Index trend and stocks in action June 10, 2019

The Nifty started the session with modest uptick and, thereafter, it swung between the green and the red terrains and finally ended the day with marginal gain. The volatile action for the day led to formation of long Doji candlestick pattern on the daily chart. The index managed to take support near about its crucial short term moving average, i.e. 20-day EMA. Going ahead, the Friday’s session low  of 11,770 is likely to play out as a crucial support level and failure to hold this support could lead to correction towards the next major support levels of 11,600-11,650. Holding above the 11,770 level would keep pullback option open towards 12,000-12,100.

MOIL: MOIL is operating underground manganese ore mine at Ukwa in Balaghat district of Madhya Pradesh. The present capacity (EC limit) of this mine is 1,15,000 tonnes per annum. MOIL has received environmental clearance for manganese ore mine in an area of 48.974 hectares for additional production capacity of 1,20,000 tonnes per annum. This area is adjacent to Ukwa mine of the company. The total reserve of this new lease area is estimated at 3.8 million tonnes. The company is expected to touch ore body and production during 2020. After the environmental clearance, the total production capacity of Ukwa block will be 2,35,000 tonnes per annum.

M&M: The company at its automotive sector and farm equipment sector, and Mahindra Vehicle Manufacturers Limited (MVML), a wholly-owned subsidiary of the company, as part of aligning its production with sales requirements, would be observing 'no production days' ranging between 5–13 days in various plants of the company and MVML during the first quarter of FY2019-20.

TVS Motor: TVS Motor becomes the official sponsor for the Bangladesh National Football team.

Kotak Mahindra Bank: The RBI has levied a penalty of Rs 2 crore on the bank. The penalty is for failure to comply with RBI's directions to submit details of the promoters' shareholding, the proposed course of action/plans/strategy by the bank and not conveying the commitment of the bank for achieving promoter dilution as per the timelines stipulated. The bank is examining the order.

Maruti Suzuki India: The company has announced the production figures for May 2019. The total production for the month of May 2019 stood at 151,188 units as against 184,612 units in May 2018, a drop of 18.10 per cent YoY.

Atul: Atul Ltd had signed a joint venture agreement on March 1, 2012 with Elkay Kimyasal Maddeler SAN. TIC. A.S. based in Turkey for promoting stone care chemicals in India. In view of the changed circumstances and subsequent experience, it became clear that the JV was beneficial to neither and the parties terminated the JV agreement on June 7, 2019 by mutual consent.

Bharat Forge: The company entered into a joint venture agreement with Refu Electronik GmbH, Germany, for developing, manufacturing and selling on board controllers and components.

Trigyn Technologies: The wholly-owned subsidiary of Trigyn Technologies, Inc., has been awarded a contract to provide information technology services for the state of Minnesota judiciary (courts). The contract becomes effective on July 1, 2019 and extends for a period of two years through June 30, 2021.

CG Power and Industrial Solutions: CG has launched next generation of compact drives and advance series of products for the industrial automation.