The benchmark indices closed on a positive note for the second consecutive day during the previous trading session amid buying in metal, oil & gas, power and IT stocks. At close, Sensex was up 388.76 points or 0.70 per cent at 56,247.28 and Nifty was up 135.50 points or 0.81 per cent at 16,793.90.
“Nifty is currently placed on the edge of important overhead resistance around 16,800-17,000 levels (previous swing low and 200 day EMA). Previously, this zone offered significant support for the market and resulted in a strong bounce back ,” said Nagraj Shetty, Technical Research Analyst, HDFC Securities.
Here are the stocks to look for in trade today:
Bharti Airtel
The stock fell more than one percent on February 28. Shareholders approved the issue of preference shares to Google for its Rs 7,500 crore investment and the telecom company entered into an agreement with Vodafone Plc to buy equity interest in Indus Towers. Bharti Airtel will buy a 4.7 per cent stake in Indus Towers from Vodafone Plc, the former said in an exchange filing on Friday.
rain industry
The share price was up more than 7 per cent after the company reported a consolidated net loss of Rs 97 crore in the December quarter, up from Rs 307 crore in the year-ago period. However, the company’s net sales jumped 52 per cent to Rs 4,026 crore from Rs 2,640 crore in the same period last year, while adjusted EBITDA grew by almost 13 per cent to Rs 541 crore. The EBITDA margin declined to 13.4 per cent from 18.2 per cent in the year-ago quarter. The company follows a January-December fiscal year. The company said that profit before tax declined 49.8 per cent to Rs 223.46 crore in the fourth quarter.
root mobile
Its subsidiary Rootsum Solutions FZE (RSL FZE) has successfully completed the acquisition of MR Messaging FZE based in UAE. With this, MR Messaging has become a wholly owned subsidiary of RSL FZE and a Stepdown subsidiary of Root Mobile.
Panacea Biotech
The company will sell its subsidiary’s pharmaceutical formulation brand to Mankind Pharma. The total value of the transaction is Rs 1,872 crore. The Company and its ingredients subsidiary Panacea Biotec Pharma (PBPL) have entered into definitive agreements for the transaction. This stake sale is in line with the company’s strategic plan to become debt-free and focus on exports of pharmaceutical formulations to the US and other international markets, besides the vaccine business in global markets.
DB Realty
The Supreme Court has allowed the real estate company to develop land in Mumbai. The decision makes available 22,000 square meters of freehold in a commercial area in Mumbai for development to its subsidiary, Esteem Properties. The company intends to develop the land into 2 million square feet (leaseable area) of Grade A office space over the next three years.
Vedanta Fashions
Ethnic wear brand Manyavar Operator posted a healthy 24.1 per cent year-on-year growth in consolidated profit of Rs 127.8 crore on strong sales and operating income for the quarter ended December 2021. Revenue grew 28 per cent year-on-year to Rs 384.8 crore. , The company reported a 24.5 per cent year-on-year growth in EBITDA for the quarter at Rs 191.5 crore.
Huhtamaki India
The packaging solutions firm reported a loss of Rs 13.52 crore for the December 2021 quarter as against profit of Rs 5.08 crore in the corresponding period of the previous fiscal. But the topline grew nearly 19 per cent year-on-year to Rs 661.6 crore in Q4CY21.
Vipul Organics
Special Chemicals Company in its 50th year of operation has recommended Bonus Equity Shares to its shareholders and Employee Stock Option Scheme for its employees. The company will issue one bonus share for every four shares held by the shareholders and will also issue 2 lakh options to eligible employees.
Lemon Tree Hotel
The company has signed a license agreement for a 41-room hotel in Mukteshwar, Uttarakhand. The hotel is expected to be operational in July 2022. The hotel is owned by The Alpine Chalet Resort. Its subsidiary Carnation Hotels and the hotel management arm will operate and market the hotel.
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