Stock Market News and Analysis:
Market witnessed a volatile trade in today’s session with nifty failing to hold 10,500. Nifty settled at 10458.40, up by 6.95 points and for coming session its key support is at 10300 while on higher side its resistance is at 10600.
Headlines
for the day:
· Muthoot Finance Limited to consider raising funds through NCDs on March 17.
. Max Financial Services Limited will seek shareholders’ nod for the restructuring of its business with Mitsui Sumitomo Insurance and Max Life Insurance on April 2.
· Infosys
Limited stated that it has completed the process of dissolution of its minority
stake in Waterline Data.
Key stocks:
· Eicher Motors Limited approved payment of an interim dividend of 1250% i.e. Rs125 per equity share of the face value of Rs10 each for FY2019-20. Eicher motor has fixed Saturday, March 21, as the Record date for determining the eligibility of shareholders for payment of interim dividend for the Financial Year 2019-20
. Cadila
Healthcare Limited board has approved the transfer of Animal Healthcare
Business of the company, on a going concern basis, to its wholly-owned
subsidiary Zydus Animal Health and Investments through execution of a
definitive agreement.
· Adani Enterprises Limited stated that Adani Group has announced the award of the Hybrid Annuity Road Project from National Highways Authority of India (NHAI).
· JSW Steel Limited registered crude steel production at 13.20 lakh tonnes in Feb 2020 compared to 12.57 lakh tonnes in Feb 2019, recording a growth of 5%. Production of flat-rolled products and long rolled products was up by 7% yoy at 9.82 lakh tonnes vs. 9.20 lakh tonnes in a year ago. It's long rolled stood flat at 3.08 lakh tonnes in February 2020.
· RBL Bank Limited rallied 12% in the morning trade after the management of the bank informed the exchanges that the prevailing concerns around the bank which is based on misinformation, and warrants clarification.
· Welspun
Corp share prices declined in the morning trade even after order win. The
company has secured a major offshore pipes supply contract in Australia for the
Barossa offshore Development project from Allseas Marine Contractors Australia
PTY Ltd. The project is owned by a joint venture, which comprises
ConocoPhillips Australia, SK E&S Australia and Santos Offshore.
· Future Retail Limited stated in its strategic update that the break-even for small stores to be achieved by September 2020 and the first 7 Eleven stores will open by April 2020 in Mumbai. Target Net/Ebitda of 1.5 times by financial year 2022 and less than 0.2 times in the next three years.
Calls for Tomorrow:
·
CALL: SELL MARUTI
EQ BELOW 6105 TARGETS 6043.95/5982.90/5921.85 SL 6166.05
Description: Stock form consolidation on intraday chart with bearishly bias.
Hence breakout is expected ahead.
·
CALL: SELL COLPAL
EQ BELOW 1245 TARGETS 1232.55/1220.10/1207.65 SL 1257.45
Description: Stock settled near its immediate support with
bearishly bias on daily chart. Hence rally is expected below the mentioned
level.
