Indian stock markets are likely to open marginally higher on Thursday as Asian stocks edged up today after the tensions between the US and North Korea went off the track. However, the early indicator of NSE Nifty, SGX Nifty Futures is trading down 0.08% at 9,900 points.
These stocks which will be in focus today after major announcements:
Close on the heels of its larger rival Tata Consultancy Services concluding a Rs 16,000 crore share buyback Infosys has said it will consider a share buyback, India’s second largest information technology services company Infosys Ltd has said it will consider a proposal for buyback of equity shares of the company later this week at its board meeting on Saturday, 19 August.
Infosys did not disclose details of the proposed share buyback in the intimation sent to the stock exchanges on Wednesday, however, previous news reports have pegged its size to be at around Rs 16,000-17,000 crore. Infosys has a massive $5.25 billion (nearly Rs 34,000 crore) stash of cash, and it is looking for ways to return a part of it to the shareholders, in absence of other productive uses for it.
FMCG giant ITC has decided to further increase its investment in the integrated food park at Kapurthala to Rs 1,700 crore, the Punjab government said yesterday. An ITC delegation led by CEO Sanjiv Puri called on Punjab Chief Minister Amarinder Singh yesterday, an official release said.
Tata Motors is eyeing India’s electric vehicles market with “great interest”, a top Tata Group executive said yesterday. With the government looking at all-electric vehicles fleet by 2030, India will be an interesting destination for the company’s British arm Jaguar Land Rover, according to Tata Group Chief Ethics Officer Mukund Rajan.
Private sector lender Yes Bank yesterday reduced the interest rate on savings bank accounts by 1 per cent to 5 per cent for deposits of less than Rs 1 lakh. However, the bank will continue to pay 6 per cent interest on deposits of over Rs 1 lakh and less than Rs 1 crore. The bank has also slashed interest rate on savings accounts to 6.25 per cent from existing 6.5 per cent for deposits over Rs 1 crore.
Shares of Tata Global Beverages yesterday surged over 8 per cent after the company said it will launch its premium natural mineral water brand ‘Himalayan’ in the US market. The stock soared 8.17 per cent to end at Rs 193.30 on the BSE. During the day, it jumped 9.82 per cent to Rs 196.25 — its 52-week high.
Finance Minister Arun Jaitley yesterday said the government has full sympathy with the agitating Noida homebuyers and they can seek relief under the insolvency law. Hundreds of home buyers had been left in the lurch after the Allahabad bench of the National Company Law Tribunal (NCLT) last week admitted IDBI’s plea for initiating insolvency proceedings against Jaypee Infratech for defaulting on a Rs 526-crore loan. The NCLT has also appointed Anuj Jain the interim resolution professional (IRP) to carry out the proceedings under the Insolvency and Bankruptcy Code. Observing that all those who have paid money to developers should get their flats, Jaitley said “our full sympathy” is with the aggrieved home buyers.
Ramco Cements yesterday said it has bought back 25 lakh shares at an average price of Rs 670.80 apiece at a cost of Rs 167.70 crore. “We have bought back 25,00,000 shares at a cost of Rs 167.70 crore excluding brokerage and other charges and at an average price of Rs 670.80 per share,” the company said in a BSE filing.
The Securities Appellate Tribunal (SAT) will today hear pleas by Hit Kit Global Solutions and Sanco Industries against trading restrictions imposed on their shares by exchanges on Sebi directions. The tribunal last week stayed trading curbs on eight companies, including JKumar Infraprojects and Parsvnath Developers, which were among the 331 “suspected shell companies” referred by the government to Sebi. Trading restrictions were imposed on these companies with effect from August 8, following which many of them approached SAT.
Rupee closing on Wednesday:
The rupee staged an impressive comeback after plunging to a fresh three-week low and ended with a modest loss of 3 paise at 64.15 a dollar today even as local equities put up a strong performance. The outcome of the two-day policy meeting of the Federal Reserve and resurgent dollar overseas largely kept forex market sentiment little shaky throughout the day. Fresh bouts of dollar demand from importers and fears over a sudden capital flight added some extra pressure.
But, a spectacular rally in domestic equities and easing geopolitical tension between the US and North Korea predominantly helped the local unit to recover from early steep fall. The home currency tumbled to as low as 64.33 in early trade — the level which was last seen on July 26.
Indian market closing on Wednesday:
Indian stock market closed higher on Wednesday following the strong opening as geopolitical tensions amid the United States and North Korea went off the track. The benchmark Sensex most of the losses after the last week’s slump of over 1000 points while Nifty 50 breached the 9,900 mark in the intraday trade, closed 180 points higher. The Indian equity markets witnessed a choppy trade in the last week mainly due to the SEBI’s shell order, lower-than-expected first quarter earnings and cross-border worries triggered between the United States and North Korea. BSE Sensex has gained over 600 points in just two trading sessions to 31,770.89 points from the Friday’s close of 31,128.02 points.
National Stock Exchange has decided to introduce seamless corporate announcement filing mechanism for information related to change in auditors, change in directors, declaration of audit reports with un-modified opinion, from tomorrow. Besides, listed companies would be required to file corporate announcements on reappointment and statement of impact of audit qualifications through the mechanism.
Portfolio managers assets: Wealthy investors continued their faith in portfolio managers or advisory services as the asset base of such entities crossed Rs 13 lakh crore in the Indian capital market at July-end mainly on the back of increase in a number of clients. According to data available with capital market regulator Sebi, total assets under management (AUM) of portfolio managers increased from Rs 12,83,106 crore at the end of June from Rs 13,05,758 crore at July-end.
US stocks closing on Wednesday:
U.S. stocks ended slightly firmer on Wednesday but off the day’s highs as worries mounted over President Donald Trump’s agenda and minutes from the latest Federal Reserve meeting suggested policymakers are worried about weak inflation. The Dow Jones Industrial Average rose 25.88 points, or 0.12 percent, to end at 22,024.87, the S&P 500 gained 3.5 points, or 0.14 percent, to 2,468.11 and the Nasdaq Composite added 12.10 points, or 0.19 percent, to 6,345.11.