Stocks in focus: GAIL, Tata Consumer Products, Heranba Industries, NTPC, Bharti Airtel, UPL

According to a technical analyst, if the market breaks the 14630/49600 level, the Nifty/Sensex could fall further on the support of 14530/49300 levels. Image: Reuters

Nifty futures were trading 71.50 points or 0.5 per cent up at 14,785.50 on Singaporean Exchange, suggesting a gap-up start for BSE Sensex and Nifty 50 on Wednesday. According to a technical analyst, if the market breaks the 14630/49600 level, the Nifty/Sensex could fall further on the support of 14530/49300 levels. However, a 50% retracement shown by the Nifty/Sensex after the announcement of the Union Budget could be a reversal for the market. “In short, there should be a buying strategy if the Nifty / Sensex falls to the 14530/14500 levels, however, if the Nifty closes below the 14500 level, it would indicate further weakness. On the upside, 14850/50350 and 14950/50750 levels would be the major obstacles,” said Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities.

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Stocks in focus today:

GAIL, Tata Consumer Products: There will be replacements in 36 indices, including Nifty 50, from March 31. The exchange’s Index Maintenance Sub-Committee (Equity) decided to make replacements in the indices as part of its periodic review. In Nifty 50, Tata Consumer Products will replace GAIL from March 31.

Zuari Agrochemicals: The Board of Directors of Zuari Agrochemicals approved the sale of its fertilizer
plant at Goa and the associated businesses by way of a slump sale to Paradeep Phosphates Ltd for a lump sum consideration (Enterprise Value) of US $280 million (over Rs 1,100 crore).

Heranba Industries IPO: Heranba Industries IPO was subscribed 84 per cent on the first day of the bidding process. The retail portion was subscribed 1.56 times. the IPO is open for public subscription between 23rd February 2021 and closes on 25th February 2021. The shares will be listed on NSE and

NTPC: NTPC informed that it has signed a share purchase agreement to buy GAIL’s 25.51 per cent stake in Ratnagiri Gas and Power Pvt Ltd (RGPPL), which is commonly known as Dabhol project. After the transaction is complete, NTPC would have 86.49 per cent stake in the RGPPL.

Bharti Airtel: Bharti Airtel and Qualcomm Technologies will be collaborating for the rollout of 5G network in India. Airtel said it will utilise Qualcomm’s open RAN-based platform to roll out virtualised networks. Airtel recently demonstrated 5G over a live commercial network in Hyderabad.

UPL: The Gujarat government issued a closure notice to UPL’s plant in Bharuch district late on Tuesday after a fire and explosion at the agrochemical plant. The incident occurred in the early hours of Tuesday at Unit 5 of UPL’s Jhagadia plant in Bharuch district. As per official sources, at least two people died, 20 were injured and five are still missing.

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