Index trend and stocks in action June 03, 2019

The Nifty opened the session with a gap-up and moved up further in the initial part of the trading session. However, in a jiffy, the index saw heavy selling pressure in the afternoon session and Nifty almost lost 200 points from the high point of the day. But, in the end, Nifty managed to rebound from lower levels to end the session with a cut of 0.19 per cent at 11,923. The price action formed a bear candle carrying upper and lower shadow. In the last six trading sessions, Nifty has oscillated within the range of May 23 trading session. Going ahead, Nifty needs to sustain above the all-time high of 12,041 and, in which scenario, Nifty may test the level of 12,200 in the short term. The trend for the Nifty is clear as it has managed to hold above the opening upside gap of May 20 for nine sessions after its formation. On the downside, the last week low of 11,812 is likely to act as a good support and, therefore, any intra-day dips towards 11,812-11,830 should be used as buying opportunity.

MOIL: The prices of ferro grade, SMGR (Mn30% & Mn25%), fines and chemical grades of ore have been decreased by about 7.5% from the existing prices prevailing since April 1, 2019.

Bharti Infratel: The National Company Law Tribunal (NCLT) has sanctioned the scheme of amalgamation and arrangement between Indus Towers Limited (transferor company) and Bharti Infratel Limited (transferee company) and their respective shareholders and creditors under Section 230 to 232 of the Companies Act, 2013.

Tata Steel BSL: Tata Steel BSL has successfully completed the acquisition of Bhushan Energy Limited (BEL) in accordance with the approved resolution plan under the corporate insolvency resolution process of the Insolvency and Bankruptcy Code, 2016. Pursuant to the acquisition, the company holds 99.99% of the total equity share capital of BEL.

Axiscades Engineering Technologies: Axiscades Engineering Technologies Ltd today announced the appointment of David Bradley as chairman.

FLFL: The company has further invested by way of subscribing to 4,58,39,063 ordinary shares at a price of GBP 0.08 per ordinary share aggregating to GBP 3.67 million (equivalent to approximately Rs 32.43 crore) of Koovs plc., a company incorporated in England.

NTPC: The company has informed that Unit-1 of 800 MW of Gadarwara Super Thermal Power Station (2x800 MW) has commenced commercial operation w.e.f June 1, 2019.

Vaibhav Global: The board of directors at its meeting has considered and approved the proposal to buyback its own fully paid-up equity shares of face value of Rs 10 each from the equity shareholders of the company, being 14.85% of its paid-up share capital and free reserves as on March 31, 2019 (on a standalone basis), for an amount, payable in cash, aggregating up to Rs 72 crore.

NLC India: NLC India Limited has achieved yet another major milestone activity by lighting up the boiler of the second unit of the upcoming 2x500 MW lignite-fired Neyveli New Thermal Power Project (NNTPP) on May 30, 2019.

Dilip Buildcon: The company has executed EPC agreement with the National Highways Authority of India for Saoner-Dhapewada-Kalmeshwar-Gondkhairi, NH-547E, package-II on EPC mode in Maharashtra.

Biocon: The board of directors has fixed Thursday, June 13, 2019 as the record date to determine eligible shareholders entitled to receive the bonus shares.