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Stocks to look out for today: 13 OCT 2017

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During the previous trading session, Nifty opened the session on optimistic note and as the day progressed it continued to trade higher and end the session near day’s high. Nifty managed to close above its 78.6% retracement and it went past its swing high of 10,067. Day’s action formed a sizeable bull candle. Going forward, the index is approaching towards the level of 10,138 and 10,179. On the other hand, immediate support for index is pegged at levels of 10,040 followed by 9,990. The daily RSI is in rising trajectory and has entered bullish zone with current reading of 61 level.

Stocks to look out for today:

Indiabulls Housing Finance: OakNorth Bank has secured investment of £154 Mn (USD 203 Mn) from 3 investors – Clermont Group, Toscafund & Coltrane-for a 16% stake valuing it at £962 Mn (USD 1,270 Mn). Company’s approx. 30% stake is now valued at USD 380 Mn, against the original investment of USD 100 Mn. Thus, in under 2 yrs IBHFL’s investment has multiplied by 3.8x.

Bharti Airtel: The Board of Directors in its meeting has approved the Scheme of amalgamation between Tikona Digital Networks and Bharti Airtel and their respective shareholders and creditors (under section 230-232 of the Companies Act, 2013).

Sun Pharma: A wholly-owned subsidiaries of the company has agreed to increase its shareholding in Ranbaxy Malaysia Sdn Bhd, Malaysia, by way of purchase of 666,985 shares of face value of MYR 1.00 each (equivalent to 8.3%) of Ranbaxy Malaysia Sdn Bhd.

Shriram EPC: Company has been awarded with multiple orders worth Rs. 349 crores.

Piramal Enterprises: Company approves raising Rs. 2,000 crore through a right issue.

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