Stock Market News and Analysis:

Equity benchmark rebounded and recouped all previous session losses amid hope of more reforms from government. Nifty closed at 11075.90 and for coming session its key support is at 11000 while on higher side its resistance is at 11150.

Headlines for the day:

  • State Bank of India said that it will exercise the over-subscription option of 1cr share in the SBI Life Insurance offer for sale.
  • Power Grid Corporation of India Limited was declared successful bidder for two transmission projects in M.P. and Rajasthan.
  • DHFL defaulted in payment of Non Convertible Debentures and its interest worth Rs196.65 crore which was due on September 12.

Key stocks:

  • Bank of Baroda is looking to raise debt capital for the Bank via issuance of Basel III Compliant Tier II Bonds / Additional Tier 1 Bonds. The bank’s capital raising committee of whole-time directors’ meeting is scheduled to be held on Sept 18, 2019, to consider the same.

  • Unichem Laboratories share prices rose in morning trade. The USFDA conducted an inspection at the company’s Active Pharmaceutical Ingredients (APIs) facility at Roha from September 9, 2019, to September 12, 2019.
  • REC Limited announced that the entire shareholding of REC Transmission Projects Company Limited comprising of 50,000 equity shares, have been transferred along with all its assets and liabilities on September 11, 2019, to Power Grid Corporation of India Limited.
  • Reddys Laboratories Limited updated on the conclusion of US Food & Drug Administration’s inspection at two of its facilities. The company stated that the audit of our Formulations Manufacturing Plants at Duvvada, Visakhapatnam, which was completed on June 21, 2019 and our intimation dated June 22, 2019. Company now received an EIR from the US Food & Drug Administration, indicating closure of this audit.
  • Securities and Exchange Board of India imposed a penalty of Rs10 lakh on ICICI Bank and Rs2 Lakh Penalty from Bank’s ED regarding disclosure norms regarding agreement signed between dominant shareholders of the Bank and Bank of Rajasthan.
  • Biocon Limited stated that it has inked a license and supply agreement with a subsidiary of China Medical System Holdings for three generic formulation products in Greater China. Under the terms of the agreement, Biocon will be responsible for the development, manufacturing and supply of the products, while CMS will be responsible for registration and commercialisation of the products in China
  • Lupin Limited surged around 1% intraday after getting approval from Health Canada for a hypertension drug. Lupin Limited stated it received approval for its Propranolol Hydrochloride extended-release capsules from Health Canada.
  • Calls for Tomorrow :

  • CALL: BUY BALKRISIND EQ ABOVE 772.70 TARGETS 780.45/788.15/795.90 SL 764.95
    Description:
    Stock surged higher since couple of session and settled near its immediate resistance with bullishly bias on daily chart. Hence breakout is expected ahead.
  • CALL: BUY APOLLOTYRE EQ ABOVE 181.60 TARGETS 183.45/185.25/187.05 SL 179.75
    Description: Stock form V-Shape patter on daily chart and settled near its immediate resistance with bullishly bias. Hence rally is expected above the mentioned level.
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Stock Market News and Analysis: Equity benchmark rebounded and recouped all previous session losses amid hope of more reforms from government. Nifty closed at 11075.90 and for coming session its key support is at 11000 while on higher side its resistance is at 11150. Headlines for the day: State Bank...
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