Index trend and stocks in action November 15, 2017

During the previous trading session, after opening on a flat note, Nifty remained under pressure.  However, recovery attempt was made during the mid-day session, but it failed to hold at a higher level and slipped lower to end at its lowest point for the day. Tuesday’s action resulted in a formation of a reasonable bear candle which carried a lower high/low sequence for a sixth session in a row. The index has closed around the multiple support band in 10,170-10,180 as its 40-day EMA and 38.2% retracement level of the previous rise are placed in this region. A follow through move below this zone would result in resumption of southward movement up to the levels of 10,120. However, holding above Tuesday’s low, i.e. 10,175 will be crucial for the pullback efforts and in such case the level of 10,240 would act as a stiff barrier for the Nifty. 

Fortis Healthcare: The Board of Directors of the Company at its meeting considered and approved execution by the Company of a term sheet containing an exclusivity arrangement, in relation to the proposed acquisition of the equity and financial securities, under RHT Health Trust for a combined enterprise value of approx. Rs. 4650 Crores (including RHT Debt of approx. Rs. 1152 crore) from the wholly-owned subsidiaries of RHT. 

Indiabulls Housing Finance: Indiabulls Housing Finance (IHFL) has sold 1/3 of its stake in OakNorth Bank Ltd.; i.e.10% of the Bank to Government of Singapore owned investment arm GIC for Rs.770 Cr. IHFL had invested Rs.663 Cr. in Nov 15 for a 40% stake in the Bank. With this partial divestment IHFL has recovered its entire investment in Bank made 2 years ago. 

HDIL: The Board of Directors ('The Board') of the Company in its meeting has decided to divert its 60 % Shareholding of its subsidiary Company viz Ravijyot Finance and Leasing Private Limited. Pursuant to the divert of stake, Ravijyot Finance and Leasing Private Limited will be no more Subsidiary Company of the Company.

L&T InfoTech: The Company has signed definitive agreements today to acquire Syncordis S.A., headquartered in Luxembourg along with its identified subsidiaries in France, UK, Luxembourg and India.

HCL Tech: HCL Tech announced a five-year IT infrastructure service contract with Jardine Lloyd Thompson Group (JLT), one of the world’s leading providers of insurance, reinsurance and employee benefits related advice, brokerage and associated services.

Laurus Labs: Laurus Labs has received the Establishment Inspection Report (EIR) from US Food and Drug Administration (US FDA) for its Unit 1& 3, located at Parawada, Visakhapatnam, for the inspection conducted in August 2017.