Stocks to watch: IT stocks, L&T, TCS, Dishman Carbogen, BPCL, Asian Paints

Nifty futures on SGX were trading higher, indicating a firm start for Indian stock markets

The domestic markets were set for a strong start on Friday following strong cues from US peers in overnight trade. Nifty futures on SGX were trading 23 points or 0.17 per cent higher at 13,767 at around 8.20 am.

Here are the top stocks to watch in today's session:

TCS: Tata Consultancy Services' Rs 16,000 crore share buyback programme would open today. TCS would buy back up to 5.3 crore equity shares at Rs 3,000 apiece for an aggregate amount not exceeding Rs 16,000 crore.

IT stocks: Stocks in the information technology (IT) space may hog the limelight today after Accenture reported better-than-expected results for the quarter ending November 30. For all of fiscal 2021, Accenture now sees revenue growth of between 4 per cent and 6 per cent, up from a previous forecast range of up 2 per cent to 5 per cent all in local currency

Defence companies: Defence-related stocks are likely to be in focus after the Ministry of Defence said its its Defence Acquisition Council cleared proposals worth Rs 28,000 crore, of which acquisitions worth Rs 27,000 crore would be sourced from Indian industries.

FTSE, GEIS rejig: Rejig exercise in both FTSE Global Index Equity Index Series (GEIS) and Sensex takes effect on Friday. According to analysts, L&T, Asian Paints, TCS and Tata Steel are the stocks that could see highest inflows on account of the FTSE rejig. READ MORE

Zee Entertainment: ZEEL is to acquire film production and distribution business on a slump sale basis from Zee Studios, a wholly-owned subsidiary. The acquisition is to be done for a cash consideration of Rs 275 crore. Further, the Board of Directors have also approved the transfer of the Digital Publishing Business Division of the  company to Rapidcube Technologies through a Business Transfer Agreement. 

Dishman Carbogen: Promoter Adimans Technologies plans to sell close to 69 lakh shares of the company through an offer for sale (OFS). The floor price of Rs 145.7 per share is at 6% discount to Thursday's closing price. The OFS for non-retail investors opens on December 18 while for retail investors it opens on December 21. 

BPCL: Privatisation-bound BPCL on December 17 said its board has approved buying out Oman Oil Company's stake in the Bina refinery project in Madhya Pradesh on mutually agreeable.

BEML: Porinju Veliath's Equity Intelligence India bought 2.65 lakh shares at Rs 847.63 per share in BEML, bulk deal data showed.

Manappuram Finance: Manappuram Finance said it has approved raising Rs 400 crore by issuing bonds on private placement basis.

Union Bank of India: S&P has revised the assessment of Union Bank of India’s standalone credit profile (SACP) from 'BB' to 'BB-' on weakening capital buffer. It also affirmed long-term issuer rating 'BB+' and short-term issuer rating 'B'.

Canara Bank: Life Insurance Corporation of India has acquired 6.28 crore shares via the QIP in Canara Bank, taking its total shareholding in the lender to 8.35 per cent from 4.533 per cent.

Axis Bank: Despite improving economic conditions, private sector lender Axis Bank sees bad loans rising in Q3 and Q4 of FY21 and said it will continue to be conservative. 

L&T: According to a media report, Larsen & Toubro is slated to win orders worth Rs 13,000 crore after the company emerged the best bidder for two tenders floated by HPCL Rajasthan Refinery.

Britannia, ITC: Britannia Industries has filed two cases in the Delhi High Court against rival ITC for alleged infringement of its product packaging trademark by using similar design for ITC’s new biscuits, a media report said, citing sources.

ISGEC Heavy Engineering: The company has secured a new order worth Rs 431 crore from KPR Sugar and Apparels to set up a 10,000 TCD Sulphurless Sugar Plant, 40 MW Co-Generation Plant, 60 TPH Incineration Boiler and a 7.5 MW Power Plant for Zero Liquid Discharge system for the client’s distillery plant on EPC basis.

Shoppers Stop: The Right Issue Committee approved the allotment of 2.13 crore rights equity shares of Rs 5 each at a price of Rs 140 per rights equity share (including a premium of Rs 135 per share).