Actions in Brief: Infosys, TCS, Wipro, Bharti Airtel, Tech Mahindra, SBI, Tata Elxsi, Bharat Rasayan

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According to the technical analyst, the Nifty 50 index would hold at the 14650/49800 level or 14700/50000 on Wednesday. Image: Reuters

BSE Sensex and Nifty 50 are expected to open in positive territory on Wednesday, as trends from SGX Nifty suggest. The nifty futures were trading 40.50 points or 0.28% higher at 14,641 on the Singapore Stock Exchange. In the previous session, Sensex finished just under 50,000 points, while Nifty rallied over half a percent and settled above the crucial 14,550. Today, corporate earnings are likely to induce stock specific action, while the rollout of the COVID-19 vaccine, oil prices and the move of the rupee will influence market sentiment. According to the technical analyst, the Nifty 50 index would hold at the 14650/49800 level or 14700/50000 on Wednesday. “On the downside, Nifty should find support between 14450 or 14400. Our strategy should be to buy selected stocks when there is a dip or an index between the 14460/14430 levels,” said Shrikant Chouhan, executive vice president. , technical equity research at Kotak Securities.

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Infosys, Wipro: A total of 10 BSE-listed companies such as Infosys, Wipro, 5paisa Capital, Amtek Auto, Asian Tea & Exports, CESC, Capital Trade Links, GTPL Hathway, Mideast (India) and Rajoo Engineers are expected to report quarterly results October to December later today today.

Bharti Airtel: Bharti Airtel said that in accordance with the FDI approval in January 2020 granted to it by the DoT, the company has received the necessary approvals for its relevant downstream investments. The telecommunications giant further said it was starting the process of revising its foreign investment limit, as notified to its custodians, to 100% with immediate effect.

Tech Mahindra: Tech Mahindra has said it will acquire Payments Technology Services Ltd (PTSL) for $ 9 million (approximately Rs 66 crore). The acquisition will give Tech Mahindra access to IP addresses and licenses for two products – Open Payment Framework (OPF) and Multi-Bank System (MBS).

Bharat Rasayan: The board of directors of the company has approved the proposal to buy back a maximum of 93,472 equity shares or 2.2 percent of shares at Rs 11,500 each.

National Bank of India: According to shareholder data on BSE, mutual funds reduced their stake to 12.72 percent in the October-December quarter, from 12.95 percent in the previous quarter. Likewise, LIC also lowered its stake to 9.74 percent from the previous 10 percent and while foreign portfolio investors (REITs) increased their stake to 9.82 percent from 7.75 percent at during the said period.

Tata Elxsi: Tata Elxsi said on Tuesday its net profit rose 39.5% to Rs 105.2 crore for the December 2020 quarter. The company reported net profit of Rs 75.4 crore a year ago, said Tata Elxsi in a regulatory case. Its operating income rose 12.7 percent to Rs 477.1 crore for the said quarter.

Tata Consulting Services: TCS said it will acquire GE’s stake in Tata Consultancy Services Saudi Arabia for $ 12,471 (about Rs 9.13 lakh). In September 2013, TCS announced the establishment of an all-female business process service center in Riyadh (Saudi Arabia) in partnership with GE.

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