Top stocks in focus on 24 January 2018

NEW DELHI: Domestic market is likely to see a negative opening on Wednesday, tracking Nifty futures on the Singapore Stock Exchange (SGX Nifty) and cues from other Asian markets.
Nifty futures on the Singapore Stock Exchange were trading 22.50 points, or 0.20 per cent, lower at 11,065.50 at 8.15 am, indicating a negative start for the Nifty50 in India. Here is a list of top stocks that are likely to be in focus in today's trading session:

Bhushan Steel: ArcelorMittal has withdrawn from bidding for bankrupt Bhushan Power & Steel after it conducted due diligence on the Indian company. Tata Steel, JSW, Vedanta, AION Capital and a Dubai-based billionaire remain in the fray for the bankrupt company ahead of the January 29 deadline.


Amtek Auto: Lenders to Amtek Auto, which is facing Rs 12,722-crore claims from creditors, have decided to reject the only two offers they received — from Liberty House and Deccan Value Investors — unless the bidders raised the price. The offers are below the liquidation value of the company.

Biocon, Idea & Canara Bank: Biocon, Idea Cellular, Canara Bank, InterGlobe Aviation, KPTI Technologies, M&M Financial, Pfizer, Raymond, Mphasis and KEI Industries are some of the companies which will announce their quarterly earnings on Tuesday.

Procter & Gamble: Procter & Gamble's parent has reported a 68 per cent drop in quarterly profit, due to the sale of a chunk of its beauty brands to Coty Inc last fiscal year and a charge related to the recent US tax overhaul. The net income attributable to the company fell to $2.50 billion, or 93 cents per share, in the second quarter.

United Spirits: India’s largest liquor firm reported a 9 per cent decline year-on-year in its net profit for the quarter ended December at Rs 135 crore, mainly due to higher marketing spends and exceptional items. The maker of McDowell’s whiskey said underlying net sales declined 2 per cent in the third quarter.

Hindalco: Novelis, the American subisidiary of Aditya Birla flagship Hindalco announced that it will invest around $300 million in an automotive aluminium sheet manufacturing facility in Guthrie, Kentucky, as part of its plans to expand manufacturing for automotive purposes to meet the rising demand.

DLF: After the conclusion of the promoter’s stake sale in its rental arm to Singapore sovereign wealth fund GIC, realty major DLF is looking to make its development arm a zero net-debt company by March 2019, repaying the entire liability of Rs 13,000 crore.

Indiabulls Real Estate: Realty developer Indiabulls Real Estate reported 45.7 per cent on-year rise in consolidated net profit at Rs 85.3 crore for the third quarter ended December. Total income for the quarter also rose 339 per cent from a year ago to Rs 2,164.4 crore.

Havells India: HSBC has maintained ‘buy’ rating on Havells India and revised target price to Rs 625 from Rs 620. With demand recovering and required foundation in place, the HSBC expects Havells India’s strong earnings growth momentum to continue.

RBL Bank: Net profit of the bank increased 28 per cent in the quarter to December 2017 as both interest and non-interest income grew, the bank said. Net profit increased to Rs 165 crore or Rs 3.83 per share from Rs 129 crore or Rs 3.27 per share a year ago, slightly lower than the Rs 173 crore predicted by a Bloomberg poll of analysts.

Edelweiss Financial Services: Edelweiss Financial Services (EFS) reported a 54 per cent year-on-year rise in net profit driven by higher fees and commissions and premium income from the life insurance business. Net profit rose to Rs 222 crore or Rs 2.57 per share in the quarter ended December 2017 from Rs 144 crore or Rs 1.76 per share a year earlier.