Buzzing Stocks | Adani Ports, Tata Communications and others that will be in focus today

Adani Ports and Special Economic Zone | India’s largest private ports & logistics company Adani Ports has received a Letter of Intent from Sri Lankan government to develop and operate the west container terminal (WCT) of Colombo Port in Sri Lanka in a consortium. “Adani Ports will partner with Sri Lanka’s largest diversified conglomerate John Keells Holdings and with the Sri Lanka Ports Authority (SLPA) as a part of the consortium awarded this mandate,” the company said in a filing to exchanges. “The WCT will be developed on a build, operate and transfer basis for a period of 35 years as a public-private partnership. Adani Ports will hold 51% in the terminal partnership and WCT will be developed to reach a capacity of 3.5 million TEUs. “WCT will have a quay length of 1,400 meters and alongside depth of 20 meters, thereby making it a prime trans-shipment cargo destination to handle ultra large container carriers,” Adani Ports said. The announcement was made post market hours, so the stock did not react to the news development. It closed 1.11 percent lower at Rs 719 on March 15. It hit a 52-week high of Rs 768.40 on March 8, 2021, and a 52-week low of Rs 203.40 on March 23, 2020. The market-cap of the company stands at Rs 1.46 lakh crore. In terms of technical charts, the current rating by Moneycontrol on the stock is very bullish. The important support levels for the stock are placed at Rs 723.30-716.43, while resistance is placed at Rs 745.53-752.40, data on moneycontrol.com showed.

Shipping Corporation of India | Life Insurance Corporation of India sold 2.01 percent stake in state-owned Shipping Corporation of India through open market transaction. The life insurance major reduced stake in the company to 8.04 percent from 10.05 percent earlier. The stock closed 1.81 percent higher at Rs 123.50 on March 15. It hit a 52-week high of Rs 134.60 on March 4, 2021, and a 52-week low of Rs 31.65 on March 24, 2020. The market-cap of the company stands at Rs 5,752.62 crore, as of March 15. In terms of technical analysis, the current rating by Moneycontrol on the stock is very bullish. The important support levels for the stock are placed at Rs 120.49-119.28 while resistance is placed at Rs 124.38-125.59, data from Moneycontrol.com showed.

Tata Communications | The offer for sale (OFS) of the government’s stake in Tata Communications (TCL) will open on March 16, said the Union Ministry of Communication and Information Technology in a regulatory filing on March 15. The central government would divest 10 percent shares in TCL, along with an “additional 6.12 percent as Green Shoe Option”, said the official Twitter handle of Secretary, Department of Investment and Public Asset Management (DIPAM). The offer for sale would be available only for non-retail investors on March 16. The retail investors would be allowed to bid for the government stake on March 17, which will be the second day of the sale. Currently, the government holds 26.12 percent stake in TCL, while 34.8 percent stake is held by Panatone Finvest Ltd, and 14.07 percent is owned by Tata Sons. The announcement was made late in the evening so the stock did not react to the development. It closed at Rs 1,297.30, up Rs 7.55, or 0.59 percent on March 15. In terms of technicals, the current rating by Moneycontrol on the stock is very bullish.

Max Healthcare | The company has acquired an additional 42.8 percent stake (1,26,00,000 equity shares) in subsidiary, Saket City Hospitals, for $ 64 million from Kayak Investments Holding. Max Healthcare Institute Limited held 57.2 percent of the equity share capital in Saket City Hospitals Limited, and the remaining 42.8 percent was held by Kayak Investments. “Pursuant to the share purchase transaction, SCHL is a wholly-owned subsidiary of the Company (Max Healthcare) with effect from March 15, 2021,” the company said in an exchange filing. The announcement was made post market hours so the stock did not react to the development. The stock closed at Rs 201.95, down Rs 4.40, or 2.13 percent on March 15. It has touched an intraday high of Rs 207.65 and an intraday low of Rs 195.40. In terms of technicals, the current rating by Moneycontrol on the stock is very bullish with Moving Averages and Technical Indicators being bullish. FII/FPI or Institutions have been increasing their shareholding in the company every quarter for the past three quarters.

NIIT | The US subsidiary, NIIT (USA) has signed a managed services agreement with a US-based financial services organisation (an existing client) to provide a range of learning services. The term of the agreement is 5 years. “Both companies see this as a significant partnership to transform the effectiveness and efficiency of regulatory and compliance learning within the financial services sector,” NIIT said in a filing to exchanges. The development took place post market hours, so the the stock did not respond to it. The stock closed 0.80 percent lower at Rs 186.20 on March 15. It hit a 52-week high of Rs 210.50 on January 6, 2021, and a 52-week low of Rs 53.55 on March 23, 2020. The market-cap of the company stands at Rs 2,650.46 crore. In terms of technical analysis, the current rating by Moneycontrol on the stock is Neutral. The important support levels for the stock are placed at Rs 187.21-186.55, while resistance is placed at Rs 189.35-190.01, data from Moneycontrol.com showed.

HFCL | Optical fiber cable manufacturer HFCL will acquire up to 50 percent stake in Nimpaa, keeping in line with thrust on addition of new telecom network products in the field of communications, specifically aramid reinforced plastic (ARP) rods. The company has signed a share subscription and shareholders’ agreement with Tamil Nadu-based cable reinforcement solutions company Nimpaa Telecommunications and its promoter shareholders. “In terms of the agreement, the company intends to acquire up to 50 percent of the paid-up equity share capital of Nimpaa, in one or more tranches, by way of subscribing its equity shares,” said HFCL in a BSE filing. “ARP rods will be manufactured and supplied by Nimpaa for HFCL, its subsidiaries and associate companies’ captive consumption,” HFCL said. The stock closed 1.41 percent lower at Rs 27.90 on March 15. It hit a 52-week high of Rs 34.75 on January 15, 2021, and a 52-week low of Rs 8.15 on March 24, 2020. The market-cap of the company stands at Rs 3,583.41 crore. In terms of technical analysis, the current rating by Moneycontrol on the stock is Neutral. The important support levels for the stock are placed at Rs 28.18-27.91, while resistance is placed at Rs 29.06-29.33, data from Moneycontrol.com showed.

Mishra Dhatu Nigam | The company’s board of directors have declared an interim dividend of Rs 1.20 per equity share of Rs 10 each for the financial year 2020-21, the state-owned company said in a filing to exchanges. The stock closed 0.75 percent lower at Rs 192.65 on March 15. It hit a 52-week high of Rs 236.55 on April 17, 2020, and a low of Rs 135.20 on March 24, 2020. The market-cap of the company stands at Rs 3,609.11 crore. In terms of technical analysis, the current rating by Moneycontrol on the stock is Neutral. The important support levels for the stock are placed at Rs 193.27-192.18, while resistance is placed at Rs 196.83-197.92, data from Moneycontrol.com showed.

Infibeam Avenues | Investor Ravi Omprakash Agrawal sold 70,74,550 equity shares of the e-commerce and digital payments player at Rs 97.53 per share, the bulk deals data available on the National Stock Exchange showed. Ravi Agrawal had also sold 50,07,278 equity shares in the company at Rs 98.95 per share on March 12 and 33,75,648 equity shares at Rs 94.36 per share on March 9, 2021, the bulk deals data available on the moneycontrol.com showed. The stock closed 0.71 percent lower at Rs 97.60 on March 15. It hit a 52-week high of Rs 107.05 on March 1, 2021, and a 52-week low of Rs 25.25 on March 24, 2020. The market-cap of the company stands at Rs 6,495.54 crore. In terms of technical analysis, the current rating by moneycontrol on the stock is very bullish. The important support levels for the stock are placed at Rs 96.37-92.33, while resistance is placed at Rs 109.43-113.47, data from Moneycontrol.com showed.

Usha Martin | Promoter Peterhouse Investments and other promoters reduced stake in leading wire rope manufacturer to 3.90 percent from 3.98 percent via open market transaction. Promoters sold 2.3 lakh equity shares, representing 0.075 percent of total paid-up equity capital of the company, Usha Martin said in a BSE filing. The stock closed 3.5 percent lower at 31.75 on March 15. It hit a 52-week high of Rs 38.80 on January 4, 2021, and a 52-week low of Rs 10.50 on March 25, 2020. The market-cap of the company stands at Rs 967.56 crore. In terms of technical, the current rating by Moneycontrol on the stock is Neutral. The important support levels for the stock are placed at Rs 32.33-31.84, while resistance is placed at Rs 33.94-34.43, data from Moneycontrol.com showed.

Astron Paper & Board Mill | Astron Paper in its BSE filing said Parth Patel has tendered his resignation as the Chief Financial Officer of the company with effect from April 20, 2021. The stock closed 0.47 percent lower at Rs 42.70 on March 15. It hit a 52-week high of Rs 59.50 on December 9, 2020, and a low of Rs 24.15 on March 24, 2020. The market-cap of the company stands at Rs 198.56 crore. In terms of technical analysis, the current rating by Moneycontrol on the stock is very bearish. The important support levels for the stock are placed at Rs 42.35-41.94, while resistance is placed at Rs 43.69-44.10, data from Moneycontrol.com showed.