Stocks to watch: PSU banks, ACC, DB Corp, L&T Infotech, Wipro, Mindtree

Topics Stocks in focus | PSU Banks | ACC

At 08:36 am, Nifty futures on the Singapore Exchange (SGX) were trading 19.50 points or 0.17 per cent lower at 11,654 levels, indicating a negative start for the Indian market on Thursday. 

Here's a look at the top counters that are likely to trade actively in today's session - 

PSU banks: In a big relief for banks, the government is bringing in multiple reforms to the three-year-old Insolvency and Bankruptcy Code (IBC), providing clarity about preference to secured lenders over operational creditors, to be applicable retrospectively; strict timelines for the resolution and litigation process; and powers of the committee of creditors (CoC). READ MORE

Mindtree: Mid-sized IT firm Mindtree Wednesday posted a 41.4 per cent rise in consolidated net profit to Rs 92.7 crore for the quarter ended June 30. Its revenues rose 11.9 per cent to Rs 1,834.2 crore in the quarter as compared with Rs 1,639.5 crore in the year-ago period.

Wipro: For the quarter ended June 30, the Bengaluru-headquartered company reported a 12.6 per cent rise in consolidated net profit (at Rs 2,387.60 crore) compared with the corresponding period in the previous fiscal. Net profit declined 3.86 per cent on a sequential basis owing to higher tax outgo apart from lesser revenue from operations.

YES Bank: Private sector Yes Bank Wednesday reported a slump of over 92.4 per cent in its consolidated net profit to Rs 95.56 crore in the first quarter ended June this fiscal. The bank had reported a net profit of Rs 1,265.67 crore in the April-June quarter of the previous fiscal ended March 2018.

Results today: ACC, Colgate Palmolive, DB Corp, Cyient, Larsen & Toubro Infotech, are among 21 companies that are scheduled to announce their June quarter results today.

IndiGo: On Friday, Rahul Bhatia and Rakesh Gangwal — the founders of IndiGo — will possibly face each other with deep mistrust, which the board chairman, M Damodaran, will attempt to defuse, says a Business Standard report. Damodaran has proposed to include at least two of the proposed demands made by Gangwal. READ MORE

Torrent Pharma: On Wednesday, the company said it already had submitted its initial response to USFDA and commitments given in response to Form 483 observations for  its Dahej facility have been fulfilled. It is sending further updates over receiving of this OAI (Official Action Initiated) letter. It further added that the inspection classification will not have an impact of disruption of supplies or the revenues from operations of this facility. 

Punjab & Sind Bank Wednesday reported over Rs 238 crore fraud by Bhushan Power and Steel. "In the accounts of the company (BPSL), bank has already made provisions amounting to Rs 189.35 crore, as per prudential norms," Punjab & Sind Bank (PSB) said in a regulatory filing.

Allahabad Bank on Wednesday reported a Rs. 689 crore ($100.1 million) fraud related to textile company SEL Manufacturing to the Reserve Bank of India.

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