Index trend and stocks in action July 02, 2019

The Nifty opened the session with a gap-up and later shifted to sideways movement with a positive bias. Throughout the day, Nifty traded in a range of 54 points. At the close, Nifty settled at 11,866, up by 77 points. The price action formed a small body bull candle and Nifty managed to close above its 20-DMA. Now, going ahead, the last week’s high of 11,911 is likely to act as an immediate hurdle, followed by the 12,000 level. On the downside, Monday’s session low of 11,830 is likely to act as an immediate support and, as long as bulls manage to hold this support, it would be prudent for traders to adopt a 'buy on dips' strategy.

Cox & Kings: The working capital situation at Cox & Kings stretched in the last few months and was further impacted due to its inability to replace the short term loans with long term loans/regular working capital lines. The company is taking all required measures to resolve the temporary cash flow mismatch. It is evaluating each business and identifying ways to improve operational performance. The company is focusing on cash flow generation from each business and working at the highest priority to free working capital.

ONGC: ONGC and Indian Oil have joined hands to reduce carbon emission and enhance oil recovery.

Shree Rama Newsprint: The company has informed the exchanges that 32,000 bottles [200 ml/500 ml] per hour packaged water bottling plant of the company has been commissioned and the company has started commercial production from July 1.

Vikas WSP: Bajrang Dass Aggarwal, promoter of the company, has sold 60,00,000 shares for taking a loan for placing orders for plant and machinery for gluten free plant. These shares will not be offered for re-sale in the market by the financier and will be received back on payment of the loan. As the result of the sale, the promoter's shareholding has been reduced from 17.86 per cent to 14.92 per cent.

Karnataka Bank: The bank has launched a web tool named VASOOL SO-Ft (VASOOL SOFAST) for digitalising NPA recovery process.

HCL Technologies: HCL Technologies has announced close of acquisition of select IBM products.

Apollo Pipes: The company has announced its sales performance for the quarter ended June 30, 2019. The company’s overall sales volume stood at 13,953 MTPA, compared to 11,639 MTPA in Q1 FY19, registering a healthy growth of 20 per cent. The growth was fuelled by contribution from the cPVC and HDPE pipe segments.

Prakash Industries: The company has received the grant of surface right permission to operate Sirkaguttu iron and manganese mines in Keonjhar district of Odisha.

Bharti Airtel: The merger of the consumer mobile businesses of Tata Teleservices Limited (TTSL) and Tata Teleservices (Maharashtra) Limited (TTML) into Bharti Airtel Limited and Bharti Hexacom Limited (Airtel) has been completed.

Nitin Spinners: The company has informed that the commercial production on spinning and weaving units at Bhanwaria Kalan dist. Chittorgarh, Rajasthan, has commenced.