Market Today

1. Hexaware Technologies Q1 results: Profit rises 18.3%

“As digital transformation becomes imperative in the current environment, I am confident that our strategic focus and robust execution capabilities will drive our growth going forward,” said Atul Nishar, chairman at Hexaware Technologies.
The company reported new deals with a total contract value of $69 million during the quarter.

2. Rights issue could make Reliance Industries net-debt free by March 2021

The rights issue is likely to help RIL achieve its zero-net-debt target by March 2021, even if there are delays in proceeds from Saudi Aramco and Facebook deals.
RIL can raise about $13.8 billion (₹1,04,000 crore) by issuing 12 per cent of new shares at a discount of 5 per cent to market, as per Morgan Stanley’s calculations.

3. GlaxoSmithKline plans sale of $3.7-billion stake in Hindustan Unilever

Glaxo plans to offload part or all of its 5.7% holding in Hindustan Unilever (HUL) through a series of block trades, which could start as soon as the next few days.

4. RIL raises stake in transportation tech company SkyTran to 26.3%

SkyTran, founded in 2011, has been working on creating a high-speed, scalable transport system that is low-cost.
RIL is looking to delve into developing India’s first pod taxi(automated, a driverless personal rapid transit system) prototype, a next-generation transportation system.

Another news related to RIL is, RIL to report Q4 earnings today Jio business expected to support numbers.

5. Pandemic triggers crisis in mutual fund industry

Panicked investors have pulled a staggering ₹9,000 crore out of credit risk funds in just three trading days since Franklin Templeton India decided to shut down six of its debt schemes.