Top stocks to watch out for on May 3: Wipro, Tata Motors, Bharti Airtel

SUMMARY

Indian benchmark indices BSE Sensex and NSE’s Nifty 50 are likely to open little changed on Friday as investors remained cautious amid ongoing earnings season and ahead of election results this month. Poor April auto sales data and weak cues from global markets also dampened investor sentiment. In Asia, stocks were mixed amid thin holiday trade as markets in China and Japan remained closed for holidays. At 7.35 AM, the SGX Nifty was down 10 points at 11,745, indicating a tepid start for the Sensex and Nifty.

By CNBC-TV18May 3, 2019 8:03:50 AM IST (Updated)

Wipro: The IT services major sought shareholders' nod for buying back up to 32,30,76,923 fully paid-up equity shares at a price of Rs 325 per scrip, for an aggregate amount of up to Rs 10,500 crore. The company also sought shareholders' approval for the appointment of former SBI chairperson Arundhati Bhattacharya as an independent director on its board.

Jet Airways: Potential bidders for Jet Airways Ltd have so far failed to show any firm interest in bailing out the struggling airline, a source involved in the matter told Reuters, increasing the likelihood that the company will face bankruptcy proceedings.

Bharti Airtel: Telecom tribunal TDSAT granted a partial stay on Rs 8,300 crore demand raised by the telecom department from Bharti Airtel for approving its merger with Tata Teleservices. The tribunal asked Airtel to submit 50 per cent payment of Rs 1,287.97 crore demand raised by DoT as OTSC for Chennai circle licence extension from November 30, 2014, to September 27, 2021.

Tata Motors: Tata Motors' April domestic sales continued to be under pressure due to sluggish market sentiments. April sales fell 20 percent to 42,577 units, as against 53,511 units sold in April 2018.

Hero MotoCorp: The country's largest two-wheeler maker reported a 17.24 percent decline in sales to 5,74,366 units in April. The company had sold 6,94,022 units in April 2018.

SpiceJet: The low-cost carrier launched 19 new flights connecting Mumbai to non-metro and smaller cities, which will be effective from the end of this week as the airline looks to expand its domestic network.

Tata Power: The company reported a 92 percent decline in consolidated net profit at Rs 107.32 crore for the quarter ended March due to an exceptional adjustment in the previous year.

Ircon International: The state-run engineering firm bagged an order worth Rs 635 crore from Sri Lanka Railways. The contract is for upgradation of the northern railway line from Maho-Omanthai in Sri Lanka, Ircon said in a statement.

Bombay Dyeing: The company reported a standalone net profit of Rs 1,253.33 crore for the fourth quarter ended March 2019 led by its real estate activities. Its total income during the period was Rs 2,791.08 crore. It was against Rs 765.21 crore in the corresponding quarter a year ago.

Results: Tata Chemicals, Hindustan Unilever, Cholamandalam Finance Holdings, Birla Corporation, Century Textiles, Akzo India will report quarterly results later today. (stock image)