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<ul><li>Investors are buying the stock of Majesco since the time it declared a dividend of nearly 20,000% on December 15. But, it may not be a great idea, according to analysts. </li><li>Business Insider spoke to a few analysts that track the stock and other smaller IT services companies to understand why now is a bad time to buy the stock.</li><li>According to all of them, those who already owned the stock would benefit from the dividend but if you have bought the shares in the last few days then you have lost money.</li></ul>There are people buying the stock of Majesco, the company that sells software and other services to insurance companies in India, since the time it declared a dividend of nearly 20,000% on December 15. And, it may not be a great idea to buy into Majesco just for the sake of dividend. Business Insider spoke to a few analysts that track the stock and other smaller IT services companies to understand why now is a bad time to buy the stock. According to all of them, those who already owned the stock would benefit from the dividend but if you have bought the shares in the last few days then you have lost money. It is a signal for investors to sell, rather than buy into the company, they said. <div type="image" title="Majesco (1)" msid="79774007" hostid="261"></div> "There is not much left in the company" Majesco made nearly ₹3,200 crore after selling its stake in its US subsidiary, Mastek. The majority of its dividend came from the stake sale and with the company's profit distributed as the dividend to the shareholders. "There is nothing much left in the company," said one analyst on the condition of anonymity citing compliance issues. Other than the software business, the company also has the real estate of <a href="http://content.icicidirect.com/mailimages/IDirect_Majesco_QC_Oct20.pdf">1,20,000 square feet at Mahape, Navi Mumbai</a>, "and that value is nothing for the company," he added. In a television interview after declaring the dividend, the managing director of Majesco, Farid Kazani, said that he is waiting for the price of real estate to improve before he can sell it and that money would also be distributed to shareholders. "So now whatever value is the cash value and real estate value — so it will be brought down to ₹40-50 accordingly how the market perceives, but the cash value is ₹36," another analyst said. Your dividend gains will be taxed at slab rate Those who get the dividend will have to pay income tax and if you sell after that, there will be capital gains tax as well if there is a profit. "If you buy the stock at a current price of ₹980 and get the dividend of ₹970 after the record date — it would simply expose you to dividend tax as per your tax slab and capital gain (if any) will be taxed at 15%," the second analyst explained. The difference in the tax outgo can be quite stark. To make it simple, if an investor buys the stock at the current price and falls under the tax slab of 30%. They will have to pay 30% of the dividend as income tax and will be left with mere ₹679 — whereas the stock is currently priced at ₹964. Two days ahead of the record date the stock would get readjusted automatically and the ₹964 that you initially invested in the company will be corrected to ₹50 (maximum). So an investor will be at a loss of nearly ₹230, if they buy the stock now. Till last year, dividends were tax free, however, <a href="https://cleartax.in/s/how-dividends-taxable">a new provision recently made it taxable</a> under the head “income from other sources.” SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/burger-king-ipo-investors-tripled-their-money-in-three-days/articleshow/79761366.cms" data-type="tilCustomLink">Burger King's IPO investors tripled their money in three days</a> <a href="https://www.businessinsider.in/business/news/india-has-a-hot-new-debate-on-its-plate-should-the-likes-of-burger-king-kfc-and-mcdonalds-menus-mention-calories/articleshow/79771040.cms" data-type="tilCustomLink">India has a hot new debate on its plate: Should the likes of Burger King, KFC and McDonald’s menus mention calories?</a>

Analysts say don't buy Majesco shares for the dividend

<ul><li>In the Asian market, the <keyword id="90570" type="ORGANIZATION" weightage="20" keywordseo="SGX-Nifty">SGX Nifty</keyword> was trading 0.35% higher at 7:49 am, indicating a green start for Nifty50. </li><li>Here’s a list of stocks to watch for in trade today. </li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider. </a></li></ul>Amidst mixed cues from the global markets, the Indian equities are likely to open on a muted note. In the Asian market, the SGX Nifty was trading 0.35% higher at 7:49 am, indicating a green start for Nifty50. However, the US markets ended Tuesday lower with a sell-off in some of the biggest technology companies. This came after US President Donald Trump called off negotiations with Democratic lawmakers on coronavirus relief legislation until after the election. Also, commentary from Fed chair Jerome Powell who warned that US’ economic recovery remains far from complete, and The Dow Jones Industrial Average shed over 375.88 points, whereas the S&amp;P 500 was down over 1.40%. These are the stocks to watch out for during the trading session on October 7: Reliance Industries (RIL) Relentless fund raise continues at Reliance Retail. The Abu Dhabi Investment Authority has invested ₹5,512.50 crore in Mukesh Ambani’s Reliance Retail for 1.20% equity stake. The shares of RIL ended flat yesterday. TCS I-T behemoth TCS will kickstart the earnings season later today. Q2 earnings are expected to be healthy, led by <a href="https://www.businessinsider.in/business/corporates/news/tcs-expected-to-post-higher-revenue-and-margins-led-by-a-streak-of-deal-wins-over-the-last-three-months/articleshow/78511834.cms">deal wins</a>. All eyes will be on the buyback announcement as well. The shares of TCS ended 0.45% higher yesterday. SBI The government has appointed SBI’s senior-most Managing Director, Dinesh Kumar Khara, as the chairman of the country’s largest lender. Khara will replace Rajnish Kumar, who completed his three-year term on Tuesday (October 6). The shares of SBI ended 1.56% higher yesterday. Bajaj Finance The non-banking finance company, Bajaj Finance informed investors that its consolidated deposit book rose by 22.5% to ₹21,600 crore as of September 2020. In a regulatory filing, the company said it acquired 1.2 million (12 lakh) new customers during the July-September quarter. The shares of Bajaj Finance ended 3% higher yesterday. Dixon Tech Dixon Tech subsidiary Padget Electronics has been chosen as the domestic mobile manufacturing partner in the production linked scheme; the company informed investors. It said it applied for two slots and won one. The shares of Dixon Tech ended 1.36% lower yesterday. VA Tech Wabag The water treatment company Va Tech Wabag<a href="https://www.bseindia.com/xml-data/corpfiling/AttachLive/c77e7e43-1f8b-4f88-9fa7-4a7df0abf367.pdf"> informed investors</a> that it had dissolved its Brazilian arm VA Tech Wabag Brazil Servicos De Agua E Saneamento Ltda, Brazil. The shares of VA Tech Wabag ended 1.46% lower yesterday. Matrimony.com The management of the match-making website clarified that during the conference, they said they were expecting double-digit growth for ‘billing’ (sales) and not for revenue in the matchmaking business. The shares of Matrimony.com ended 0.74% higher yesterday. Majesco and Zee Learn Majesco and Zee Learn will remain in focus ahead of their financial results due later today. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/house-lawmakers-say-facebook-google-apple-and-amazon-are-monopolies-that-need-to-be-more-heavily-regulated-and-potentially-broken-up/articleshow/78524642.cms" data-type="tilCustomLink">House lawmakers say Facebook, Google, Apple, and Amazon are monopolies that need to be more heavily regulated — and potentially broken up</a> <a href="https://www.businessinsider.in/politics/world/news/trump-tells-his-team-to-end-stimulus-negotiations-until-after-the-election/articleshow/78524017.cms" data-type="tilCustomLink">Trump tells his team to end stimulus negotiations until after the election</a>

Top stocks to watch — SBI, RIL, TCS, Bajaj Finance, Dixon Tech and others

<ul><li>In the Asain market, the SGX Nifty was trading 0.36% higher at 7:49 am, indicating a green start for Nifty50. </li><li>Here’s a list of stocks to watch for in trade today. </li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider. </a></li></ul>Amidst positive cues from the global markets, the Indian equities are likely to open on a higher note. In the Asain market, the SGX Nifty was trading 0.36% higher at 7:49 am, indicating a green start for Nifty50. The US stocks ended the Tuesday lower as investors cheered the news of President Donald Trump leaving the hospital where he is being treated for COVID-19. The Dow Jones Industrial Average rallied 465.83 points, whereas the S&amp;P 500 gained over 1.80% on Monday. These are the stocks to watch out for during the trading session on October 6: SBI The headhunter for state-owned banks and financial institutions, the Banks Board Bureau (BBB) recommended the names of Swaminathan Janakiraman and Ashwini Kumar Tewari for the posts of managing director at State Bank of India. The country’s largest lender bank is headed by a chairman with four managing directors to assist. Also, the current SBI chairman’s tenure ends on October 7. Watch out for announcements on the change of guard at the helm of SBI as well. The shares of SBI ended 0.45% lower on Monday. HDFC and HDFC Bank The Housing finance major HDFC, in its second-quarter update ending September 30, said that its individual loan disbursements reached 95% of the level in the year-ago period, and September saw the strongest recovery since the outbreak of the COVID-19 pandemic, suggesting business is returning to pre-crisis levels. The individual loan business has continued to see a month-on-month improvement in July-September 2020, the company said in its regulatory filing. The HDFC Bank advances as of September 30 rose 16% YoY to ₹10.4 lakh crore, and the deposits increased 20% to ₹12.3 lakh crore. The shares of HDFC Ltd ended 0.46% lower yesterday, whereas HDFC Bank ended 0.50% higher. Tata Motors Tata Motors-owned subsidiary Jaguar Land Rover (JLR) reported a 12% dip in sales in the second quarter ended September 30. However, the sales improved by nearly 50% during the July-September quarter as against 74,067 units in the April-June period of the current fiscal, the company said in a statement. The shares of Tata Motors ended 0.52% higher yesterday. Britannia Industries Bakery and dairy products major Britannia Industries said its board has approved issuing bonus debentures and payment of dividend to reward its shareholders in such difficult and unprecedented times due to the coronavirus pandemic. The board approved 1 bonus debenture for 1 share held, and payment of ₹12.5/share as dividend. The shares of Britannia Industries ended 0.56% higher yesterday. Deepak Fertilisers and Petrochemicals The wholly-owned arm of Deepak Fertilisers and Petrochemicals, Smartchem Tech, raised ₹105 crore via debentures from international finance corporation. A debenture is a loan that is issued to corporates based on their reputation at a fixed rate of interest. The shares of Deepak Fertilisers and Petrochemicals ended 2.3% lower yesterday. Future Consumer Future Capital Investment, the promoter of Future Consumer, invoked pledge of 18 lakh shares from September 14-16. The shares of Future Consumer ended 4% lower on Monday. Infibeam Avenues and RIL The digital payments, e-commerce software company Infibeam Avenues has entered into a definitive agreement with Jio Platforms and its affiliates. The shares of Infibeam Avenues were locked in 5% upper circuit on Monday. Escorts The automaker Escorts has completed the acquisition of 2 crore equity shares of KAI from KBT, constituting 40% of the share capital of KAI for an aggregate value of ₹90 crore. The shares of Escorts ended 3.32% higher on Monday. Majesco The board of Majesco will consider a proposal for buyback of fully paid-up equity shares on October 8. The shares of Majesco ended 0.15% lower on Monday. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/tcs-shares-hit-record-high-board-to-mull-over-share-buyback-and-earnings-on-october-7/articleshow/78486980.cms" data-type="tilCustomLink">TCS' value crosses ₹10 trillion after share price rallies more than 7% ahead of earnings</a> <a href="https://www.businessinsider.in/politics/world/news/trump-tweets-that-hes-leaving-the-hospital-and-says-dont-be-afraid-of-covid-a-deadly-virus-thats-killed-over-209000-americans/articleshow/78502663.cms" data-type="tilCustomLink">Trump tweets that he's leaving the hospital and says 'don't be afraid of Covid,' a virus that's killed over 209,000 Americans</a>

Top stocks to watch—SBI, HDFC Bank, Tata Motors, RIL, Infibeam, Britannia, Future Consumer and others

<ul><li>The 30-share BSE index Sensex surged 366.76 points, and the NSE Nifty jumped 92.35 points at 9:50 am. </li><li>Here’s a list of the top losers and gainers in the Nifty pack. </li><li>These are the top stocks that are buzzing in trade today.</li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a> </li></ul>Indian stock market indices Sensex and Nifty piled on gains in the opening session, taking cues from positive global sentiment. The 30-share BSE index Sensex surged 366.76 points, and the NSE Nifty jumped 92.35 points at 9:50 am. Here’s a list of the top losers and gainers in the Nifty pack. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top Nifty Gainers </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top Nifty Losers </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tata Motors </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Wipro </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HDFC </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">TCS </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">M&amp;M </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Indian Oil </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Asian Paints </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Infosys </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Adani Ports </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Coal India </td></tr></tbody></table>*as of October 6, 9:55 am These are the top stocks in news today. Tata Motors up over 5% The shares of Indian auto giant Tata Motors soared 5% on improved Jaguar Land Rover (JLR) QoQ sales. The company said that the JLR sales improved by nearly 50% during the July-September quarter as against 74,067 units in the last quarter ended June 30. Infibeam Avenues locked in 5% upper circuit The shares of digital payments, e-commerce software company Infibeam Avenues was locked in a 5% upper circuit for the second day in a row. The rally came after Infibeam Avenues entered into a definitive agreement with Jio Platforms and its affiliates to license, customise, maintain and access our Enterprise E-commerce Software and Payments Platform for their business use. Housing Development Finance Corp gains 4% The Housing finance major HDFC Ltd shares were up 4% after the company told investors that its individual loan disbursements reached 95% of the level in the year-ago period, and September saw the strongest recovery since the outbreak of the COVID-19 pandemic, suggesting business is returning to pre-crisis levels. Majesco Ltd locked in 5% upper circuit The shares of Majesco were locked in a 5% upper circuit after the company said its board would consider a proposal for buyback of fully paid-up equity shares on October 8. M&amp;M leaps 3% The shares of automaker Mahindra and Mahindra soared 3% after its recently launched SUV; the All-New Thar crossed 9,000 bookings in just 4 days. The All-New Thar becomes the only SUV in the 4X4 lifestyle category to record this booking milestone in such a short span of time, the company said. Adani Ports up over 3% The shares of Adani Ports gained over 3%, a day after it announced the completion of the acquisition of the Krishnapatnam Port Company (KPCL) for an enterprise value of ₹12,000 crore. APSEZ now owns a controlling stake of 75% in KPCL, a multi-cargo port in southern Andhra Pradesh. SEE ALSO: <a href="https://www.businessinsider.in/india/news/modi-xi-set-to-meet-virtually-for-the-first-time-since-the-india-china-standoff-at-the-brics-annual-summit-next-month/articleshow/78507191.cms" data-type="tilCustomLink">Modi, Xi set to meet 'virtually' for the first time since the India-China standoff at the BRICS annual summit next month</a> <a href="https://www.businessinsider.in/stock-market/news/top-stocks-to-watchsbi-hdfc-bank-tata-motors-ril-infibeam-britannia-future-consumer-and-others/articleshow/78505634.cms" data-type="tilCustomLink">Top stocks to watch—SBI, HDFC Bank, Tata Motors, RIL, Infibeam, Britannia, Future Consumer and others</a>

Top stock movers — HDFC, Adani Ports, Tata Motors, Infibeam Avenues, Majesco and more

Mumbai, <keyword id="9292761" type="UNKNOWN" weightage="20" keywordseo="equity-benchmark-sensex">Equity benchmark Sensex</keyword> jumped over 150 points in opening trade on Wednesday, tracking gains in index majors Infosys, TCS and HCL Tech amid a positive trend in other <keyword id="35189" type="COMPANY" weightage="20" keywordseo="asian-markets">Asian markets</keyword>. After swinging nearly 300 points in <keyword id="51932" type="PERSON" weightage="20" keywordseo="early-trade">early trade</keyword>, the 30-share <keyword id="416166" type="ORGANIZATION" weightage="20" keywordseo="BSE-Index">BSE index</keyword> was trading 141.15 points or 0.31% higher at 46,147.84. After similar movement, the broader NSE <keyword id="6354813" type="UNKNOWN" weightage="20" keywordseo="Nifty">Nifty</keyword> advanced 43.15 points or 0.32% to 13,509.45. Infosys was the top gainer in the <keyword id="6484188" type="DEFINITION" weightage="20" keywordseo="sensex">Sensex</keyword> pack, rising around 2%, followed by HCL Tech, Maruti, Tech Mahindra, TCS, M&amp;M and Titan. On the other hand, ONGC, NTPC, Axis Bank, HDFC, ICICI Bank and L&amp;T were among the laggards. In the previous session, Sensex ended 452.73 points or 0.99% higher at 46,006.69, and Nifty climbed 137.90 points or 1.03% to 13,466.30. Foreign portfolio investors (FPIs) were net buyers in the capital market as they purchased shares worth ₹1,153 crore on a net basis on Tuesday, according to provisional exchange data. "Concerns pertaining to the new coronavirus strain and possibility of imminent slowdown in global economy in the near term emerged as a threat for global equities, which may result in investors moving back to defensive stocks in coming days," said Binod Modi Head-Strategy at Reliance Securities. He noted that India is better placed compared to other nations given consistent reduction in new coronavirus cases and improvement in recovery rates. "While domestic equities are likely to remain volatile and trade in range bound in the near term, 3QFY21 corporate earnings are going to be crucial for the markets," he said. US equities finished mostly lower as continued surge in coronavirus cases in America and Europe weighed on investor sentiments, which also overshadowed satisfactory progress of vaccination roll out and passage of USD 900 billion stimulus bill, he added. Elsewhere in Asia, bourses in Shanghai, Seoul, Hong Kong and Tokyo were trading on a positive note in mid-session deals. Meanwhile, the global oil benchmark Brent crude futures were trading 1.42% lower at USD 49.37 per barrel. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/top-stocks-to-watch-infosys-wipro-jubilant-foodworks-bajaj-auto-majesco-and-others/articleshow/79909712.cms">Top stocks to watch – Infosys, Wipro, Jubilant FoodWorks, Bajaj Auto, Majesco, and others</a> <a href="https://www.businessinsider.in/stock-market/news/there-are-one-of-only-17-indian-companies-out-of-500-that-aced-the-du-pont-test/articleshow/79911627.cms">There are one of only 17 Indian companies out of 500 that aced the Du Pont test</a> <a href="https://www.businessinsider.in/business/corporates/news/wipro-buyback-offer-details-and-700-million-metro-ag-deal-drives-share-price/articleshow/79911875.cms">Wipro offers 10% more to buy back shares and signs a $700 million deal with Metro AG – everything that’s driving the IT services stock higher today</a>

Sensex jumps over 150 points in early trade; Nifty tests 13,500

New Delhi, <keyword id="1564214" type="COMPANY" weightage="20" keywordseo="the-Enforcement-Directorate">The Enforcement Directorate</keyword> (ED) on Wednesday said it has arrested three promoters of the <keyword id="4334121" type="PERSON" weightage="20" keywordseo="agri-gold-group">Agri Gold Group</keyword> of Companies in a Ponzi Scheme Fraud Case worth ₹6,380 crore. Those arrested have been identified as Avva Venkata Rama Rao, <keyword id="10482453" type="COMPANY" weightage="20" keywordseo="avva-venkata-seshu-narayana-rao">Avva Venkata Seshu Narayana Rao</keyword>, Avva Hema Sundara Vara Prasad, who are the main accused under the sections of the prevention of money laundering act (PMLA). The accused were produced before <keyword id="10482454" type="COMPANY" weightage="20" keywordseo="the-ed-pmla-court">the ED PMLA Court</keyword>, Hyderabad, which granted them 14-day judicial custody. The ED had filed a case on the basis of multiple FIRs lodged in the Andhra Pradesh, Telangana and Karnataka. The scam was perpetrated by Avva Venkata Rama Rao through Agri Gold Group of Companies. Avva Venkata Rama Rao had earlier worked in the Golden Forest CIS Fraud scheme. The ED claimed that having learnt the tricks of the trade in that scheme, he hatched a well-planned conspiracy and along with his seven brothers and other associates set up more than 150 companies and started collecting deposits from general public with a promise of providing developed plots/farm lands or withdrawal at a high rate of return on maturity/pre-term. It said that thousands of commission agents were engaged to lure people with various schemes for hefty commission and managed to collect ₹6,380 crore from 32,02,628 such investors. In the end, the gullible investors neither got plots nor could recover their deposits. The group collected the deposits illegally from across the country. According to ED officials, the company duped lakhs of investors from Andhra Pradesh, Telangana, Karnataka, Odisha, Tamil Nadu, Maharashtra, Chhattisgarh and Andaman and Nicobar islands. The ED claimed that the modus operandi involved encouraging the gullible investors to pay the desired deposits either directly or through the agents under the pretext of real estate deal. "These companies did not mention either the actual market value of the land or its location or its boundaries or survey numbers or the permissions required to be obtained for the layouts from the concerned authorities. "They tried to color it as a real estate business, but in reality it was an unregulated unlicensed collective investment scheme," it said. The ED further stated that the Agri Gold Group of Companies did not obtain permission from RBI to collect such deposits. Even SEBI has reported that the business of <keyword id="10482452" type="COMPANY" weightage="20" keywordseo="the-agri-gold-farm-estates">the Agri Gold Farm Estates</keyword> India Private Limited was nothing but a Collective Investment Scheme and ordered the company to stop taking further deposits and return the money to the depositors. "Instead of complying with the directions of the SEBI in letter and spirit, accused Avva Venkata Rama Rao opened new Companies and started collecting deposits in the names of new companies on the pretext of real estate business with the help of an army of commission agents, thus, turning this into a ponzi scam," the ED said. Although the accused collected deposits from 32 lakh investors, they never developed lands sufficient to give plots to all the investors. Even by their unverified claims, at the end they had only 5.5 lakh plots available with them. "Considering the huge discrepancy in the amount of land available, the group should have used all their resources in identifying, buying and developing more land parcels. Instead, Avva Venkata Rama Rao and his family went on a siphoning spree and illegally diverted the public deposits and invested in myriad verticals and in private companies which were directly owned by their family," the ED said. During probe it was revealed that the accused also set up companies abroad and diverted large amounts of funds to off-shore entities. "Their names also figured in the Paradise Leaks and they had incorporated companies with the help of the infamous Mossack Fonsenca in Cayman Islands," the ED said. Earlier, searches were conducted at the residences of Avva Venkata Rama Rao and other directors including the residences of auditors at Vijayawada and Hyderabad. Various property related documents, cash amount of ₹22 lakh, digital devices and other documents were recovered and seized. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/top-stocks-to-watch-infosys-wipro-jubilant-foodworks-bajaj-auto-majesco-and-others/articleshow/79909712.cms">Top stocks to watch – Infosys, Wipro, Jubilant FoodWorks, Bajaj Auto, Majesco, and others</a> <a href="https://www.businessinsider.in/stock-market/news/there-are-one-of-only-17-indian-companies-out-of-500-that-aced-the-du-pont-test/articleshow/79911627.cms">There are one of only 17 Indian companies out of 500 that aced the Du Pont test</a> <a href="https://www.businessinsider.in/business/corporates/news/wipro-buyback-offer-details-and-700-million-metro-ag-deal-drives-share-price/articleshow/79911875.cms">Wipro offers 10% more to buy back shares and signs a $700 million deal with Metro AG – everything that’s driving the IT services stock higher today</a>

Three promoters of Agri Gold Group arrested for Ponzi Scheme Fraud Case worth ₹6,380

<ul><li>At 7:45 am, SGX Nifty was down by 50 points, or 0.38%.</li><li>Here’s a list of <keyword id="73648" type="PERSON" weightage="20" keywordseo="Stocks-to-watch">stocks to watch</keyword> for in trade today.</li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a></li></ul>Indian stock markets could see a bounce back on Tuesday after the <a href="https://www.businessinsider.in/stock-market/news/sensex-sees-2-weeks-of-gain-wiped-out-in-half-a-day-plunges-by-over-1400-points/articleshow/79838339.cms">massive plunge on Monday</a>. At 7:45 am, SGX Nifty was down by 50 points, or 0.38%, suggesting that the Indian stock exchanges will have a tepid start to the day. This is at a time when <a href="https://www.businessinsider.in/stock-market/news/us-stocks-close-mixed-as-stimulus-optimism-clashes-with-new-virus-strain/articleshow/79895509.cms">US stocks had a mixed day</a> as stimulus optimism clashed with the new virus strain. The Dow Jones closed in the red, down by 0.67%, while S&amp;P 500 was down by 0.21%. These are the stocks to watch out for during the trading session today <keyword id="6354512" type="COMPANY" weightage="20" keywordseo="Infosys">Infosys</keyword> Infosys has announced a deal with German automotive giant Daimler AG. As part of the deal, Infosys will take over Daimler AG’s employees in Germany, the US and the Asia Pacific region. <keyword id="10862" type="CITY" weightage="20" keywordseo="Wipro">Wipro</keyword> Wipro has announced a share buyback program which will open on December 29 and close on January 11. Additionally, the <a href="https://www.businessinsider.in/business/corporates/news/wipro-buys-the-it-operations-of-a-german-food-services-firm-for-700-million/articleshow/79909949.cms">IT company has also announced a deal with German multinational company Metro AG</a>. According to the ₹9,500 crore worth buyback offer, Wipro plans to purchase shares at ₹400 per share, which is 10% more than yesterday’s (Dec 22) closing price of ₹364, looking to mop up 23.75 crore shares from the market. Additionally, Wipro has signed a $700 million deal with Metro AG that will bring over 1,300 employees of the German company to Wipro. Mahindra &amp; Mahindra Mahindra’s South Korean subsidiary SsangYong Motor has filed for bankruptcy after failing to repay loans worth ₹680 crore. Jubilant FoodWorks The company has announced “The Unthinkable Pizza” based on plant protein. This comes after it had announced its foray into biryani (an Indian rice-based dish) that sent its stock soaring to a record high. <keyword id="6359783" type="ORGANIZATION" weightage="20" keywordseo="bajaj-auto">Bajaj Auto</keyword> Bajaj Auto has signed a memorandum of understanding (MoU) with the Maharashtra government to set up a manufacturing unit with an investment of ₹650 crore. Punjab National Bank State insurer Life Insurance Corporation of India has increased its stake in the bank from 4.12% to 7.73%. Majesco One of the hottest stocks in the news recently, it will be worth watching out for today as its promoter Ketan Mehta and others sold 10.5 lakh shares while Atul Limited acquired 2.14 shares. LT Foods The company received a boost in its ratings from CRISIL, who revised its outlook to ‘positive’ from ‘stable’. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/apple-rises-3-after-report-says-the-company-aims-to-produce-electric-cars-by-2024/articleshow/79872303.cms">Apple's market value grows by $102 billion after report says the company aims to produce electric cars by 2024</a> <a href="https://www.businessinsider.in/stock-market/news/us-stocks-close-mixed-as-stimulus-optimism-clashes-with-new-virus-strain/articleshow/79895509.cms">US stocks close mixed as stimulus optimism clashes with new virus strain</a> <a href="https://www.businessinsider.in/stock-market/news/billionaire-investor-sam-zell-questions-tesla-and-bitcoin-predicts-workers-will-return-to-offices-and-warns-the-us-dollar-could-be-replaced-as-the-worlds-reserve-currency-in-a-new-interview-here-are-the-15-best-quotes-/articleshow/79843473.cms">Billionaire investor Sam Zell questions Tesla and Bitcoin, predicts workers will return to offices, and warns the US dollar could be replaced as the world's reserve currency in a new interview. Here are the 15 best quotes.</a>

Top stocks to watch – Infosys, Wipro, Jubilant FoodWorks, Bajaj Auto, Majesco, and others

<ul><li>The SGX Nifty was trading 0.43% higher at 7:45 am, indicating a positive start for Nifty50. </li><li>Here’s a list of stocks to watch for in trade today. </li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider. </a></li></ul>Amidst positive cues from the global markets, the Indian equities are likely to open higher on Wednesday. The SGX Nifty was trading 0.43% higher at 7:45 am, indicating a positive start for Nifty50. The continuing stimulus talks fuel hopes, US equities closed higher on Tuesday. Dow Jones added over 113 points, and the S&amp;P 500 ended 0.47% higher. These are the stocks to watch out for during the trading session on October 21: RIL Mukesh Ambani owned Reliance Jio and the US-based Qualcomm joined hands to fast-track the deployment of 5G mobile internet in India. The company made the announcement during the virtual 5G summit yesterday. The shares of RIL shed nearly a percent. Hindustan Zinc Vedanta group company, Hindustan Zinc, announced a dividend of ₹21.3 per share— its highest interim dividend in 12 years. The company also reported a 6.7% drop in its net profit to ₹1940 for the quarter ended September 30. The shares of Hindustan Zinc ended 2% higher on Tuesday. Indian Oil Corporation (IOC) The state-owned Indian Oil Corporation (IOC) raised ₹2,000 crore on a private placement basis to meet business expenses, the company said in a regulatory filing. The shares of IOC ended 2.15% lower on Tuesday. Oil and Natural Gas Corporation (ONGC) The Oil and Natural Gas Corporation (ONGC) also raised ₹1,140 crore through a 3-year debenture issue on a private placement basis at an interest rate of 4.64% per annum payable annually. The shares of ONGC ended 3% lower on Tuesday. Cipla The pharma major Cipla launched generic Nintedanib used for the treatment of Idiopathic Pulmonary Fibrosis (IPF) under the brand name ‘Nintib’ in India. IPF is a rare lung disease that impacts ten in one lakh people, but it is a chronic progressive form of lung disease with an average survival rate of three to five years if left untreated. The shares of Cipla ended flat on Tuesday. Motherson Sumi Motherson Sumi Systems (MSSL), through its Mexican subsidiary, has acquired the activities of Electrical Wiring Interconnection Systems (EWIS) performed at Bombardier Transportation’s manufacturing site in Huehuetoca, Mexico. The deal is valued around $10 million. The shares of Motherson Sumi ended 2% higher on Tuesday. Prabhat Dairy The markets regulator SEBI has directed Prabhat Dairy to cooperate with the forensic auditor and deposit over ₹1,292 crore in a nationalised bank within seven days until the conclusion of the audit. The auditor was appointed to ascertain manipulation of books of accounts of the firm, misrepresentation of financials or business operations by the company, wrongful diversion of funds by promoters. The shares of Prabhat Dairy ended 5% higher on Tuesday. Bajaj Auto The state-owned Life Insurance Corporation increased its stake in Bajaj Auto from 4.76% in the June quarter to 6.4% in the September quarter. The shares of Bajaj Auto ended 1% higher on Tuesday. L&amp;T Infotech (LTI) The IT major L&amp;T Infotech (LTI) reported a 26.7% increase in consolidated net profit to ₹456.8 crore for the quarter ended September 30. The company’s overall revenue grew 16.6% to ₹2,998.4 crore in the quarter under review. The shares of LTI ended 2% lower on Tuesday. Mastek The software major Mastek’s UK subsidiary has sold its entire stake in Majesco’s US subsidiary for a total value of $32.3 million. The company aims to use the funds for helping the UK arm drive its growth strategy and reduce borrowings. The shares of Mastek ended 1% higher on Tuesday. Equitas Small Finance Bank The ₹518 crore IPO of Equitas Small Finance Bank has so far seen a subdued response from the investors. On day one of the bidding, the issue was subscribed only 0.39 times, and the qualified institutional buyer subscription portion stood at zero. SEE ALSO: <a href="https://www.businessinsider.in/science/news/a-nasa-spacecraft-is-about-to-land-on-an-asteroid-and-scoop-up-rock-to-bring-back-to-earth-animations-show-how-the-mission-works-/articleshow/78774835.cms" data-type="tilCustomLink">A NASA spacecraft just landed on an asteroid to suck up rocky dust to bring back to Earth. Here's how the mission works.</a> <a href="https://www.businessinsider.in/tech/news/the-justice-dept-just-slapped-google-with-a-landmark-antitrust-lawsuit-that-could-be-bad-news-for-amazon-facebook-and-apple-/articleshow/78779190.cms" data-type="tilCustomLink">The Justice Department just slapped Google with a landmark antitrust lawsuit. That could be bad news for Amazon, Facebook, and Apple.</a>

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