Top 5 stocks in Focus on August 6: TCS, Tech Mahindra to IOC, here are the 5 newsmakers of the day
Stock markets on Friday closed in the green, but there were certain stocks that came in the news after the market closed for trading and these can have an impact on Monday.
Stock markets on Friday closed in the green, but there were certain stocks that came in the news after the market closed for trading and these can have an impact on Monday. Here is the list of five stocks that will remain in focus during the trading session on August 6, 2018:
Tata Consultancy Services (TCS): The board has approved the buyback of equity shares and the company has fixed August 18 as the record date for determining the entitlement of its Rs 16,000 crore mega buyback offer.
Wipro: The Indian information technology company has said that it has settled a lawsuit with National Grid US for $75 million and formalities for withdrawal of the lawsuit are expected to be completed shortly. National Grid US in 2017 sued Wipro seeking damages amounting to $140 million plus additional costs related to an enterprise resource planning (ERP) implementation project.
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Tech Mahindra: The IT company has signed a MoU with Telangana state to launch India's first Blockchain District Telangana. In addition, reports are there that the company is planning to hire around 4,000 freshers over the next three quarters as the IT services major focus on "demand-based" hiring instead of creating an inventory. The company has already hired about 1,800 fresh graduates in the first quarter of the ongoing fiscal.
Indian Oil Corporation (IOC): India's largest oil firm has decided to invest Rs 1.75 lakh crore to nearly double refinery capacity, boost petrochemical production, lay new pipelines and expand its gas business to become a vertically integrated company. It plans to raise capacity to turn crude oil into fuels like petrol and diesel to 150 million tonnes per annum by 2030 from the current 80.7 million tonnes.
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IDFC: The Mumbai-based financial services firm has entered into the final stage of negotiations with Avendus Capital, controlled by US buyout giant KKR, to sell its broking and asset management business. The deal is valued between Rs 5,000 crore and Rs 6,000 crore.