AP Photo/Andy Wong
AP Photo/Andy Wong

Stocks to Watch: Infosys, Vodafone, Jet Airways, Shree Cement, IDFC First Bank

  • Shree cement will replace private lender Yes Bank Ltd on the Nifty 50 index with effect from 27 March
  • HCL Technologies announced that it will open a Global Delivery Center (GDC) in Hartford, Connecticut

Here is a list of top 10 stocks that may be in focus on Wednesday:

Infosys: The IT services provider on Tuesday announced a long-term strategic partnership with GE Appliance, a Haier company, to streamline operations of the latter. Infosys Ltd will help GE Appliances modernise its software infrastructure and run it in managed services mode as part of overall innovation and optimisation agenda, Infosys informed the stock exchanges.

Vodafone Idea: The Union Cabinet today is likely to discuss adjusted gross revenue (AGR) issue, which has dealt a severe blow to telecom companies, according to a Business Standard report. Vodafone Idea faced the biggest setback after the Supreme Court’s verdict upholding the definition of department telecommunication’s (DoT) of AGR. Chairman Kumar Mangalam Birla and chief executive officer Ravinder Takkar met telecom secretary Anshu Prakash on Tuesday to seek relief.

Shree Cement: The cement maker will replace private lender Yes Bank Ltd on the Nifty 50 index with effect from 27 March. Investors will also watch shares of Yes Bank as exiting the list of Nifty companies may not bode well for the bank when it is in the process of fundraising. Last week, the lender had said it received expressions of interest from four prospective investors.

Jet Airways: Grounded Jet Airways Ltd’s committee of creditors (CoC) on Tuesday decided to extend the deadline for submission of bids to March 10 as a new entity has shown interest in the airline, according to PTI report. The deadline to submit the bids for Jet Airways, which is undergoing insolvency process, had ended on Monday. The CoC has now extended the deadline to submit the bids to March 10.

HCL Technologies: The IT major on Tuesday announced that it will open a Global Delivery Center (GDC) in Hartford, Connecticut to offer digital transformation services to clients in the smart manufacturing, insurance, aerospace, and defense industries. With the GDC, HCL will invest in the area and create local jobs with the help of a strong ecosystem regionally and at the state level.

Educomp Solutions: The bankrupt company on Tuesday clarified that CBI has conducted a search at its office premises in Gurugram and other locations on 11 February. The company said it did not receive any communication on the search proceedings.

Piramal Enterprises: The Ajay Piramal-led company informed the stock exchanges on Tuesday that Siddharth Mehta has resigned as an independent director with effect from 4 February, citing increased professional commitments in the US that did not allow Mehta to devote time to the Indian company.

Adhunik Metaliks: In an all-cash deal, Sanjeev Gupta-led Gupta Family Group (GFG) Alliance, which owns Liberty House, has acquired bankrupt Adhunik Metaliks and Zion Steel Ltd for 425 crore under the Insolvency and Bankruptcy Code (IBC). The transaction marks GFG Alliance’s entry into India. In a press release, the GFG Alliance said it would introduce its greensteel model to revive the steel plants—combining steel recycling with low carbon and renewable power sources.

IDFC First Bank: Ratings agency CRISIL has assigned CRISIL AA with a stable outlook to the private lender’s Basel III - Tier 2 Bonds worth Rs. 2000 crore and has re-affirmed existing ratings CRISIL A1+ for the bank's certificate of deposits programme.

Jaiprakash Associates: The company on Tuesday informed the stock exchanges that Yamuna Expressway Industrial Development Authority (YEIDA), in a letter written to the firm, has cancelled the land that was allotted by the authority in 2008 to erstwhile JPSK Sports Pvt Ltd.

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