We have compiled seven stocks that are likely to react in Wednesday morning trade:
1) Multi Commodity Exchange of India, after it said in a press release on Tuesday night that it had received approval from the Securities & Exchange Board of India to begin operations in new asset classes. At present, MCX-SX offers trading in currency futures.
Sebi has granted MCX-SX permission to deal in equity and equity futures & options, interest rate futures and wholesale debt segments subject to a few conditions.
2) Financial Technologies Ltd, after MCX received SEBI nod to begin operation in new asset class. MCX Stock Exchange is jointly promoted by Financial Technologies and commodity exchange MCX
Both FT and MCX would stand to gain if MCX-SX starts equity trading, as together, they hold 70 percent stake in the bourse.
3) HDFC, after the mortgage lender is all set to declare its first quarterly results, which will be out later today.
HDFC is expected to report an 18 percent YoY increase in profit after tax of Rs 993 crore for the first quarter of fiscal 2013, according to ET Now estimates.
The financial services major, which is scheduled to announce its first quarter results today, will likely report a net interest income (calculated as income from operations less interest expenses) of Rs 1543 crore, a 20 percent YoY increase.
4) ONGC, Indian Oil, Oil India , after the state-run oil majors have formed a consortium to place the binding offer for a stake in oil sands assets worth over $5 billion owned by Houston-based ConocoPhillips.
5) Infosys Ltd, after India’s second-largest IT services company, is likely to go for a share buyback worth $400 million (around Rs 2,215 crore), media reports suggested.
“There is strong buzz in the market that the company is expected to make an announcement to this effect on July 12 when it announces its first quarterly results for FY13,” said the reports.
6) Essar Oil, after the company has offered to invite fresh bids to determine the price of coal bed methane (CBM) produced from its Raniganj block to address the oil ministry’s doubts over tendering process conducted about 11 months back.
7) SAIL, after India’s largest steelmaker and Japan’s Kobe Steel have signed an agreement to set up half a million tonne iron nugget plant using the Japanese steelmaker’s patented technology.