Market Watch: Should you buy Majesco shares just for the dividend?

Welcome to ETMarkets Watch, the show about stocks, market trends and money-making ideas. I am Nikhil Agarwal and here are the top headlines at this hour.

Benchmark equity indices end flat, Bajaj twins top gainers
S&P revises India’s FY21 GDP contraction forecast to 7.7% from 9%
Mrs Bectors Food IPO off to flying start; subscribed over 3 times on Day 1
Oaktree Capital, Piramal Enterprise trump Adani Properties with new DHFL bids
SIP inflows hit 31-month low in November

Let us take a quick glance at what happened on the Dalal Street today.

Gains in HDFC twins offset profit booking in FMCG stocks as the benchmark indices ended flat but at record closing highs. Both Sensex and Nifty ended the day with a minor gain of 10 points each.

Bajaj Finance was the top gainer in the Sensex pack, rallying over 4 per cent, followed by Bajaj Finserv, HDFC, Tech Mahindra, HDFC Bank and UltraTech Cement. On the other hand, Hindustan Unilever, Nestle India, ICICI Bank and Axis Bank were among the laggards.

Midcaps outperformed both smallcaps and largecaps. Meanwhile, the initial public offer of Mrs Bectors Food Specialities was fully subscribed within the first few hours of opening of bidding. This is the second initial public offer this month to have received over subscription in the first few hours itself after Burger King India.

The board of Majesco also approved an interim dividend of Rs 974 a share. The record date set by the company is 25 December.

So, should one go for Majesco shares for a handsome dividend? To discuss this and more, we spoke to Ajit Mishra of Religare Broking to understand the available investment opportunity in Majesco.

Welcome to the show, Mr. Mishra
1) Which factors helped the market pare all of its day’s losses?
2) Should one add Majesco shares in the portfolio?
3) What is your call on Mrs Bectors IPO?

On the technical front, Nifty formed a Doji candle for the fourth consecutive session, hinting uncertainty. The index has formed a good base near the 13,500 mark. Analysts believe that holding above the said levels may take the index to march towards its immediate resistance zone of 13,600 and thereafter to 13,700. We caught up with technical analyst Rohit Singre from LKP Securities to decode the charts.

Welcome to the show, Mr Singre
1) How are the charts looking like after today’s trade?
2) What is your reading of F&O data?
3) What is your outlook for tomorrow’s session?

Globally, other Asian markets mostly ended in the red while European markets traded lower in early deals. US equity futures were pointing higher.

That’s all for now. Do check out for all the news, market analysis, investment strategies and dozens of stock recommendations. Enjoy your evening. Bye Bye!

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