Stocks in focus: IRCTC, TCS, HCL Tech, TVS Motor, Muthoot Finance, Mahindra & Mahindra, UPL

Nifty futures were trading 15 points up at 13,534 on Singaporean Exchange, indicating a gap-up start for BSE Sensex and Nifty 50 on Friday. In the previous session, the markets took a pause as investors decided to book profits. The Nifty declined 50.8 points or 0.38 per cent to close at 13,478.3 while the Sensex declined by 143.62 points or 0.31 per cent to close at 45,959.88. “The overall structure of the market remains positive given abundant liquidity, developments on the vaccine front and signs of economic recovery. The market may however, consolidate in near term given weak global cues,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services Ltd.

Stocks in focus today-

IRCTC: IRCTC offer for sale (OFS) got a good response from non-retail investors as the issue was subscribed nearly two times on day one. The promoter, Government of India will sell 3.2 crore shares, which is expected to garner Rs 4,374 crore for the exchequer starved of funds due to the COVID-19 crisis. Retail investors will get chance to bid for Indian Railway Catering and Tourism Corp Ltd (IRCTC) offer-for-sale (OFS) on Friday, the last day for the issue.

UPL: UPL Ltd share price plunged nearly 11 per cent on Thursday after a whistleblower claimed that the company promoters were siphoning off money.

TCS: Tata Consultancy Services has expanded its business operations in Austin, Texas with the construction of a new facility, doubling its presence to more than 400 professionals in the city and adding to its 5,500 plus employees across the state.

HCL Technologies: HCL Tech announced its entry into Vietnam. Marking its presence within the region, HCL aims at boosting employment, providing resources and skilling local talent to serve its global clients.

TVS Motor Company: TVS Motor Company Chairman and MD Venu Srinivasan on Thursday said members of the TVS family have agreed to subscribe to the terms of a memorandum of family arrangement to align and synchronise the ownership of shares in various group companies. In a letter posted on BSE, Srinivasan said the senior members of the TVS family would deliberate to implement the family arrangement.

Muthoot Finance: Muthoot Finance on Thursday announced its plans to raise Rs 1,000 crore for lending activities by issuing secured redeemable non-convertible debentures (NCDs). The issue is with a base issue size of Rs 100 crore with an option to retain over-subscription of up to Rs 900 crore, aggregating the tranche limit of Rs 1,000 crore, the company said.

Mahindra & Mahindra: ICRA has affirmed Mahindra & Mahindra Limited’s Long-Term Issuer Rating at ‘ICRA AAA’ with a stable outlook. The ratings reflect the strong financial profile of M&M, characterised by healthy cash flows on the back of its diversified business across varied sectors, robust profitability in its core businesses and superior liquidity in the form of sizeable cash as well as liquid investments.