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| CAPITALSTARS INVESTMENT ADVISER |
Morning news and update
After showing sharp weakness in the early part of the trading session, in the second half, buying was seen at lower levels and the index recovered about 140 points from the lows of the day to end the day with modest gain. The price action formed a bull candle with long upper and lower shadow, which resembles a high wave type candle. We continue to advise traders to avoid taking aggressive short positions in the index as the index has witnessed sharp bounce from the lower levels, not once, but twice in the last two trading sessions. Also, given that the leading indicator RSI is placed in the oversold territory, it makes sense to refrain from creating aggressive shorts. On the downside, support is placed at 10,806 level, which is 61.8 per cent retracement of October-June rally. On the other hand, formation of higher high-low confirmed by decisive close above the identical highs of the last two trading sessions, which is placed at 11,080 level, would give first indication of respite in the ongoing downward momentum.
Relaxo Footwears: The company at its meeting has considered and approved the addition of capacity by setting up new plant at the Bhiwadi unit. The total investment required for installation of the proposed plant is Rs 90 crore.
Indian Overseas Bank: The Financial intelligence Unit, Department of Revenue, Ministry of Finance, Government of India, has levied a penalty of Rs.10.40 lakh on the bank for delay in filing of certain threshold based reports. Additionally, the Reserve Bank of India has levied a penalty of Rs 2.50 crore on the bank for two accounts for non-compliance with RBI directions on frauds declaration/reporting.
PNC Infratech: The company has announced receipt of Rs 145.27 crore towards an arbitration award in a NH project.
Corporation Bank: The Reserve Bank of India has imposed penalty of Rs 50 lakh on the bank for delay in reporting frauds.
Federal Bank: Reserve Bank of India has imposed penalty of Rs 50 lakh.
Reliance Industries: Reliance Industrial Investments and Holdings Limited, a wholly-owned subsidiary of Reliance Industries Limited, has entered into an agreement for acquisition of equity shares of Shopsense Retail Technologies Pvt. Ltd. for a cash consideration not exceeding Rs 295.25 crore.
SBI: Reserve Bank of India has imposed penalty of Rs 50 lakh.
Tata Power: Tata Power and Tata Motors have announced their partnership for installing 300 fast charging stations by the end of the FY20 across key five cities, namely, Mumbai, Delhi, Pune, Bangalore and Hyderabad.
Bank of Baroda: Reserve Bank of India has imposed a penalty of Rs 50 lakh on the bank for delay in reporting fraud in one of the borrowers account.
Adani Power: Adani Power announced the completion of acquisition of GMR Chhattisgarh Energy Ltd, which owns and operates a 1,370 MW (2X685 MW) supercritical power plant at Raikheda village, Raipur district, Chhattisgarh.
BEML: BEML has received further orders for metro coaches from Delhi Metro Rail Corporation Limited for MMRDA Mumbai line 2 & 7 for additional 21 train sets (126 nos.) valued at Rs 834 cr. approx..
Cox & Kings: The company has defaulted on Rs 100 crore worth of commercial papers.
Jubilant Life Sciences: The company has issued commercial papers worth Rs 40 crore.
Punjab & Sind Bank: A NPA account, viz. Fairdeal Supplies Limited, with outstanding dues of Rs 40.49 crore has been declared as fraud and reported to RBl as per the regulatory requirement.
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