Reliance Industries, Idea Cellular among key stocks hogging limelight today
Idea Cellular: The telecom department is likely to approve tomorrow the merger of Vodafone India and Idea Cellular that will create the country's largest mobile service operator with proposed name of Vodafone Idea Ltd.
The Sensex and Nifty are expected to open lower on Monday tracking Asian markets, which retreated after US President Donald Trump cranked up trade tensions with China by going ahead with tariffs on Chinese imports, prompting Beijing to immediately respond in kind.
At 8:00 am, SGX Nifty was trading at 10,779, down 47 points or 0.43 per cent.
MSCI’s broadest index of Asia-Pacific shares outside Japan dropped 0.2 per cent in early trade, near its lowest level since May 31. Financial markets in China and Hong Kong will be closed on Monday for Dragon Boat festival holiday.
Japan's Nikkei slid 0.7 per cent as fears of growing protectionism overshadowed stronger-than-expected export data. US e-mini S&P futures fell 0.4 per cent in early trade.
Here are key stocks that will hog limelight:
Reliance Industries share price: Reliance Industries is investing in setting up India’s first carbon fibre manufacturing unit to cater to aerospace and defence needs, the company said in its annual report. RIL will also make low-cost and high-volume composite products like modular toilets, homes and composites for windmill blades and rotor blades.
Idea Cellular share price: The telecom department is likely to approve tomorrow the merger of Vodafone India and Idea Cellular that will create the country's largest mobile service operator with proposed name of Vodafone Idea Ltd. "DoT is expected to clear the Vodafone-Idea merger on Monday. The certificate will be handed to them," an official source told PTI.
Dr Reddy's share price: Pharma major Dr Reddy’s Laboratories said that after the launch of its generic Buprenophine and Naloxone Sublingual Film in the US market, the US district court of New Jersey issued a temporary restraint order and preliminary injunction against the company with regard to patent litigation.
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NBCC share price: State-owned construction firm NBCC plans to invest around Rs 500 crore to acquire majority stake in two loss-making public sector firms, a top company official told PTI. "We are gradually moving towards consolidation in the construction business. As a part of the strategy, we acquired loss making HSCL. We will be completing the acquisition of two more PSUs by the second quarter of this fiscal," company's chairman-cum-managing director Anoop Kumar Mittal said.
Shreyas Shipping share price: Shreyas Shipping's associate firm Avana Logistek, which is a Mumbai-based logistics company, has filed a draft prospectus with the Securities and Exchange Board of India for an initial public offering. The IPO will comprise a fresh issue of shares for up to Rs 300 crore ($44 million) and an offer for sale of 4.3 million shares by promoter group firm Transworld Holdings Ltd, according to a stock-exchange filing.
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