Here’s a list of top ten stocks that may be in news on Thursday:
Reliance Industries: The company will invest up to $50 million in Breakthrough Energy Ventures IILP. Investment will be made in tranches over 8-10 years with the $50 million constituting 5.75% of the size of the fund contemplated at present. Breakthrough Energy is backed by Jeff Bezos, Jack Ma and Bill Gates, among others.
Wipro: The IT company is bringing in a new operating model from next year under which its business will be restructured into four strategic market units and delivery model will be simplified as the IT giant looks to drive growth in the non-US markets. In an email to employees, Wipro CEO Thierry Delaporte said the company’s growth has been largely dependent on the US market, and noted that it is important that the company broad base its growth.
Tata Consultancy Services: The IT major has agreed to acquire Pramerica Technology Services from insurance giant Prudential Financial Inc., according to a person familiar with the matter, helping the insurer cut costs to counter low interest rates and the coronavirus fallout.
Grasim Industries: The company has divested its entire stake in its fertiliser business–Indo Gulf Fertilisers (IGF)–to Singapore-based Indorama Corporation Pte Ltd in a slump sale, the company said in a press release. Grasim will receive a cash consideration of ₹2,649 crore.
HDFC Ltd: The mortgage lender on Thursday said insurance regulator Irdai has given the final nod for merger of HDFC ERGO Health Insurance with HDFC ERGO General Insurance. Post completion of the merger, HDFC will hold 50.58% stake in HDFC ERGO.
Future Retail: The Kishore Biyani company has filed a lawsuit against Amazon in the Delhi high court to stop it from interfering in the RIL-Future deal, while the US retail giant has urged immediate intervention by regulators Sebi and Competition Commission of India in a bid to halt the deal.
Tata Steel: The company is expected to report a sequential improvement in its Q2 earnings today. Some de-growth is seen in terms of topline because of muted prices. The steelmaker had reported a 63% year-on-year decline in net profit of ₹702 crore.
Eicher Motors: The company reported a 40% decline in its consolidated net profit to ₹343 crore in the September quarter. The company’s revenue from operations in the quarter stood at ₹2,134 crore, down 2.65% YoY on account of lower sales of Royal Enfield motorcycles and commercial vehicles.
Indiabulls Real Estate: Rakesh Jhunjhunwala’s Rare Enterprises has acquired shares in the company worth nearly ₹29 crore through an open market transaction. Rare Enterprises bought 50 lakh scrips of the company at an average price of ₹57.73 apiece. This took the total deal value to ₹28.86 crore.
Infibeam Avenues: The company will invest up to ₹180 mln to buy 33.33% stake in So Hum Bharat Digital Payments. So Hum Bharat Digital Payments, founded by industry executive Navin Surya and backed by Infibeam Avenues, will apply for a licence to set up a new umbrella entity for retail payments.
#RIL #Wipro #TCS #Grasim #Industries #Tata #Steel