Good morning, dear readers! Here’s a lowdown on a couple of stocks you need to watch in Wednesday’s market.
L&T: Watch the capital goods major. CLSA says the 150 per cent fare hike by Hyderabad Metro project, which started service on Tuesday, will reduce start-up losses.
Nestle: The Shahjahanpur district administration in UP has slapped a Rs 45 lakh fine on Nestle, Rs 15 lakh on its three distributors and Rs 11 lakh on its two sellers after its popular noodles brand Maggi allegedly failed to pass the lab test. The FMCG major maintained “it’s a case of application of incorrect standards”.
Pfizer: The drug firm’s big-selling erectile dysfunction drug Viagra has been given a green light for sale without a prescription in Britain, the first country to grant it over-the-counter status.
Emami: Kolkata-based FMCG company has drawn up an aggressive marketing plan, focusing on urban and rural markets to boost its winter sales of skincare products
Wipro: The IT major will kick off a Rs 11,000 crore share buyback programme on Wednesday. The IT major plans to buy back over Rs 34.37 crore fully paid-up equity shares at Rs 320 per share, representing up to 7.06 per cent of the total paid-up equity share capital.
Tea stocks: This basket of stocks have gained between 5 per cent and 25 per cent in the last five sessions on the back of a tea price increase because of production shortages in Assam and West Bengal
Upstream stocks: Continuing with its reform initiatives for the oil and gas sector, the government may now arm the office of upstream regulator Directorate General of Hydrocarbons with statutory powers. This will be in conjunction with it carving out a specialist wing under the oil ministry for assisting it in administration of contracts.
RCom: Indian telecom player Reliance Communications’ (RCom) planned debt restructuring could be complicated by China Development Bank’s (CDB) triggering of insolvency action against the beleaguered company.
Telecom stocks: TRAI has made recommendations to ensure an open internet in the country and prevent any discrimination in internet access in a long-awaited report. Domestic telecom firms are not happy.