Index trend and stocks in action February 08, 2018

Nifty witnessed a gap-up opening; but the gains turned out to be short-lived as Nifty failed to cross the level of 10,620 and it ended the session below the 10,500-mark. The price action formed a sizeable bear candle and the opening upside gap was filled completely. Going ahead, the levels of 10,550-10,560 would be seen as immediate hurdle, followed by 10,620 and unless index does not climb this wall, we are likely to see volatile movement with a negative bias. On the lower side, 10,440 remains to be a crucial support level and a move beyond 10,440 would extend the correction up to the levels of 10,400-10,370.  

SRF: Board has approved a capex for setting up of a BOPET film line in a new entity to be incorporated as a wholly-owned subsidiary of the company in Europe at a cost of Euro 58 million to be financed by loan and/or internal accruals. The new capacity is being set up to serve customers in Europe, Russia and other markets. 

Corporation Bank: The board of the bank at its meeting scheduled on February 12 will consider the proposal for raising equity capital by way of preferential allotment of equity shares to Government of India to the tune of Rs. 2,187 crores.   

SML Isuzu: Company at Auto Expo 2018, unveiled new range of trucks named as 'Global Series' (GS) and a new vehicle under passenger category. These vehicles are in the existing GVW tonnage range and are expected to be launched shortly in the market. 

CG Power and Industrial Solutions: CG Power has bagged an order of Rs. 107 crore from Energy Efficiency Services (ESSL), Power Ministry, Government of India, for low voltage Motors. 

Piramal Enterprises: Piramal Enterprises said Bain Capital will acquire 50 per cent stake in subsidiary India Resurgence Asset Management Business. 

Prestige Estate: Prestige Estates enters into Rs. 2,500 crore Platform Deal with HDFC for taking up real estate development across various geographies in the affordable/mid-income housing segment. 

Union Bank of India: Union Bank of India to allot shares worth Rs. 4,524 crore to the government on a preferential basis. 

Dilip Buildcon: Dilip Buildcon incorporated a new SPV for the rehabilitation and upgradation of National Highway 5. 

3i Infotech: 3i Infotech allotted 1.46 crore shares and 2.56 crore non-convertible class B preferential shares to Oriental Bank of Commerce pursuant to scheme of restructuring.