25 June 2021, Pre Market Report: Accenture posts stellar results! Will IT sector take Nifty to 16000
Good Morning everyone, Like we discussed yesterday in the Postmarket report, Accenture posted their results and they are back to pre-pandemic levels. Since Accenture is one of the first IT companies to share their quarterly results, it is like an indicator for the entire sector. This could help the Indian IT shares to go up too. But as we all have already invested in the IT companies like HCL, TCS & Infosys already as per our strategy, we can reap good profits now. I am sure all of you are sitting with good profits already.
The Nasdaq and the S&P 500 indexes hit all-time highs on Thursday, with the Dow also jumping, as US lawmakers crafted a $1 trillion package including a $579 billion spending on infrastructure.
The Dow Jones Industrial Average was up 1.04% at 34,225.35 points, while the S&P 500 gained 0.66% to 4,269.79. The Nasdaq Composite added 0.72% to 14,374.56.
Asian markets were mostly higher tracking US markets overnight. Nikkei and Hang Seng rose 0.5 percent each, while Kospi and Taiwan indexes gained 0.7% each.
Reliance shares went down by 2 percent yesterday after the AGM and that itself has brought down the index by almost 50 points as a heavyweight on the index. IF Reliance moves further down, we can see another downfall in the Index, but if Reliance recovers from the losses, then we might see the index moving to 16000 levels.
Trends on SGX nifty make me feel that the market will open with a flat to small gap up at around 15800-15850, which I consider is good for the market to actually move upwards. Let us wait and watch.
Results on June 25:
ABM Knowledgeware, Alphageo (India), Apex Frozen Foods, Atul Auto, Antony Waste Handling Cell, Finolex Industries, Godfrey Phillips, HCL Infosystems, Hindustan Copper, Indraprastha Gas, Inox Wind, JSW Energy, MSTC, PNC Infratech, RailTel Corporation of India, Shree Renuka Sugars, Selan Exploration Technology, State Trading Corporation of India, Texmo Pipes & Products, and Voltamp Transformers will release quarterly earnings on June 25.
Results on June 26:
Ahluwalia Contracts, Andhra Cements, Future Consumer, Reliance Communications, Repco Home Finance, Shalimar Paints, and SJVN will release quarterly earnings on June 26.
FII and DII data
Foreign institutional investors (FIIs) net sold shares worth Rs 2,890.94 crore, while domestic institutional investors (DIIs) net purchased shares worth Rs 1,138.76 crore in the Indian equity market on June 24.
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Stock Specific News:
ONGC | The company’s Q4FY21 standalone net profit jumped to Rs 6,733.97 crore from Rs 1,258.12 crore, while revenue rose 24.4 percent to Rs 21,188.91 crore from Rs 17,023.8 crore, QoQ. The company declared a final dividend of Rs 1.85 per equity share.
Ashok Leyland | The company reported a net profit of Rs 241.17 crore in Q4FY21 as against a loss of Rs 57.32 crore, YoY. Revenue rose 82 percent to Rs 7,000.49 crore from Rs 3,838.46 crore, YoY.
State Bank of India | The bank has launched the Aarogyam healthcare business loan to provide enhanced support to the healthcare sector amid the pandemic.
LIC Housing Finance | Promoter Life Insurance Corporation of India (LIC) will infuse equity capital worth Rs 2,334.70 crore by picking up an additional 4.93 stake in the company. LIC HFL will issue shares at Rs 514.25 apiece to the promoter on a preferential basis.
Yes Bank | The bank has acquired 47.83 lakh equity shares, constituting 18.10 percent of the paid-up share capital, of Business India Publications Ltd through the invocation of pledge, upon extinguishment of loan.
Aarti Industries | The company has set the floor price for QIP at Rs 899.77 per share.
Bank of Maharashtra | The bank has received shareholders’ approval to raise up to Rs 5,000 crore equity capital through various modes, including rights issue and preference issue.
Union Bank of India | The bank has raised Rs 850 crore by issuing Basel-III-compliant bonds on a private placement basis.
Indian Bank | The bank raised Rs 1,650 crore via qualified institutional placement (QIP) and set the issue price for QIP at Rs 142.15 per share.
Majesco | Promoter Aurum Platz IT Pvt Ltd acquired a 14.31 percent stake in the company via off-market transaction, taking total shareholding to 34.57 percent from 20.26 percent earlier.
Prestige Estates Projects | The company has acquired 100 percent stake in Ariisto Developers through a resolution plan submitted by it in the corporate insolvency resolution process.
Godrej Agrovet | The company has made an additional investment of Rs 14.99 crore in the equity share capital of subsidiary Godrej Maxximilk Pvt Ltd.
CG Power & Industrial Solutions | The Central Bureau of Investigation has lodged an FIR against the company, its former chairman Gautam Thapar and other company officials for causing a loss of Rs 2,435 crore to an SBI-led consortium of banks.
Asian Granito India | Subsidiary Crystal Ceramics Industries has completed 12,000 SQMTS/days (square meters per day) of glazed vitrified tiles brownfield capacity expansion at its Meshana Plant. This capacity addition will increase the total capacity of Crystal Ceramics to 36,000 SQMTS/day.
PTC India | The company reported a higher consolidated profit at Rs 49.77 crore in Q4FY21 against Rs 47.96 crore in Q4FY20. The company’s board has approved the acquisition of the energy consulting business of IL&FS Energy Development Company.
Bodal Chemicals | The company reported consolidated profit at Rs 21.73 crore in Q4FY21 against Rs 25.84 crore in Q4FY20, revenue rose to Rs 432.73 crore from Rs 368.47 crore, YoY.