Infosys Launches Metaverse Foundry, UPL's Buyback Proposal, and Buzzing Stocks Today

Mon, 28 Feb Pre-Open

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Indian share markets ended on a strong note on Friday.

Benchmark indices staged a firm recovery tracking positive cues from global markets and took advantage of lower valuations following the massive sell-off in the previous session.

Global markets took a breather as the fresh US sanctions did not target Russia's oil exports nor their access to the Swift global payment network. However, the market will continue to remain volatile tracking new developments in the Russia-Ukraine war.

At the closing bell on Friday, the BSE Sensex stood higher by 1,329 points (up 2.4%).

Meanwhile, the NSE Nifty closed higher by 410 points (up 2.5%).

Coal India and Tata Motors were among the top gainers.

Britannia and Nestle India, on the other hand, were among the top losers.

The BSE Mid Cap index and the BSE Small Cap index ended up by 4% and 4.2%, respectively.

Sectoral indices ended on a positive note with stocks in the realty sector, power sector and metal sector witnessing buying interest.

Shares of Fine Organic Industries hits its respective 52-week high .

Gold prices for the latest contract on MCX were trading down by 1.2% at Rs 50,915 per 10 grams at the time of closing stock market hours on Friday.

Speaking of stock markets, India's #1 trader Vijay Bhambwani discusses whether you should be concerned about the Russia and Ukraine war or it's just a temporary blip on the long-term radar, in his latest video for Fast Profits Daily.

Tune in to the video below to find out more:

Top Stocks in Focus Today

Among the buzzing stocks today will be Bharti Airtel.

Bharti Airtel has entered into an agreement with British telecom giant Vodafone Plc to buy 4.7% equity in telecom infrastructure company Indus Towers.

'Airtel has accordingly entered into an agreement with Vodafone on one condition that the amount paid shall be inducted by Vodafone as fresh equity in Vodafone Idea (VIL) and simultaneously remitted to Indus Towers to clear VIL's outstanding dues,' the company said in a regulatory filing.

The block deal would be executed through Euro Pacific Securities, a Vodafone group entity that holds 7.6% stake in Indus Towers.

Airtel did not share the deal financials immediately, but the company said the acquisition purchase would be at an attractive price, representing a significant discount, typically available for such large block transactions.

Vodafone said earlier this week it was looking to sell its entire 28.1% stake in Indus Towers.

The Airtel-Vodafone deal announcement came just a day after Vodafone Group Plc raised around Rs 14.4 bn by selling a 2.4% stake in Indus Towers through a block deal to unnamed investors on Thursday.

Apollo Hospitals Enterprise share price will also be in focus today.

Shares of Apollo Hospitals Enterprise rose as much as 8% on Friday on the BSE and NSE after the NSE announced that the company's stock would be included in the benchmark Nifty 50 index effective from 31 March 2022.

Apollo Hospitals will replace Indian Oil Corporation (IOC) from NSE's benchmark index Nifty 50 from 31 March 2022.

The index maintenance sub-committee equity (IMSC) of NSE Indices has decided to make it a part of its periodic review.

Apollo Hospitals will become the first-ever healthcare services company to become part of the benchmark index.

According to a report, the inclusion of Apollo Hospitals into Nifty 50 to result in inflows of US$143 m from exchange-traded funds that mirror the index.

Apart from Nifty 50, changes have been announced in several indices including Nifty Next 50. One 97 Communication, owner of Paytm, FSN E-Commerce Ventures, which runs online marketplace Nykaa, Zomato, Indian Oil Corporation, MindTree and SRF will find a place in Nifty Next 50.

Apollo Hospitals Enterprise, Aurobindo Pharma, Hindustan Petroleum Corporation, Indraprastha Gas, Jindal Steel & Power and Yes Bank will be excluded from Nifty Next 50.

UPL Gains as Board to Mull Share Buyback Plan

Shares of UPL climbed 5% to Rs 664 on the BSE in Friday's intra-day trade after the agrochemicals company announced that its board will consider share buyback proposal on Wednesday, 2 March 2022.

'A meeting of the board of directors of the company is scheduled to be held on Wednesday, 2 March 2022 inter-alia to consider a proposal for buyback of fully paid-up equity shares of the company,' UPL said.

The primary objective of a share buyback programme is to arrest the fall in the value of a stock by reducing the supply of the stock, which essentially pushes up the share price through a better price to earnings (P/E) multiple.

In the past one week, the stock of UPL has corrected 13%. It has fallen 27% from its 52-week high level of Rs 864.8 on 8 June 2021.

Infosys Launches Metaverse Foundry

Bengaluru-based IT services major Infosys launched Metaverse Foundry that will help its clients with adaptation, creation and also help scale the new technology.

The company has already developed 100 use cases and is actively working with clients on the same, said a top executive.

Discover: How to Grow Your Wealth in a Stress-Free Way

The move comes at a time when companies around the world are putting a huge focus on the metaverse. From Meta, formerly Facebook, and Microsoft, to IT services providers, the companies are investing significantly in the space.

Ravi Kumar S, President, Infosys, said that metaverse is no longer a buzz word, and will play an important role as we enter post pandemic era where people probably want to live in the hybrid of physical and virtual worlds.

'The reason why we came up with the concept of Metaverse Foundry is because while some consumer businesses know what the use cases are, a large number of our clients are curious. So, the Foundry is this experimental infrastructure where you can discover, create and scale,' he said.

The company has developed over 100 use cases and templates that people can help consumers discover, reuse some of those components and connect to the metaverse using the platforms of Infosys.

Ravi Kumar further said, 'Once you discover and create, we are hoping that you (clients) will scale with us. Therefore, we have the opportunity to help you scale that infrastructure over a period of time.'

The company is already working with few clients.

We will keep you updated on the latest developments from this space. Stay tuned.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

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