Index trend and stocks in action April 16, 2019

After a positive opening, the Nifty moved at a snail’s pace and registered gains for the third day in a row. The Nifty rose 0.40 per cent to 11,690. The price action formed a small body bull candle carrying higher high-low. In the coming session, bulls need to cross their immediate hurdle of 11,710, as sustaining above this level will likely open up further upmove towards its all-time high level of 11,760. But failure to cross and sustain above 11,710 level would lead  to consolidation and sideways movement where the levels of 11,640, followed by 11,550, are likely to act as support levels.

Dr Reddy’s Laboratories: The company has received the Establishment Inspection Report (EIR) from US FDA, for its formulations manufacturing plant - 3 at Bachupally, Hyderabad.

Cipla: The company's wholly-owned subsidiary in the US, i.e. Cipla Technologies LLC and Pulmatrix have entered into definitive agreement for the development and commercialisation of Pulmazole. The transaction marks Cipla’s entry into specialty respiratory segment, building on inroads made into the specialty business in the recent past.

TCS: The company has announced that Zions Bancorporation, N.A., has completed its next phase of core transformation by successfully deploying the TCS BaNCS core banking solution for its commercial, industrial, and real estate lending businesses.

Prestige Estates Projects: The company has completed acquisition of balance stake in Babji Realtors Private Limited through subsidiary company for Rs 363.98 crore.

Deepak Fertilisers and Petrochemicals Corporation: The company has announced the commercial production of nitric acid complex at Dahej, Gujarat. The new facility, with project cost of approx. Rs 550 crore, has production capacities of 92 KTPA for concentrated nitric acid (CNA) and 149 KTPA for diluted nitric acid (DNA).

IndusInd Bank: The finance committee of the board of the bank has approved the allotment of the notes that were launched and priced on April 8, 2019, carrying a fixed coupon of 3.875% per annum, payable on a semi-annual basis, for a tenor of three years, having maturity date of April 15, 2022, through its IBU, having an issue size of USD 400 million, under the medium term note programme of the bank.

Suven Life Sciences: The board of directors of the company has approved the enhancement of investment limits in WOS in USA Suven Neurosciences, Inc. from USD 25 million upto USD 50 million to undertake clinical trials on the molecules in the pipeline.