Here are the top stocks to watch in today s session:
TCS: Tata Consultancy Services Rs 16,000 crore share buyback programme would open today. TCS would buy back up to 5.3 crore equity shares at Rs 3,000 apiece for an aggregate amount not exceeding Rs 16,000 crore.
IT stocks: Stocks in the information technology (IT) space may hog the limelight today after Accenture reported better-than-expected results for the quarter ending November 30. For all of fiscal 2021, Accenture now sees revenue growth of between 4 per cent and 6 per cent, up from a previous forecast range of up 2 per cent to 5 per cent all in local currency
Defence companies: Defence-related stocks are likely to be in focus after the Ministry of Defence said its its Defence Acquisition Council cleared proposals worth Rs 28,000 crore, of which acquisitions worth Rs 27,000 crore would be sourced from Indian industries.
Shares of BEML rallied 5 per cent to hit a 10-month high of Rs 923 on the National Stock Exchange (NSE) on Friday after bulk deal data showed that Porinju Veliath s Equity Intelligence India bought 265,000 shares of the company at Rs 847.63 per share on Thursday. The name of the seller could not be immediately ascertained. The stock of the state-owned defence company has surged 16 per cent in the past two days. Over the period of five weeks, the stock has managed to outperform the market with a 51 per cent rally, as compared to a 7.5 per cent rise in the Nifty50 index. On November 22, BEML had announced that it has received variation order worth of Rs 501 crore from DMRC for additional 12 trainsets of six cars each (total 72 cars) to operate on line 2B and 7 of Mumbai metro project. With this, the total contract value has increased to Rs 4,318 crore (approx) from the existing Rs 3,817 crores (approx) for supplies before August 2023, the company said.
BEML rose 1.62% to Rs 895.10 after Equity Intelligence India purchased 0.64% stake in the company via bulk deal on Thursday (17 December 2020).On Thursday (17 December 2020), Equity Intelligence India bought 2,65,000 equity shares (representing 0.64% stake) of BEML via bulk deal on the NSE at average price of Rs 847.63.
Equity Intelligence India is the portfolio management firm owned by Kochi-based investor Porinju Veliyath.
Shares of BEML have gained 15.56% in three days from its previous closing low of Rs 774.60 on 15 December 2020.
State-run BEML operates in three verticals viz. defence & aerospace, mining & construction and rail & metro. As of 30 September 2020, the Government of India holds 54.03% stake in BEML.
The company posted a consolidated net profit of Rs 17.22 crore in Q2 September 2020 compared with net loss of Rs 27.20 crore in Q2 September 2019.
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Nifty futures on the Singapore Exchange traded 40.5 points, or 0.29 per cent, higher at 13,784.50, in signs that Dalal Street was headed for a tepid start on Friday. Here are a few stocks which may buzz the most in today s trade:
Info Edge:
Info Edge Ventures said Temasek has committed Rs 375 crore (about $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.
BPCL: Privatisation-bound Bharat Petroleum Corporation Ltd (BPCL) said its board has approved buying out Oman Oil Company s stake in the Bina refinery project in Madhya Pradesh on mutually agreeable terms.
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NEW DELHI: Shares of BEML jumped 5 per cent in Friday s trade after Porinju Velliyath’s Equity Intelligence India bought 2,65,000 shares in the company at Rs 847.63 per share.
The company CMD DK Hota in an interview to ET NOW said that the defence segment s order contribution has increased to 38 per cent of BEML s total order book - and the company s defence order book is raised to Rs 4,400 crore.
The stock rose 4.7 per cent to Rs 922.30. The scrip climbed 10.15 per cent on Thursday and 3.24 per cent on Wednesday, taking its three day gains to 19.2 per cent.
Hota said that while Atmanirbhar Bharat push is taking time in the short-run, it will be good for the country in the long run.