Nifty futures were trading 32.50 points up at 14,287.50 on Singaporean Exchange, suggesting a gap-up start for BSE Sensex and Nifty 50 on Friday. Asian markets were seen trading mostly higher following an overnight rally on Wall Street. Indian share markets could take cues from global markets today. According to the technical analysts, if Nifty 50 index gets past 14250 levels, then it may further move to 14350-14400 levels. Besides, the government projected India’s economy to contract by 7.7 per cent in FY21, as per the first advance estimates of gross domestic product (GDP) released by the National Statistical Office (NSO) on Thursday.
Stocks in focus today:
Tata Consultancy Services: IT bellwether TCS is set to announce its October-December quarter earnings later in the day today. The company recently concluded its Rs 16,000-crore buyback offer, where Tata Sons tendered shares worth Rs 10,000 crore of Tata Consultancy Services.
Vodafone Idea: After Bharti Airtel, now Vodafone Idea too moved to the Supreme Court seeking modification of its order so that the department of telecommunications (DoT) can consider its submissions regarding arithmetical errors in the calculations regarding its adjusted gross revenue (AGR) dues.
State Bank of India: SBIon Thursday raised $600 million through bonds issued to international investors at a coupon of 1.8 per cent, which is the lowest pricing for such an issue.
Tata Power: Tata Power informed that it has acquired 51 per cent equity stake each in TP Southern Odisha Distribution Limited (TPSODL) and TP Western Odisha Distribution Limited (TPWODL) for a consideration of Rs 127.50 crore and Rs 255 crore, respectively. In another development, the company has received a Letter of Award from Kerala State Electricity Board Limited (KSEBL) to develop a 110 MW solar project.
Biocon: The company informed that the board of its subsidiary Biocon Biologics Ltd has approved a primary equity investment by Abu Dhabi based ADQ. As per the terms of the proposed agreement, ADQ will invest Rs 555 crore for a 1.80 per cent minority stake in the biosimilar business, valuing Biocon Biologics at a post money valuation of $4.17 billion.