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Stock Market News and Analysis:
Equity benchmark ended flat in choppy session. Among the sectors auto and IT stocks remained under pressure, while buying was seen in the pharma and metal stocks. Nifty closed at 11343.25 and for coming session its key support is at 11300 while on higher side its key resistance is at 11400.
Headlines for the day:
- Jet Airways Limited stated that additional five aircraft have been grounded due to non-payment to lessors.
- Reliance Industries Limited stated it has stopped all oil exports to US sanction-hit Venezuela and will not resume sales until sanctions are lifted.
- Bliss GVS Pharma Limited board approved raising FPI investment limit from 24% to 74%.
- Reliance Infrastructure Limited has inked of Definitive Binding Agreement with Cube Highways and Infrastructure III Pte Ltd for the sale of its 100% stake in Delhi-Agra Toll Road Private Limited. The total deal enterprise value is over Rs3,600 crore.
- HCL Technologies Limited announced the acquisition of Strong-Bridge Envision, a digital transformation consulting firm with offices in Seattle, Denver, Atlanta, and New York City. With this acquisition, SBE will become part of HCL’s global Digital and Analytics business.
- Sun Pharmaceutical Industries Limited has raised its stake in Russia’s PJSC Biosintez to 96.96% with the purchase of additional shares worth over Rs22 crore. The company’s wholly-owned subsidiary, Sun Pharma (Netherlands) BV, has raised its shareholding in PJSC Biosintez by way of purchase of 33,958 shares, equivalent to 11.86% stake under mandatory tender offer.
- Jubilant Foodworks Limited promoter Jubilant Consumer Private Limited to sell 40 lakh shares at the floor price of Rs1,272.6 apiece, aggregating to Rs503.8 crore through secondary placement of shares. The floor price is at a discount of 4% as compared to the current market price.
- Lemon Tree Hotels Limited inked a non-binding agreement to acquire a 100% stake in Key Hotels. The current portfolio of the target company stands at owning/managing 21 hotels with 1,911 rooms in 19 cities.
- Lupin Limited share prices surge 2% intraday on March 14 even after USFDA classified the inspection at Mandideep facility as Official Action Indicated (OAI). USFDA has classified inspection at the company’s Mandideep Unit 1 in Madhya Pradesh as OAI, blocking product approvals from the site on concerns over manufacturing practice
- Deep Industries Limited share prices surge 13% in the early trade as the company received orders worth Rs 183.50 crore from ONG The company received two contracts from ONGC. The first order is for deployment of one 1,000 HP Drilling Rig for ONGC Ahmedabad Asset for a period of three years. The approximate value of the said contract is Rs. 91.75 crore
- Calls for Tomorrow :
- CALL: SELL INFY EQ BELOW 705.60 TARGETS 698.50/691.45/684.40 SL 712.70
Description: Stock heading towards its immediate support on daily chart and breakout is expected below 705.60
- CALL: SELL IBULHSGFIN EQ BELOW 698 TARGETS 691/684/677.05 SL 705
Description: Stock heading towards key support on daily chart and settled with bearishly bias. Hence rally is expected below the mentioned level.