Index trend and stocks in action March 19, 2019
Nifty began the session with robust gains and extended its upmove and, at one point, the index was comfortably trading above the 11,500 mark. However, in the second half of the session, the rally completely fizzled out and, at one point, the index entered into the negative terrain. However, in the last leg of trading, Nifty pulled back from the lower levels and defended the 11,450 mark and extended its gains for the sixth day in a row. The price action formed a Doji-like pattern. Going ahead, Tuesday’s opening levels and trajectory post opening would be extremely crucial for the index. If the index slips below the Monday’s session low of 11,412 and trades convincingly below this level, then there is high probability that Monday’s high point of 11,530 would become a temporary top for the index. Considering that the major indicators are in overbought condition, we might see the index slipping into some consolidation.
HCL Technologies: HCL Technologies Limited (HCL) has entered into a shared services arrangement with Xerox Corporation (Xerox) pursuant to which Xerox will outsource certain global administrative and support functions, including selected information technology and finance functions (excluding accounting). The transaction revenue over the course of seven years will be $1.3 billion.
LT: The company has entered into a share purchase agreement with V G Siddhartha, Coffee Day Trading Limited and Coffee Day Enterprises Limited for acquisition of 3,33,60,229 equity shares of the target company aggregating 20.32 per cent of the paid-up equity share capital of the target company at a price of Rs 980 per share.
Reliance Industries: Reliance Jio Infocomm, a subsidiary of the Reliance Industries, has terminated (i) Master Agreement dated December 28, 2017 (subsequently extended on December 31, 2018) and (ii) Spectrum Trading Agreement dated August 11, 2018 executed between and amongst Reliance Jio Infocomm and Reliance Communications and its affiliates.
Orbit Exports: The board has approved the buy-back of fully paid-up equity shares for an amount up to Rs 10 crore at a price up to Rs 130 per share for an amount not exceeding Rs 10 crore only.
Aarti Industries: A meeting of the fund raising committee of the board of directors of the company is scheduled to be held on March 22, 2019 to consider and approve the issue price for equity shares to be allotted to the qualified institutional buyers in the proposed issue, including a discount, if any, as permitted under the SEBI ICDR Regulations.
Hotel Leelaventure: The company plans to sell its hospitality and hotel operations business on slump sale basis to Brookfield.
Adani Ports: The board of directors at its meeting has approved the buyback of 14,000 non-convertible debentures (NCDs) aggregating to Rs 1,400 crore from the existing debenture holders in one or more tranches through negotiated deals as may be agreed.
Vakrangee: The RBI has renewed the authorisation issued to Vakrangee for White Label ATMs.
Canara Bank: The bank plans to raise long term foreign currency funds by issuing senior unsecured bonds (medium term notes) in the international markets to the extent of USD 500 million under its medium term notes (MTN) programme, depending on the market conditions.