New Delhi: Stock markets may take a hit this week on weak global cues as US President Donald Trump announced on Sunday that tariffs on $200 billion of Chinese goods will increase next week to 25% from 10%. Futures on the S&P 500 Index sank more than 2% after Trump tweeted his plan to hike tariffs.
The announcement roiled markets across the globe. Contracts on the Nikkei 225 Stock Average fell 2.2% in Chicago, futures on the FTSE China A50 were down 4.3%, Australia’s S&P/ASX 200 Index dropped 1.1%. West Texas Intermediate (WTI) crude also declined almost 3% to $60.11 per barrel.
The Sensex and the Nifty had ended last week on flat note on the back of subdued domestic and international cues. On a weekly basis, the Sensex was down 0.26%, while the Nifty shed 0.36%. This week, the equity indices will be looking at some major earnings announcement, macroeconomic data like factory output and manufacturing growth and the fifth phase of general elections.
Here are some companies that are likely to see their stock counters buzzing:
Upcoming earnings: ICICI Bank, Bharti Airtel, SBI, Marico, Voltas, HCC, Indian Oil, Shree Renuka Sugars, Tata Communications, Titan, Asian Paints, Apollo Tyres, Dhanlaxmi Bank, Escorts, Ceat and ABB are among the key companies that will announce earnings this week.
Vodafone Idea: Promoters Vodafone Group Plc. and Aditya Birla Group, have infused Rs17,920 crore into Vodafone Idea via the Rs25,000-crore rights issue that was oversubscribed. With this contribution, the promoters' stake in the country's largest telecom operator increased marginally to 71.57% from 71.33%.
Yes Bank: Yes Bank on Saturday said Icra, a rating agency, has downgraded the bank’s tier-I and tier-II bonds and infrastructure debt on deterioration in the credit quality of large ticket borrowers. The agency has downgraded the lender’ tier-I bond from "AA-" to "A" and tier-II bonds from "AA" to "AA-" The outlook is negative on both bonds, the bank said.
HUL: Hindustan Unilever Ltd (HUL) announced its March quarter earnings on Friday. Net profit was up 13.8% to Rs1,538 crore compared with Rs1,351 crore, while revenue was up 9.3% to Rs9,945 crore.
L&T Tech: L&T Technology Services on Friday reported a fourth quarter net profit of Rs192.4 crore, up 20% from Rs 159.1 crore posted in the year-ago quarter.
Cadila Healthcare: Cadila Healthcare on Friday reported 14 observations by the USFDA after an inspection of its Ahmedabad plant. The company also stated that there were no repeat observations or data integrity-related observations. Cadila will be addressing these observations and responding to the USFDA very soon.
Birla Corp: Net profit was down 2.2% at Rs128.2 crore for the March quarter, while revenue was up 13.4% at Rs1,872.3 crore.
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