Stocks to watch: Piramal Enterprises, ITC, Tata Steel, Axis Bank, Bajaj Fin

At 08:48 am, Nifty futures on the Singapore Exchange (SGX) were trading 82 points or 0.8 per cent lower at 10,249.80, indicating a negative start for the Indian market on Monday.

Here's a look at the stocks that may remain in focus today - 

Axis Bank, Bajaj Finance: Rating agency Standard and Poor’s has downgraded the issuer rating of Axis Bank from “BBB-” to “BB+”, expecting that the heightened economic risks facing India’s banking system will affect the lender’s asset quality and financial performance. The agency has also downgraded ratings of Bajaj Finance. 

ITC: Diversified group ITC on Friday reported a 7.75 per cent drop in its profit before tax at Rs 4,743.47 crore for quarter ended March 31, owing to a sharp decline in consumption, especially in rural areas due to the Covid-19 pandemic. It posted a 4.93 per cent decline in its revenue from operations at Rs 12,560.64 crore during the quarter.

HDFC Bank: The private sector lender may raise Rs 13,000 crore via share sales in India and issuance of American Depository Receipts (ADRs), according to a news report by business daily Mint. 

Coal India: Coal India reported 23 per cent decline in consolidated net profit to Rs 4,637.95 crore on 3.6 per cent fall in revenue from operations to Rs 27,568.23 crore in Q4 FY20 over Q4 FY19.

Total expense in the fourth quarter rose 2.6 per cent to Rs 22033.90 crore from Rs 21471.78 crore in the same period last year.

NTPC: State-run power major NTPC on Saturday reported over 70 per cent decline in its consolidated net profit at Rs 1,523.77 crore in the March quarter mainly due to higher tax provision under the Vivad Se Vishwas' scheme. The consolidated net profit of the company stood at Rs 5,161.39 crore for the corresponding quarter last fiscal, a regulatory filing said.

Piramal Enterprises: Piramal Enterprises (PEL) said US-based private equity player Carlyle was taking a 20 per cent stake in its pharma business at an enterprise value of $2.78 billion. 

Earnings today: As many as 586 companies are scheduled to report their March quarter earnings including GIC Housing Finance, MRF, and Tata Steel.

RITES: The Centre’s Rs 1-trillion plan to redevelop 400 stations across the country is likely to get a boost with Railways subsidiary RITES in the final stage of taking up 24 per cent stake in the Indian Railway Stations Development Corporation (IRSDC).

Adani Transmission: Adani Transmission has signed Share Purchase Agreement with Maharashtra State Electricity Transmission Company on 25 June, 2020 for acquisition of its entire stake in Kharghar Vikhroli Transmission (KVTPL).

Glenmark Pharma: Glenmark Pharmaceuticals on Friday posted a 36.28 per cent increase in its consolidated net profit to Rs 220.3 crore for the fourth quarter ended March 31, 2020.

The Mumbai-based drug firm had reported a net profit of Rs 161.66 crore for the corresponding period of 2018-19.

NALCO: National Aluminium Company (Nalco)’s net profit for FY20 nosedived 92 per cent to Rs 138.23 crore as against Rs 1,732.4 crore, a record profit that the navratna company logged in 2018-19.

Oil India: State-run Oil India (OIL) has posted an almost twofold increase in its pre-tax profit in the fourth quarter of FY20 at Rs 267.57 crore, aided by reversal of deferred tax. It had reported a pre-tax profit of Rs 89.22 crore in the corresponding period of 2018-19.

BHEL: CARE Ratings has downgraded the rating on the long-term bank facilities of Bharat Heavy Electricals Ltd. (BHEL) to ‘CARE AA’ from ‘CARE AA+’ while reaffirming the outlook to ‘Stable’. The rating on the short-term facilities have been reaffirmed at ‘CARE A1+’.

IDBI Bank: The board of directors at IDBI Bank has approved a plan to offload 27 per cent stake in IDBI Federal Life Insurance (IFLI) at a combined value of Rs 595 crore, the public sector lender said on Saturday.

The Phoenix Mills said the company's board at its meeting scheduled today, 29 June 2020 will consider a proposal to raise funds through various modes.