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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>The insurance technology firm Majesco Limited approved payment of an interim dividend of ₹974 per equity share for the financial year 2020-21.</li><li>Post the announcement; the stock jumped in trade after more than doubling in value in the last 12 months. </li><li>In the second quarter ending September 30, the company recorded 113.9% growth in its operating profit to ₹30 crore.</li></ul>The insurance technology firm Majesco Limited announced that its board at a meeting on December 15 approved payment of an interim dividend of ₹974 per equity share for the financial year 2020-21. Based on the ruling market price, the dividend yield works out to 19480% for the share of the face value of ₹5 each. The company, which sells software, consulting and services to the insurance industry, said the interim dividend payout translates to an amount of ₹2,788.4 crore on a shareholder base of 28.577 million shares. “The balance cash reserves estimated at ₹103 crore will be distributed subject to board and regulatory approvals,” the company said in a statement to the exchanges. Not surprisingly, the stock jumped in trade after more than doubling in value in the last 12 months. <div type="image" title="Majesco" msid="79733269" hostid="261"></div> The last 16% of the rally came after the company announced a ₹630 crore share buyback⁠— about 25% of the shares floating in the market at a price of ₹845⁠— in October this year. However, the bigger chunk of the spike in the stock came in July when it decided to sell its US subsidiary to another company in Delaware. The stake sale got Majesco over ₹3,000 crore in the second quarter helping the company to double its operating profit to ₹30 crore. Analysts at HDFC Securities have given a buy rating to Majesco with a target price of ₹1,050. SEE ALSO:<a href="https://www.businessinsider.in/business/corporates/news/interview-home-recipes-that-are-set-for-a-7-million-ipo-mrs-bectors-food-is-no-cookie-cutter/articleshow/79721783.cms" data-type="tilCustomLink"> INTERVIEW: Home recipes that are set for a $73 million IPO⁠— Mrs Bector’s Food is no cookie cutter</a> <a href="https://www.businessinsider.in/tech/apps/news/gmail-youtube-google-docs-crash-for-users-across-the-world/articleshow/79720225.cms" data-type="tilCustomLink">YouTube, Gmail, Google Meet, Google Docs and Play Store restored for some users as others still face outage</a>

Majesco, a tech service provider for insurance cos in India, just declared nearly 20,000% in 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

<keyword id="6358777" type="LOCATION" weightage="20" keywordseo="New-Delhi">New Delhi</keyword>, <keyword id="3420365" type="PERSON" weightage="20" keywordseo="oneplus-ceo-pete-lau">OnePlus CEO Pete Lau</keyword> has confirmed that the company is working on a smartwatch that will be released early next year. "Many of you said you wanted a watch, and as you might have heard over the weekend  we're making one, to be released early next year. Wishes do come true," Lau said in a tweet late on Tuesday. While the launch date has not explicitly been mentioned, one can expect <keyword id="10481534" type="COMPANY" weightage="20" keywordseo="the-oneplus-watch">the OnePlus Watch</keyword> to arrive in the first quarter of next year. OnePlus is working closely with Google on improving <keyword id="6321125" type="COMPANY" weightage="20" keywordseo="Wear-OS">Wear OS</keyword>. Whether that means the OnePlus watch will run Google's platform is unclear, according to reports. The smartwatch is expected to feature a <keyword id="10481535" type="PERSON" weightage="20" keywordseo="snapdragon-wear">Snapdragon Wear</keyword> system-on-chip, potentially the recently-launched Snapdragon Wear 4100. OnePlus Watch may also include an OLED display to save battery and a host of fitness and health features like a heart rate sensor, blood oxygen monitor and software-based features such as sleep pattern analysis, goals-oriented exercise tracking and more. Back in 2016, OnePlus actually confirmed that the company was developing a smartwatch. "We had completed the design but we still decided to scrap it. We have to be focused," Lau said during the 'Converge' tech conference held in Hong Kong recently. 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>

OnePlus Watch will be launched early next year, says Pete Lau

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>

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Analysts say don't buy Majesco shares for the dividend

Navdeep Yadav

Majesco, a tech service provider for insurance cos in India, just declared nearly 20,000% in dividend

Navdeep Yadav

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

Navdeep Yadav

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

Navdeep Yadav

OnePlus Watch will be launched early next year, says Pete Lau

IANS

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

PTI

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