Index trend and stocks in action March 05, 2019
The tensions between Indian and Pakistan took a back seat and this clearly had a rub-off effect at the opening bell as the Nifty witnessed a gap-up opening. After a bright start to the session, Nifty pared its opening gains and traded in a volatile manner. However, after registering a low of 10,823, buying interest emerged in the last hour of trading which took the index towards its high point of the day and Nifty ended the first trading session of March series with a gain of 0.66 per cent at 10,864. The price action formed a small body bull candle carrying shadows on either side. The Nifty has just managed to sneak past the important moving average, i.e. 200-DMA, which is placed at 10,863 level, but it has not pierced those levels comprehensively. Since the last leg of February, we had seen the index confined in a trading range of about 220 points, i.e. 10,720-10,940. Going ahead, only a sustainable move in either direction would lead to some trending move. Till then, the index will remain in a trendless trajectory and we would recommend looking at a stock-specific approach.
HFCL: HFCL has bagged work order for Rs 527.44 crore from Jharkhand Communication Network Limited for implementing Bharat Net Phase-II in the state of Jharkhand.
Jet Airways: The company's additional two aircrafts have been grounded due to non-payment of amounts outstanding to lessors under their respective lease agreements.
JSW Steel: JSW Steel, the flagship company of JSW Group and Duferco International Trading Holding S.A. have aligned their strategic goals in a landmark USD 700 million 5-year advance payment and supply agreement.
Tata Motors: The company has clarified that there is no truth in the rumours that Tata Motors is looking to divest its stake in JLR.
Indian Hume Pipe: The company has received three letters of intent for the works aggregating to Rs.187.06 crore from Vidarbha Irrigation Development Corporation, Nagpur.
Karnataka Bank: The RBI has levied an aggregate penalty of Rs 4 crore on Karnataka Bank.
BHEL: BHEL has installed the first solar electric vehicle charging station in the upcoming network of charging stations on Delhi-Chandigarh Highway.
Reliance Industries: Reliance Industrial Investments and Holdings Limited (RIIHL), a wholly-owned subsidiary of Reliance Industries Limited, has entered into an agreement for acquisition of equity shares of C-Square Info Solutions Private Limited (C-Square) for a cash consideration not exceeding Rs 22,04,17,318. RIHL will further invest an amount of up to Rs 60 crore and is likely to be completed by March 2021.The total investment will translate into 82 per cent of equity capital in C-Square on a fully diluted basis.
Kolte-Patil Developers: Kolte-Patil Developers has invested Rs 70 crore in its subsidiary Kolte-Patil I-Ven Townships (Pune) Ltd.