Index trend and stocks in action March 09, 2018

Nifty opened the session with an upside gap, and thereafter, it extended its move in early part of the session. However, Nifty failed to sustain at higher levels and it slipped lower to fill the opening upside gap. In the second half, buying interest was seen and Nifty concluded the session with gains of 88 points. The price action formed a high wave-like candle. Going ahead, the levels of 10,275 and 10,310 would act as immediate resistances for the index and, on the downside, the levels of 10,200 followed by 10,130 would be seen as support for the index. 

Filatex India: Filatex India starts commercial production of synthetic yarn at Dahej unit. 

Bank of Baroda: Bank  clarifies credit exposure to Gupta family. Bank has a credit exposure of Rs. 147 crore in 4 accounts with the South Africa Territory, which is mere 0.03675 per cent of total bank's advances. Two of the group borrowers are under Business Rescue Operations and bank is adequately secured and confident of recovering the dues.   

Bank of India: The bank clarifies that it has sanctioned certain credit facilities to Gupta Family Group (of South Africa) in the past as per laid down norms. The present outstanding is Rs. 27.58 crore and it is backed by more than 100 per cent security. 

Shree Renuka Sugars: Shree Renuka board signs restructuring agreement with banks. Issue of convertible preference shares to Wilmar Sugar Holdings Pte . 

TCS: Gansu Bank, China goes live on TCS BaNCS in 18 months - Digital transformation to accelerate growth and adoption of modern banking practices . 

Spice Jet: Company clarified on the penalty imposed by CCI saying that it did not indulge in anti-competitive activities . 

Global Offshore Services: The company has received an award of contract for one of its vessels for a period of 3 years. The said vessel is to commence operations in April 2018. The value of the contract will be approx. Rs.10 crores p.a. 

GTL Infrastructure: GTL Infrastructure says Aircel has overdue outstanding of over Rs. 384 crore towards infrastructure provisioning fees and past settlements. 

L&T Finance: Approval for opening of QIP; floor price Rs. 161.79 per equity shares . 

Interglobe Aviation: Company clarifies that the company has not violated any provisions of the Competition Act, 2002 . They are reviewing the order and considering to go for appeal.