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

According to an analyst, the short-term trend of the Nifty 50 index continues to be limited to the range with a positive bias and a similar type of movement is expected in the next session

Nifty futures traded 27.50 points at 13.771.50 o the Singapore Stock Exchange, suggesting a positive open for BSE Sensex and Nifty 50 on Friday. Indian equity markets are following global markets, analysts believe that any correction in global markets could induce profit taking here as well. According to an analyst, the short-term trend of the Nifty 50 index continues to be limited to a range with a positive bias and a similar type of movement is expected in the next session. “The upside target for the Nifty remains around the 13900-14000 levels, which corresponds to a multiple resistance of the long-term trend line. Immediate support is placed at 13660, ”said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.

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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 repurchase up to 5.33 crore of the company’s stock at Rs 3,000 per scrip for a total amount not exceeding Rs 16,000 crore.

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

BPCL: Bharat Petroleum Corporation Ltd said its board of directors has approved the acquisition 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 filing on the stock exchanges.

Axis Bank: Axis Bank is working to deepen its presence in the country’s rural regions with what it calls its “deep geolocation strategy”. This will involve identifying key branches and integrating those to aid the bank’s growth, a senior executive said.

Reliance Industries Ltd: The Supreme Court on Thursday asked RIL to deposit Rs 250 crore, which is 50 percent of the grossed amount of Rs 447.27 crore, as ordered by the securities appeals court in a case related to the sale of shares. Reliance Petroleum (RPL) by RIL in November 2007.

L&T: L&T Hydrocarbon Engineering (LTHE), a wholly owned subsidiary of Larsen & Toubro Ltd, emerged as the lowest bidder for the two HPCL Rajasthan Refinery (HRRL) engineering, procurement, construction and commissioning packages, namely Petro FCC and DFCU arriving in Barmer, Rajasthan, according to sources.

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

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