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Stocks that will see action today—March 22, 2024

Information technology stocks may come under pressure as Accenture Plc lowered its guidance. Accenture Plc shares tumbled the most in four years after the company lowered its revenue outlook and warned it’s seen financial services customers pull back their spending on its software. The technology giant said it now expects revenue for its fiscal 2024 year to climb as much as 3 per cent, which is down from an earlier forecast that revenue would climb as much as 5 per cent, according to a statement. The move came as revenue tied to its financial services business declined 6 per cent to $2.8 billion.

Tata Consultancy Services has signed a multimillion-dollar strategic deal to carry out the end-to-end IT transformation of Denmark-based company Ramboll. The deal is spread over seven years.

Realty firm Prestige Estates Projects Ltd on Thursday has acquired 62.5 acres at Indirapuram Extension in Delhi-NCR to develop a township that has a revenue potential of ₹10,000 crore. The company said the acquisition cost is ₹468 crore and includes a revenue share with the landlord.

Minority shareholders of Jindal Poly Films have initiated a class action suit against the management and promoters of the company before the National Company Law Tribunal (NCLT). The petitioners, which collectively hold a 4.99 per cent shareholding in Jindal Poly Films, a manufacturer of speciality films, have alleged “oppression and mismanagement” against them and have sought damages from the company.

Bharat Dynamics has declared an interim dividend of ₹8.85 a share for the financial year 2023-24. The company has fixed April 2, 2024, as the record date for dividend. The payment of the interim dividend will be completed on and before April 18, 2024, the company said in a filing. Besides, the board has also approved stock split in the ratio of 2:1 (two shares for every one held) on ₹10 face valued stock.

Karnataka Bank has launched qualified institutional placement (QIP) to raise funds and has approved the floor price for the issue at ₹231.43 per equity share based on the pricing formula as prescribed under the SEBI ICDR Regulations.

Mazagon Dock Ltd will lease a land parcel admeasuring 14.55 acres from the Mumbai Port Authority (MbPA) for its Mumbai yard. MDL’s board approved the offer from MbPA, paving the way for the acquisition of the land on a long-term lease basis.

Tata Chemicals has received an order from the Income Tax Department imposing a penalty of ₹103.63 crore under Section 270A of the Income Tax Act, 1961. The penalty pertains to the disallowance of interest under Section 36(1)(iii) of the Act, the company said in a notice to the stock exchanges.

The board of Tata Communications has approved a proposal to hive off its digital services business to its wholly owned subsidiary, Novamesh Ltd. The transaction, structured as a slump sale, is subject to various conditions precedents and regulatory approvals. The identified business undertaking, which contributed a turnover of ₹638.71 crore and has a net worth of ₹457.90 crore.

Wipro Ltd said that Wipro IT Services LLC, its step-down subsidiary, has entered into an agreement with General Motors and Magna International, to incorporate a new entity—SDVerse LLC. The said transaction has been completed on March 20.

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