Stocks in Focus on April 29: Axis Bank, Biocon, HUL to Power stocks; here are expected 5 Newsmakers of the Day

Stocks in Focus on April 29: Buoyed by positive global cues, the domestic share markets rallied and closed in the Green on Tuesday, April 28, 2020. Financial stocks extended gains for the second day, following the Reserve Bank of India (RBI) offering liquidity support to mutual funds for meeting the liquidity requirements. The barometer S&P BSE Sensex advanced 371.44 points or 1.17% at 32,114.52. The Nifty 50 index gained 98.60 points or 1.06% at 9,380.90. But certain stocks came in news after the market was closed. These stocks can impact the indices when it reopens on Wednesday, April 29, 2020. List of such five stocks:

Axis Bank: The private lender Axis Bank posted a net loss of Rs 1,387.78 crore in the quarter ended March against a net profit of Rs 1505.06 crores in the same quarter of the corresponding year. The provisions and contingencies jumped 185 per cent year-on-year (YoY) to Rs 7,730.02 crore during the quarter under review against Rs 2,711 crore. Provisions jumper 122% quarter-on-quarter basis to Rs 7,730.02 crore from Rs 3470.92 crore reported in the last quarter. The Bank’s Net Interest Income (NII) grew 19% YoY to Rs 6,808 crore during the March quarter from a year ago. The net interest margin (NIM) for the March quarter was 3.55 per cent. The bank’s gross NPA stood at 4.86% and Net NPA level was 1.56%, as against 5.1% per cent and 2.09% respectively as on December 31. The Bank has recognized slippages of Rs 3,920 crore during Q4FY20, compared to Rs 6,214 crore in Q3FY20. The bank’s total deposits grew 19% YoY and advances grew up 15%. Besides, the bank’s board also approved a proposal to borrow funds in Indian or foreign currency up to Rs 35,000 crore.

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Biocon: Biocon and Mylan NV have jointly launched a cancer drug in Canada. The two companies have launched Fulphila, a biosimilar to Neulasta (pegfilgrastim), in Canada for cancer patients. Fulphila is approved by Health Canada to decrease the incidence of infection, as manifested by febrile neutropenia.

Power companies: Power companies will remain in focus today as the government is looking to arrange low-cost finance for its liquidity infusion plan of Rs 90,000 crore in troubled power generation plants, who are running out of cash amid a nationwide lockout. The power ministry has sought bonds under the special window to the sector besides funds from multi-lateral agencies and institutions like LIC, EPFO and NSSF for the scheme. The loans are sought to be made available to Power Finance Corp (PFC) and REC Ltd. Besides, Discoms owe Rs 92,693 crore to power producers in February 2020, registering an increase of 31% over the year-ago same month, according to portal Payment Ratification And Analysis in Power.

Hindustan Unilever (HUL): 18.28 crore new shares of HUL will start trading in the market from today. The new shares were issued after its merger with GlaxoSmithKline (GSK) Consumer. HUL on April 1, 2020, said it had completed the merger of GSK Consumer with itself, taking its combined food and refreshment business to over Rs 12,000 crore.

Gabriel India/ Gabriel India/ NLC India: These are the companies where plants resumed production amid COVID-19 pandemic spread.

a) Gabriel India: Gabriel India has resumed operations for its plants located at Khandsa (Haryana), Parwanoo (Himachal Pradesh) and Nashik (Maharashtra).
b) PPAV Automotive: Resumes operations at its facilities located in Gujarat and Rajasthan.
c) NLC India: The Tamil Nadu-based Navaratna company has commenced coal production at its Talabira-II and III Opencast Coal Mine in Odisha, four years after allocation.