Entertainment

Stocks in focus: Reliance Industries, TCS, SBI, Bajaj Finance, Majesco, Zee Entertainment

Written by corres2

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Market participants will focus on quarterly earnings for stock-specific action, newsflow related to COVID-19 and other global cues

Nifty futures were trading 21.20 points or 0.18 per cent at 11,693.50 on Singaporean Exchange, suggesting a tepid opening for BSE Sensex and Nifty 50 on Wednesday. In the previous session, Nifty 50 soared to hit a 7-month high. Market participants will focus on quarterly earnings for stock-specific action, newsflow related to COVID-19 and other global cues. Besides, oil prices and rupee trajectory will also be watched. “Nifty has surpassed the hurdle at 11,600 and we’re now eyeing the 11,800 zone so traders should continue with “buy on dips” in the index while stocks may continue to see the swings on both sides,” said Ajit Mishra, VP – Research, Religare Broking Ltd.

Stocks in focus today:

RIL: Mukesh Ambani’s Reliance Retail will receive Rs 5,512.5 crore as an investment from the Abu Dhabi Investment Authority (ADIA). ADIA will secure 1.2 per cent stake after the investment. With this investment, Reliance Retail has raised Rs 37,710 crore from leading global investors, including Silver Lake, KKR, General Atlantic, Mubadala, GIC, TPG, and ADIA in less than four weeks.

TCS: TCS is scheduled to announce July-September quarter earnings today. The IT giant will also mull share buyback proposal. The company in an exchange filing informed that the Board of Directors will consider a proposal for buyback of equity shares of the company, at its meeting to be held on October 7, 2020.

SBI: The government on Tuesday appointed SBI’s senior-most Managing Director Dinesh Kumar Khara as the chairman of the country’s largest lender. He replaces Rajnish Kumar, who completed his three-year term on Tuesday.

Bajaj Finance: Bajaj Finance Ltd on Tuesday said its consolidated deposit book rose by 22.5% to Rs 21,600 crore as of September 2020, while customer franchise grew by 14 % to 4.41 crore. Customer franchise as on Sept. 30, 2020, stood at 44.1 million as compared to 38.7 million a year ago.

Zee Entertainment: Vanguard Moderate Growth Fund bought over 58 lakh shares of Zee Entertainment Enterprises at Rs 211.46 per share through a Bulk deal on Tuesday.

Corporate earnings: A total of six companies including MIC Electronics, Midas Infra Trade, Majesco, Tata Consultancy Services, Unity Infraprojects and Zee Learn are scheduled to announce their July-September quarter earnings later in the day.

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