Introduction

Incorporated in 1926, Hindustan Construction Company Limited (HCC) is the flagship company of Hindustan Construction Company Group (HCC Group) and is involved in engineering and construction of infrastructure projects such as dams, tunnels, bridges, hydro, nuclear and thermal power plants, expressways and roads, marine works, water supply, irrigation systems and industrial buildings across the country.

Observation

Yesterday Stock up by 15% with huge trading volume. stock trade above 20, 50, and 200 ema with RSI breakout on day chart after facing three-time rejection from the levels of 38. Bullish crossovers happen on 1st of March 2023. stock can retrace 53-51 for the target of (T1, T2, T3). After a long-time correction breakout, we can expect these levels that is also aligned with government announcement.

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News of the day

1. Bharti Airtel: Bondada Engineering secured an order worth 17.1 million Indian rupees from telecom company Bharti Airtel for the supply of a six-meter galvanized iron pole weighing 60 kilograms to Tamil Nadu, India,

2. Tata Elxsi entered into a memorandum of understanding with Japanese electric motors manufacturer Nidec, according to a press release filed with the Indian bourses on Tuesday. Under the deal, Nidec will use Tata Elxsi's practical expertise and resources to scale up its group-wide enhancement of its software development capability and develop software programs for India and other markets, the release said.

3. Bata India received its board's approval to close its Southcan unit in Karnataka, India, following the implementation of a voluntary retirement scheme for affected works in the previous financial year, according to an Indian bourse filing on Tuesday.

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Thu Jul 25, 2024