GM Breweries, Vedanta among top stocks hogging limelight in Friday's trade
GM Breweries reported 10 per cent jump in its revenues at Rs 404 crore from Rs 366 crore reported earlier. Th company's profit surged 120 per cent to Rs 22 crore from Rs 10 crore reported earlier. EBITDA margin came in at 8 per cent.
The Sensex and Nifty are expected to open lower on Friday after Chinese stocks and the yuan slipped ahead of the implementation of major tariffs that will move the trade row between the United States and China to a new level and cloud the global economic outlook. At 7:50 am, SGX Nifty was trading at 10,719.50, down 38.50 points or 0.36 per cent.
Meanwhile, Federal Reserve officials reaffirmed their commitment to gradually raising the benchmark lending rate amid rising risks from trade battles and emerging-market turmoil that could blunt the tailwind from fiscal policy, the minutes of the Federal Open Market Committee’s June 12-13 gathering in Washington, released Thursday, showed.
Back home, the rupee tumbled for the second straight session to hit a fresh closing low of 68.95, sliding by 21 paise following a panic demand for the US dollar coupled with savage capital flight worries.
Here are key stocks that will remain in focus today:
GM Breweries: GM Breweries reported 10 per cent jump in its revenues at Rs 404 crore from Rs 366 crore reported earlier. Th company's profit surged 120 per cent to Rs 22 crore from Rs 10 crore reported earlier. EBITDA margin came in at 8 per cent.
Welspun Enterprises: Infrastructure firm Welspun Enterprises on Thursday said it has bagged a contract worth over Rs 2,000 crore from NHAI. The company has received letter of award for the four laning of Sattanathapuram to Nagapattinam section of NH-45A in Tamil Nadu, Welspun Enterprises said in a regulatory filing.
Shipping Corporation of India: Union shipping and ports minister Nitin Gadkari on Thursday said the government will be giving Rs 500 crore to the Shipping Corporation of India to purchase ships in the international market and lease it out domestically.
Tata Global Beverages: Tata Global Beverages on Thursday said it would exit loss-making subsidiaries and focus on profitable ones that can be scaled up. The company, however, would have to maintain subsidiaries in certain locations, owing to legal issues, Chairman N Chandrasekaran told shareholders at the annual general meeting here. "The whole idea is to have subsidiaries which can be scaled up and are profitable," he said.
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Vedanta: The proposed delisting of the Anil Aggarwal-led Vedanta Resources from the London Stock Exchange will have no immediate impact on its credit profile, although cash extraction risks remain from the announced complete takeover of the natural resources firm by its holding company, Volcan Investments Ltd., Moody's Investor Service said on Thursday.