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Top Ten Stocks to be Focused for 8 August 2016

Top Ten Stocks to be Focused for 8 August 2016

The Indian market is expected to open higher on Monday tracking positive trend seen in other Asian markets.

Here is a list of top Ten stocks that are likely to be in focus today:

Hero MotoCorp: The two-wheeler maker is expected to report 13 per cent year-on-year (YoY) growth in the net profit to Rs 850 crore for the quarter ended June 30, compared with Rs 750 crore reported in the year-ago period.

Union Bank of India: Union Bank on Saturday announced a 67.90 per cent year-on-year (YoY) drop in net profit to Rs 166.30 crore for the June quarter on account of a spurt in provisions for non-performing assets (NPAs).

IT stocks will be in focus after US-based Cognizant Technology Solutions lowered its full-year revenue forecast earlier this year. Cognizant is now predicting revenues in the range of $13.47 billion to $13.60 billion, implying growth of only about 8.5%-9.5%.

Pfizer: Drug firm Pfizer reported a 6.47 per cent rise in standalone net profit to Rs 80.04 crore for the quarter ended June 30.

HDFC: The boards of HDFC Life and Max Life Insurance are set to approve a new scheme of arrangement on Monday after the insurance regulator told them it wasn’t in favour of the current merger terms as the listed parent of the second company has a contingent liability related to its erstwhile telecom business.

Dr Reddy’s Laboratories: Hyderabad-based pharmaceutical company Dr Reddy’s Laboratories has received approval from the Central Drug Standard Control Organisation (CDSCO) to export drugs for the European Union market, said a media report.

Wockhardt: The US Food and Drugs Administration (FDA) issued an import alert on Wockhardt’s Ankleshwar plant for alleged violation of good manufacturing practices.

HPCL: Reserve Bank has allowed foreign investors to hike their stake in Hindustan Petroleum Corp to up to 40 per cent under portfolio investment scheme (PIS).

Bharat Electronics Ltd: Defence PSU Bharat Electronics (BEL) said it will buy back equity shares worth Rs 2,171 crore, a part of which will accrue to the government.

Oil India: State-run Oil India (OIL) is set to take a $500-million bridge loan to part-finance the acquisition of two hydrocarbon blocks by Rosneft in east Siberia.

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