Market: Weekly Stock Review
Mumbai, Apr 20 (UNI), Reliance Industries (RIL) rose 3.05 PC after Mitsui OSK Lines (MOL) of Japan and a strategic minority investor have signed binding definitive agreements for a strategic investment by MOL and minority investor in the six special purpose limited liability companies (SPVs), each owning a VLEC. The announcement was made on April 17, 2019.
IT major Wipro rose 0.42 pc. The board of directors of Wipro has approved a proposal to buyback up to 32.30 crore shares of the company for an aggregate amount not exceeding Rs 10,500 crore, being 5.35 pc of the total paid-up equity share capital, at a price of Rs 325 per share. Members of the promoter and promoter group of the company have indicated their intention to participate in the proposed buyback. The announcement was made after market hours on Tuesday, April16, 2019.
Mahindra & Mahindra (M&M) rose 0.88 pc after Mahindra Group and Ford Motor Company on April 18 2019, took the next step in strengthening their ongoing strategic alliance in India with a definitive agreement to co-develop a midsize sports utility vehicle(SUV).
Under the new agreement, Mahindra and Ford will work together to introduce a benchmark product for India and emerging markets. The new midsize sports utility vehicle (C-SUV) will have a common Mahindra product platform and powertrain, thus driving engineeringand commercial efficiencies.
TCS rose 6.54 pc after the company declared its Q4 result after market hours on April 12, 2019. On a consolidated basis, Tata Consultancy Services (TCS) reported 0.26 pc rise in net profit to Rs 8126 crore on 1.82 pc rise in total income to Rs 39,203 crore in Q4 March 2019 over Q3 December 2018.
Infosys lost 4.21 pc. The company declared its Q4 result after market hours on April 12 2019. On a consolidated basis, Infosys reported 12.88 pc rise in net profit to Rs 4,074 crore on 0.23 pc rise in total income to Rs 22204 crore in Q4 March 2019 over Q3 December 2018.
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