Index trend and stocks in action June 25, 2018

It was a remarkable day for the NSE benchmark Nifty as it saw a sharp upmove in the last leg of trading to end above the 10,800-mark. The price action of the day formed a long bull candle. On Monday, we anticipate weakness might persist in the initial part of the trading session as cues from Asian peers are negative and the behaviour of the Nifty vis-à-vis the level of 10,840-10,850 continues to remain very decisive. Any failure to move past this zone for too long would result in lacklustre movement amid stock-specific action. On the other hand, a move past this zone will take the Nifty higher up to the levels of 10,890 followed by 10,929. On the downside, immediate support is seen around the 10,780-mark followed by 10,710.

Tata Communications: W-Locate, the Singapore-based Internet of Things (IoT) start-up, has selected Tata Communications, a leading global digital infrastructure provider, to accelerate its international growth. 

Biocon: Biocon's Sterile Drug Product facility receives Establishment Inspection Report (EIR) from USFDA. 

Indian Hotels: Indian Hotels clarified the headline stated is misleading as the Company has not acquired the Connaught hotel as the property belongs to NDMC. While NDMC has declared that the Company is the successful bidder, the Letter of Award from NDMC is awaited, and the Company has not signed any agreement with NDMC. 

Phoenix Mills: The Phoenix Mills subsidiary acquires underconstruction Retail Development in Indore for Rs 2.34 billion. 

ICICI Bank:  The bank has said that in March 2018, it received anonymous complaint which alleged issues in the financial statements. 

Symphony: Symphony signed an agreement to purchase effectively 95 per cent equity stake in Climate Technologies Pty. Limited, Australia.

Goa Carbon: Temporary shutdown operations at Bilaspur unit for maintenance.

Bombay Dyeing: Company has signed a term sheet to acquire additional 3,409 shares (representing 52.11 per cent of total paid up capital) in its existing Joint Venture in Indonesia viz. PT. Five Star Textile Indonesia.

Unichem Laboratories: Unichem may launch its generic tadalafil in the United States on or not before March 26, 2019. No other claims have been filed against the Company. In terms of the settlement, the Company shall pay to Eli Lilly, a royalty of 5 per cent on net sales of the product up till the expiry of the US patent 6943166, i.e. April 26, 2020.