A weak opening expected as SGX Nifty is trading lower by 12 points.
The Nifty50 made a Hanging Man kind of formation yesterday on the daily chart which is usually visible around short-term turning points suggesting exhaustion in the uptrend. This kind of formation, especially after Tuesday’s Doji, is a cause for concern. Now unless Nifty surpasses 10660 level, selling pressure can be witnessed and chances to test 10600 are been provoked.
🎯 News & Impact 🎯
Results Today :
TCS, IndusInd Bank, DCB Bank
🎯 Orient Paper and Industries - Ex-date for demerger today.
🎯 CanFin Homes :
The Company has entered into a contract with 'Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited' for carrying out the Corporate Agency business.
Also, Bulge bracket private equity funds including TPG Capital Management, Bain Capital and Baring Private Equity Asia are in initial talks to buy 30% stake in Can Fin Homes, as the company tries to improve its capital base.
Positive for the stock. 👍
🎯 NMDC :
Govt Divested 2.52% Stake In NMDC For Rs.1,200 Cr.
🎯 GE Power :
Company has been awarded a contract worth Rs.8183 million by Navayuga Engineering Company Limited to Design, Engineering, Manufacturing, Supply, erection, testing and commissioning of 12 Nos., 80 MW capacity Vertical full Kaplan Turbine generator units.
🎯 Alkem :
Company had submitted a detailed corrective and preventive action (CAPA) plan to the USFDA within the stipulated timelines in response to two Form 483 observations issued by the regulator.
🎯 Maruti :
Maruti Suzuki hikes prices.
🎯 Som Distilleries and Breweries :
Porinju V Veliyath of Equity Intelligence India has bought 1,50,000 Som Distilleries shares at Rs 197.95 per share in a bulk deal on NSE. EQ India Fund also bought another 500,000 shares in the company.
🎯 Aurobindo, Zydus Cadila, Torrent Pharma and Intas have expressed preliminary interest in buying the European generics business of Paris-headquartered pharma giant Sanofi.
🎯 DLF :
The Supreme Court today upheld the Kerala High Court order imposing a fine of Rs 1 crore on real estate major DLF for constructing around 180 luxury flats along the banks of eco-sensitive Chilavannur backwaters near Kochi in Kerala.
🎯 Balasore Alloys :
Balasore Alloys, has entered into a deal to acquire 70% share of Zimbabwe Alloys consequent upon a scheme of arrangement sanctioned by the High Court of Zimbabwe on December 20, 2017.
🎯 Bank of Baroda :
Bank is seeking to sell unit Nainital Bank as it sheds non-core assets to bolster its balance sheet.
🎯 ONGC :
ONGC is set to open a new sedimentary basin in the country as it puts Kutch offshore on the oil and gas map of India.
🎯 Arihant Superstructures :
Company has received the approval of plan/commencement certificate for construction and implementation of its project named as Arihant.
🎯 Alok Industries :
Company says NCLT granted a 90 day extension in insolvency process.
🎯 GMR :
Company to raise Rs.5000 crore via airport biz IPO.
🎯 Welspun Enterprises :
Company entered in a concession pact with Madhya Pradesh government for Dewas water supply project.
Welspun India’s promoter sells stake worth Rs.350 crore.
🎯 Powergrid :
Fitch assigns issuer default rating of ‘BBB-’ to Power Grid.
🎯 Jagatjit Industries to refinance Rs. 265-cr debt.
🎯 Alok Industries: The resolution professional (RP) for Alok Industries has stipulated that those interested in acquiring the textile company will not be permitted to delist the stock from the stock exchange for five years post acquisition of the company. Any move by the potential investor to dilute their stake below 51% will have to be approved by the lenders.
Edited by Sharp.
© Sharp Investment & Financial Advisers
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