Index trend and stocks in action June 06, 2019

The Nifty index remained majorly in the grip of bears and ended the session with loss of 0.55 per cent at 12,022. The price action formed an inside bar as the price traded within high-low range of the previous trading session. We are repeatedly mentioning that Nifty is likely to reach 12200-12320 level in the current uptrend as long as it holds above the crucial level of 11,920. The fundamental rule of a technical trader is: as long as the price does not make any lower low or lower high, continue with the current uptrend and wait till the price closes below the previous day's low to exit the current long positions. With this rule in mind, keep a stop loss at the previous day’s low and continue the long positions for the targets of 12200-12320. In case Nifty falls below the 11,920 level, better keep away from taking fresh long positions. Volatility is likely to remain elevated in the second half of the trading session as the RBI would be announcing the monetary policy, which would provide further direction to the markets.

Hindustan Petroleum Corporation: The company has clarified with respect to the news article appearing on a media channel that excise department has issued a show cause notice seeking additional payment of excise duty from the Visakhapatnam refinery. The company has stated that the demand is not tenable legally and it will suitable reply to the show cause notice. The company has stated that it is following a legally tenable established practice which is in line with the oil industry and it does not envisage any additional duty liability.

PSP Projects: The company has received new work orders worth Rs. 155.61 crore (excluding GST) during the financial year 2019-20 (till date) for institutional, industrial and residential projects from various clients.

Wipro: The company has announced that it has signed a definitive agreement to acquire international TechneGroup lncorporated (lTl), a global digital engineering and manufacturing solutions company.

TCS: TCS and Star Alliance celebrate 15 years of partnership with new digital transformation initiatives.

HEG: The last tranche of acquisition of shares of Bhilwara Energy Ltd by the company has been completed.

Bharti Airtel: The company has clarified that Bharti Telemedia Limited (Telemedia), a subsidiary company, has received a notice from Director General, Anti-Profiteering Authority (DGAP) in August 2018 which was duly responded in multiple stages and the last response was filed in December 2018 post which Telemedia has not heard anything from National Anti-Profiteering Authority or DGAP. Therefore, no further action is pending at Telemedia's end.

Tata Motors: Jaguar Land Rover and BMW Group today confirmed they are joining forces to develop next generation Electric Drive Units (EDUs) in a move that will support the advancement of electrification technologies, a central part of the automotive industry's transition to an ACES (Autonomous, Connected, Electric, Shared) future.

Indoco Remedies: The US Food and Drug Administration conducted audit at Indoco's sterile manufacturing facility in Verna, Goa (Plant II) from May 27, 2019 to June 4, 2019, and has issued four observations (483s). These observations are procedural in nature and do not pertain to data integrity.

GMR Infrastructure: The company clarified to the news article related to GMR Warora Energy (GWEL). DISCOMS have been delaying the payment of normal and regulatory dues to GWEL against energy supplied by GWEL in terms of the Power Purchase Agreements (PPAs). Owing to these major accumulation of receivables from DISCOMS (with total receivables exceeding 5 months of turnover), there is a temporary delay in servicing of debt obligations.

Natco Pharma: Natco has filed ANDA for Bosentan 32mg tablets for the US market.

Lupin: Lupin announced the completion of the Good Manufacturing Practices (GMP) inspection of its Mandideep facility (Unit-2), by the Pharmaceutical and Medical Devices Agency (PMDA), Japan. The inspection was conducted between May 14, 2019 and May 17, 2019. The PMDA inspection closed with no critical or major observations.