Good morning, dear readers! Here’s a lowdown on a couple of stocks you need to watch in Thursday’s market.
DRL: Dr Reddy’s Laboratories has been slapped a securities class action lawsuit at the district court of New Jersey in the US for alleged violations of federal securities laws.
Infosys: The ₹13,000-crore buyback offer from Infosys will open on Thursday and end on December 14. Through the buyback, the first by the company since listing, Infosys will buy back over 11.30 crore shares at ₹1,150 apiece.
Jet Airways: Jet Airways and Air France-KLM signed an agreement that will potentially give the Indian carrier unrestricted access to Europe and North America.
Nestle: A court on Tuesday imposed a fine of 4.5 million rupees ($70,000) on Nestle India in a 2015 case for selling substandard instant noodles after a laboratory test found high ash content in its popular Maggi brand.
Saregama India: Known more popularly as HMV in its earlier avatar, this stock has risen about four times in the past six months as it relies increasingly on music lovers in the country to enhance its brand salience.
L&T: Analysts say the upward revision in tariffs for the Hyderabad Metro could potentially add ₹30-40 per share to the fair value of Larsen & Toubro (L&T), India’s largest infrastructure company. Hyderabad Metro is a 100% subsidiary of L&T.
ICICI Lombard, NIC: National Insurance Company and ICICI Lombard may take a combined hit of ₹300 crore from the fire that gutted the manufacturing unit of Haldiram’s, the biggest sweets and snacks maker in the country.
Wipro: Shares of Wipro rose marginally on Wednesday as the IT major kicked off its mega Rs 11,000 crore share buyback plan. Wipro will process the buyback through a tender offer route. The buyback runs through December 13.
Oil stocks: Watch this counter as the OPEC group goes into a huddle in Vienna later in the day, and the members are set to debate the path for an extension of the group’s supply-cut agreement.
PSU banks: The government is likely to directly issue bank recapitalisation bonds worth ₹1.35 lakh crore to provide capital to state-run lenders.