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

On the charts, Nifty 50 now sits at a crucial point after yesterday’s up-move that helped bulls garner much-needed strength.

Analysts recommend sticking to pockets showing strength. (Image: REUTERS)

On the charts, Nifty 50 now sits at a crucial point after yesterday’s up-move that helped bulls garner much-needed strength. “A decisive upside breakout of the hurdle of 17400-17600 levels could only change the short term negative sentiment of the market,” said 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 recommend sticking to pockets showing strength. “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,” said Ajit Mishra, VP – Research, Religare Broking.

State Bank of India: The PSU bank has signed an agreement with Adani Capital, for co-lending to farmers for the purchase of tractors and farm equipment.

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 total assets under management of Rs 1,292 crore as of March 31. The NBFC had 28,000 customers spread across 63 branches in 6 states including 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 against Anil Ambani’s debt-ridden Reliance Capital at the Mumbai bench of the National Company Law Tribunal. Reliance Capital stock has fallen 18% since November 26.

Dhanlaxmi Bank: The lender informed the stock exchanges on Thursday that part-time chairman and independent director of the bank G Subramonia Iyer has submitted his resignation from the board of directors of the bank, owing to certain urgent and emergent personal reasons. The bank has been in focus after an RBI advisory to ensure transparency in the nomination process of directors.

Tata Power: Tata Power informed bourses on Thursday that it has 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 received approval of its ANDA for Mycophenolic Acid from the US FDA, the company said. 

Ujjivan Small Finance Bank: The lender informed investors that Capital market watchdog SEBI has acceded to their request to relax the three-year minimum promoter lock-in requirement for the amalgamation with Ujjivan Financial Services.

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