Index trend and stocks in action March 28, 2016

Indian market began the trading session on Wednesday on a cautious note tracking listless cues from the Asian market and weak cues from overnight US markets. Thereafter, the market recovered after registering low of 7670 owing to positive cues from the European market. On the daily chart the index has formed a Doji candlestick pattern, which indicates there is a indecision amongst the market participants. The opening downside gap formed on 7th January, 2016 has been filled and the index is facing supply in this zone. Now going forward bulls need to move above level of 7730; if bulls do so index is likely to test levels of 7780 which is also its 200-day EMA. On the downside, the zone of 7640-7670 will act as an immediate support for the index.  

Adani Enterprise: Adani Group has offered 49 per cent in its Rs 5,000 crore Dhamra LNG project in Odisha to state-run gas utility GAIL and refiner Indian Oil Corporation (IOC).

Tata Steel: Tata Steel has informed that it has reached an agreement to sell two of its facilities to the Scottish government. The Board of Directors of Tata Steel is expected to meet on Tuesday i.e. 29 th March in Mumbai to discuss whether to retail or sell the plants in Scunthorpe and Port Talbot in the UK.

Kesoram Industries: Kesoram Industries is planning to hive off the company’s Rayon and transparent paper business into a wholly owned subsidiary for an estimated Rs 480 crore.

PVR: Top multiplex player of India PVR is looking to double its screen count in the next three years to reach 1,000 screens, its chairman Ajay Bijli has said. PVR, which launched a 15-screen property in Noida, now has total of 516 screens under its belt.

DHFL: The company proposes to issue 5,000 Secured Non-Convertible Redeemable Debentures with a face value of Rs 10 lakh each aggregating to Rs 500 crore on Private Placement basis, DHFL said in a statement.

Ajanta Pharma: Ajanta Pharma has launched Levetiracetam immediate-release tablets (250mg, 500mg, 750 mg, and 1000mg) used to cure epileptic neurological disorder, in the US market through its wholly owned subsidiary Ajanta Pharma USA.

United Breweries: Beer maker Heineken International consolidated its stake in United Breweries (UBL) by picking up over 21 lakh shares of Vijay Mallya-led firm for Rs 179 crore through open market transaction.