Waluj, near Aurangabad.
Fresenius Kabi Oncology has received a warning letter from the US health regulator asking for more information and implementation of additional corrective and preventive measures regarding GMP non-conformities.