Index trend and stocks in action March 31, 2016

The Indian market got off to a blistering start as investors and traders were largely influenced by the supportive leads from the Asian peers. As the day progressed market capitalised on the momentum further, and scaled higher to close above 7700 mark.  At present, the index is trading around key supply zone and is facing resistance near its downside gap which was created on 7th January, 2016 and also its 200-day EMA which is placed around 7780 levels. Now going forward if index moves decisively above the supply zone of 7750-7780, it’s likely to move up to levels of 7850-7970. On the downside, important support for index is placed around levels of 7670 and 7600.

Hind Zinc: The board of directors of the company at its meeting held on 30th March, 2016 has declared special golden jubilee dividend @1200 per cent i.e. Rs 24 per equity share of Rs 2 each for the financial year 2015-16. The record date to identify eligible shareholders is 7th April, 2016. Promoter Vedanta holds 64.92 per cent stake.

Vijaya Bank: Public sector Vijaya Bank said that government has approved a capital infusion of Rs 220 crore in lieu of preferential allotment of shares. This is the part of the government’s plan to infuse Rs 5,050 crore in public sector banks. In this first tranche, as many as 13 public sector banks were given fund support.

Vakrangee: Vakrangee has partnered with My Mobile Payments (MMPL) for bill payment collection services under its E-Governance business.

Jain Irrigation: Jain Irrigation arm, Jain Farm Fresh Foods has raised Rs 402 crore through equity issuance.

Kansai Nerolac: Industrial paints maker Kansai Nerolac said it has completed sale of its land in Chennai to realty firm Brigade Properties for a consideration of over Rs 535 crore.

Ashok Leyland: Ashok Leyland has informed BSE that Hinduja Leyland Finance a subsidiary company of Ashok Leyland has filed the DRHP with SEBI for proposed IPO.

MEP Infrastructure Developers: The company has announced that the company in a joint venture with Sanjose India Infrastructure and Construction has been declared as the successful bidder by MORTH (Ministry of Road Transport and Highways) for a project in Maharashtra.