Stocks to watch: HCL Technologies, Route Mobile, Future Enterprises shares in focus on D-Street

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September 21, 2020 8:50 AM

Nifty futures were trading 40 points down at 11,479 on Singapore Exchange, suggesting a gap-down opening for BSE Sensex and Nifty 50 on Monday.

Share Market Today, Share Market LiveNifty Media and Nifty IT indices were top gainers, rising 1.96 per cent and 1.41 per cent, respectively.

Nifty futures were trading 40 points down at 11,479 on Singapore Exchange, suggesting a gap-down opening for BSE Sensex and Nifty 50 on Monday. Developments around the Indo-China border dispute, trends in COVID-19 cases, progress on the coronavirus vaccine, and other global cues will set the market direction today. Besides, oil prices and rupee movement will also be keenly tracked. So far global cues were mixed from stock markets across Asia. Analysts do believe markets on a strong footing and advise picking quality stocks on any dip that equity markets witness.

Route Mobile: The cloud communications service provider will be the first listed player from the space after it debuts on stock markets today. The Rs 600 crore IPO of Route Mobile was oversubscribed 72 times with Non-Institutional Investors (NII) bidding 193 times for the issue. Route Mobile was trading at a premium of Rs 312 per share in the grey market ahead of opening.

HCL Technologies: The IT giant on monday morning, in a press release, announced its intent to acquire DWS Limited, a leading Australian IT, business and management consulting group. HCL Technologies has already informed the bourses that it is witnessing strong revival in business and that has helped the shares surge in the recent trading sessions. 

Future Enterprises: Kishore Biyani’s Future Enterprises informed the bourses on Friday that it failed to make a payment of Rs 90 crore on a commercial paper that matured earlier last week. The company recently sold part of its business to Mukesh Ambani’s Reliance Retail. 

Essel Propack: With Blackstone selling 23% stake in the company, the secondary market saw a rush of investors line up to buy shares of the company. Among some marquee investors picking up stocks were Axis Mutual Fund, Aditya Birla Sun Life Mutual Fund, Franklin Templeton Mutual Fund, IDFC Mutual Fund, among others. 

RITES: The PSU Company has received a Board approval for a buyback of equity shares not exceeding 96,98,113 which translated to 3.88% of the paid-up share capital of the Company. The price has been set for the buyback at 265 per share. RITES shares closed on Friday at Rs 255 per share. 

Bank of India: The lender said that it has received approval from shareholders to raise fresh Capital upto an amount of Rs 8,000 crore by way of Equity Shares / Tier —I / Tier-II Bonds by way of Public Issue or Right Issue or Preferential Issue or QIP or Private placement or any other permitted mode at an appropriate time whether at a discount or premium to the market price. 

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