Stocks in focus: RIL, Adani Ports, Magma Fincorp, Godrej Properties, Jubilant FoodWorks, Puravankara

NSE’s Nifty has been in a consolidation range of 14,800-15,200 since last 4-5 trading sessions. Image: Reuters

BSE Sensex and Nifty 50 were likely to open in the positive territory on the weekly expiry day on Wednesday. The market will remain shut on Thursday, March 11, 2021, on account of Mahashivratri. In the previous session, BSE Sensex jumped 584 points or 1.16 per cent to end at 51,025, while the NSE’s Nifty ended 142 points or 0.95 per cent at 15,098, helped by a sharp pull back in the last hour of trade led by financials. NSE’s Nifty has been in a consolidation range of 14,800-15,200 for since last 4-5 trading sessions. “Further directional cues are likely to emerge on a move beyond the 14862-15111 range. A breakout is likely to lead to the Nifty testing the 15273 levels. Downside support to watch for resumption of weakness is the recent low of 14862,” said Subash Gangadharan, Senior Technical & Derivative Analyst, HDFC Securities.

Stocks in focus today:

Reliance Industries Ltd: Mukesh Ambani-led RIL’s telecom subsidiary, Reliance Jio, on Tuesday launched an integrated technology solution JioBusiness to transform 50 million micro, small, and medium enterprises (MSMEs). Intended to bring efficiency in MSME operations and compete better with large enterprises, the solution included enterprise-grade fiber connectivity to offer voice and data services, digital solutions to help MSMEs manage and grow their business.

Adani Ports and Special Economic Zone: The acquisition of Sarguja Rail and a 31.5 per cent stake in Gangavaram Port by Adani Ports and Special Economic Zone (APSEZ) will not materially affect credit quality, Moody’s Investor Service said on Tuesday.

Magma Fincorp: Magma Fincorp Limited announced that the company’s shareholders have approved with requisite majority, with 99.95 per cent of votes in favour of the resolution out of the total votes polled, preferential allotment of 49.37 crore equity shares of face value Rs 2 each at an issue price of Rs 70 per equity share aggregating up to Rs 3,456 crore.

Godrej Properties: The realty firm Godrej Properties on Tuesday launched a qualified institutional placement (QIP) issue to raise up to Rs 3,750 crore through the sale of shares. In a regulatory filing, the company said the QIP committee of the board of directors, in its meeting held on Tuesday, approved and adopted the preliminary placement document in connection with the issue.

Power Grid Corporation of India: The company informed that it has acquired Ramgarh New Transmission Limited (RNTL), which it has won in a tariff-based competitive bidding. The Transmission system comprises establishment of a new 400/220kV substation, 400kV DIC Transmission lines and associated substation extension works in the State of Rajasthan.

Jubilant FoodWorks: The company informed its wholly owned subsidiary, Jubilant Foodworks Netherlands B.V. has successfully completed the acquisition of 100 per cent of Fides Food Systems Coöperatief U.A., Netherlands which holds 32.81 per cent equity shares in DP Eurasia N.V.

Puravankara Ltd: Puravankara said it is re-entering the Mumbai market with an ultra-luxury project in suburban Chembur for which the real estate developer has invested Rs 450 crore. The project, Purva Clermont, is part of Puravankara’s WorldHome Collection.

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