Stocks in focus: The SGX Nifty recorded a 0.20% gain during Friday’s early trading session, with a value of 19,188.5 indicating a positive opening for domestic indices NSE Nifty 50 and BSE Sensex. Benchmark indices NSE Nifty 50 and BSE Sensex were closed for trading on Thursday on account of the Bakri Eid holiday. However, on Wednesday, the indices climbed to fresh highs, with Nifty surpassing the 19,000 level and Sensex climbing above 64,000.
“After multiple attempts, the domestic market successfully managed to sustain record high levels, thanks to the increased buying interest in heavyweight stocks. The market’s bullish momentum was further supported by strong FII inflows and a narrowing current account deficit, both of which positively impacted investor sentiments. The gains were widespread, with the pharma and metal sectors leading the way as top performers, outshining other sectors,” said Vinod Nair, Head of Research at Geojit Financial Services.
TCS
After reports of a hiring scam rocked the IT major, TCS banned six employees and six staffing firms, while three more employees are under scanner after whistleblowers blew the lid off a bribe-for-jobs scam. However, the Tata group company is unable to quantify the favours the employees got.
BPCL
Bharat Petroleum’s board of directors approved fundraising of up to Rs 18,000 crore via a rights issue.
ICICI Bank, ICICI Securities
ICICI Securities on Thursday said it will delist and become a wholly owned subsidiary of ICICI Bank. As of March 2023, ICICI Bank held a 74.85% stake in ICICI Securities. The acquisition is likely to be completed in the next 12-15 months after receiving various regulatory approvals.
Power Grid
Power Grid approved an aggregate investment of Rs 388.94 crore in establishment of Telecom network for NTAMC at an estimated cost of Rs 164.38 crore, Western Region expansion scheme at an estimated cost of Rs 115.09 crore and ICT Augmentation at Navsari associated with integration of 7 GW RE power from Khavda RE park at an estimated cost of Rs 109.47.