NCLT stays Reliance Infratel asset sale to Jio until further orders

Market - The Mumbai bench of the National Company Law Tribunal (NCLT), on Monday evening, stayed the sale of Reliance Infratel Ltd’s (R-Infra) assets until further orders. The NCLT also dismissed petitions filed by Reliance Infratel which sought to put a stop to the tribunal’s hearings on the proposed sale of its assets to a third-party, in lieu of debt resolution.

Reliance Infratel is a subsidiary of Anil Ambani led Reliance Communications (RCom). The company plans to sell its assets, through a binding agreement, to Reliance Jio Infocomm Ltd (RJio) as per a debt resolution plan approved by lenders in December 2017. Reliance Jio is controlled by Mukesh Ambani, Anil Ambani’s older brother.

The NCLT Mumbai bench heard the petition filed by the overseas investors of Reliance Infratel, wherein the lead petitioner in the case HSBC Daisy Investments (Mauritius) Ltd, who along with the other shareholders, has alleged oppression of minority shareholders and mismanagement under Section s397 and 398 of the Companies Act, 1956.

Reliance Infra Stock Price

Nifty may break below 9,685 ahead of F&O expiry: Prabhudas Lilladher

STOCK MARKET - Few trading ideas by Vaishali Parekh, Research Analyst - Technical Research at Prabhudas Lilladher:

NIFTY VIEW
Nifty succumbed to selling pressure after touching 9,900 and North Korean missile testing further triggered the intensity of the fall. The level of 9,685 on the downside is at risk and a breach of that level can be anticipated before the F&O expiry. However, the support for the day is seen at 9,750 while resistance is seen at 9,840.
 
BUY RBL BANK    
CMP: Rs 531.55      
TARGET: Rs 565      
STOP LOSS: Rs 510

The stock after making a bottom at around Rs 475 has recovered significantly and thereafter witnessed a consolidation phase for some time. It has produced a positive bullish candle indicating strength and potential to rise further upward. The RSI indicator has indicated a trend reversal signaling a buy supported by tremendous volume participation and hence we recommend a buy in this stock for an upside target of Rs 565 keeping a stop loss of Rs 510.

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Buy Reliance Infra, Mahindra CIE, IRB Infra, says Prabhudas Lilladher

SHARE MARKET - Few trading ideas by Vaishali Parekh, Research Analyst - Technical Research at Prabhudas Lilladher:

BUY RELIANCE INFRA
CMP: Rs 526
TARGET: Rs 570      
STOP LOSS: Rs 502
The stock has witnessed a steep correction from the peak of Rs 620 to fall to Rs 436 levels and thereafter has recovered significantly and has gained strength to retrace almost 50%. It has produced a healthy positive candle now and the RSI has shown a trend reversal signaling a buy in this stock. We anticipate the stock to move further upward and with decent volume participation witnessed, we recommend a buy in this stock for an upside target of Rs 570 keeping a stop loss of Rs 502.


BUY MAHINDRA CIE AUTOMOTIVE      
CMP: Rs 251.70      
TARGET: Rs 274      
STOP LOSS: Rs  235
The stock has been gradually on the rise gaining potential and strength to signify more upward rally in the coming days and with the RSI also indicating a trend reversal on the positive side, we anticipate the stock to rise further to reach new targets. With good volume participation and also MACD on the rise, we recommend a buy in this stock for an upside target of Rs 274 keeping a stop loss of Rs 235.

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