State Bank of India, Adani Group, Reliance Capital, Tata Power, Biocon among stocks in focus today

Analysts advocate sticking to pockets displaying power.
(Image: REUTERS)

On the charts, Nifty 50 now sits at a vital level after yesterday’s up-move that helped bulls garner much-needed power. “A decisive upside breakout of the hurdle of 17400-17600 levels could only change the short term negative sentiment of the market,” stated Nagaraj Shetti, Technical Research Analyst, HDFC Securities. “Any turn down from near the resistance band could bring bears into action again. Immediate support is placed around 17300-17250 levels,” he added. Analysts advocate sticking to pockets displaying power. “Participants should focus on the pockets which are showing strength and choose the stocks accordingly. Among the sectors, IT looks strongest and seeing noticeable traction while others are showing a mixed trend,” stated Ajit Mishra, VP – Research, Religare Broking.

State Bank of India: The PSU financial institution has signed an settlement with Adani Capital, for co-lending to farmers for the acquisition of tractors and farm gear.

Adani Group: Adani Capital is a Non-Bank Finance Company (NBFC) of Adani Group. Registered in 2017, Adani Capital is a non-deposit taking NBFC with whole property underneath administration of Rs 1,292 crore as of March 31. The NBFC had 28,000 prospects unfold throughout 63 branches in 6 states together with Maharashtra, Gujarat, Rajasthan, Karnataka, Tamil Nadu and Uttar Pradesh.

Reliance Capital: The Reserve Bank of India has filed an application for initiation of Corporate Insolvency Resolution Process in opposition to Anil Ambani’s debt-ridden Reliance Capital on the Mumbai bench of the National Company Law Tribunal. Reliance Capital stock has fallen 18% since November 26.

Dhanlaxmi Bank: The lender knowledgeable the stock exchanges on Thursday that part-time chairman and unbiased director of the financial institution G Subramonia Iyer has submitted his resignation from the board of administrators of the financial institution, owing to sure pressing and emergent personal causes. The financial institution has been in focus after an RBI advisory to make sure transparency in the nomination course of of administrators.

Tata Power: Tata Power knowledgeable bourses on Thursday that it’s got shareholder approval to amend the Composite Scheme of Arrangement between Coastal Gujarat Power Limited and The Tata Power Company Limited.

Biocon: Biocon Pharma Limited, a subsidiary of Biocon has acquired approval of its ANDA for Mycophenolic Acid from the US FDA, the company stated. 

Ujjivan Small Finance Bank: The lender knowledgeable traders that Capital market watchdog SEBI has acceded to their request to calm down the three-year minimal promoter lock-in requirement for the amalgamation with Ujjivan Financial Services.

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