Zee Entertainment, HCL Tech, Ami Organics, Jindal Steel and Power, HAL stocks in focus

Analysts say the range bound action continued in the market and this action could hint at a possibility of minor upside breakout of sideways range in the short term. Image: Reuters

Nifty futures were ruling at 17,418, up 27 points or 0.16 per cent on Singaporean Exchange on Wednesday, suggesting a positive start for BSE Sensex and Nifty 50. Investors will eye brent crude oil, stock-specific action, rupee movement against the US dollar and other global cues. “The range-bound action continued in the market and this action could hint at a possibility of a minor upside breakout of sideways range in the short term. The upper area of 17500-17600 is expected to be a crucial overhead resistance and one may expect profit booking emerging from the new highs. The immediate support is placed 17260,” Nagaraj Shetti, Technical Research Analyst, HDFC Securities, said.

Stocks to watch

Zee Entertainment Enterprises: Ace investor Rakesh Jhunjhunwala’s Rare Enterprises Ltd and BofA Securities Europe SA on Tuesday bought shares of Zee Entertainment Enterprises worth over Rs 225 crore through open market transactions. Rare Enterprises bought 50 lakh scrips at Rs 220.44 per share through bulk deal transactions on NSE. BofA Securities Europe SA purchased 48.65 lakh shares at an average price of Rs 236.2 apiece.

HCL Tech: HCL Technologies has expanded its partnership to drive digital transformation across South Korea and Taiwan. As part of the engagement, HCL will use its next-generation digital transformation and service capabilities to bring two of Finastra’s strategic products, Fusion Cash Management and Fusion Summit, to the financial services ecosystem in the region.

Ami Organics: Vanaja Sundar acquired 5 lakh shares of the newly-listed Ami Organics at Rs 910 per equity share and Vanaja Sundar Iyer bought 4 lakh shares at Rs 909.97 per share on the NSE, the bulk deals data showed.

Jindal Steel and Power: CRISIL has upgraded Jindal Steel & Power’s rating from ‘A’ with ‘stable’ outlook to ‘A+’ with ‘Positive’ outlook on the long term bank facilities and from “A2+” to “Al+” for short term bank facilities.

Hindustan Aeronautics Ltd: HAL and Rolls-Royce have signed an agreement for Make-in-India Adour engine parts to support Rolls-Royce’s international defence customer base. Through this partnership, Rolls-Royce aims to strengthen the ecosystem for Adour engines in India by building on HAL’s existing capabilities for manufacturing and supporting the Adour engines for Indian customers over several decades.

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