News24LAST UPDATED: Nov. 19, 2020, 10:25 a.m.
New Delhi (Anish Yande): On Thursday, Sensex opened on a decline as Nifty declined below the 12,900 mark. The BSE Sensex had come to the 44,131.59 position, a decline from the previous day's close at 44,180.05. Companies such as Vedanta Group, BPCL, Wipro and, Tata Consultancy Services should be closely watched today.
Stocks to Watch Today:
Vedanta Group and BPCL:
Vedanta Group, the mining company, has placed a preliminary expression of interest (EoI) in buying up a stake in Bharat Petroleum Corp Ltd.
The Indian government has a 52.98% stake in BPCL, the entirety of which is being sold. The government's current stake is valued at Rs 44,000 crore.
However, BPCL's share price has been falling since the government's announcement. The Vedanta Group had previously acquired the Indian oil producer Cairn India. Cairn India produces oil from Rajasthan oil fields. The acquisition sum was for $8.67 billion, which was acquired nearly a decade previously.
Wipro, the IT services provider, has confirmed a date for its Rs 9,500 crore share buyback program. The program shall commence on December 11. The company has proposed a share buyback plan for Rs 400 per share.
An estimated 23,75,00,000 equity shares are to be exchanged through this buyback plan.
Tata Consultancy Services:
Shareholders for Tata Consultancy Services, the Indian IT major, had approved the share buyback plan proposed by the firm. TCS had conducted a voting process for its shareholders on October 18, where 99.57% of voters had opted for the share buyback plan.
Tata Consultancy Services had proposed a buyback plan for 5,33,33,333 equity shares of the company. The aggregate amount for this buyback plan has been put at Rs 16,000 crore.
Hero Moto Corporation:
Hero Moto Corp, the leading automobile manufacturer, has stated that 14 lakh motorcycles were sold during the recent festive season.
The automobile sector has been on an incline through the festive season. The removal of Covid-19 restrictions and the development of Covid vaccines would lead to further growth in the industry.
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