Index trend and stocks in action February 27, 2018
Nifty opened the day with a gap-up on the back of positive global cues and continued its rally throughout the session. Nifty concluded the session just shy of the 10,600-mark. The price action led to formation of a bull candle. Nifty is approaching towards the key resistance zone of 10,630-10,645; as previously this zone had offered strong resistance to the index and led to the decline in the index. Going forward, a sustainable move above the zone of 10,630-10,645 could lead to further upmove to the levels of 10,700-10,730, whereas failure to do so could lead to a slide down to the levels of 10,520-10,500.
Simbhaoli Sugars: In relation to the fraud case registered by OBC, the company said that its management is in process for submitting the information and clarification to the investigating agencies.
PNB: Quantum of unauthorized transaction can increase by US$ 204.25 mn, said the bank.
Jain Irrigation Systems: Jain Farm Fresh Foods Limited, India (JFFFL) a subsidiary of Jain Irrigation Systems Limited India, through its multi generation wholly-owned subsidiary in Belgium has acquired 100% stake in INNOVAFOOD N.V. Belgium and its affiliate companies.
Mahindra and Mahindra: Mahindra and LG Chem, Korea’s leading manufacturer of advanced batteries, announced collaboration in the field of advanced Li-ion battery technology.
ACC: The board is of the opinion that at present there are certain constraints in implementing a merger between the company and Ambuja Cement. Therefore, the company is not proceeding with the merger at this juncture, though this remains the ultimate objective.
HDFC Bank: Bank said that it will work closely with SEBI on information leakage.
Sagar Cement: Sagar Cements to acquire 4.3 megawatt hydel power projects for Rs 26.9 crore.
Indiabulls Real Estate: Indiabulls Real Estate seeks shareholders’ approval for divestment of stake in Indiabulls Properties.