Market News-Tech Mahindra up 1%,RIL, Infosys, Bajaj Auto to be in focus

Tech Mahindra up 1%: The IT company will acquire Japan-based mobile network solution firm K-Vision for $1.5 million in an all-cash deal.

Stocks to watch:

Reliance Industries: Shares of India’s most valued company by market capitalization, Reliance Industries will be in focus today after Brookfield announced Thursday that it would be buying the loss-making gas pipeline East-West Pipeline for Rs 13,000 crore from it.

Bajaj Auto: Brokerage house Credit Suisse said in a report that Bajaj Auto’s could decline in the first half of FY 20. The company has been reluctant to increase its dividend payout and investors would prefer it to return excess cash. Credit Suisse has maintained a neutral stance on the company at a target price of Rs 2,700 per share.

Infosys: The Indian IT major company Infosys has got shareholders approval for the buyback of its shares and to reappoint Kiran Shaw as an independent director.

Coal India: State-owned Coal India said Thursday that its board has approved payment of second interim dividend for the financial year 2018-19 at the rate of Rs 5.85 per share of the face value of Rs 10 as recommended by the audit committee of Coal India.

Mahindra & Mahindra: Home-grown auto major company Mahindra & Mahindra said Thursday it has received over 30,000 bookings for its recently launched compact SUV, Mahindra XUV300.

ICICI Bank Surges To Record- Shares of ICICI Bank rose as much as 1.8per cent to hit an all-time high at Rs 394.85. About 14.4 lakh shares of the lender changed hands in a block deal. Buyer and sellers were not known immediately. The stock was the top gainer on Sensex and Nifty. The Relative Strength Index was above 70, indicating that the stock may be overbought.

Rupee Opens: The Indian rupee opened flat at 69.33 per dollar on Friday versus 69.35 yesterday.

Crude Update: Oil prices were steady on Friday, supported as production cuts led by OPEC and US sanctions against Venezuela and Iran likely created a slight deficit in global supply in the first quarter of 2019.

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