Index trend and stocks in action August 06, 2018

Friday turned out to be a fabulous day of trade for the NSE benchmark Nifty as it surged over 100 points to close above the 11,350 level. The price action formed a long bull candle. In Monday’s session, we expect Nifty to carry on its upward momentum, but we cannot overlook the fact that two of the leading indicators RSI and stochastic oscillator remains overbought on the weekly time frame and this may result in a cool-off at higher levels. Going ahead, the level of 11,400 remains a key hurdle to watch on the upside and failing to pierce this level on a closing basis could lead Nifty to take couple of day’s temporary breather. Under this situation, the zone of 11,200-11,230 is likely to act as a key support area.  

Wipro: Wipro and National Grid have settled a lawsuit in the US . 

Quess Corp: The company has entered into a memorandum of understanding (MoU) with Andhra Pradesh Economic Development Board ('APEDB') to setup a skill university in the state. 

ICRA: The board meeting is scheduled to be held on August 9 to approve June quarter results and also to consider a proposal for buy-back of fully paid-up equity shares. 

TCS: The shareholders have approved the buyback of equity shares. The company has fixed August 18 as record date for determining the entitlement and the names of eligible equity shareholders. 

Valecha Engineering: The company has bagged order worth Rs 57.61 crore. 

Adani Enterprises: The company incorporated a wholly-owned subsidiary Adani Agri Logistics (Dahod) will develop, operate and maintain silos for storage of food grains at Dahod on DBFOO basis under the PPP mode. 

Premier Explosives: The company has bagged an order from Singareni Collieries Limited. 

Puravankara:  Puravankara’s Goa arm has received bookings for more than 800 units of residential project. 

ENIL: The company has commenced broadcast from its radio station at Bharuch (92.3 FM) acquired under Phase 3 auctions.  

Birla Corporation: The board of directors of RCCPL Pvt Ltd (formerly known as Reliance Cement Company Private Limited, a wholly-owned subsidiary of Birla Corporation Ltd) at the board meeting has approved the proposal to set up a 3.90 million tonnes greenfield integrated cement plant at Mukutban (Maharashtra) with 40 MW captive power plant and 10.60 MW waste heat recovery system. 

Indian Hume Pipe: The company has received letter of award for work order of Rs.468.58 crore from Karnataka Power Corporation Ltd., Bengaluru, for manufacturing and supplying to site, laying, jointing, testing and commissioning of 1600/1700 mm dia PCCP pipeline and construction of appurtenant works for the water supply pipeline from Kushtagi to Bellary thermal power plant approximate length 103 km . 

Thyrocare Technologies: The board has decided to buy back equity shares for an amount not exceeding Rs 63 crore (14.97 per cent of equity capital) from shareholders (other than promoters & promoter group) at a price of Rs 730 per share through open market route through stock exchanges. 

JBM Auto: JBM 'Citylife' buses will be rolled out by Gurugram Metropolitan City Bus Ltd. (GMCBL) .