India markets closed
  • BSE SENSEX

    39,614.07
    -135.78 (-0.34%)
     
  • Nifty 50

    11,642.40
    -28.40 (-0.24%)
     
  • USD/INR

    74.5400
    +0.1500 (+0.20%)
     
  • Dow

    26,501.60
    -157.51 (-0.59%)
     
  • Nasdaq

    10,911.59
    -274.00 (-2.45%)
     
  • BTC-INR

    1,011,539.88
    +1,612.56 (+0.16%)
     
  • CMC Crypto 200

    265.42
    +1.78 (+0.68%)
     
  • Hang Seng

    24,107.42
    -479.18 (-1.95%)
     
  • Nikkei

    22,977.13
    -354.81 (-1.52%)
     
  • EUR/INR

    86.8413
    -0.0358 (-0.04%)
     
  • GBP/INR

    96.5158
    +0.3654 (+0.38%)
     
  • AED/INR

    20.2500
    +0.0410 (+0.20%)
     
  • INR/JPY

    1.4013
    -0.0022 (-0.16%)
     
  • SGD/INR

    54.5730
    +0.1200 (+0.22%)
     

Bharti Airtel at top after AGR verdict; ONGC declares 84.7% decline in net profit | Top stocks 2nd Sept

TOP 5 STOCKS TO WATCH IN TRADE

TELECOM STOCKS

Brokerages reacted to the AGR verdict. CLSA said the verdict was a double whammy and the sector will remain an oligopoly. CLSA said Vodafone’s AGR burden is enormous and the company will need to raise funds. Bharti Airtel remains the top pick. Morgan Stanley said the Supreme Court verdict is harsher than the Street expected and in both instances, Airtel and Jio are key beneficiaries

AUTO STOCKS
Hero Moto sold 5,84,456 units in August 2020, a growth of 8% YoY, up 13% MoM and TVS Motor
Registered a sales growth of 14% in August 2020 with 2.87 lk units vs 2.52 lk units MoM .


ONGC
State-run Oil & Natural Gas Corporation (ONGC) reported a 84.7 per cent decline in consolidated net profit for the quarter ended June to Rs 1,090 crore. The oil and gas major had reported a net profit of Rs 7,120 crore a year ago. Its consolidated revenue from operations dropped 42.9 per cent to Rs 62,496 crore from Rs 1,09,546 crore a year ago. The company said its revenue and net profit have been impacted by lower crude price realization in the wake of Covid-19 fall out on global oil and gas industry as a direct consequence of adverse price movements in global crude prices. Lower gas prices also contributed to lower topline and bottomline.

METAL STOCKS

JPMorgan’s report on Metals said that steel prices and margins have more upside. The brokerage is overweight on Tata Steel , SAIL , NMDC , JSW Steel with a view that the earnings environment for Indian ferrous companies is strongest.

Coal India

The company has planned a `34,600 cr investment in greenfield projects. Coal India on Tuesday said it has registered a 7.1 per cent growth in coal output at 37.17 million tonnes in August compared to the year-ago period. In a statement, the company said that coal off-take increased 9.3 per cent last month compared to the same period a year ago.