Stocks in focus: Reliance Industries, TCS, Info Edge, BPCL, Axis Bank, Larsen & Toubro, Majesco

Nifty futures were trading 27.50 points up at 13,771.50 o Singaporean Exchange, suggesting a positive opening for BSE Sensex and Nifty 50 on Friday. Indian share markets are following global markets, analysts believe that any correction in the global markets may induce profit taking here too. According to an analyst, the short term trend of Nifty 50 index continues to be range-bound with a positive bias and similar type of movement is expected in the coming session. “The upside target for the Nifty remains around 13900-14000 levels, which corresponds to multiple long term trend line resistance. Immediate support is placed at 13660,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.

Stocks in focus today-

Tata Consultancy Services: TCS’ Rs 16,000-crore share buyback programme opens today, and it will close on January 1, 2021. Last month, TCS shareholders had approved a proposal to buy back up to 5.33 crore equity shares of the company at Rs 3,000 per scrip for an aggregate amount not exceeding Rs 16,000 crore.

Info Edge: Info Edge Ventures on Thursday said Temasek has committed Rs 375 crore (about USD 50 million) to the fund. Info Edge Ventures is a Rs 750 crore early-stage venture capital fund backed by Info Edge, parent company of Naukri. The fund was launched in January this year, according to a PTI report.

BPCL: Bharat Petroleum Corporation Ltd said its board has approved buying out Oman Oil Company’s stake in the Bina refinery project in Madhya Pradesh on mutually agreeable terms. The BPCL board at its meeting on Thursday also approved merging Bharat Gas Resources Ltd (BGRL) with itself, the company said in a filing to the stock exchanges.

Axis Bank: Axis Bank is working to deepen its presence across the country’s rural regions with what it calls its ‘deep geo strategy’. This will involve the identification of key branches and dovetailing those to help the bank’s growth, said a senior executive.

Reliance Industries Ltd: The Supreme Court on Thursday asked RIL to deposit Rs 250 crore, which is 50 per cent of the disgorged amount of Rs 447.27 crore, as ordered by the Securities Appellate Tribunal in a case related to the sale of Reliance Petroleum (RPL) shares by RIL in November 2007.

L&T: L&T Hydrocarbon Engineering (LTHE), a wholly owned subsidiary of Larsen & Toubro Ltd, has emerged as the lowest bidder for HPCL Rajasthan Refinery’s (HRRL) two engineering, procurement, construction and commissioning packages, namely Petro FCC and DFCU coming up at Barmer, Rajasthan, according to sources.

Majesco: Ram Family Trust sold shares of Majesco, the smallcap IT firm that announced a massive dividend of Rs 974 recently. Shares of the firm were bought by Third Alpha LLP and ICICI Bank treasury account.