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HDFC Group Overtakes Tata Group To Become India’s Largest
Shares of the country's second largest IT company rose as much as 2.98 percent, the most in two weeks, to Rs 663.25 after it clarified that it may buyback shares worth $1.6 billion.
“We draw your attention to the capital allocation policy approved by the board of directors in their meeting held on April 13, 2018. The Board decided to retain the policy of returning up to 70 percent of the free cash flow of the corresponding Financial Year in such manner, as may be decided by the Board from time to time, subject to applicable laws and requisite approvals, if any”, Infosys said in an exchange filing.
Out of the cash on the balance sheet, the board identified an amount of up to Rs 13,000 crore to be paid to shareholders in the following manner:
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Shares of the Delhi-based oil exploration company rose as much as 10.43 percent to Rs 192.10 after its board approved share buyback proposal and interim dividend of Rs 5 per share.
The company will buy back maximum of 8.66 percent of capital at Rs 300 per share for total consideration of Rs 25 crore, Selan Exploration said in an exchange filing.
Buyers and sellers were not immediately known
Source: Bloomberg
Shares of the Delhi-based power project financer rose as much as 3.45 percent to Rs 103.45 after its board gave approval for acquiring entire government's stake in REC, PFC said in an exchange notification.
PFC in an exchange notification said:
Shares of the Delhi-based health insurance and healthcare services provider rose as much as 11.68 percent, the most since Dec. 14, to Rs 89.90 after it announced conference call for investors to discuss Radiant Life Care and KKR purchase of majority stake in its subsidiary Max Healthcare through merger.
Th call is arranged on Jan. 4 at 12 noon, Max India said in an exchange filing
Indian equity benchmarks extended gains paced by Tech Mahindra, TCS and Infosys.
The Sensex rose 1 percent or 357 points to 36,007 and the Nifty 50 Index climbed 0.90 percent or 96 points to 10,826.
All sector gauges compiled by National Stock Exchange were trading higher led by the Nifty IT Index's 2 percent gain.
The overall market breadth was extremely positive as 1,411 shares were advancing while 592 were declining on the BSE.
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Shares of the Hyderabad-based drugmaker rose as much as 2.86 percent to Rs 228 after it secured two product patents in Brazil and Eurasia.
The patent is for New Chemical Entities used in treatment of Neurodegenerative diseases, Suven Life Sciences said in an exchange filing.
Shares of the country's largest drugmaker rose as much as 2.50 percent to Rs 424 after its subsidiary Dusa Pharmaceuticals got Preliminary Injunctive Relief by U.S. federal district court prohibiting defendants Biofrontera from using Dusa’s proprietary trade secret information.
Earlier this year, the Sun Pharma arm filed a lawsuit against Biofrontera alleging trade secret misappropriation and patent infringement of the company’s photodynamic therapy patents and Levulan Kerastick drug.
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Shares of the Noida-based railroad cars maker fell as much as 8.67 percent, the most since Dec. 10, to Rs 39 after its promoter Titagarh Wagons started sale of 15.4 lakh shares (5.64 percent equity) via offer for sale.
The floor price for OFS set at Rs 38 per share, which is at a discount of 11 percent to yesterday's closing price.
Shares of the oil retailers declined after Brent crude gained the most since December 216, to close at $54.47 per barrel.
Shares of non-banking finance companies rose on hopes of easier regulations after representatives from non-banking finance companies and housing finance industry met Prime Minister Narendra Modi on Wednesday to seek easier norms regulating the sector as they battle a funding crunch.
The agenda for the meeting with the prime minister comprised a number of requests for easier regulations governing the NBFC and housing finance sectors.
Indian equity benchmarks rose sharply in the pre-market session taking cues from a strong rally in U.S. markets overnight.
The S&P BSE Sensex rose 352 points to 36,002 and the NSE Nifty 50 Index climbed 88 points to 10,817 compared with yesterday's close of 10,730.
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