Twelve stocks in focus in Wednesday morning trade

NEW DELHI: Indian shares are likely to trade in a range with a negative bias on Wednesday tracking mixed Asian markets ahead of the crucial central banks meet at the Jackson Hole on Friday.
“The 50-share Nifty index witnessed support in the range of 5320 – 5300 levels and closed above short term moving average on Tuesday,” Mitesh Thacker of miteshthacker.com.

“The index has immediate support at 5260 level, trading below 5260 levels index can fill up the rising gap (witnessed on 6th Aug 2012) placed in the range of 5260--5220 levels,” he added.

Thacker is of the view that on the upside index has resistance at its near term moving average placed at 5365, followed by 5400 levels.

Here is a list of twelve stocks that are likely to be in action in morning trade today

1) Jindal Steel and Power Ltd after the deal to acquire Canada 's CIC Energy for about CAD 116 million (over Rs 600 crore) has been approved by the shareholders of Canadian firm.

In a filing to the Toronto Stock Exchange (TSX), CIC said the deal was "approved by the shareholders of CIC Energy at the special meeting of shareholders held on August 27. Approximately 97 per cent of the votes cast at the meeting were voted in favour of the proposed acquisition."

2) GMR Infrastructure Ltd, after the GMR Group is planning to bring down stake in its holding company. The current promoter holding in GMR Infrastructure is 72 per cent.

The Bangalore-based group is also going to sell up to 49 per cent stake in GMR Highways, one of the three infrastructure holding companies, besides GMR Airports and GMR Energy.

3) NMDC Ltd, after the iron ore miner has sought shareholders' approval for amendment in its Articles of Association which will enable it to launch share buy-back offer, a move that is needed to conform with a government directive on the same.

4) Wockhardt Ltd, after the company said that it has received US FDA approval for marketing a generic version of extended—release tablets containing Ropinirole hydrochloride, which is used in the treatment of Parkinson’s disease.

5) Tata Sponge Iron Ltd, after Tata Steel has raised its stake in the firm to 51 per cent following purchase of 11.26 per cent stake or 17.34 lakh shares through a voluntary open offer.

6) Hindustan Petroleum Corporation Ltd ( HPCL), after the company announced hike in CNG prices by Rs 3.90 per kg here. The oil and gas PSU operating with a network of 22 gas stations here will now be selling CNG at Rs 56.90 per kg.

7) JSW Steel Ltd, after the company has dropped plans to raise up to USD 275 million through overseas borrowings as it did not get necessary regulatory clearances, the company said today.

In a separate report, JSW Steel is likely to merge JSW Ispat with itself and an announcement is likely in 2-3 weeks. JSW Steel had acquired 41 per cent stake in debt-ridden Ispat Industries in December 2010, for about Rs 2,157 crore and subsequently renamed it as JSW Ispat.

8) Escorts Ltd, after the tractor maker announced a 2-3 per cent hike in tractor prices with effect from September 1. The increase in prices is due to rising input costs especially that of the raw materials like steel, the company said in a statement.

9) ONGC Ltd, after the company has signed an initial business agreement on LNG with Japan's Mitsui Group, chairman Sudhir Vasudeva said on Tuesday.

10) Kingfisher Airlines Ltd, after pilots of near-bankrupt airliner has decided to strike work indefinitely from Wednesday over non-payment of salaries.

11) Tech Mahindra Ltd, after Billionaire Sunil Bharti Mittal-led Bharti Group is in advanced discussions to sell Comviva Technologies, a mobile financial and value-added services (VAS) solution provider, to Tech Mahindra, the Mahindra group's IT arm, for around Rs 750 crore.

12) Sun Pharmaceutical Industries, after the company said that the American health regulator has approved resumption of manufacturing operations at its US-based subsidiary, Caraco for two drugs after inspections of facilities early this year.