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Gift Nifty Up 19 Points | TCS Faces US$ 210 Million Penalty | Maruti Suzuki Announces Price Hike | Top Buzzing Stocks Today
Tue, 28 Nov Pre-Open

TCS Faces US$ 210 Million Penalty | Maruti Suzuki Announces Price Hike | Top Buzzing Stocks Today

On Friday, Indian share markets traded in a narrow range throughout the session and ended the choppy session on a flat note.

Benchmark indices failed to find momentum amid volatility in crude oil prices, falling dollar index and mixed global cues.

At the closing bell on Friday, the BSE Sensex closed 0.1% lower at 65,970 levels.

Meanwhile, the NSE Nifty closed unchanged at 19,794 level.

Axis Bank and JSW Steel were among the top gainers.

HCL Tech and Wipro on the other hand, were among the top losers.

Broader markets ended positively. The BSE Midcap index and BSE SmallCap index, both, ended 0.1% higher.

Sectoral indices ended mixed with stocks in the finance sector, pharma sector and metal sector witnessed buying. Meanwhile, stocks in the IT sector, FMCG sector and telecom sector witnessed selling.

Shares of Bajaj Auto, Colgate and JK Cement hit their 52-week high on Friday.

The rupee was trading at 83.37 against the US$.

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Gold prices for the latest contract on MCX were trading up by 0.1% higher at Rs 61,145 per 10 grams at the time of Indian market closing hours on Friday.

At 7:55 AM today, the Gift Nifty was trading 19 points or 0.1% higher at 19,876 level.

Indian share markets are headed for a positive opening today following the trend on Gift Nifty.

Speaking of stock markets, Co-head of Research at Equitymaster, Tanushree Banerjee talks about the AI revolution and the stock that will benefit from it, in her latest video.

Tune in for more.

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Top buzzing stocks today

Lupin share price will be in focus today.

On Friday, 24 November 2023, the share price of Lupin Limited opened higher than previous close and saw over 3% increase in early trade.

The rally is the outcome of the company's announcement that they have received a tentative approval from the United States food and drug administration (USFDA) for its type two diabetes medication called canagliflozin tablets.

Paytm will also be a top buzzing stock.

On Friday, 24 November 2023, the shares of One 97 Communications (Paytm) fell by 3.3%. The reason behind this decline is linked to reports of a block deal which took place today during early trade.

TCS Faces US$ 210 Million Penalty

Tata Consultancy Services (TCS) has been ordered to pay US$ 210 million to DXC Technology by a Texas court in another trade-secret case blow barely a week after the US Supreme Court confirmed a penalty of US$ 140 million against the Indian IT services major.

The case was filed by Computer Sciences Corporation (CSC), which became DXC Technology after a merger with HPE's enterprise services business.

A jury in Dallas, Texas federal court, found TCS guilty of misusing confidential information about DXC's Vantage-One and CyberLife software for managing life insurance and annuity policies to create its platform.

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The case was filed by CSC in 2019, claiming that TCS hired 2,200 employees of Transamerica in 2018, through whom it got access to CSC's software, knowledge of its source code and other proprietary information to build a competing life insurance platform.

CSC had licensed its software to Transamerica.

TCS had bagged a 10-year US$ 2 billion deal with Transamerica Life Insurance in 2018. The deal was cancelled earlier this year, citing a challenging market environment for the insurance company as it looked to tighten tech spending.

Tata Consultancy Services (TCS) is a bright shining star in the galaxy of Tata Group companies.

TCS has been one of the favourite stocks of investors because of the performance it has delivered since its listing.

If you had invested Rs 1 lakh in TCS shares at the issue price of Rs 850 in the IPO in 2004, the value of that investment today would be around Rs 3,176,000, a return of almost 3,000% by August 2022.

With strong fundamentals, it stands among the 5 best long-term companies of 2023.

Maruti Suzuki Announces Price Hike

Maruti Suzuki on 27 November said that it will increase the prices of its cars in January 2024 on account of increased cost pressure driven by overall inflation and increased commodity prices.

This price increase shall vary across models.

The automaker had in October reported its highest-ever monthly sales at 1,99,217 units, a 19% year-on-year growth. The country's largest carmaker had dispatched 1,67,520 units in October 2022.

MSI also reported its best-ever domestic monthly dispatches in October at 1,77,266 units, up 21% from 1,47,072 units in the year-ago period, the auto major said in a statement.

Its total domestic passenger vehicle sales rose to 1,68,047 units last month from 1,40,337 units in October 2022.

Maruti Suzuki is at the forefront of the electric vehicle (EV) megatrend.

The revolution has taken the auto sector by storm. All segments of the sector are ripe for disruption, and India's top EV stocks are set to benefit from this shift.

To know more, check out: Maruti Suzuki Share Price at Rs 15,000: Realistic or Farfetched?

MapMyIndia Approves QIP

The board of CE Info Systems, operator of MapmyIndia, on 27 November approved the raising of funds worth Rs 5 billion (bn) via qualified institutional placement.

The company will subsequently seek the approval of the shareholders for the same by way of a special resolution through a postal ballot process.

The board of CE Info Systems, operator of MapmyIndia, on 27 November approved raising Rs 5 bn through a qualified institutional placement (QIP).

The company will now seek the approval of the shareholders by way of a special resolution through a postal ballot process.

The company will constitute a QIP committee for all matters relating to further fund raising by the company through QIP.

For more, check out This Indian Company is Critical to the Success of India's Smartphone Revolution.

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

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

Read the latest Market Commentary


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