Shares of state-owned hotel company India Tourism Development Corporation (ITDC) and defence firm BEML rallied up to 17 per cent on the BSE in Thursday s session on the back of heavy volumes following a report that the government could invite expression of interest (EoI) for divestment in these public sector companies. Over the next few weeks, the department of investment and public asset management (DIPAM) will finalise the process of strategic sale of several public sector undertakings (PSUs) including BEML, India Tourism Development Corporation (ITDC) and Central Electricity Corporation,
Moneycontrol reported quoting sources. Among individual stocks, ITDC rallied 17 per cent to its 52-week high of Rs 354 on the BSE. Trading volumes on the counter jumped seven-fold with a combined 2.6 million equity shares changing hands on the NSE and BSE till the time of writing of this report.
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.