Buzzing stocks: SBI, Infosys, TCS, Axis Bank, HCL Tech, Adani Power shares to be in focus

The BSE Sensex and the NSE Nifty are poised to open higher on Wednesday, following positive cues from Asian peers and firm trading in Nifty futures on the Singapore Exchange. At 7:30 AM, the SGX Nifty futures were trading 63 points, or 0.36%, higher at 17,435 on the Singapore Stock Exchange.

Here are the stocks that will be in focus on Wednesday, March 22, 2022:

State Bank of India (SBI): The country’s largest lender in an exchange filing announced the acquisition of a 7.84% stake in ONDC (Open Network for Digital Commerce) for consideration of ₹10 crore. The PSU lender will get a subscription of 10 lakh equity shares of the face value of ₹100 each fully paid up of ONDC.

Tata Consultancy Services (TCS): The IT major’s ₹18,000 crore share buyback program has garnered strong responses from shareholders. The buyback was subscribed 5.5 times on Tuesday, a day before close.

Tata Coffee: The board of the coffee company has approved the re-appointment of Chacko Purackal Thomas as managing director and chief executive officer for a term of three years starting from April 1.

Tata Motors: The auto major has announced that it will hike prices of its commercial vehicle range from April to offset the steep rise in commodity prices and other input costs. The price hike will be in the range of 2-2.5% depending upon individual model and variant, the company said in an exchange filing.

Axis Bank: The nomination and remuneration committee of the board of directors of the bank on Tuesday granted 1,75,00,000 stock options at an exercise price of ₹725.90 per equity share, to the eligible employees of the bank, under the employee stock option scheme of the bank.

HCL Technologies: The IT major has signed a collaboration agreement with NEORIS, a U.S.-based global digital accelerator that co-creates disruptive solutions for digitally aspirational companies. The agreement will bring unique capabilities to clients in global markets, including the ability to increase application usage time, business management operations, and integrated IT services, HCL Tech said in an exchange filing.

SBI Cards & Payment Services: The board of the credit card company has declared an interim dividend of ₹2.50 (25%) per equity share (face value of ₹10 each) of the company for the financial year 2021-22. The record date for the purpose of determining the entitlement of payment of the interim dividend is March 31.

Future Enterprises: The Future group company has again defaulted on the payment of interest due on non-convertible debentures (NCDs). The payment was due on March 20, 2022. The interest payable stood at ₹15.65 crore for a period of 182 days. Last week, the cash-strapped company had missed the payment of interest worth ₹9.91 crore due on March 14, 2022.

Reliance Capital: The crisis-hit Reliance Anil Dhirubhai Ambani Group in an exchange filing updated about the initiation of the corporate insolvency resolution process (CIRP) discussed during the meeting of the committee of creditors of the company on Tuesday.

Adani Power: Billionaire Gautam Adani-led company has signed a pact with IHI Corporation and Kowa Company (Kowa) for sustainable power generation. The companies will jointly study the feasibility of a modification to achieve a 20% liquid ammonia co-firing ratio and thereafter extend this to a ratio up to 100% mono-firing at the Adani Power Mundra Coal-Fired Power Plant.

Can Fin Homes: The housing finance announced that its board will meet on March 29 to consider revalidation of approvals and authorisations for issuance of non-convertible redeemable debentures up to an amount of ₹2,525 crore, on a private placement basis, in one or more tranches, for a period up to the date of the Annual General Meeting (AGM) of the year 2021- 22.

Indiabulls Housing Finance: The board-constituted committee of the mortgage lender on Tuesday approved raising of funds of up to ₹50,000 crore via non-convertible debentures (NCDs) or bonds in one or more tranches on a private placement basis.

Infosys: The country’s second-largest software exporter has announced the acquisition of Germany-based digital marketing firm oddity for a consideration of Euro 50 million, including earn-outs, management incentives, and bonuses.