Index trend and stocks in action March 26, 2018

The benchmark Nifty opened with a downside gap and, thereafter, it traded in a rangebound movement for most part of the session. Though Nifty came off from its day’s low, it still closed below the important psychological 10,000-mark. The price action formed a small body positive candle. Going ahead, Friday session low of 9,951 will be a crucial support for the Nifty and the next support is seen around 9,910 level. On the upside, Friday’s gap (10,105-10,028) will act as a crucial resistance area for the Nifty. The daily RSI is around 32 mark and it shows bullish divergence against the price, which means that the Nifty formed a fresh 14-period low, while the RSI did not.  

Granules: Company’s Gagillapur and Jeedimetla facilities located at Hyderabad, Telangana has completed US FDA inspection without any 483 observation for Gagillapur facility and with one 483 observation for Jeedimetla. 

Vedanta: Vedanta’s board approved a proposal to raise funds of up to Rs 4,500 crore through private placement.

Tata Power: Tata Power signed pact with Tata Sons to sell 40 per cent stake in Panatone Finvest for Rs 1,542.61 crore. Tata Power signed pact with Panatone Finvest to sell 4.7 per cent stake in Tata Communications for Rs 613.46 crore.

Tata Chemicals: The board of directors of the company approved the scheme of amalgamation for the merger of Bio Energy Venture 1 (Mauritius) Pvt Ltd, a wholly owned subsidiary of the company, with the company.

Marathon Nextgen Realty: Marathon Nextgen Realty has fixed April 6 as record date for split of face value of the equity shares of the company from existing Rs 10 each to Rs 5 each.

NHPC: 50 MW Solar Power Project in Theni/Dindigul District of Tamil Nadu has been fully commissioned. 

NTPC: company has begun extraction of coal from its Dulanga coal mine located in the state of Odisha.

BHEL: BHEL signs Technology Transfer Agreement with ISRO for manufacture of Space Grade Lithium-ion cells.

Reliance Industries: Reliance Industries executed definitive agreements for combination of Saavn, a leading global music OTT platform, with its digital music service, JioMusic. Reliance will also invest upto Rupee equivalent of US$100 million. 

Indiabulls Real Estate: The Company has entered into definitive transaction document(s) to sell its stake in its wholly owned subsidiaries, namely Selene Estate Limited and Airmid Infrastructure Limited (owning residential assets at Chennai) to a third party investor, for an aggregate consideration of Rs. 285 Crores. 

Bharat Financial Inclusion: Bharat Financial Inclusion assigned two pools of receivables of an aggregative value of Rs. 1,391 crore with a leading public sector bank and a leading private sector bank on direct assignment basis as per the guidelines of the Reserve Bank of India. 

Uttam Galva: Uttam Galva received exchanges nod to declassify ArcelorMittal Netherlands B.V. as a promoter of the Company.