Eight stocks to watch in trade today; RIL in focus

Following are the stocks that are likely to be in action in trade today.

Reliance Industries is likely to gain after the company reported 16% growth in consolidated net profit at Rs 7,398 crore compared to the same quarter last year after gross refining margin hit a seven year high of $10.8/barrel.

Cairn India could see some pressure after the oil explorer reported a huge loss of Rs 10,948 crore for the fourth quarter ended March 31, 2016 while revenues for the quarter declined 36% to Rs 1,717 crore because of weak crude oil prices compared to the same quarter last year.

Bharti Airtel may see some action after the company said that it is likely to consider a buy back of equity shares in its board meeting on April 27. The board will also consider a final dividend for 2015-16.

Tata Motors could see some action as it plans to issue non-convertible debentures (NCDs) to raise Rs 300 crore, and a meeting of senior executives and directors will be held on Wednesday.

Indian Overseas Bank and UCO Bank will be in focus as both the stocks will be excluded from the F&O segment from July 1.

GVK Power may firm up after the company said it has handed over its Phase I power plant to AP Transco for a consideration of Rs 261.27 crore.

Uttam Galva Steel could see some pressure after India Ratings and Research downgraded the company's long-term issue rating to D, a default grade, from BBB+ due to ongoing delays in debt servicing since February.