Results in focus: L&T, Bajaj Auto, Jindal Steel, TTK Healthcare
Another big day of quarterly results announcements. Wednesday will see some of the top companies -- such as Bajaj Auto, Larsen & Toubro, HeidelbergCement India, ICICI Securities, Jindal Steel & Power, Rallis India, TTK Healthcare and Alembic Pharmaceuticals -- coming out with their results for the quarter ended June 2020.
Analysts expect Q1 FY21 to be one of the weakest quarters for
Bajaj Auto will be the first company from the two- and three-wheeler segment to declare its results. Analysts expect the company's margins to remain under pressure for the April-June quarter due to the Covid-19 impact. They reckon the company will report a 50-80 per cent y-o-y decline in revenues.
Focus will also be on ICICI Securities, whose shares have witnessed a stellar rally this year. The stock price moved above the IPO price of Rs 520 for the first time since its listing.
Dhanuka Agritech: Buyback in focus
The board of directors of Dhanuka Agritech will meet on Wednesday to consider the quarterly results as well as a buyback. If approved, shareholders will be keen to know the size of the issue, the price and the mode of buyback - whether it will be through open market purchases or a tender process on a proportionate basis. If the latter is approved, the record date will be a crucial factor.
Besides, investors will keenly track whether or not the promoters intend to participate in the buyback.
Currently, promoters hold 75 per cent; the balance is held by the public. Among the public shareholders are: mutual funds 12.83 per cent; and small investors 8.06 per cent.
Shares of Dhanuka Agritech currently trade at around Rs 820.