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Nifty View:
SGX Nifty indicates a slightly positive opening for Nifty.
After 6 days of consolidation, Nifty had a breakout of 17,430 and created a fresh all-time high.
We have been discussing for days to break the 17,430 and given a fantastic rally. The next resistance level to be watched out for is 17,580. 17,430 will be acting as key support.
35 of Nifty 50 stocks had closed in Green yesterday. FIIs and DIIs were net buyers of 232Cr and 167.6Cr last day.
Overall Global sentiments are positive.
Stock In News
Hindustan Copper: Government plans to sell 10% of the company's equity through an Offer for Sale. The initial plan is for the sale of 4.83 crore shares or 5% of the total equity with a green shoe option to sell another 4.83 crore shares or 5% of the total equity.
Coal India: Plans to offer 15 mines to developers to raise output by a combined 160 million tones per year, Chairman Pramod Agrawal said. The company is also executing 35 connectivity projects, including railway lines, at a total cost of Rs 11,500 crore ($1.6 billion) to help transport 414.5 million tons of a coal a year.
Tata Group stocks: Tata Sons has submitted a financial bid for Air India. Further, Tata Sons’ Chairman N Chandrasekaran rejected news reports that claimed the company is considering a revamp of its leadership structure.
SpiceJet: Owner Ajay Singh has bid for Air India in his personal capacity, according to a Bloomberg report.
Telecom stocks: The union cabinet has approved a relief package for the telecom industry. Telecom Minister Ashwini Vaishnaw announced measures on AGR, spectrum, foreign direct investment and a moratorium on dues to the government. Together, these will give the companies a financial breather even as they make efforts to increase pricing and improve average revenue per user.
Wipro: The company received a multi-year IT managed services contract from Kuala Lumpur- headquartered Maxis Broadband Sdn Bhd, a leading converged solutions provider.
Infosys: The company has collaborated with SAP to provide Business Process Transformation-as-a-Service to enterprises.
Fineotex Chemical: The company has entered into a strategic collaboration with Eurodye-CTC, Belgium, to commercialise specialty chemicals for the Indian market.
JSW Energy: JSW Renew Energy Two, a project SPV formed by JSW Future Energy (100% subsidiary of JSW Energy) has signed Power Purchase Agreements with Solar Energy Corporation of India for the cumulative contracted capacity of 450 MW awarded against Tariff based Competitive bid invited by SECI.
CEAT: Shareholders have approved issuance of NCDs up to Rs 500 crore on private placement basis.
HG Infra Engineering: The company has received the letter of award from National Highways Authority of India for two HAM projects.
