Reliance Communications, Fortis Healthcare among top five stocks hogging limelight today
Daiichi Sankyo has approached the Delhi high court to block the $1 billion sale of Fortis Healthcare to Malaysian group IHH Bhd. Daiichi has enforced an arbitration award to recover Rs 3500 crore from the promoters. Fortis Healthcare has, meanwhile, said Daiichi's statement is baseless.
The Sensex and Nifty are expected to open higher on Thursday tracking Asian markets, which made early gains as upbeat Wall Street earnings supported global investor sentiment, although trade war jitters pushed China’s offshore yuan to a fresh one-year low.
MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.53 per cent, while Japan’s Nikkei and the Australian benchmark advanced 0.42 per cent and 0.38 per cent, respectively.
On Wall Street, the Dow Jones Industrial Average rose 0.32 per cent and the S&P 500 gained 0.22 per cent to hit a more than five-month high, while the Nasdaq Composite declined marginally by 0.01 per cent.
Here are five stocks that will remain in focus today:
Fortis Healthcare: According to reports, Daiichi Sankyo has approached the Delhi high court to block the $1 billion sale of Fortis Healthcare to Malaysian group IHH Bhd. Daiichi has enforced an arbitration award to recover Rs 3500 crore from the promoters. Fortis Healthcare has, meanwhile, said Daiichi's statement is baseless.
Indian Overseas Bank: Reports say the government will infuse Rs 2,157 crore into Indian Overseas Bank in financial year 2019.
Reliance Communications: Debt-laden Indian telecoms company Reliance Communications (RCom) reported a narrower first-quarter loss of Rs 342 crore on Wednesday, citing lower expenses in terms of access charges and licensing fees. It was the company's seventh straight quarterly loss and compared with a loss of 12.21 billion rupees a year ago.
JK Tyre & Industries: JK Tyre & Industries reported a consolidated net profit of Rs 64.24 crore for the first quarter ended June 30, mainly driven by robust sales. The company had posted a net loss of Rs 117.21 crore in the year-ago quarter, JK Tyre & Industries said in a BSE filing.
WATCH ZEE BUSINESS VIDEO HERE
ITC: "ITC Global Holdings Pte, Singapore, has ceased to be a subsidiary of ITC pursuant to its dissolution vide order dated July 10 of the High Court of the Republic of Singapore,” the company said in a regulatory filing to the bourses. The company was placed under judicial management in 1996 and was in the process of being wound up. In 1992, ITC incorporated Global as a commodities trading company in Singapore. ITC Global was put into liquidation on November 30, 2007.