Adani Enterprises, Adani Power, Adani Wilmar, TCS, Zee, M&M, SAIL stocks in focus

Adani Enterprises, Adani Power, Adani Wilmar, TCS, Zee, M&M, SAIL stocks in focus

SGX Nifty hinted that the domestic equity indices could see a start in the green. On the Singapore Exchange, Nifty futures were trading higher, up 103 points, at the 17,130 level. On Thursday, markets snapped a 5 day losing streak, as Nifty closed 0.08% higher. However, it was still under the 17,000 level. Sensex closed at 57,634, up 79 points.

“Markets traded volatile and ended almost unchanged, taking a breather after the recent slide. The tone was negative initially however rebound in select heavyweights helped Nifty to recoup losses and close flat. Meanwhile, a mixed trend was witnessed on the sectoral front wherein FMCG, Energy and Pharma traded upbeat while metal and IT ended lower. The broader indices too traded mixed and closed flat to marginally lower. Global cues are still mixed however oversold positions and the existence of support around 16,800 in Nifty may trigger a rebound towards the 17,200 zone. Having said that, participants shouldn’t go overboard and restrict positions to stocks that are showing relatively higher strength,” said Ajit Mishra, VP – Technical Research, Religare Broking.

TCS

TCS Managing Director and CEO Rajesh Gopinathan has resigned his post “to pursue other interests”, and will step down on 15 September 2023. K Krithivasan has been appointed as the Chief Executive Officer Designate of Tata Consultancy Services, with immediate effect – he will take over as the Managing Director and CEO in the next financial year.

Zee

Zee Entertainment Enterprises is said to have agreed to clear the dues of IndusInd Bank, following which the private lender would withdraw the insolvency proceedings initiated against the media firm.

Mahindra & Mahindra

Mahindra Consulting Engineers, a subsidiary focused on engineering consulting services in the thrust areas of infrastructure, has been sold to Artelia. M&M’s stake of 60.88% of 11,51,000 equity shares was sold in one or more tranches at a price of Rs 89.66 per share for an aggregate consideration of Rs 10.3 crore. Consequently, Mahindra Namaste, a wholly owned subsidiary of MCEL, has also ceased to be a subsidiary of M&M.

Adani Transmission

The transmission company incorporated a new subsidiary, Adani Electricity Aurangabad, for applying for a parallel distribution license in the Aurangabad area.

Steel Authority of India

SAIL’s board of directors approved the dividend of Rs 1, amounting to 10%, on equity shares with face value of Rs 10 each. The record date is 24 March.