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Home > Stock Market > Stocks in Focus on April 16: Wipro, Tata Steel to Bajaj Auto; here are the 5 Newsmakers of the Day

Stocks in Focus on April 16: Wipro, Tata Steel to Bajaj Auto; here are the 5 Newsmakers of the Day


The Sensex dropped over 310 points, tracking losses in index-heavyweights on Wednesday, April 15, 2020. After gyrating over 1,346 points during the day, the 30-share index ended 310 points or 1.01 per cent lower at 30,380. Similarly, the NSE Nifty settled 69 points, or 0.76 per cent, down at 8,925. But certain stocks came in news after the market was closed and can impact the indices when it reopens on Thursday, April 16, 2020. List of such five stocks:

WIPRO & TCS: IT major Wipro reported March quarter results on Wednesday and reported a 5.3% quarter-on-quarter (QoQ) fall in profit to Rs 2,326 crore for March quarter compared to Rs 2,456 of December quarter. Analysts in Zee Business had projected the figure at Rs 2,524 crore. Revenue for the quarter rose 1.8% QoQ to Rs 15,751 crore from Rs 15,470 crore. the company has said that due to the uncertainty around the course of the pandemic, it did not have visibility into the extent to which the coronavirus will disrupt operations, and thus decided not to provide revenue guidance for the quarter ending on June 30. It added, “We anticipate that we will resume providing revenue guidance when we have increased certainty of both demand and supply-side factors.” 

Besides, Tata Consultancy Services (TCS) is scheduled to release its financial results for the March quarter of the fiscal year 2019-20 (Q4FY20) on Thursday.

Tata Steel: S&P Global Ratings has lowered Tata Steel rating to ‘B+’ from ‘BB-‘ as it expects COVID-19 related disruptions and the consequent economic slowdown to weaken the credit metrics of the company. The rating agency also lowered Tata Steel UK Holdings rating to ‘B’ from ‘B+’ in line with the rating action on its parent. Lowering rating and negative outlook reflects risks of further weakening in Tata Steel’s credit profile if the effect of economic conditions and lower commodity prices are more prolonged than expected, it said.

WATCH! Zee Business encourages everyone to use Sanitiser, issues video:

BEL: HDFC Mutual Fund has acquired 11 lakh shares in the BEL on April 9, 2020. With this, its stakes have increased from 4.99% to 5.04%.

Pidilite Industries: The India-based adhesives manufacturing company has resumed partial operations at two of its facilities after obtaining formal permissions from relevant authorities.

See Zee Business Live TV Streaming Below:

Bajaj Auto: India’s third-biggest two-wheeler manufacturer yesterday announced its pay reduction plans, by 10%, for factory employees if production does not resume on April 21. The proposed cut will be for little over half of April and until the lockdown is lifted on May 3.


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