At 07:56 am, Nifty futures on the Singapore Exchange (SGX) were trading 133.50 points or 1.18 per cent higher at 11,473.50, indicating a positive start for the Indian market on Monday.
Here’s a look at the top stocks that may remain in focus today –
Dr Reddy’s: Dr. Reddy’s Laboratories Ltd on Sunday said that it is suspending supply of its drug Ranitidine worldwide as a precautionary measure, following the ongoing probe by the US Food and Drug Administration (FDA) into the reported impurity N-nitrosodimethylamine in it at low levels.
Auto: Auto stocks may hog the limelight today as the GST Council, which met in Goa on Friday, did not cut tax rates on automobiles. The industry had been demanding a GST rate cut from the current 28 per cent to 18 per cent in order to revive sales which have been facing a prolonged slowdown.
Hotel stocks: The GST Council has approved proposal to cut rates on hotel tariffs. Rooms with tariff Rs 7,500 and above will now be taxed at 18 per cent. Prior to the cut, the GST rate on this category was 28 per cent. GST on rooms with tariff between Rs 1,001 and Rs 7,500 now stands at 12 per cent. No GST on tariffs upto Rs 1,000.
Coffee Day Enterprises: The GST panel has approved proposal to hike rates on caffeinated drinks from 18 per cent to 28 per cent, plus additional 12 per cent compensation cess.
Axis Bank: The private sector lender has raised Rs 12,500 crore through its qualified institutional placement (QIP) from large foreign and local investors, news reports said.
Petronet LNG: US natural gas company Tellurian Inc. and Petronet LNG Limited (PLL) of India have signed an MoU, wherein Petronet and its affiliates intend to negotiate the purchase of up to five million tonnes per annum (5 mtpa) of liquefied natural gas (LNG) from Driftwood, concurrent with its equity investment, PTI reported. READ MORE
Jet Airways: The Enforcement Directorate (ED) has raised objections against the State Bank of India-commissioned audit of Jet Airways books, as its own probe findings in the case are significantly different. READ MORE
Adani Enterprises, IRB Infrastructure are expected to place binding bids for a set of roads coming up for auction under the toll-operate-transfer (TOT) model, Business daily Mint reported citing sources.
Reliance Capital: Reliance Capital Ltd.’s downgrade to default grade at Care Ratings Ltd. places the debt of embattled tycoon Anil Ambani’s conglomerate at risk, reigniting India’s credit scare. READ MORE
Arvind: Arvind Ltd, the Ahmedabad-based textile major, is planning to raise long-term credit worth Rs 490 crore to replace short-term loans as part of plans to improve its financial profile. It will also lower capital expenditure to Rs 300 crore from the earlier plan of Rs 500 crore.
Banking, FMCG, pharma, IT: The government’s big announcement of a cut in corporate tax will benefit sectors such as banking and FMGC but IT and pharma may not see any tangible benefits as their current effective tax rate is lower, ICICI Direct Research said in a report. READ MORE
Biocon: Biotechnology major Biocon on Friday said it has received a total of eight observations from the US health regulator for its two new biologics manufacturing facilities in Bengaluru.
Cipla: The company on Sunday announced the closure of the inspection by the US health regulator at the company’s API manufacturing facility in Bengaluru.
MCX: It will rause FII limit in company to 49 per cent.
Alkem Laboratories has acquired an undertaking, as a whole and on a going and running concern basis from Cachet Pharmaceuticals Private Limited, a subsidiary of the company. The cost of acquisition is Rs. 51.85 crore.