Index trend and stocks in action March 29, 2019
Finally, we bid adieu to one of the best expiry series for the bulls in the past six months or so, with the Nifty gaining about 770 points or 7.20 per cent in March expiry series. On the final trading session of March derivative expiry series, Nifty jumped by a ton and comfortably closed above the 11,550 mark. The price action formed a sizeable bullish candle carrying higher high-low formation. On the weekly chart, the momentum indicators are not showing any weakness as of now. But on the daily chart, Nifty has formed a double top kind of pattern. At the same time, negative divergence has been spotted on the RSI. The price has made a parallel high, but most of the indicators, including the RSI, have not reached up to the prior highs. So, now the challenge is whether the Nifty will close above the parallel high of 11,572. If yes, the rally will continue with small dips. But only in the instance of a close below the March 25 low of 11,311 that the market will give bearish signals. As long as it closes above this level, every dip is a buying opportunity.
Tata Steel: Tata Steel has acquired 27,97,000 equity shares of face value of 10 each aggregating to Rs 179.57 crore and 34,92,500 convertible warrants aggregating to Rs 224.22 crore of Tata Metaliks on a preferential basis.
HDFC: The company has completed the issue of rupee denominated bonds under the medium term note programme. The issue size is Rs 1000 crore, coupon 8.22 per cent per annum payable annually with maturity on March 28, 2022.
Adani Ports: Adani Logistics Limited, a wholly-owned subsidiary of the company, has approved the proposal for acquisition up to 100 per cent equity shares of Innovative B2B Logistics Solutions Pvt Ltd, out of which 97.03 per cent of shares will be acquired upon closing from True North and its affiliates and balance shares consisting up to 2.97 per cent held by other shareholders within 60 days of the closing.
Union Bank of India: The committee of directors for raising of capital funds of the bank at its meeting considered and approved the allotment of 52,15,62,658 equity shares of face value of Rs 10 each of the bank at an issue price of Rs 78.84 (including a premium of Rs 68.84) per equity share aggregating to Rs. 41,11,99,99,956.72 to Government of India in accordance with the applicable provisions.
TCPL Packaging: The commercial production at the company’s new unit situated in Goa has commenced from March 28.
Wipro: Wipro and IIT Kharagpur have entered into partnership for advanced research in 5G and AI.
Bharat Financial Inclusion: The company today assigned a pool of receivables of an aggregate value of Rs. 837.40 crore to one of the largest private sector banks on a direct assignment basis as per the guidelines prescribed by the Reserve Bank of India. This is the tenth direct assignment transaction in FY19. With this transaction, the company has completed direct assignment transactions worth Rs 9,032.47 crore in FY 19.
EIH: The Oberoi Amarvilas, Agra, hotel owned by the company's subsidiary, Mumtaz Hotels Limited, will be partially closed for renovation of 53 rooms in the first phase from April 11, 2019 to September 30, 2019.
Lupin: The company has launched fluocinonide ointment USP, 0.05%. indicated for the relief of the inflammatory and pruritic manifestations of corticosteroid-responsive dermatoses for which approval from the US FDA was received earlier.
Wabco India: Wabco Holdings announced that it has entered into a definitive merger agreement with ZF Friedrichshafen AG (ZF), a privately held global leader in driveline and chassis technologies. Under the agreement, ZF will acquire all outstanding shares of WASCO for $136.50 per share in an all-cash transaction for an equity value of over $7 billion.
Tata Power: The company has today signed the Power Purchase Agreement with Brihanmumbai Electric Supply and Transport Undertaking (BEST) for 676.69 MW of power supplied from its Trombay thermal and hydro plants for a period of five years from April 1, 2019 to March 31, 2024.