Stock Limelight: Wipro, RIL, Tata Motors, Maruti Suzuki will be in focus today

Benchmark indices, on Thursday, are trading on sluggish move, while broader markets are continuing its trade in positive territory. These stocks will be in limelight today after major announcements:

Software major Wipro, has announced its shareholders approved the company’s Rs,11000.00 crore buyback proposal. About 99.68 percent of the votes being cast in the support of the buyback offer.

India’s largest publicly traded company Reliance (RIL) has announced that the company will make an offer for issuing NCDs worth Rs 2,500 crore next week. It has proposed to make an offer for issuance NCDS on a private placement basis on Monday 4 Sept 2017aggregating Rs 2500 crore to be listed on the stock exchanges.

The stocks of car companies will be in focus today which includes Tata Motors, Maruti Suzuki and Mahindra & Mahindra. Car prices had dropped by up to Rs 3.00 lakh subsequent on the implementation of the GST from July 1.

Welspun Corp Report & Positional trading Advice for Tomorrow (30 Aug 2017)

Research Head (MONEY MAKER RESEARCH & INVESTMENT ADVISOR PVT LTD) is having a view that one can go long in WELCORP.

“WELCORP is the stock which We would recommend to buy above Rs 140; this can see a upside to levels closer to Rs 145-146 zones, keep stop loss below Rs 133.

Margins for this quarter have been good, but some moderation in margins is expected in later part of the year & I expect the company to maintain trend of volumes of around millions of tonne for this financial year as well.

Although Saudi business will continue to be a bit of a drag. We expects the outlook to be little better in the quarters ahead than what it has been at the end of Q1.

WELCORP was closed 3.20 per cent up today at Rs 138.50 NSE.

Dixon Technologies Ltd to raise Rs. 600 Cr, IPO on Sept. 6

Consumer electronics lighting manufacturer Dixon Technologies India Ltd has fixed a price band of Rs. 1,760 to 1,766 per share for its IPO, which will be launching on Sept. 6.The public officer consists of a fresh issue of shares of Rs. 60 cr and an offer for sale (OFS) of 3.05 million shares by MOPE. The stake sale will give MOPE about Rs. 540 crore, at the upper end of price band.

The company intends to use the proceeds from the IPO for repayment of debt, setting up an LED TV mfg unit at its Tirupati facility for development of its backward integration capabilities in its Dehradun unit and for up-gradation of its IT infrastructure.

IIFL Holdings Ltd, IDFC Bank, Motilal Oswal Investment and Yes Securities Ltd are managing the share sale. The company’s clientele include Philips Lighting India Ltd, Haier Appliance (I) Pvt. Ltd, Panasonic India Pvt. Ltd, Surya Roshni Ltd and Reliance Retail Ltd among others.

The company plans to expand its capabilities across all its product categories such as consumer electronics, home appliances, lighting and mobile phones. Dixon Technologies Ltd reported revenue of Rs. 1,645.6 crore in 2016-17 fiscal, as against revenue of Rs1,253.6 crore in the previous year. It profit figures Rs. 46.4 crore in 2016-17 versus Rs. 36.4 crore in the previous year, as per to the company’s IPO filing.