State Bank of India, ITC, Infosys, HDFC among stocks in focus

On the charts, a small positive candle was formed at the lows with minor upper and lower shadow, technical analysts said.

Stocks in news
Resistance for the broader Nifty 50 is around 17500 and next 17650 levels. Immediate support is placed at 17200 levels. (Image: REUTERS)

Domestic markets continued to slip on Tuesday as bears tightened their grip on Dalal Street. On the charts, a small positive candle was formed at lows with minor upper and lower shadow, said Nagaraj Shetti, Technical Research Analyst, HDFC Securities. “Technically, this pattern indicates a formation of high wave-type candle patterns. Normally, such a pattern after a reasonable weakness alerts for trend reversal. Confirmation is required for the reversal pattern,” he added. Resistance for the broader Nifty 50 is around 17500 and next 17650 levels. Immediate support is placed at 17200 levels.

ITC: The cigarette to hospitality conglomerate held its first analyst meet. The company did not give details of any planned demerger of business but has not ruled out the possibility of the same. 

Infosys: IT major Infosys said that as part of a strategic partnership, a subsidiary of the company is acquiring 100% of the share capital of Singapore Telecommunications Limited’s (Singtel) delivery center in Malaysia – Global Enterprise International Malaysia to bolster Infosys’ presence in Malaysia, a strategic delivery and sales hub in South East Asia for global clients. 

HDFC: Housing Development Finance Corporation (HDFC) has invoked 50 lakh pledged shares of Ansal Housing. The move was an effort to recover outstanding dues. 

Natco Pharmaceuticals: Natco Pharma said that the company has acquired Dash Pharmaceuticals LLC, USA, through one of its subsidiaries for cash consideration of $18 million.

State Bank of India: SBI on Wednesday morning said that its Executive Committee of Central Board of the Bank has accorded approval for exploring possibilities to offload a 6% stake of the Bank in SBI Funds Management Private Limited through IPO route. Further, the lender has said that it has raised Rs 3,974 crore through allotment of Basel-iii compliant Non-convertible debt instruments.

Mold-Tek Packaging: The company said that the QIP committee of the company has accorded approval to the opening of the QIP at a floor price of Rs 722.4 per share. 

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