Stocks on Wall Street end mixed after a volatile session. For the week though Wall Street closed in the red clocking its worst weekly drop since mid April. Meanwhile, Indian equity benchmarks closed rangebound session with marginal gains on Friday, after previous day’s carnage on rupee depreciation. The BSE Sensex rose 54.95 points to close at 18774.24, after a 526 points fall in previous session. The NSE Nifty gained 11.75 points to finish at 5667.65. Shares of Infosys, Bharti Airtel, Dr Reddys Labs and Maruti Suzuki rallied more than 2 percent. Oil and Natural Gas Corporation (ONGC) shares rose 2.56 percent, after Deutsche Bank recommended buying the stock with a target price of Rs 395. Finance minister P Chidambaram after the CCEA meeting, said the cabinet would take up gas price issue in CCEA next week. So, here are the stocks that are likely to be in focus next week.
SBI In its annual general meeting, State Bank of India said it will require up to Rs 3,000 crore capital to merge one of its associate banks. The bank has appointed a committee headed by Managing Director S Vishwanath to look into the aspect of merging one of the five subsidiaries. The subsidiary to be merged with SBI has not been identified yet. On SBI's own capital raising plans, Chairman Pratip Chadhuri said a decision in this regard will be firmed up by next month.
Tata Communication Tata Communication 's subsidiary Tata Communication Payment Solutions will roll out 5000 ATMs in the next one year and a total of around 15,000 ATMs in the next three years. Minimum net worth for this rollout will be Rs 100 crore. The Tata company will roll out these ATMs under the brand name 'Tata'. Also, the rollout scheme will be a 3:1 ratio which means that three ATMs will be set up in tier 3 to tier 6 cities and one ATM will be setup in tier 1 to tier 2 cities.
HCL Technologies HCL Technologies has entered into a multi-year engagement with Vestas Wind Systems A/S as their strategic partner. Vestas is a global leader in manufacturing, selling, installing, and servicing of wind turbine power-plants. HCL will provide application development and management- and IT-consultancy services to applications run by Vestas as part of this engagement. The services will be delivered to Vestas primarily from India, but also from the Philippines and across locations in Denmark. Besides cost reduction, Vestas IT expects to gain increased flexibility in terms of skills, scale, knowledge and experience and achieve higher quality by using the HCL's best in class processes and services.
Jindal Steel Jindal Steel & Power (JSPL) shares slumped nearly 12 percent to touch four-year low of Rs 196 Friday. In regards to the Coal scam, the Central Bureau of Investigation (CBI) has sent notice to four Jindal group companies, including JSPL, to join the probe. CBI On Friday opened cupboards of Congress MP Naveen Jindal, who returned last night from abroad, after he was asked to join its probe in the allocation of a coal block to his company JSPL.
Technology firms According to media reports, the rupee has depreciated 9.87 percent, or Rs 5.35, against the dollar since April this year. This might translate into gains in operating profit by 100 to 250 basis points for the Indian technology companies, say analyst. IT firms like Infosys, TCS, Wipro and HCL Tech are likely to be focus next week.
Jyothy Laboratories Foreign fund house Morgan Stanley Asia (Singapore) Pte, a shareholder of Jyothy Laboratories, on Friday offloaded 8.5 lakh shares of the FMCG firm for Rs. 17 crore through an open market deal. A total of 8,48,925 shares of Jyothy Laboratories were sold by Morgan Stanley at an average price of Rs. 201 apiece, as per the bulk deal information with the stock exchanges.
Bajaj Hindusthan Country's largest sugar firm Bajaj Hindusthan will seek shareholders' nod for sale of investment in two group firms related to power venture, Bajaj Energy and a subsidiary in Singapore. Bajaj Hindusthan has 26 per cent stake in Bajaj Energy, while Bajaj Hindusthan (Singapore) Pte Ltd is a wholly-owned subsidiary set up to acquire coal mine in Indonesia.