Top 5 stocks in focus on September 6: TCS, Bharati Infratel to Adani Enterprises, here are the 5 newsmakers of the day
The benchmark domestic indices closed negative on September 5, 2018 due to continued pressure on currencies of many emerging countries and also fall in prices of commodities led by rising crude oil prices, which hit investor sentiment.
The benchmark domestic indices closed negative on September 5, 2018 due to continued pressure on currencies of many emerging countries and also fall in prices of commodities led by rising crude oil prices, which hit investor sentiment. However, there were certain stocks that made news after the market was closed for trading on the day and can have an impact on it today, September 6, 2018, during the trading hours. Here is the list of five stocks:
Tata Consultancy Services (TCS): The company's Rs 16,000 crore buyback programme will begin today and close on September 21, 2018. The total number of shares to be bought back will be around 7.61 crores, less than 2 per cent of the total number of shares. The shares will be bought back at Rs 2,100 a share through the tender offer route.
Bharti Infratel: Bharti Infratel and Indus Towers Limited have received exit notices subsequent to the completion of Vodafone-Idea merger and their scheme becoming effective from August 31, 2018. At present, it owns 42 per cent equity. This would result in the exit of 27,447 co-locations for the company on a consolidated basis and may hit revenue by around 600-650 million rupees ($17.42 million) per month from September 1, 2018.
Adani Enterprises: Ex-date for demerger and with this, Adani Gas Ltd. will be spun off and listed separately on NSE and BSE. In this demerger process, shareholders will get 1 share of Adani Gas for every share of Adani Enterprises.
Watch this Zee Business video here:
Cement and Infrastructure Companies: The Supreme Court on Wednesday lifted the ban on construction activities in Maharashtra and Uttarakhand. The ban was lifted after the two State governments submitted their respective solid waste management policies to the court.
SREI Infrastructure Finance Limited: The company presented its results for the quarter ended June 30, 2018, on Wednesday and posted a consolidated profit after tax ("PAT") of Rs 139.55 crore against Rs 65.15 crore during the corresponding quarter of last year.