The board also fixed April 2 as record date for the purpose of determining the shareholders who will be eligible to apply for the issue
Though buybacks are another method to provide investors with a cash payout, buying only for sole purpose of participating in buyback is tricky.
Nomura maintained buy on Axis Bank and raised target to Rs 900 from Rs 850 per share.
Lead to be delivered in March was trading higher by 80 paise, or 0.57 percent, at Rs 140.40 per kg in a business turnover of 2,719 lots at the Multi Commodity Exchange.
At Multi Commodity Exchange, crude for delivery in April shed Rs 3, or 0.07 percent, to Rs 4,099 per barrel in a business turnover of 10,653 lots.
At the Multi Commodity Exchange, gold for delivery in April declined by Rs 58, or 0.18 percent, to Rs 31,902 per 10 gram in a business turnover of 959 lots.
At the Multi Commodity Exchange, silver for delivery in May fell by Rs 109, or 0.28 percent, to Rs 38,146 per kg in a business turnover of 1,076 lots.
The current market capitalisation of the company stands at Rs 8,74,739.75 crore, which is equal to $127 billion (rupee-dollar rate was 69.07), higher than that of TCS (Rs 7.6 lakh crore) and HDFC Bank (Rs 6.2 lakh crore).
At the Multi Commodity Exchange, copper for delivery in April was trading lower by 75 paise, or 0.17 percent, to Rs 447.05 per kg in a business turnover of 1,632 lots.
It expect 18%/30% revenue/PAT CAGR over FY19-21.
JP Morgan in a note said that Mindtree deal signifies company’s (L&T) serious intent to become larger and more credible in the IT services business, and the immediate outcome for Mindtree shareholders is positive.
Utilise downsides in the pair to initiate long positions, says ICICIdirect.
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Among the sectors IT and pharma stocks are witnessing buying, while selling is seen in the auto, bank, energy and metal indices.
In terms of profitability, after witnessing a 60 percent CAGR in profits over CY10-FY18, HDFC Securities expects standalone profit growth to moderate to 10 percent over FY19-21E.
The total investment is likely to be completed by April, 2019.
The company's stake in Datamatics Digital has increased to 81.1 percent
The project will be developed on 11.76 acres of land owned by the joint venture company.
The said patent is valid till June 10, 2029
The recent rally seen in the market is backed by solid flows from foreign investors, reduced geopolitical concerns, pick up in earnings growth as well as expectations of Modi government returning to power with a majority in 2019.
The top Nifty gainers included Indiabulls Housing Finnace, Infosys, Wipro, Hindalco Industries and Vedanta while the top losers included Zee Entertainment, IOC, HPCL, BPCL, ONGC
However, analysts said oil was still well supported by voluntary supply cuts led by producer club OPEC and U.S. sanctions against Iran and Venezuela.
Trends on SGX Nifty indicate a flat to negative opening for the broader index in India, a fall of 3.5 points or 0.03 percent. Nifty futures were trading around 11,572-level on the Singaporean Exchange.
Mitessh Thakkar of mitesshthakkar.com recommends buying Buy Engineers India with a stop loss of Rs 114 and target of Rs 125, GSFC with a stop loss of Rs 103 and target of Rs 1111 and Bharti Infratel with a stop loss of Rs 320 and target of Rs 342.
On the technical front, we believe that bullish momentum will continue towards 11,700 levels in the coming sessions and every dip should be used as a buying opportunity.