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Stocks in news: HDFC Bank, Lupin, Kotak Mahindra Bank, IndusInd Bank and more

Stocks to watch today on April 7: HDFC Bank, Lupin, Kotak Mahindra Bank, IndusInd Bank, Sobha, DCB Bank, MOIL, NMDC, Force Motors, Dhampur Sugar Mills, Bharat Gears, Axis Bank, ICICI Bank among others are the top stocks to watch out for in Tuesday's trading session

twitter-logoBusinessToday.In | April 7, 2020 | Updated 08:08 IST
Stocks in news: HDFC Bank, Lupin, Kotak Mahindra Bank, IndusInd Bank and more
Stocks to watch today on April 7

Key Highlights:

- Morgan Stanley estimated FY21 GDP growth will decelerate to a 29-year low of 2.2%. Morgan Stanley has also cut FY21 Sensex growth forecast to 7% from 10%

- Ratings Agency Fitch has cut India's GDP growth forecast for FY20 to 4.9% & 2% for FY21

-Sensex dropped over 7%, while Nifty ended 6% lower in the last week

-RBI has announced further measures like extending period for realisation, repatriation of export proceeds, for dealing with the COVID-19 pandemic

-India's March services PMI stood at 49.3 compared to 57.5 registered last month. India's composite PMI came in at 50.6 as compared to 57.6 last month

-FIIs offloaded Rs 1,960.97 crore while DIIs bought Rs 226.55 crore in equities on Firday

Stocks in the news today: Here is a list of top stocks that are likely to be in focus in Tuesday's trading session based on latest developments.

Sobha: The company said it achieved the highest ever sales volume of 40.7 lk sq ft in FY20. The filing also added that sales volume for Q4 were impacted due to lockdown announced by govt.

Lupin: The pharma major has launched Mycophenolic Acid Delayed-Release Tablets USP, 180 mg and 360 mg (generic equivalent of Myfortic Delayed-Release Tablets) of Novartis. Mycophenolic Acid Delayed-Release Tablets USP had an annual sales of approximately $156 m in the US, the filing added.

MOIL: The company has contributed Rs 45 crore to the PM Cares Fund.

Solar Industries India: Company said it has resumed partial manufacturing operations with the limited manpower and with all the necessary safety precaution measures to ensure the supply of our products to emergency service providers. This was upon receipt of approval of concerned administration authorities, the filing added.

Kotak Mahindra Bank: Company said that its net advances grew 1.3% to 205,605 while deposits rose 11.7% over the previous quarter to 216,150, on a quarterly basis. The advances climbed 6.7%, while deposits grew 19.6% on an annual basis.

IndusInd Bank: Moody's Investors Service (Agency) has placed lender's domestic and foreign currency issuer ratings of Baa3/P-3 under review for downgrade. The Bank's ba1 base line credit assessment (BCA) and adjusted BCA have also been placed under review for downgrade by the Agency. As per the filing, the review for downgrade of IndusInd's ratings reflects the downside risks to asset quality amid the deteriorating macro environment and financial market volatility.

Larsen & Toubro: Company said its board is scheduled to meet on Thursday, April 9, 2020 to seek approval for raising funds including through issue of debt securities

DCB Bank: The lender has announced revised marginal cost of funds based lending rate.

Force Motors: The company announced it has sold 877 units in March 2020 as compared to 4117 units in March 2019, a drop of 78.70% year-on-year.

HDFC Bank: Lender said that advances grew 6.3% to Rs 9.93 lakh crore while deposits rose 7.4% over the previous quarter to Rs 11.46 lakh crore, on a quarterly basis. The advances climbed 21%, while deposits grew 24% on an annual basis.

Bharat Gears: CRISIL has announced ratings for the total Bank Loan Facilities of Rs. 325.00 Crores of Bharat Gears Ltd as on March 31, 2020. The brokerage has rated Long-Term Rating - CRISIL BB+/Stable and Short-Term Rating - CRISIL A4+, the filing added.

IDBI Bank: The lender said that Moody's affirmed the deposit rating of IDBI Bank at Ba2. The baseline credit assessment (BCA) and adjusted BCA of IDBI Bank has also been affirmed at b2. At the same time, the outlook for IDBI is revised to Stable from Positive, the filing added.

NMDC: The company has revised iron ore price from April 4, 2020. As per the filing, Lump Ore (65.5%, 6-40mm) will be now sold at Rs 2,650 per ton, Fines (64%, -10mm) price has been upgraded to Rs 2,360 per ton

Axis Bank: The lender announced that Moody's has revised its outlook from stable to negative. Further, it has downgraded the counterparty risk assessments of the bank to Baa3(cr)/P-3(cr) from Baa2(cr)/P-2(cr), and the local currency counterparty risk rating to Baa3/P-3 from Baa2/P-2.

ICICI Bank: The lender said that Moody's has revised outlook on its rating from stable to negative and affirmed the deposit ratings of the bank at Baa3. Bank's baseline credit assessment (BCA) and adjusted BCA are also affirmed at ba1. Moody's has lowered the counterparty risk assessment from Baa2(cr)/P-2(cr) to Baa3(cr)/P-3(cr) and the local currency counterparty risk rating from Baa2/P-2 to Baa3/P-3, the filing said.

Dhampur Sugar Mills: The company announced that it has started Production of Hand Sanitizers at its unit at Asmoli, Distt. Sambhal on 3 April, 2020.

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