Index trend and stocks in action February 26, 2018

During the last trading session of the week, Nifty opened on a positive bias and extended the upmove as the day progressed and ended the session near the day’s high. The price action formed a long bull candle. Going ahead, immediate resistance for the Nifty is placed around the level of 10,560, which is its 50-day EMA, and a decisive move above this level would pave the way for a move towards the levels of 10,600-10,650. Failure to cross the hurdle of 10,560 will lead to profit-booking, in which case, the support for the index is place around the levels of 10,400-10,425.

ICICI Lombard: Company clarifies that It has already paid claims for Rabi 16-17 amounting to more than Rs 526 crores to over 92% of the 2.28 lakh farmers eligible for claims in the state of Tamil Nadu. 

Dr Reddy’s Lab: U.S. FDA maintains OAI (Official Action Indicated) status on Dr. Reddy’s Srikakulam plant. 

A2z Infra Engineering: Approval of one time settlement with Standard Chartered Bank towards Debt settlement of Rs 344.93 crores, for a total consideration of Rs 120 crores and allotment of shares to Standard Chartered bank. 

PNB: Bank denies report that PWC is engaged in probing alleged fraud. 

Welspun Enterprises: Company has emerged as lower bidder for NHAI Tamil Nadu road project. 

Idea Cellular: Idea Cellular raises Rs 3,500 crore (approx.) through QIP. 

DCM Shriram: Company to invest Rs. 113 crore for expansion of Caustic soda capacity at its Bharuch facility. 

Sadbhav Infrastructure: Refinance of existing debt in Bhilwara-Rajsamanad Tollway Private Limited, a wholly-owned subsidiary of the company, has completed refinancing of its existing debt facilities with new debt taken from other lenders with revised terms and conditions.  

Dena Bank: Bank sets issue price at Rs. 26.89 per share for issue of shares to the government. 

Sakuma Exports: Company have submitted an expression of interest to acquire leading company Ruchi Soya Industries Limited. 

Reliance Power: Meeting of the board on February 28 to approve raising of funds via QIP . 

Bharti Airtel: Airtel and Motorola partner to offer 4G smartphones starting at Rs. 3999 .