Index trend and stocks in action March 01, 2018
Nifty opened the session with a downside gap and, thereafter, it resumed its downward move. However, the fall was arrested around the level of 10,462 and Nifty bounced back to end off day’s low at 10,493. The price action formed a ‘Doji’ candle pattern. In the recent past, Nifty has been moving in a broad range of 10,300-10,640 and a decisive close on either side will lead to directional move in the index. Till then, we can expect Nifty to continue its move in this broad range. For the day, important supports are seen around the levels of 10,450, followed by 10,400 and, on the upside, the levels of 10,560 followed by 10,640 will offer stiff resistance.
Dilip Buildcon: National Highways Authority of India (NHAI) declares Dilip Buildcon has L-1 bidder for three new Hybrid Annuity Projects valued at Rs. 5,390 crore in the State of Karnataka and Jharkhand, respectively.
Xpro India: Company to sell/ transfer Pithampur unit to JKM Ventures for Rs. 14 crore.
Dynamatic Technologies: The board has approved plan for demerger of auto division.
Reliance Power: Reliance Power approves QIP of Rs. 2,000 crores. The funds will be used to reduce debt of the company.
Tata Power: The validity of PPA between BEST and TPC-G has been extended for one year from April 1, 2018 for revised quantum of 676MW .
HCL Infosystems: HCL Infosystems arm to sell HCL MEA FZE share to Axis Investment for AED 4.12 million (UAE dirhams) which includes borrowings of AED 2.42 million by HCL MEA, that will be transferred to the buyer.
SH Kelkar: Company believes it will be able to pass on the price increase to the customers.
MOIL: MOIL increase prices of products from March 1, 2018.
Canara Bank: In line with the media reports, the bank has filed a complaint with CBI on fraudulent transactions worth Rs. 515 crore against Kolkata based RP Infosystems and its directors. The bank clarified that the complaint is only a revised complaint, the account was treated as fraud by the Canara Bank in October 2015 and it was reported to RBI.