Stock Market Fundamental News And Market Analysis

Stock Market News and Analysis:

Benchmark Indices witnessed volatile swings throughout the day but ended the trade on a flat note. Nifty settled at 11797.90, down by -31.50 points and for coming session its key support is at 11700 while on higher side its resistance is at 11900.

Headlines for the day:

• TVS Motors shares prices tank as coronavirus impacts February production.

• Biocon share price declined after detailed observations were issued for its Bengaluru unit by the US health regulator.

• HDFC Life Bandhan Bank, Info Edge stocks gain on included in F&O segment.

Key stocks:

• Lupin Limited announced the launch of Ethacrynic Acid Tablets USP, 25 mg, having received an approval from the USFDA earlier. The mentioned tablets would be manufactured at  Nagpur OSD facility.

• The Board of Directors of Hindustan Unilever Limited approved a proposal to form a new 100% subsidiary of Hindustan Unilever Limited. Hindustan Unilever will be incorporated with an authorised share capital of Rs2,000 crore.

• Tech Mahindra stated that it has inked an agreement to acquire 100% stake in US-based Zen3 Infosolutions for $64 million in an all-cash deal. The Board of Directors of the Company has approved the proposal to acquire 100% stake in Zen3 Infosolutions Inc. directly and through its wholly-owned subsidiary viz. Tech Mahindra, Inc,.

• IRB Infrastructure Limited informed the exchanges about the receipt of the first tranche of the Investment of Rs3,753 crore from GIC affiliates out of its commitment of Rs4,400 crore by IRB Infrastructure Trust. The allotment of units to the Investors will done by Feb. 27. IRB will hold 51% and GIC affiliates will hold 49% stake in the Private InvIT.

• JSW Steel Limited has been declared as a preferred bidder vide communication dated Feb 22, received from the Director of Mines, Odisha for an Iron Ore mine in the State of Odisha, in the Auctions held by the State Government of Odisha on Feb 6.

• Camlin Fine Sciences share prices extended rally in the afternoon session after subsidiary has resumed operations. The manufacturing facility of the company's subsidiary viz. CFS Wanglong Flavors (Ningbo) Company Limited located in Xiaocao's Town, Yuyao City, Zhejiang Province and its manufacturing facility has resumed operations from February 24, 2020.

• Suzlon Energy Limited stated that the meeting of the board of directors of the company will be held on Feb 27, to consider and approve issuance of the equity shares or equity-linked instruments or convertible securities of the Company in terms of the Company's proposed resolution plan by way of preferential issue, private placement or any other method permissible in terms of the applicable regulations.

Calls for Tomorrow:

• CALL: SELL ESCORTS EQ BELOW 825.60 TARGETS 817.30/809.05/800.80 SL 833.90

Description: Stock tanked lower since couple of session and settled near its immediate support with bearishly bias. Hence breakout is expected ahead.

• CALL: SELL IOC EQ BELOW 110 TARGETS 108.90/107.80/106.70 SL 111.10.

Description: Stock settled near its key support with bearishly bias on daily chart. Hence rally is expected below the mentioned level.