Indian markets are expected open in a narrow band, amid mixed global markets. Though the US and European stocks closed firm overnight, Asian stocks are down in early trade on Thursday. According to analysts, global investors prefer to stay away from riskier assets on softening of US bond yields.

However, all eyes on Tata Consultancy Services, first big company to declare the quarterly result of the season which will set the trend for other IT companies and broader market as well. Analysts expect TCS to post a strong show in the first quarter of the financial year 2021-22 (Q1FY22). The company's profit after tax (PAT) is expected to grow 30-36 per cent and revenue 19-20 per cent, on a yearly basis, analysts said. More than results, management comment will be closely monitored.

Meanwhile, Fitch Ratings on Wednesday cut India's growth forecast to 10 percent for the current fiscal, from 12.8 percent estimated earlier, due to slowing recovery post second wave of Covid-19 and said rapid vaccination could support a sustainable revival in business and consumer confidence.

The SGX Nifty at 15,825 (8 am IST) indicates a gap-down opening of about 55 points, as Nifty futures, which on Tuesday closed at 15,837.45. Overnight, all the major indices of US markets ended positive. However, most Asian markets, except Australia, are down between 0.3 per cent and 1.3 per cent in early deal on Thursday.

STOCKS TO WATCH

Bajaj Healthcare Limited , manufacturer of APIs, Intermediates and Formulations, has received a licence from DRDO to manufacture and market "2-Deoxy-D-Glucose" (2-DG) as approved medication for the treatment of Covid-19 patients. 2-DG helps in the faster recovery of hospitalised patients and reduces supplemental oxygen dependence. The drug works by selectively accumulating in the virus-infected cells and prevents virus growth by stopping viral synthesis and energy production. It can be administered only upon prescription and under the supervision of a qualified physician to hospitalised moderate to severe Covid-19 patients as an adjunct therapy to the existing standard of care.

Hindustan Oil Exploration : HDFC has reduced stake in Hindustan Oil Exploration Company Limited. Out of 1,48,26,303 equity shares of ₹10 each held by Housing Development Finance Corporation Ltd in Hindustan Oil Exploration Company Limited (HOECL), it sold 32,53,517 shares representing 2.46 per cent of the paid-up share capital of HOECL between September 19, 2017 and July 7, 2021.

RailTel Corporation of India Ltd has received a work order amounting to ₹23.43 crore (excluding GST) from Sagar Cable Network towards providing of Multicast drop and carry with 1.5G capacity at 66 locations for a period of five years.

REC has priced US$ 400,000,000, 2.75 per cent Reg. S Notes due 2027 on July 6, 2021, under its $7 billion global medium term note programme. The Notes will mature on January 13, 2027, and all principal and interest payments will be made in US dollars. The settlement date for the Notes is expected to be July 13, 2021.

Sanghvi Movers has received the single largest order in excess of ₹20 crore from one of its reputed clients for deployment of various heavy-duty cranes up to 800 metric tons. The duration of this contract is between four to eight months with further possible extensions. These cranes would be deployed in one of the core sectors that the company caters to and will be used for capacity expansion.

IPO Corner

Clean Science and Technology : The ₹1,546-crore initial public offering of the company, has been subscribed 1.70 times on the first day of the issue on Wedneday. The issue with a price band of ₹880-900 a share will close on Friday. The IPO is entirely an offer for sale (OFS) by existing promoters and other shareholders. Half of the issue size has been reserved for qualified institutional buyers, up to 35 per cent for retail investors, and the remaining 15 per cent for non-institutional buyers. Clean Science Technology manufactures functionally critical specialty chemicals such as performance chemicals, pharmaceutical intermediates and FMCG chemicals. Its products are used as key starting level materials, as inhibitors, or as additives, by customers, for products.

Ahead of the issue, the company allocated 51,55,404 shares to anchor investors at ₹900 apiece, aggregating to ₹464 crore. Among the anchor investors include Government of Singapore, BlackRock, Goldman Sachs India, Abu Dhabi Investment Authority abs BNP Paribas Arbitrage- ODI. In addition, Axis Mutual Fund, ICICI Prudential MF, HDFC MF, SBI MF, Kotak MF, SBI Life Insurance Company, ICICI Prudential Life Insurance Company and Aditya Birla Sun Life Insurance Company, among others, also participated.

GR Infraprojects : The IPO, which opened on Wednesday and will open till Friday, was subscribed 2.28 times on the first day. The issue will be a complete offer for sale of up to 1,15,08,704 equity shares. The price band has been fixed as ₹828-837. The IPO being only an OFS, the company will not receive any proceeds from the Offer.

Meanwhile, GR Infraprojects, an integrated road engineering, procurement and construction company with experience in design and construction of various road/highway projects, has raised ₹283.3 crore from 22 anchor investors. The company informed the bourses that it has allocated 33.85 lakh shares at ₹837 a share on Tuesday to anchor investors who included eight FPIs (Small Cap World Fund, ADIA, Blackrock, Fidelity, Allianz Global and Public Sector Pension Investment Board – IIFL AMC).

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