Opening Bell: Markets open with healthy gains; IT stocks rally

On Friday, Indian equity markets saw a gap up opening on the back of positive global cues. 

At 10 am, Nifty 50 is trading at 17,305 with gains of 1.71%. Top gainers of the index include Infosys, HCL Technologies, Tech Mahindra, UPL and HDFC Bank.

Watch out for these buzzing stocks in today’s session! 

Tata Teleservices (Maharashtra) - Tata Tele Business Services (TTBS), one of India’s leading enabler of B2B digital connectivity and cloud services, has partnered with Google Cloud to offer Google Workspace for Small and Medium Businesses (SMBs). TTBS will offer businesses a single, unified experience for workplace communication and collaboration for their hybrid workforce as they continue to scale and modernize their cloud infrastructure. TTBS will help businesses drive greater efficiency and market growth with Google Workspace on Google Cloud.

Infosys - The Board of Directors have approved a proposal for the company to buy back its own fully paid-up equity shares of the face value of Rs 5 each for an amount, payable in cash, aggregating up to Rs 9,300 crore which is less than 15% of the aggregate of the total paid-up share capital and free reserves of the company, based on the latest audited financials, for a price not exceeding Rs 1,850 per share.

The company has also declared an interim dividend of Rs 16.50 per equity share. October 28, 2022, has been fixed as the record date for the interim dividend and November 10, 2022, as the payout date.

RITES - The company has secured a new business order for the construction of a depot cum workshop for Rs 499.41 crore from Bangalore Metro Rail Corporation Limited. The share of RITES Limited in the order is 51%. RITES is a leading player in the transport consultancy and engineering sector in India, having diversified services and geographical reach. The company is the only export arm of Indian Railways for providing rolling stock overseas (other than Thailand, Malaysia and Indonesia).

Pennar Industries - The company has bagged orders worth Rs 1,167 crore across its various business verticals. The enterprise is a multi-location, multi-product company manufacturing precision engineering products, pre-engineered building systems and hydraulics and warehousing solutions.