Join our Telegram Channel for Live Updates and Calls: FunDirector
Nifty View:
SGX Nifty Indicates a gap up opening to Nifty. Global cues are mixed so profit booking may come into play at all highs.
Yesterday we have seen profit booking at the top, so today too watch for a range bound action in 16,400 to 16,600 range. Breaking the range may give a quick momentum towards either side.
Nifty is being highly volatile for the last few days, so keep your portfolio with a strict stop loss.
Bleeding in Midcap and Small cap may continue for a while so adjust your positions accordingly.
FIIs have been selling in huge amounts, while DIIs continue in their buy positions.
Stocks in News:
Kabra Extrusion Technik: Got Order To Supply 8,000 Battery Packs For Joy E-BIKE .
Vedanta: Moody's Upgrades Vedanta's Senior Unsecured Notes To B3 From CAA1, And Affirms B2 Corporate Family Rating; Outlook Stable
Eicher Motors: Board has re-appointed Siddhartha Lal as Managing Director for five years. The Board has approved a revised remuneration structure for Lal with a maximum cap of 1.5% of profits. Specific details of the remuneration to be shared via the postal ballot. The Board to go back to shareholders for approval through postal ballot.
Maruti Suzuki India: The Competition Commission of India has imposed a penalty of Rs 200 crore on the company for restricting discounts by dealers. The company was penalised for “indulging in anti-competitive conduct of Resale Price Maintenance in the passenger vehicle segment by way of implementing Discount Control Policy vis-Ă -vis dealers,” the regulator said. CCI has also directed the company to cease and desist from indulging in anti-competitive practices.
Canara Bank: Raised Rs 2,500 crore through QIP. The Board of Directors of the bank approved closure of the issue period for QIP on August 23 and the issue price of Rs 149.35 per equity share. The issue price is at a discount of 4% to the floor price of Rs 155.58 per equity share.
Indian Hotels Company: Approved raising up to Rs 3,000 crore via rights issue. The Board also approved the formation of a Committee of Directors to decide on the terms and conditions of issue including the rights entitlement ratio, the issue price, record date, timing of the rights issue and other related matters.
Adani Green Energy: Board to meet on August 26 to consider raising funds via issue of securities including any senior secured or unsecured, senior or subordinated NCDs or any other permissible debt securities or by way of external commercial borrowings.
Adani Enterprises: Ordefence Systems, a step-down subsidiary of the company, has incorporated a company named PLR Systems (India). It has been incorporated with the objective to undertake the manufacture of defence and security equipment.
JSW Steel: ICRA has upgraded the credit rating of Long-Term Bank Facilities and NCDs to AA/stable from AA-.
