Benchmark Indice witnessed wild swings throughout the day with major indices posting biggest intraday recovery after a limit down opening. Nifty settled at 9955.20, up by 365.05 points and for coming session its key support is at 9500 while on higher side its resistance is at 10350.
Headlines for the day:
India Limited to pay interim dividend of Rs12 per share and March 20 is fixed
as record date.
Petroleum Corporation Limited to pay interim dividend of Rs16.5 per share.
March 24 fixed as record date.
Spirits Board approved amalgamation of the company’s arm Unibev with self.
Pharmaceutical Industries Limited stated that its board will consider a
proposal for buyback of shares on March 17, 2020 The meeting of Board of
Directors is scheduled to consider and approve inter alia, the proposal for
buy-back of fully paid-up equity shares of the Company, which would include the
maximum amount, the maximum number of equity shares, mode of buy-back and other
matters incidental thereto under the provisions of Section 68, 69 and 70 of the
Yes Bank Limited
will be replaced in the Nifty Bank index by Bandhan Bank Limited from March 27.
The replacement of bank has been done on account of non-availability of future
and options contracts in Yes Bank stock.
· Balkrishna Industries Limited has commenced the trial production of Phase 2 of its Carbon Black project with the capacity of 80,000 MT per annum ahead of schedule at Bhuj Plant in Gujarat from yesterday.
· Alkem Lab share prices surged higher after US Food & Drug Administration concluded inspection at the company’s Baddi unit with zero observation. US Food & Drug Administration Inspection at Alkem's manufacturing facility located at Baddi.
Pharma informed that the company has received Import and Market permission in
Form CT-20 from the Drugs Controller General of India for Acalabrutinib.
Limited Board has approved a buyback of up to 41 lakh shares (9.99%) at
Rs185/share, aggregating to Rs62.67crore. The buyback price is at a premium of
31% to current closing prices on March 12.
· Allahabad Bank reduced its MCLR by 5 basis points for overnight and one-month tenors, to be made effective from March 14. Overnight MCLR at 7.7% and one-month MCLR at 7.8%.
Calls for Tomorrow:
CALL: BUY SBIN EQ
ABOVE 248.80 TARGETS 251.30/253.78/256.30 SL 246.30
Description: Stock settled near its immediate resistance with bullishly bias. Hence breakout is expected ahead.
CALL: BUY CANBK
EQ ABOVE 109.40 TARGETS 110.50/111.60/112.70 SL 108.30
Description: Stock settled near its immediate resistance with bullishly bias. Hence rally is expected above the mentioned level.