Stocks to watch: RBL Bank, Axis Bank, Biocon, PVR Ltd, L&T, Canara Bank

At 08:37 am, Nifty futures on the Singapore Exchange (SGX) were trading unchanged at 12,140 levels indicating a flat start for the dometic market on Thursday. 

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

Bharti Airtel, Vodafone Idea: Leading telecom companies including Bharti Airtel, Vodafone Idea, and Tata Group are planning to communicate to the Department of Telecommunications (DoT) that while they will comply with the Supreme court order on paying adjusted gross revenue (AGR) dues, they will wait till next week, when their “modification” petition is heard in the apex court, before paying.

Earnings today: As many as 50 companies including Biocon, Canara Bank, HDFC Life, PVR Ltd, PNB Housing Finance, and Oriental Bank of Commerce are scheduled to announe their Q3 results today.

Oil India: Oil India (OIL) on Wednesday filed a clarificatory petition before the Supreme Court against a Rs 48,000-crore demand raised by the Department of Telecommunications (DoT). The DoT had slapped the demand notice on OIL, seeking Rs 48,000 crore on account of AGR (adjusted gross revenue) dues.

ZEEL: Punit Goenka, managing director and chief executive officer of ZEE Entertainment (ZEEL), will continue in his role, even as his remuneration is being reviewed by the board after the promoter ownership has come down 5 per cent during the quarter.

ITI has set the price band for its follow-on public offer (FPO) at Rs 72-77 per share. The company is looking to raise up to Rs 1,400 crore through the offer that opens Friday.

Cipla: Drug firm Cipla on Wednesday said it has received observations from the USFDA for its Goa manufacturing facility. It further said that the developments will not have any material impact on the company's US business at this stage.

RESULTS IMPACT

Axis Bank: Private sector lender Axis Bank on Wednesday reported a 4.5 per cent year-on-year jump in net profit at Rs 1,757 crore for the third quarter ended December 2019. The company had posted a net profit of Rs 1,680.85 crore in the corresponding quarter last year. Net interest income (NII) grew 15 per cent to Rs 6,453 crore in the third quarter this fiscal, the bank said.

L&T: Engineering and construction major Larsen & Toubro (L&T) on Wednesday posted a 15 per cent rise in its consolidated net profit at Rs 2,560.32 crore for the quarter to December 31, on the back of higher income.

RBL Bank: RBL Bank on Wednesday reported a 69 per cent dip in its net profit at Rs 69.9 crore for the quarter ended 31 December 2019 on account of rise in bad loans. However, total income increased to Rs 2,64,430 crore as against Rs 1,029.20 crore for the same period year ago, the bank said.

Tata Communications, in which the government holds 26.12 per stake, on Wednesday said that it has made no provision for the telecom department''s demand of Rs 6,633 crore for AGR dues as the Supreme Court order did not include appeal of the company which is still pending before the court.

Ceat: Tyre maker Ceat on Wednesday reported a marginal increase in consolidated net profit at Rs 52.5 crore for December quarter 2019-20.

Karnataka Bank on Thursday reported a 12 per cent decline in its net profit at Rs 123.14 crore for the third quarter ending December 31, 2019 on account of rise in bad loans. The Mangalore-headquartered bank had reported a net profit of Rs 140.41 crore in the year-ago period.