News Shots
Jalan Kalrock Consortium, the winning bidder for Jet Airways, expects to restart operations of the defunct airline in four to six months after receiving approval from the NCLT for its resolution plan.
Torrent Power has emerged as the highest bidder for 51 per cent stake in a power distribution company in the Union Territory of Dadra & Nagar Haveli and Daman & Diu.
Punjab National Bank will not participate in capital raise plans of its housing finance subsidiary, PNB Housing Finance, but the company will continue to scout for raising equity from other sources, according to a regulatory filing.
Amara Raja Batteries, the country’s second-largest automotive battery maker, has opened the country’s maiden technology hub to develop lithium-ion cells, at its Tirupati facility in Andhra Pradesh.
Healthcare service provider Narayana Hrudayalaya said its subsidiary plans to come up with a new 50-bed facility in Cayman Islands entailing an estimated investment of $100 million (around Rs 725 crore).
Taking advantage of global capital pouring billions into companies that care about climate change, environment, social and governance (ESG), UPL is raising $500 million in debt financing, becoming the first Indian company to take such sustainability-linked loan.
Travel services firm Thomas Cook India to raise up to Rs 450 crore via issue of Optionally Convertible Cumulative Redeemable Preference shares (OCCRPS) through private placement.
FMCG company Marico expects to deliver “mid-teen growth” in volume terms in the next couple of quarters helped by “strong revival” in consumer demand as well as sentiments, and to continue “good growth” from the rural markets, said a top company official.
Realty firm Mahindra Lifespace Developers will invest around Rs 500 crore to build a new housing project in Pune as it seeks to expand business amid strong recovery in the residential real estate market.
Berger Paints and Kolkata-based Dhunseri Group are looking at investing around Rs 500 crore at Panagarh industrial park near the industrial township of Durgapur and already sought land for their respective projects.
Adani Ports & SEZ incorporates wholly-owned subsidiary Aqua Desilting Pvt. Ltd. to carry out business of dredging, desiltation and sale / disposal of such desilted material from sea, river, dams and other water bodies.
A solar power plant of capacity 5 MW has been commissioned in Uttar Pradesh by NTPC.
What to expect today?
NIFTY broke 15,000 on Friday and fell till 14,900. It regained towards the close and closed just below 15,000 You can read all about Friday’s movements here.
Bank Nifty was even more bearish, closing more than 2% down, just below 36,000. PSU Banks also started falling after 2 days of extreme bullishness.
US markets were trading in the green, but moved down steeply near market close, still to close in green. Europe moved from red to green on Friday. FTSE closed flat. There is consolidation with a bearish bias all around.
Asian markets are mixed. SGX NIFTY is trading lower at 14,973, indicating a gap-down opening in the Indian Market.
All eyes will be on 15,000 by today’s close. If NIFTY can close above 15,000, it may mean that NIFTY isn’t too bearish and might start moving back up. Closing below 15,000 may indicate more bearishness/consolidation.
There is an immediate support at 14,900, if NIFTY moves down. Support was taken there on Friday. If that is broken, next support is at 14,750.
There is resistance at 15,000 and 15,100. NIFTY should cross 15,100 to say that it has regained bullishness.
One more thing to keep in mind is that NIFTY has already fallen 500 points in 3 days. It is high time that NIFTY either consolidates/move up. If the global markets also support, we may see this very soon.
Foreign institutional investors (FIIs) net bought shares worth Rs 118 crore, and domestic institutional investors (DIIs) net sold shares worth Rs 1,174 crore in the Indian equity market. Net selling by the institutions in the cash market once again, for 5 continuous days now!
Reliance crossed 2,100 levels yesterday but could not sustain. Can be watched out for today at level 2105-2110. We have been discussing how heavyweights HDFC twins have been dragging NIFTY and BANKNIFTY down for the last few days. They can be watched today also along with ICICIBANK, KOTAKBANK.
NIFTY can be volatile after the gap down opening. Wait for a good direction from the index before taking positions.
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