Index trend and stocks in action February 28, 2018

Nifty had a decent start to the day, but it failed to sustain at higher levels and slipped in the negative terrain to conclude the session with a modest loss of 0.27%. The price action formed a bear candle. We have been mentioning in our previous write-up that Nifty has stiff resistance in the zone of 10,630-10,650 and this level certainly proved its worth as Nifty made a high of 10,632 and thereafter it drifted lower. Going ahead, the level of 10,500 followed by 10,430 is a crucial support for the index. On the other hand, the level of 10,630-10,650 will continue to act as a major hurdle for the index and a sustainable move above 10,650 would extend the rally towards the level of 10,730. 

Spice Mobility: Spice Labs Private Limited, a step down subsidiary of the company, has divested its entire stake in Exponentially I Mobility, a Limited Liability Partnership (LLP). Consequent to this disinvestment, Spice Labs Private Limited, ceased to be a partner in the said LLP. 

Kridhan Infra: Kridhan Infra acquired 31.5 per cent stake in Vijay Nirman Company Private Limited . 

ABC India: Company has received an order of Rs. 141.93 crores from BHEL for Multimodal Transportation of Export Project Cargo from India to the MSTPP Rampal Project in Bangladesh. 

Indiabulls Housing Finance: Bond Issue Committee of the Board of Directors of Indiabulls Housing Finance, has approved, the final terms and conditions of issue of Rs. 3,15,00,00,000/- Social Affordable Housing Masala Bonds. The bonds mature in February 2021 and have a yield of 7.80 per cent. 

Cipla: Cipla partners with Roche Pharma India to create greater access to key medicines. 

DLF: DLF subsidiary emerged as the highest bidder for 11.76 acre located at Gurugram at Rs. 1,496 crore. 

HDFC: QIP floor price set at Rs. 1,824.63 apiece. Panel will consider QIP issue price on March 5. 

Larsen and Toubro Infotech: Sale of shares upto 2 per cent of the paid up share capital of the company by the promoter in the open market for achieving Minimum Public Shareholding . 

Sadbhav Infrastructure: The company is declared the lowest bidder for Rs. 1,047 crore NHAI order. 

Bharat Forge: Completed stake sale in power equipment joint venture with GE. 

Atlas Cycle: Manufacturing activity at Sonepat unit has been temporarily suspended may be closed after re-assessing the situation.

Sona Koyo: got approval to change name to JTEKT India.