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Buyback plans to lift Wipro
After Tata Consultancy, one more IT services major Wipro said its board will consider a buyback plan on October 13. The announcement comes on a day when larger rival TCS board cleared an up to ₹16,000 crore buyback plan.
Wipro will also announce its results for the September quarter on the same day.
If the board approves the buyback plan, then it would be the fourth one from the Bengaluru-based company.
In 2019, Wipro bought back shares worth Rs 10,500 crore at Rs 325 a share.
Wipro bought back Rs 2,500 crore (at Rs 625 a share) worth of shares in 2016 and Rs 11,000 crore (at Rs 320 a share) worth of shares in 2017.
Key results: 5Paisa Capital, GM Breweries, Prabhat Dairy
Thursday will see a few companies declaring results for the September quarter. They are 5Paisa Capital, GM Breweries and Shree Ganesh Remedies. As 5Paisa Capital, which owns 5Paisa.com, had reported a strong set of numbers for the previous quarter, expectations from analysts are high. It had posted a profit of Rs 3 crore on revenues of Rs 42.32 crore. That was the company's first-ever quarterly profit since its launch in March 2016, 5paisa Capital had said in a statement.
Besides, these companies, Prabhat Dairy will also announce its results for the period ended March 2020 and Titagarh Wagons to declare results for the quarter ended June.
Will Amazon legal notice derail Future Retail?
US e-commerce giant Amazon has served a legal notice to Kishore Biyani-backed Future group over the latter’s Rs 25,000 crore deal with Reliance Retail.
According to Amazon, Future Retail (FRL) is in violation of an agreement done in August 2019 when it had picked up 49 per cent stake in Future Coupons Ltd, which owns 7.3 per cent of FRL. That deal gave Amazon roughly 3.6 per cent in Future Retail.
As part of the agreement, Amazon was granted a call option, allowing Amazon to acquire all or part of the promoters' stake in FRL between 3 and 10 years. Besides, Biyani had also agreed to certain share transfer restrictions on the promoter shares of FRL including a right of the first offer in favour of Amazon.
But in August, Reliance Retail Ventures Ltd, a subsidiary of Reliance Industries, had acquired Future Group’s retail and wholesale business, and logistics and warehousing business for ₹24,713 crore.
Shareholders will closely monitor further development on the issue.
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