Sensex and Nifty 50 moved higher on Tuesday as bulls attempted to recover losses suffered during the previous few sessions. However, chartists hold mixed views on what could be ahead for Nifty. Nagaraj Shetti, Technical Research Analyst, HDFC Securities believes the upside bounce may be short-lived. “The present upside bounce could be short-lived and one may expect selling pressure to emerge from the crucial overhead resistance of 17550-17600 levels in the near term,” he said. Meanwhile Rahul Sharma, Director & Head – Research, JM Financial expects more short-covering above 17,250. Support is seen at 16,920 and 17,000.
Spicejet: The Madras High Court has ordered the winding up of low-cost airline SpiceJet and asked the official liquidator to take over the airline’s assets in a case related to non-payment of dues to the tune of $24.01 million to Swiss stock corporation Credit Suisse AG.
Reliance Industries: Mukesh Ambani’s Reliance Industries Ltd (RIL) will launch a Joint Venture with Abu Dhabi Chemicals Derivatives Company RSC Ltd (TA’ZIZ) to construct and operate a Chlor-Alkali, Ethylene Dichloride (EDC) and Polyvinyl Chloride (PVC) production facility, with an investment of more than $2 billion.
Paytm: Recently listed Paytm (One 97 Communication) has opened an investment office in Ahmedabad. The office opened by subsidiary Paytm Money, is its first-ever investment office outside its Delhi headquarters with a view to target high net-worth individuals (HNIs) on Tuesday.
State Bank of India, Axis Bank: State Bank of India (SBI) and Axis Bank on Tuesday sought buyers for two separate non-performing asset (NPA) accounts. In recent months, banks have been seeking bids from asset reconstruction companies (ARCs) for bad assets which are unlikely to be resolved through the National ARC or through the insolvency route.
Hindustan Zinc: The company informed the bourses on Tuesday that its Board of Directors has approved an interim dividend of Rs 18 per share. This will amount to a total of Rs 7,605 crore.
Vedanta: Anil Agarwal led Vedanta’s subsidiary Hindustan Zinc has approved an interim dividend of Rs 7,605 crore.