The BSE Sensex rose almost 184 points to an intra-day high of 35,877.41 points on Wednesday, while the Nifty50 surged close to 50 points to a high of 10,888.90points. The Bank Nifty was trading higher by 0.25 per cent on the NSE. Sun Pharma, TCS, Wipro, Infosys and Yes Bank were the top gainers on the BSE. Among the losers were Bharti Airtel, HUL, ONGC, Kotak Bank and HDFC. Healthcare stocks Lupin, Sun Pharma and Cipla shone on the NSE.
Indian stock markets opened higher on Wednesday, with the BSE Sensex rising over 150 points and the Nifty50 of the National Stock Exchange edging up over 0.30 per cent ahead of US Federal Reserve’s policy meet outcome. According to market experts, continued buying by domestic institutional investors supported the upward trajectory of the benchmark indices. Among the sectoral indices, IT, consumer durables and healthcare stocks led the rally.
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Media sources peg the buyback to the extent of Rs 10,000 crore. TCS has said previously that it will pay out 100 percent of its free cash flows to shareholders. In the 2017-18 financial year, TCS made a 118 percent payout.
Last year, TCS had bought back 56.14 million equity shares, representing around 3% of its total equity for around Rs 160 billion. the stock was trading 1.7% higher at Rs 1,812 on the BSE, as compared to 0.37% rise in the S&P BSE Sensex. A combined 1.14 million shares changed hands on the counter on the BSE and NSE.The stock hit a record high of Rs 1,837 on May 25, 2018 in intra-day trade
The global brokerage firm, Morgan Stanley maintains its overweight rating on TCS but raised its 12-month target price to Rs 2,010 from Rs 1,825 earlier which translates into an upside of 12 percent upside in the next 12 months.
There are many tailwinds which could take the stock higher such as strong global growth, US economy doing well, digital adoption and rupee depreciating.Morgan Stanley expects margins can move toward 26-28 percent. The global investment bank raised EPS estimates by 4-5 percent to factor gains from rupee depreciation. The valuation should reflect superior profile, said the note.
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