Top Stocks to Watch Out
M&M share price will be in focus today as the company reported a 25% increase in stand-alone net profit for the quarter ended September, beating Street estimates, benefiting from a richer product mix and festive demand. Profit rose to Rs 13.31 billion from Rs 10.67 billion a year earlier. Net sales of the company increased 6.4% to Rs 121.82 billion from Rs 114.46 billion in the year-ago quarter.
Axis Bank share price will be in action today after the company's board had approved raising up to Rs 116.25 billion (US$1.78 billion) through a private placement of shares from a clutch of investors led by private equity fund Bain Capital. The fund-raising will provide Axis Bank capital to shore up its balance sheet at a time when the lender's non-performing assets (NPA) have surged.
In news from metal sector, as per an article in The Economic Times, JSW group and Vedanta are among the 18 companies that have shown interest in buying Jaypee Infratech in full or in part. The National Company Law Tribunal (NCLT) Allahabad bench admitted Jaypee Infratech on August 10 after IDBI Bank referred the company for defaulting on debt of Rs 5.26 billion.
US Markets Cool Off
U.S. stock benchmarks closed mostly lower on Friday, putting an end to multiweek winning streaks by the major indexes as investors expressed nagging anxiety about a possible delay in much-anticipated corporate tax cuts. European markets closed in red as a slowdown in corporate earnings spurred profit-taking among investors.
Rising Oil prices
Oil prices closed lower on Friday, but still hovered around their highest level since the summer of 2015. The weakness came after data showed U.S. drillers added rigs. The number of rigs operating in U.S. oil fields rose by 9 to a total of 738 rigs this week. Meanwhile, traders still focused on the anticorruption drive in Saudi Arabia and geopolitical tensions in the Middle East.
More will update soon !!
