Indian markets may open flat; PNB, Tata Steel in focus
Stocks in focus will be.
Vedanta: The company on Monday reported consolidated net profit of Rs 2,989 crore in its fourth quarter ended March 31, 2017, compared to net loss of Rs 21,104 crore in the corresponding period of 2015-16.
Indian Oil Corp, HPCL and BPCL will be in focus after when petrol price was cut by Rs 2.16 per litre and diesel by Rs 2.10 a litre, reversing the four week trend of rising rates.
The reduction, which will be effective from midnight tonight, comes on back of a marginal 2 paise a litre increase in petrol and 52 paise per litre hike in diesel rates effected from May 1.
HDFC Bank: The bank has lowered its mortgage pricing for new low-cost home loans to 8.35% from previous 8.50% for loan below Rs 30 lakh for women borrowers and by 10 basis points to 8.40 percent for men.
ICICI Bank: The bank on Monday cuts its home loan rates by 30 basis points to 8.35% for loans up to Rs 30 lakh, bringing it in line with the country's largest lender SBI, which had last week set the tone for the maret.
Colgate Palmolive: In its Q4FY17, the company reported net profit Rs 143 crore, declining by 24.5% year-on-year basis. The company's volume growth was down 3% compared to 3% growth last year. Sales stood at Rs 2,150 crore rising by 21.5% yoy. It declared a dividend of Rs 3 per share while presenting Q4 result.
TCS: The company on Monday stated that its share buy-back plan will be open on May 18, 2017 and will be available till May 31,2017. The pro- posed shares under the buyback represent 2.85% of the total paid up equity share capital at Rs 2,850 per equity share worth Rs16,000 crore.
South India Bank: The bank in its Q4 reported net profit Rs 75.5 crore, which grew by 3.4% YoY. Meanwhile, gross NPA contracted to 2.45% vs 3.98% of the preceding quarter. Net NPA was at 1.45% compared to 2.52% a year ago same period.
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