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Yesterday market highlight

Top Gainers (Nifty)

HCL Tech - Rs 900.45 ▲ 3.94% 
Kotak Mahindra Bank - Rs 1344.95 ▲ 2.44%
Infosys - Rs 1158.00 ▲ 2.27%
Reliance - Rs 2280.70 ▲ 1.95%
UltraTech Cement - Rs 4382.75 ▲ 1.78%

Top Losers (Nifty)

Cipla - Rs 788.25 ▼ 3.25%
Titan - Rs 1228.85 ▼ 2.22%
Adani Ports - Rs 349.90 ▼ 2.17%
Sun Pharma - Rs 503.15 ▼ 2.09%
ICICI Bank - Rs 396.15 ▼ 1.91%

🥇 Gold: Rs 50,979 ▼ 0.25% at 6 PM
🥈 Silver: Rs 62,757 ▼ 1.13% at 6 PM

Wipro Posts Fall in Net Profit; Board Announces BuyBack

Wipro posted a 3.4% fall in consolidated net profit to Rs 2,465.70 crores in the July-to-September quarter as compared to the same quarter in the previous financial year.

The company's board also approved a buyback proposal worth up to Rs 9,500 crores. Wipro will buy back 23.75 crore shares at Rs 400 per share.

IMF Sees Contraction in 2020, Expansion in 2021

According to the latest release by the International Monetary Fund (IMF), India’s GDP will contract by 10.3% in the year 2020.

The global rate of contraction in 2020 is projected to be 4.4%.

The same release projects that India will see a sharp increase in growth in the year 2021 at 8.8%.

This figure is higher than what the IMF projected for India earlier in June this year.

Vedanta's Statement Post Delisting Failure

After the company's delisting bid failed, it said in a statement today that it will now strive to grow stronger as a listed company.

Vedanta's delisting bid failed as some of the shares in the delisting process were not validly tendered. It needed at least 134 crore shares whereas only 125 crore shares were validly tendered.

"We saw enthusiastic participation by our shareholders that took us within striking distance of our goal, short by only 7%," it said in a statement.

The delisting bid would have resulted in an FDI inflow of over $3.15 billion into the Indian economy, the company added.

The shares of the company rose 2.78% to Rs 99.65 per share.

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