Index trend and stocks in action January 12, 2018

Nifty suffered an initial setback as cues from global markets were negative. However, the index rebounded and surged to all-time high level and closed above the 10,650 level. The price action formed a small bull candle characterised by small real body. Going ahead, a follow through move above Thursday’s high of 10,664.60 will take Nifty to the level of 10,700. On the downside, the zone of 10,580-10,600 is a crucial support zone for Nifty. In case it retraces to this zone, the dips could be used to create fresh long positions.

Shilpa Medicare: ICRA has assigned a long-term rating of ICRA A and short-term rating of ICRA A1 against the existing ratings of long-term rating of CRISIL A-/Positive and short-term rating of CRISIL A2+ assigned by CRISIL.

Bliss GVS Pharma: The Board has decided, after due deliberations, to divest the step-down subsidiary of the company, Bliss GVS Healthcare Limited, Nairobi. This decision has been made essentially to lower the dependence on Tender Driven Managed Healthcare business and focus on growing the Pharmaceuticals Business.

Indiabulls Real Estate: Indiabulls Real Estate Limited ('the Company'), through its wholly-owned subsidiary Yashita Buildcon Limited has entered into a binding and definitive agreement to acquire a prime and newly constructed commercial building, having leasable area of approx 2.5 lac sq ft in Gurugram.

Dredging Corporation of India: Company secured Rs 88.51 crore contract for dredging of channels and basin at Cochin Port.

Shree Cement: The Board of Directors approved the acquisition of majority equity stake in Union Cement Company, UAE. The Company has also signed the Definitive Agreement in this regard with the sellers.

Motilal Oswal: Motilal Oswal plans to transfer its lending business to Motilal Oswal Capital Markets.

TCS: Transamerica awarded Tata Consultancy Services a multi-year, US$2+ Billion Contract for Third Party Administration (TPA).

Texmaco Rail: The company has incorporated a subsidiary company namely Texmaco Defence Systems Private Limited.

KDDL: Ethos Limited, company’s subsidiary, has closed operations of the Ethos store.