Index trend and stocks in action April 25, 2018
NSE benchmark Nifty opened flat and remained range-bound for the initial part of the trading session. However, buying was seen in the later part of the session and Nifty managed to close above the 10,600-mark. The price action formed a bull candle. Going ahead, we expect the market to consolidate and continue to face resistance around the zone of 10,630-10,650. A sustainable move above this major hurdle could lead to further upside up to the level of 10,705, which is 61.8 per cent retracement level of the recent downmove from the high of 11,172 to 9,952. On the downside, immediate support is seen around the level of 10,560, which is 50 per cent retracement of the recent downmove from the high of 11,172 to 9952 followed by 10,530. The RSI on the daily chart has a reading of 65.42 and it has marked a 14-period high, which is bullish.
Bharti Infratel: The combination of Bharti Infratel and Indus Towers by way of merger will create a pan-India tower company, with over 163,000 towers, operating across all 22 telecom service areas in India. The combined company will be the largest tower company in the world outside China.
Oberoi Realty: The Board of Directors at their meeting has recommended a dividend of Rs 2 a piece and issuing of NCDs to the tune of Rs 1,500 crore. It has also approved issue of shares up to Rs 2,000 crore through QIP.
Raymond: The Board of Directors have approved development of 20 acres of land for residential purposes. The project is expected to be developed over a period of 5/6 years. The estimated project expenditure in FY19 will be in the range of Rs. 300 crores. The Company has secured major regulatory approvals and other construction related approvals are in process.
Zensar Technologies: Zensar Technologies Board approves stock split of equity shares in the ratio 5:1.
Autoline Industries: The Company entered into Memorandum of Understanding with T. S. ENG. CO. LTD, Korea ("Tae Sung") for getting technical assistance for low cost manufacturing of stamping die, prototype parts, pedal box, automotive camera etc. and to collaborate with Tae Sung for the development of products as well as markets local and overseas.
HIL: Company has commenced the commercial production of its 'SWR (Soil, Waste & Rain) Pipes and Pressure Pipes' at Golan Plant, Gujarat.
Strides Shasun: The company will Divest Its Stake In Stride Chemicals For Rs 131 crore.
Indian Metals and Ferro Alloys: All furnaces at Therubali Unit have been shut down.
Fortis Healthcare: Radiant Life revises offer for Fortis Healthcare.