Stocks in focus: Adani Ports, Tata Steel, RIL, Tata Power, UltraTech Cement, Future Retail

Indian stock market benchmarks extended the post-budget rally to the sixth straight day. Image: Reuters

Indian stock market benchmarks extended the post-budget rally to the sixth straight day. S&P BSE Sensex rallied over 600 points or 1.22 per cent to close above 51,300 for the first time ever. While the broader index Nifty 50 crossed the 15,100-mark. Technical analysts see Nifty 50 rising to 15,500 levels in the upcoming sessions. On Tuesday morning, SGX Nifty was up 37.50 points or 0.25 per cent, mirroring the gains on Wall Street, signalling a positive start for equity markets.

Stocks in focus today

Adani Ports, Tata Steel: A total of 219 BSE-listed companies including Adani Ports, Tata Steel, Berger Paints, Muthoot Finance, Max Financial India, Indian Overseas Bank, Endurance Technologies and Torrent Power, among others, are scheduled to announce their October-December quarter earnings today.

RIL, Future Retail: The Delhi High Court’s division bench on Monday stayed the single judge’s order passed on February 2, which had directed Future Group to maintain status quo till further orders with regard to its Rs 24,713-crore deal with Reliance Retail wherein it has sold certain retail assets to the latter.

Vodafone Idea: India has challenged in the Singapore High Court an international arbitration tribunal’s verdict that overturned its demand for Rs 22,100 crore in back taxes from Vodafone Group Plc, and the order passed in Cairn Group’s case is under consideration of the government, Parliament was informed on Monday.

Tata Power: Coastal Gujarat Power (CGPL), the wholly-owned subsidiary of Tata Power, turned cash-positive in the October-December quarter of 2020. The merger of CGPL with Tata Power expected by February-end will provide Rs 10,000-crore tax break to the parent over several years.

UltraTech Cement: The Finance Committee of the Board of Directors has approved the issuance of unconditional, unsubordinated and unsecured USD denominated notes aggregating to USD 400 million, corresponding to Rs. 3,000 crores and has approved the pricing, tenure and other terms of the Notes.

Bank of Maharashtra: Bank of Maharashtra on Monday said it has entered into a co-lending agreement with Pune-based non-banking financial company LoanTap Credit Products for MSME loans. With LoanTap, the bank would be getting into faceless sanction and disbursals using mobile app.