Stocks to watch: HDFC, Hero MotoCorp, Coal India, Reliance Power, TVS Motor, UCO Bank

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Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could surge 147 points at the opening bell on Monday. Overseas, Asian stocks traded higher on Monday following “a big miss” in the April US jobs report. US stocks notched a record close on Friday in what proved to be a volatile day in financial markets following a much weaker than expected jobs report. Here is the list of top stocks that could be in focus on May 10.

UCO Bank: UCO Bank has received approval from shareholders for the issuance of preferential shares to the government for Rs 2,600 crore capital infusion. The shareholders have also approved adjusting the bank’s accumulated losses by March 2020 against the balance in the share premium account. The decisions were taken at the extraordinary general meeting of the shareholders held on May 7, 2021. These proposals have been considered and approved by the shareholders through remote e-voting and e-voting during the meeting.

HDFC: Housing Development Finance Corporation (HDFC) in accordance with the direction of the Reserve Bank of India (RBI) to reduce its shareholding in HDFC Ergo to 50% or below, has entered into a share purchase agreement for sale of 44,12,000 equity shares of Rs 10 each, representing 0.62% of the issued and paid-up share capital of HDFC Ergo.

Elgi Equipments: Elgi Equipments’ Wholly Owned Subsidiary in Belgium — ‘Elgi Compressors Europe SRL’ has invested 10000 British pound sterling (GBP) in the share capital of ELGi Compressors UK and Ireland. The newly formed entity will host the sales force for the UK & Ireland with an objective of promoting ELGi’s products.

Coal India: The company is all set to continue with the supply of coal to the power plants under import substitution in the FY22. The said development assumes significance in the wake of the PSU earlier stating its drive for coal import substitution has gained tempo with consumers opting for about 90 million tonnes (MT) of indigenous coal in FY21.

Reliance Power: The firm has reported results for the fourth quarter ended March 31, 2021. The company has reported a net loss at Rs 59.59 crore for the quarter under review as compared to a net loss of Rs 264.94 crore for the same quarter in the previous year. The total income of the company decreased by 13.88% at Rs 55.72 crore for Q4FY21 as compared Rs 64.70 crore for the corresponding quarter previous year. On a consolidated basis, the company has reported net profit attributed to the owners at Rs 72.56 crore for the quarter under review as compared to a net loss of Rs 4206.38 crore for the same quarter in the previous year. The total income of the company decreased by 11.09% at Rs 1691.19 crore for Q4FY21 as compared Rs 1902.03 crore for the corresponding quarter previous year.

Hero MotoCorp: The two-wheeler major is all set to extend the shutdown of its plants across India till May 16 in view of the prevailing COVID-19 situation in the country. The shutdown also includes the Global Parts Center (GPC) in Neemrana and R&D facility – the Centre of Innovation and Technology (CIT) in Jaipur.

TVS Motor: TVS Motor Company, along with Sundaram Clayton and its group companies, has pledged Rs 40 crore as part of an integrated approach to support the nationwide efforts to curb the spread of COVID-19. The funds will be utilised to provide lifesaving supplies such as oxygen concentrators, PPE Kits, medicines and medical equipment across the country. This initiative is undertaken by Srinivasan Services Trust (SST), the social arm of TVS Motor Company and Sundaram-Clayton.