Stocks to Watch: Infosys, Coal India, Vedanta, Paytm, HDFC Bank, Yes Bank, Axis Bank
Infosys: Recovering from the loss of a billion-dollar deal in December, Infosys has kicked off 2024 with momentum, securing two significant contracts. The most recent is a $300 million contract with Singapore-based Pacific International Lines running until 2027, according to industry executives. The Singapore deal marks Infosys's second significant multi-year contract announcement within a month, following a seven-year agreement with Irish food retailer Musgrave on 31 January to automate its IT functions using AI and cloud solutions.
For the December-ended quarter, Infosys announced large deal total contract value of $3.2 billion in Q3FY24, a decline from $7.7 billion in 2QFY24. This includes a net new of 71%. Coal India: The state-run company on Thursday signed a memorandum of understanding (MoU) with Haryana Power Purchase Centre for supply of 800 megawatt (MW) of electricity from Mahanadi Basin Power Ltd.
This agreement lays the foundation for a future power purchase agreement, and will help Haryana meet its rising energy demand, Coal India said in a statement. Vedanta: Promoters of mining and resources major Vedanta offloaded a 1.76% stake in the company for ₹1,737 crore on Thursday through a bulk deal on BSE, data shows. The stake was sold by Finsider International Co.
Ltd, a promoter entity, for a weighted average price of ₹265.14 per share. This translates to a discount of 5% over Wednesday’s closing price. Vedanta shares closed 4% lower on BSE on Thursday at ₹268 apiece.
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