Top stocks to watch— SBI, HDFC Bank, ICICI Bank, Future Retail, Future Enterprises, Indian Overseas Bank, Bharat Dynamics, Parag Milk, Info Edge and more

Top stocks to watch— SBI, HDFC Bank, ICICI Bank, Future Retail, Future Enterprises, Indian Overseas Bank, Bharat Dynamics, Parag Milk, Info Edge and more
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Indian stock market is likely to open on a muted note amidst mixed cues from global peers. At 7:50 am the SGX Nifty was trading 0.47% higher pointing towards a cautious start for Nifty50.

The Hang Seng Index of the Hong Kong stock market was also trading 0.41% higher on September 8.

Here’s a list of stocks to watch for in trade on September 8:

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HDFC Bank, ICICI Bank, SBI and other banking stocks

HDFC Bank, ICICI Bank, SBI and other banking stocks will be in focus today after the RBI-appointed KV Kamath committee has submitted a resolution framework for stressed loan accounts. It has outlined parameters for 26 sectors.

These 26 sectors will require loan restrictions based on the analysis of their financial parameters after COVID impacted businesses.

Future Consumer

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Kishore Biyani led Future Group firm Future Consumer said it has defaulted on payment of principal redemption and interest on non-convertible debentures.

The current default amount includes principal of ₹20 crore and interest of ₹2.03 crore, payable annually.

The shares of Future Consumer ended 5% lower yesterday.

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Future Enterprises

Kishore Biyani led Future Enterprises reported a consolidated net loss of ₹394.77 crore for the fourth quarter ended March 31. The company’s revenue from operations was down 50.01% to ₹783.28 crore during the quarter under review.

This may also move other Future Group subsidiaries such as Future Retail, Future Lifestyle Fashions, Future Consumer, among others.

The shares of Future Enterprises ended 5% lower yesterday.
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Indian Overseas Bank

Indian Overseas Bank (IOB) has cut its marginal cost of funds based lending rate (MCLR) by 10 basis points (bps) across all tenors effective September 10. MCLR is actually the minimum interest rate below which financial institutions can’t lend.

The shares of IOB ended 2% lower on September 7.

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Bharat Dynamics

The central government is looking to sell 15% of its stake in Bharat Dynamics. The government currently owns 87.75% of the company’s stake, and it is looking to offload 2.71 crore shares at a floor price of ₹384.50.

The shares of Bharat Dynamics ended 2% lower on September 7.

Info Edge

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Info Edge reported a 24.7% jump in its India standalone net profit to ₹83.2 crore for the first quarter ended June 30.

Although the company’s revenue fell 10.5% to ₹280.1 crore in the period under review.

The shares of Info Edge ended 2% lower on September 7.

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Parag Milk and Foods

Parag Milk reported a steep fall in its net profit for the first quarter ended June 30. The company’s revenue declined to ₹435.6 crore from ₹629.74 crore in the same quarter last year. The board also approved raising ₹ 230 crore via sale of non-convertible debentures. Non-convertible debentures can’t be converted into shares or equities.

The shares of Parag Milk and Foods ended 2% higher yesterday.


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