Top stocks in focus in Tuesday morning trade

MUMBAI: The Indian markets are likely to open in the red as investors may book profits on concerns of slowdown in economic activity after the Reserve Bank of India announced measures to stop further downward correction in rupee.

The RBI has hiked the lending rates for banks and sucked up of Rs 12,000 crore from the system, to make the currency dearer. The measures came after high level meetings between the Prime Minister and the Finance Minister followed by discussions with RBI Governor D Subbarao. The rupee lost 33 paise to reach 59.89 after touching over 61-levels last week.

Under the measures announced, RBI raised lending rates to commercial banks by 2 per cent to 10.25 per cent making the loans costlier.

Rate sensitives like banks, auto and realty are likely to remain under pressure on concerns that the RBI may hike interest rates.

Following are the stocks that are likely to be in action in trade today:-

JSW Steel is in talks to purchase a significant stake in Sandur Manganese and Iron Ores in Karnataka to improve its access to iron ore and cut logistics costs, say reports..

Financial Technologies is likely to continue to remain weak after the consumer affairs department has sought an undertaking from its subsidiary National Spot Exchange that no further contracts will be launched and all existing contracts should be settled on their due dates.

Tata Motors’ global sales, including Jaguar Land Rover, in June stood at 84,458 units. While sales of luxury sedans of Jaguar brand stood at 6,182 units, Land Rover sales were at 24,354 units during the month.

Reliance Gas Pipelines has won a licence to lay 312-km pipeline to transport coal gas produced from its parent Reliance Industries' Sohagpur block in Madhya Pradesh.

Exide Industries’ net profit for the quarter June 2013 rose 4.44 per cent to Rs 158.80 crore compared to Rs 152.04 crore in the same period the previous fiscal. Net sales grew to Rs 1,626.34 crore during the said quarter as against Rs 1,552.13 crore in the corresponding previous year.

Oberoi Realty posted a net profit of Rs 101.82 crore for the quarter ended June 2013 as compared to a net profit of Rs 100.80 crore in the corresponding quarter last fiscal. Total income increased to Rs 239,40 crore for the quarter from Rs. 230.86 crore for the quarter.

The Securities and Exchange Board of India gave the go-ahead to Tamil Nadu to buy the Centre's 3.56 per cent stake in power generating company Neyveli Lignite Corporation, paving the way for a rare divestment transaction between two governments.