Stocks in focus: Wipro, Infosys, Future Enterprises, Adani Green, CG Power, Tata Elxsi, Bank of Baroda

Analysts suggest has Nifty 50 has immediate support at 11,800

Nifty futures were trading 51.50 points down at 11,889.50 on Singaporean Exchange, suggesting a gap-down opening for BSE Sensex and Nifty 50 on Wednesday. Factors such as quarterly earnings, Wipro’s share buyback, oil and rupee movement, coronavirus cases and other global cues will keep the investors busy today. Analysts suggest has Nifty 50 has immediate support at 11,800. “We feel it’s a healthy pause and suggest using further dip to create fresh longs in the index. Stocks are witnessing erratic swings but it’s not new during the earnings season,” said Ajit Mishra, VP – Research, Religare Broking Ltd.

Wipro: Wipro on Tuesday announced an up to Rs 9,500 crore buyback plan at Rs 400 per equity share. Company’s board has approved a buyback proposal for purchase of up to 23.75 crore equity shares at Rs 400 per share and aggregates to an amount of up to Rs 9,500 crore.

Infosys: IT bellwether Infosys is slated to announce July-September quarter earnings later in the day today. Analysts suggest to watch out for full-year guidance, demand trends across verticals, update on deal wins, M&A strategy, commentary on the normalisation of decision-making cycle and deal pipeline, and progress on vendor consolidation decisions.

Tata Elxsi, Titagarh Wagons: Aditya Birla Money, Tata Elxsi, Tata Steel BSL, Titagarh Wagons, CHD Chemicals, Den Networks, Goa Carbon, International Travel House, JTL Infra, Kilburn Chemicals, Modern Steels, Reliance Industrial Infrastructure, along with Infosys are among the 16 companies scheduled to announce July-September quarterly earnings today.

Bank of Baroda: Bank of Baroda may consider adopting a model in the next few years where it will deploy 50% of its employees at the branches and the balance would work from home, its Managing Director and Chief Executive Sanjiv Chadha said. Currently, 80% of the bank’s staff is deployed at the branches, according to PTI.

Adani Green: Competition Commission of India has approved the acquisition of various solar energy assets by a joint venture of Adani Energy and Total Solar. Adani Green Energy Twenty Three Ltd. — a joint venture of Total Solar Singapore Pte Ltd. and Adani Green Energy Ltd. — will buy the assets from Adani Green Energy Ltd, according to a PTI report.

CG Power, Tube Investments: Competition Commission of India (CCI) has approved the proposed acquisition of shares in troubled CG Power and Industrial Solutions by Chennai-based Tube Investments India (TII), a subsidiary company of Rs 38,000-crore Murugappa Group.

Future Enterprises: The company in an exchange filing informed that it was unable to service its obligations in respect of the interest on Non-Convertible Debentures (NCDs) which was due on October 12, 2020.

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