Nifty, Sensex reverses gains as the US premarket futures fall – Weekly closing report
Moneylife Digital Team
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We had mentioned in last week’s closing report that Nifty, Sensex will follow global cues on tech stocks. The major indices rallied this week but faced a correction on Friday ending the week with minor gains over previous Friday’s close.
On Monday, the indices opened higher but lost all gains and ended flat. On the NSE, there were 1,175 advances, 728 declines and 85 unchanged.
Muthoot Group Chairman MG George Muthoot was admitted to a hospital after falling from the fourth floor of his house in Delhi and was later declared dead.
Here are key stocks that are likely to sway the market today:
IDBI Bank: The bank has been taken out of PCA framework by the RBI. The bank has provided a written commitment that it would comply with the norms of minimum regulatory capital, net NPA and leverage ratio on an ongoing basis.
JSW Steel: The company posted a marginal decline of 1 per cent in its crude steel output at 13.06 lakh tonnes (LT) in February this year.
Max Healthcare: The company has raised Rs 1,200 crore via qualified institutional process.
Quick Heal Technologies: The board has approved buyback of 63.26 lakh shares for up to Rs 1,550 crore at a price of Rs 245 per share.
The board of Quick Heal Technologies on Wednesday approved a proposal to buyback shares of the company at Rs 245 a share.The board of cybersecurity software company proposed to buyback 63,26,530 equity shares of the company (equivalent to 9.85% of the total paid-up equity share capital of the company) at Rs 245 a piece. The aggregate consideration of the buyback shall not exceed Rs 155 crore.
The buyback will be on a proportionate basis under the tender offer route. The buyback is subject to approval of the members by means of a special resolution through a postal ballot.
As of 5 March 2021, the promoter and promoter group held 72.83% stake in the company.
We had mentioned in Tuesday’s closing report that Nifty, Sensex may rally if US market closes firm. On Wednesday, the indices opened near its day’s high but ended lower with minor gains.
Read more about Quick Heal Tech spurts on buyback plan on Business Standard. Quick Heal Technologies soared 5.4% to Rs 181.55 after the company said its board will consider a share buyback on 10 March 2021.