Top 10 stocks to track in trade today
In an exclusive interview to NDTV's Shweta Rajpal Kohli, Mauritius Foreign Minister Arvin Boolell talks about GAAR, tax treaty, black money and the measures being taken.
Global central banks went on the offensive Thursday evening, cutting interest rates and increasing bond buying to stimulate growth. However, the move failed to cheer stocks.
Indian markets have been sluggish through the week, and that trend is unlikely to change today.
Here are the stocks to track today.
1) Infosys: The Federal Judge hearing Jay Palmer’s whistleblower case against Infosys has reportedly ordered that a mediation conference be convened on July 24. The case relates to Jay Palmer who filed a lawsuit last year against Infosys, alleging he was harassed after refusing to help the company use B-1 visas, for work he claims needed an H-1B work visa. The civil case against Infosys brought by Palmer slated is slated to go to trial in just a month.
2) Grasim Industries: The Kumar Mangalam Birla-led firm plans to buy a 40% stake in Canada's Terrace Bay Pulp Mill for $44 million (around Rs 242 crore). The company plans to spend another $250 million to upgrade and expand the plant. This acquisition is a major strategic move in the viscose staple fibre (VSF) business for Grasim.
3) Lupin: The drug maker has won the US Food & Drug Administration's approval to sell a generic version of Pfizer's blockbuster drug - Lyrica - which is used for neuropathic pain. Lupin is first generic company to get final approval for drug. US sales of Lyrica were about $1.8 billion for the year ended in March.
4) Tata Motors: Morgan Stanley has retained its "hold" call with a target of 240 on the auto major, saying the stock is likely to remain weak in the near term. The dealer survey indicates luxury environment becoming more competitive, the brokerage said. The company is not immune to pricing pressure in China, it added.
5) Bank of India: The PSU lender has cut its term deposit rates in some maturities with effect from July 2. It has cuts 2-10 year deposit rates by 20-25 basis points.
6) MindTree: Credit Suisse has downgraded the stock to "neutral" from "outperform" with a target price of Rs 765. The downgrade is on the back of 80% year-to-date increase in stock price. Product engineering business appears weaker than earlier anticipated, the brokerage said.
7) Thermax: Goldman Sachs has downgraded the stock to "sell" from "neutral" with a target price of Rs 410. The downgrade comes after the stock has run up 20% over the last one month. The return on capital employed (ROCE) is likely to decline by 400 basis points by FY'14, Goldman said. Margins are likely to decline over the next 3-6 months, it added.
8) Indian Hotel: JP Morgan is "neutral" on the stock with a target price of Rs 77. The rupee depreciation is equivalent to tariff reduction, it said. Recent equity infusion has been a positive. Risk-reward ratio is favourable at earnings value of Rs 10 per room, JP Morgan said.
9) Chambal Fertilizers: It is likely to consider sale of shipping unit for Rs 600-700 crore, according to market buzz.
10) Raymond: It is likely to raise funds via allotment to PE players.
Disclaimer: Some of the information is based on the buzz in the stock market and on secondary information. Readers should use discretion before using the information.