DSIJ Mindshare

Power Finance Corporation (PFC) signed a share purchase agreement for the acquisition of 103.94 crore shares of Rural Electrification Corporation (REC) which constitutes 52.63 per cent of the paid-up share capital from the President of India. The acquisition is set to take place at a cash consideration of Rs. 139.50 per share with the total cost of acquisition coming to Rs. 14,500 crore. REC’s closing price on March 19, 2019, was Rs. 148.40 per share.

The pharma company's plant in Nanjangud, Mysuru was classified as 'Official Action Indicated' (OAI) by the US drug regulator, following which the stock was experiencing selling pressure on Friday.

Nifty’s latest swing is 20 bars old and has advanced by about 9.17 per cent from the February 19 lows. In terms of percentage gain, the current swing is sharper than the previous ones. At this juncture, it is better to avoid fresh longs in the index, but one can continue the existing longs as long as Nifty maintains the higher lows. Stocks in news: Jubilant Life Sciences, ENIL, Tata Steel, Bajaj Auto and Infosys.

Indian indices may open the session on a cautious note post the Holi festival and ahead of the weekend and an expiry next week. Also, the cues from the Asian peers are not encouraging. At the time of writing, the SGX Nifty was marginally down by 7 points at 11,585. The data on India’s foreign exchange reserves for the week ended March 15 will be released today.

Mirc Electronics’ Onida brand has launched a new smart AC series – Onyx Smart and Genio. These ACs would have an additional unique feature of smart voice technology and capability to be operated through a mobile app.