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This week will see a good number of companies coming out with their Q3 financial results. TCS (January 17), Jindal Steel (January 18), HDFC Bank, Bajaj Auto, Hero Moto Corp and SKS Micro (January 19), Wipro, ITC, Reliance Industries and Jet Airways (January 20) are announcing their October-December quarter financial performance. With the Street not enthused by last week's announcements of Infosys and HDFC, it is to be seen whether these companies would be able to beat market expectations and turn the sentiment.
Is Iran a problem for refiners?
The stocks of MRPL and PSU oil refiners will be under pressure this week as these companies import crude oil from Iran. There is already speculation in media that the Government had asked Indian refining companies to reduce oil import from Iran as the US wants to isolate Iran on suspicion over its nuclear programme. The US enacted a law last month enabling authorities to impose sanctions on any financial institution that deals with Iran's central bank, its main clearing house for oil export payments. However, Government of India has already denied such instructions. An Indian delegation is scheduled to visit Tehran on Monday to discuss the issue of payments and work out future modalities. MRPL is the largest importer of Iranian crude with 7 million tonnes of imports annually while Essar Energy imports 5 million tonnes. Hindustan Petroleum Corporation and Indian Oil import 3.2 million tonnes and 2.5 million tonnes respectively.
Delisting companies to be in spotlight
Stocks of UTV Software and Carol Info Services will be in focus this week as they open their delisting window for their shareholders. The US-based Walt Disney's open offer for UTV Software and Khorakiwala Holdings and Investments Pvt Ltd's open offer for Carol Info Services will be floated between January 16 and 20. Both the companies' share prices are ruling above the indicative price offered by the respective offerees. Walt Disney offered a maximum of Rs 1,000 a share, while Khorakiwala set an indicative price of Rs 160 a share. The stock of price of UTV Software closed at Rs 1,035.55 and Carol Info Services at Rs 170.65. Trading volumes for both these companies have witnessed a sharp surge. After the recent announcement by Alfa Laval promoters of hiking their delisting offer price, there is a buzz in the market that even these companies will see an upward revision in the delisting offer price. The companies will not disclose the delisting offer status on a day-to-day basis. Companies will reveal the status only after the closing date.
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