Actions 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 or the Singapore Stock Exchange, suggesting a positive open for BSE Sensex and Nifty 50 on Friday. Indian stock markets are following global markets, analysts believe that any correction in global markets may also induce profit taking. According to one analyst, the short-term trend of the Nifty 50 index continues within the range with a positive bias and a similar type of movement is expected in the next session. “The bullish target for the Nifty remains around the 13900-14000 levels, which corresponds to resistance from multiple long-term trend lines. Immediate support is placed at 13660, ”said Nagaraj Shetti, technical research analyst, HDFC Securities.

Actions in focus today

Tata Consulting Services: TCS’s 16,000 crore share buyback program opens today and will close on January 1, 2021. Last month, TCS shareholders approved a proposal to buy back up to 5.33 crore of the company’s shares at 3,000 rupees. per scrip for a total amount not to exceed Rs 16,000 crore.

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

BPCL: Bharat Petroleum Corporation Ltd said its board approved the purchase of Oman Oil Company’s stake in the Bina refinery project in Madhya Pradesh on mutually acceptable terms. BPCL’s board at its meeting on Thursday also approved the merger of Bharat Gas Resources Ltd (BGRL) with itself, the company said in a presentation to the stock exchanges.

Bank axis: Axis Bank is working to deepen its presence in the country’s rural regions with what it calls its ‘deep geostrategy strategy’. This will involve identifying key branches and integrating those to help the bank grow, a senior executive said.

Reliance Industries Ltd: On Thursday, the Supreme Court asked RIL to deposit 250 million rupees, which is 50 percent of the discharged amount of 447.27 million rupees, as ordered by the Securities Appeal Court 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 (HRRL) two engineering, procurement, construction and commissioning packages, namely, Petro FCC and DFCU, which will be presented at Barmer. Rajasthan, according to sources.

Majesco: Ram Family Trust sold shares of Majesco, the small-cap IT firm that recently announced a massive dividend of Rs 974. The company’s shares were purchased by Third Alpha LLP and the ICICI Bank treasury account.