Stocks Radar: Wipro, Idea Cellular, Reliance Industries And More
Shares of Reliance industries rose as it announced entry into LPG cooking gas market.
Indian shares climbed along with Asian equities amid a retreat in crude oil prices, as investors adopt a cautious stance before a slew of major companies report earnings this week.
Here are the stocks in focus for the day:
Earnings Reaction
Shares of Wipro fell 4.3 percent to Rs 477 after it registered a marginal 0.9 increase in profit to Rs 2,070 crore in the second quarter of fiscal 2017.
The company’s profit in dollar terms increased 5 percent while revenue grew 1.5 percent.
The company expects revenue from IT services to grow by 0-2 percent in the range of $1,916 million to $1,955 million, it said in its press release.
- Oberoi Realty (+1.2 percent to Rs 336)
- Tata Sponge Iron (+3.8 percent to Rs 674)
- Cairn India (+1.6 percent to Rs 235)
- Mindtree (-5.7 percent to Rs 451)
Sun Pharmaceuticals
Shares of the pharmaceutical major rose 1 percent to Rs 755 after it received the approval of the Competition Commission of India to carry out its deal with RPG Life Sciences.
Sun Pharma entered into an agreement with RPG Life Sciences to divest seven prescription brands in India,owned by Sun Pharma and its subsidiary.
Shares of RPG Life Sciences rose 2.2 percent to Rs 519 on the same news.
Telecom Stocks
Shares of the telecommunication majors fell after the Telecom Regulatory Authority of India suggested a Rs 50 crore per circle penalty against Airtel, Idea and Vodafone for conspiring against new entrant Reliance Jio.
The telecom regulator found the veterans of not providing adequate points of interconnection to the latest entrant in the telecom industry – Mukesh Ambani-led Reliance Jio Infocomm Ltd. The recommendation has been made to the department of telecom (DoT) which will now have to take a final call in the matter.
- Airtel (-1.8 percent to Rs 304)
- Idea (-2.5 percent to Rs 78)
*Idea Cellular to release second quarter earnings today.
Reliance Industries
Shares of the world's biggest oil-refining company rose 0.9 percent to Rs 1,074 after it forayed into cooking gas retailing, launching a 4-kg LPG cylinder on a trial basis. The company announced the news through its investor presentation post its second quarter results.
Four-kg LPG cylinder launched in 4 districts on pilot basis.
Its competitors in the field include government owned companies such as Indian Oil, Bharat Petroleum and Hindustan Petroleum.
Earnings Watch
Idea Cellular is the big earning to watch for the day. The company’s revenue is expected to grow around 8.5 percent on a year-on-year basis, and show a marginal quarterly decline. EBITDA margin is expected to fall 160 basis points quarter-on-quarter and 440 basis points year-on-year due to higher network cost and net profit is expected to fall 77.7 percent.
Take a look at how the stock are reacting before their earnings.
- Bharti Infratel (+1.9 percent to Rs 370)
- Idea Cellular (-2.5 percent to Rs 78)
- Adani Enterprises (+1 percent to Rs 72)
- Adani Power (+1.4 percent to Rs 28)
- Adani Transmission (+1.5 percent to Rs 44)
- Indiabulls Real Estate (+2 percent to Rs 86)
- Mahindra CIE Automotive (+1.5 percent to Rs 197)
- Thyrocare Technologies (+1.6 percent to Rs 647)
*Idea penalized for conspiring against Reliance Jio.