The Indian stock markets BSE, NSE will be closed today on the occasion of Good Friday. We take a look at key highlights from the week including RIL results and Wipro buyback.
The Indian stock markets BSE, NSE will be closed today on the occasion of Good Friday. Notably, the forex and commodity exchanges will also remain closed on Friday. In the week, Sensex and Nifty surged to fresh record highs on Thursday. The Sensex hit an all-time high of 39,487.45, while Nifty surged to its highest ever of 11,856.15. Sensex and Nifty hit fresh record on the back of robust monsoon outlook, earnings forecast, and positive trade data. The Nifty has gained over 100 points in the week, led by Tata Motors and TCS. We take a look at key highlights from the week-
Reliance Industries results
Reliance Industries on Thursday became the first Indian private sector company to report a quarterly profit of more than Rs 10,000 crore for the second time in a row, beating most analyst estimates. The oil-to-telecom conglomerate reported a consolidated net profit of Rs 10,362 crore in the fourth quarter ended 31 March, 2019. RIL’s revenue was recorded at Rs 1.38 lakh crore as against Rs 1.56 lakh crore in the December quarter. Reliance Jio posted a profit of Rs 840 crore as against Rs 831 crore for the December quarter.
India’s major IT firm Wipro has approved a share buyback program for up to Rs 10,500 crore. As part of its mega buyback, Wipro looks to repurchase 32.30 crore equity shares at up to Rs 325 per equity share. Interestingly, while rivals TCS and Infosys have recommended a final dividend of Rs 18 and Rs 10.50 respectively, Wipro has not recommended any final dividend.
Jet Airways crisis
After Jet Airways temporarily suspended all operations, the employee union Thursday wrote a letter to Prime Minister Narendra Modi and Finance Minister Arun Jaitley seeking their intervention to resolve the crisis, ET Now reported. The company staffers also demanded an inquiry into what led to the downfall of the airline, the report added. The suspension of operations has rendered 16,000 permanent employees jobless while 22,000 employees have been affected indirectly, the union said.
Rakesh Jhunjhunwala’s on stock market
While Sensex and Nifty continue their robust run, ace investor Rakesh Jhunjhunwala says that this is one of the most despised rally, as participation remains low. Sharing his top preferences, Rakesh Jhunjhunwala said that pharma and banks are set to do well. According to the expert, since valuations in PSU stocks have eased, there may be a tactical opportunity in shares, in an interview with ET Now.