Stocks to watch: RIL, HDFC, Jet Airways, Unitech, Maruti, Cipla

MUMBAI: Oil prices were lower in Asian trade on today, below $50 a barrel, after posting modest overnight gains, with the economic downturn remaining a concern for investors. New York's main futures contract, light sweet crude for June, fell 32 cents to $49.30 a barrel, while Brent North Sea crude for delivery in June was down 43 cents to $49.68.

The rupee was at 49.91 per dollar from previous close of 49.92 on dollar's weakness against some currencies. Month-end dollar demand from oil importers curbed sharper rise of the Indian unit.

Shares of Reliance Industries and HDFC Bank will see some action after announcing earnings report. Healthcare share are expected to be active as industry majors like Cipla and Wockhardt will also report their earnings.

RIL has posted a 21.5 per cent drop in net profit at Rs 15,279 crore in 2008-09 compared to Rs 19,458 crore in the previous fiscal. The company's total turnover has increased 8.3 per cent to Rs 1,50,771 crore in FY'09 against Rs 1,39,269 crore a year-ago.

HDFC Bank reported a net profit of Rs 630.88 crore in the fourth quarter of the financial year ended March 31, 2009. The bank had a net profit of Rs 471.11 crore in the March quarter of FY'08. The total income rose to Rs 5,385.52 crore during the March quarter, from Rs 3,505.52 crore in the year-ago period.

India���s second largest private airline, Jet Airways, has proposed to slash salaries across the board in the light of the economic downturn. The cut in salaries is expected to be in the range of 10-20%, depending on the grades of the employees. Jet���s staff strength across the country is around 13,200.

Notwithstanding its successful Rs 1,620-crore Qualified Institutional Placement (QIP) issue, troubled real estate company Unitech has postponed the repayment of a large part of the Rs 500-crore debt it had to pay back to mutual funds by April 19. According to a person familiar with the development, Unitech has repaid a fifth of this amount and rolled over 80% by another 12 months.

The Bombay Stock Exchange on Thursday said that it would not permit short selling in Spicejet and ABG Shipyard with effect from May 4. These scrips have ceased to fulfil eligibility criteria and hence these scrips would not be available for trading in the Securities Lending and Borrowing segment.

Results diary:

3I Infotech, Andhra Cement, Ballarpur Industries, Bharat Electric, Cipla, Coromandal Fertiliser, Disa India, GlaxoSmithkline Consumer.

Hindus Construction, IDBI Bank, ITI, KALE Consultants, Kirloskar Oil Engineering, Mahindra Lifescience, Maruti Suzuki, Piramal Healthcare, Ranbaxy Laboratories, Raymond, Strides Arcolab, Timkem, Wockhardt.