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Trend Today Report (20 Feb 2018)

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husains

Husains

MARKET WRAP

Benchmark indices closed below their 100-day moving average, with the Sensex losing 236.10

points to 33,774.66 and the Nifty down 73.90 points at 10,378.40 after recovered from day's

low.

Petronet LNG, Tata Global, Vakrangee, NIIT Tech, L&T Technology, PC Jeweller, Peninsula Land

and Gitanjali Gems were down 2-10 percent.

Bhushan Steel was up 20 percent. Rain Industries, Fortis Healthcare, United Breweries, Jet

Airways and Kwality gained 3-8 percent.

BROAD MARKET INDICES

INDEX

P. Close

OPEN

HIGH

LOW

CURRENT %CHANGE

NIFTY 50

10452.30

10488.90

10489.35

10302.75

10387.30

-0.62

NIFTY NEXT 50

29501.90

29560.85

29560.85

28971.35

29158.85

-1.16

NIFTY MIDCAP 50

5131.25

5137.80

5140.50

5018.20

5076.60

-1.07

NIFTY100 LIQ15

4376.20

4386.25

4386.50

4240.70

4323.90

-1.20

Contact No. +91-903-977-7700

www.moneyclassicresearch.com

asian index

ASIAN INDEX

INDEX

OPEN

HIGH

LOW

CLOSE

%CHANGE

NIKKEI 225

21903.7

22153

21858

22149

1.94

HANG SENG

30958.7

31145

30817

31115

1.93

TAIWAN

30958.7

31145

30817

10421

0.47

SSE

3188.25

3203.5

3171.4

3199.5

0.45

INDIAN MAJOR SECTORAL INDICES

INDEX

P. Close

OPEN

HIGH

LOW

CURRENT %CHANGE

NIFTY BANK

25163.90

25324.60

25326.05

24824.55

25097.65

-0.26

NIFTY FIN SERVICE

10464.90

10539.10

10540.50

10354.70

10447.00

-0.17

NIFTY IT

12437.90

12474.15

12479.40

12228.80

12351.20

-0.70

NIFTY PHARMA

9180.90

9188.30

9198.65

8941.90

9028.20

-1.66

Contact No. +91-903-977-7700

www.moneyclassicresearch.com

stock update

STOCK UPDATE

Bhushan Steel hits 20% upper circuit post Tata Steel’s takeover

bid

Bhushan Steel hit 20 percent upper circuit on Monday as investors cheered developments

surrounding its takeover bid.Tata Steel emerged as the highest bidder for Bhushan Steel with a

surprise bid of Rs 35,000 crore. JSW Steel, which was the favorite till the end of the race, was

second placed with a bid of Rs 29,700 crore. Tata Steel’s stock fell around 5 percent intraday.

A senior bank executive aware of the development confirmed the allotment to Tata Steel and

the bid amount. Bhushan Steel is one of the 12 large corporate accounts identified by the

Reserve Bank of India that accounted for almost 25 percent of exposure to bad loans for the

entire banking sector.

The Neeraj Singal-led company had accumulated debt of over Rs 50,000 crore, of which bank

dues amounted to around Rs 44,000 crore.

“We are happy with bid offer and this is a good sign. We have provided over 50 percent. The

haircut is about 35 percent,” the banker said.

The development follows a meeting between the lenders of Bhushan Steel and the resolution

professional. According to reports, the liquidation value of Bhushan Steel stood at Rs 15,000

crore. Tata Steel and JSW Steel had submitted their bids on February 3. Initially, Tata Steel's bid

was said to close to Rs 24,000 crore.

Contact No. +91-903-977-7700

www.moneyclassicresearch.com

stock update 1

STOCK UPDATE

Gitanjali's CFO, VP & board member quit

Gitanjali Gems, which is embroiled in the Rs 11,400 crore PNB loan scam, today said two of its

senior management officials including CFO Chandrakant Karkare, and a board member have quit.

The company's Vice President (Compliance) and Company Secretary Pankhuri has resigned with

effect from February 13, while Karkare has resigned from the post of CFO effective from

February 15, Gitanjali said in a regulatory filing.

Its board member Krishnan Sangameswaran has also resigned, the company added. The

company's website was not accessible and said it was "currently undergoing scheduled

maintenance". In the regulatory filing, Gitanjali Gems informed that its Chief Financial Officer

(CFO) Karkare has resigned citing personal reasons.

In his resignation letter, Karkare said: "Recently, my wife has undergone a major surgery called

Hemicolectomy at Lilavati Hospital. The post operation recovery is not up to the expected level.

This has resulted in restriction on me carrying responsibilities as CFO and will be very difficult for

me in future. ...Kindly accept my resignation from the post of CFO with immediate effect."

Gitanjali Gems has submitted a copy of the CFO's resignation letter to the BSE.

Shares of Gitanjali Gems continued to fall for the fourth straight session today, plunging 10 per

cent as investor sentiment remained muted after the company came under the scanner of

various investigating agencies following PNB's Rs 11,400-crore fraud detection.

Contact No. +91-903-977-7700

www.moneyclassicresearch.com