Stocks in Focus on December 24: Bharti Infratel, Future Retail to Dixon Tech; here are the 5 Newsmakers of the Day
Bharti Infratel, NIIT Technologies, Future Retail, Dixon Tech and auto stocks are expected to remain newsmakers throughout the intraday trade today.
After hitting record highs last week, equity benchmarks on Monday, December 23, 2019, closed with marginal losses. However, there were some stocks, like Bharti Infratel, NIIT Tech, and Future Retail, that came in news after the market was closed for trading purposes and can impact the indices when they will reopen on Tuesday, December 24, 2019. Here is a list of five such stocks:
Bharti Infratel: The merger of Bharti Infratel and Indus Towers hangs in balance as the government hasn't given a green signal to the proposed merger yet. December 24, 2019, is the deadline to take a final call on the proposed merger. The merger is expected to help Airtel and Vodafone Idea to sell their stakes and raise funds.
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NIIT Technologies: The company's board on Monday approved buy-back of up to 19,56,290 fully paid equity shares at a price of up to Rs1,725 per share aggregating up to Rs337,46,00,250. This represents 20.23% of the paid-up equity share capital and free reserves of the Company. Buyback is proposed to be made on a proportionate basis under the Tender Offer route.
Auto/auto ancillary in focus: Delhi government on Monday approved an electric vehicle policy under which it will provide subsidy to promote e-vehicles. There will be incentives of Rs10,000 per kWh of battery capacity for the first 1,000 car. A purchase incentive of Rs30,000 per vehicle will be offered for electric autos, e-rickshaws and e-carriers. The Delhi government will also provide a 100 per cent subsidy for the purchase of charging equipment up to ₹6,000 per charging point for the first 30,000 charging points at homes or workplaces.
Future Retail: The promoter entities of Future Retail have repaid loans of about Rs1,500 crore to banks and financial institutions last week. With this, they have scaled down the level of shares pledged with these institutions. This has brought down the total number of pledged shares as a percentage of total shares of the company from 36% to 26.8%.
Dixon Tech: Dixon Tech will be in focus today as the government is likely to sweeten export incentive scheme for Smartphone manufacturers to increase Smartphone exports from the country to $11,000 crore by 2025.
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