Index trend and stocks in action March 11, 2019

The Nifty opened the session in the negative terrain and, thereafter, it traded in a narrow range throughout the day. In the end, Nifty slipped 0.21 per cent to 11,035. The price action formed a Doji-like pattern carrying lower high and lower low formation. Going ahead, the zone of 10,980-10,990 is a crucial support level for the index, while on the way up, it is important for the Nifty to first pierce the resistance of 11,090, which is 61.8 per cent retracement of its previous sharp decline of August. Secondly, the level of 11,118, which is the swing high of February 7 is to be taken out comprehensively. Till then, Nifty may not witness any major upmoves. 

Dilip Buildcon: Dilip Buildcon has been declared L-1 bidder for EPC project in the state of Maharashtra, NH-547E, valued at Rs 480.06 crore by the National Highways Authority of India.

Cipla: The company's wholly-owned subsidiary Goldencross Pharma Private Limited has completed the closing of Wellthy Therapeutics Private Limited transaction representing an acquisition of 11.71 per cent stake in Wellthy on a fully diluted basis.

Suven Life Sciences: The board of directors of the company has approved the following matters: Creation of wholly-owned subsidiary Suven Pharma Inc., (SPI) a Delaware company in the US under CRAMS division and approved investment of USD 75 mn in SPI for new business opportunities and acquisitions, etc.

GMR Infrastructure: GMR Airports Limited (GAL), the company’s subsidiary, has received the formal letter of award from MIHAN India Limited, the concessioning authority for the Nagpur airport, towards the development, operations and management of Dr Babasaheb Ambedkar International Airport, Nagpur, at a revenue share of 14.49 per cent of gross revenues.

Mangalam Cement: The board of directors of the company has approved the amalgamation of Mangalam Timber Products Limited with Mangalam Cement Limited on the basis of recommendation made by the audit committee of the board. The board has also approved loan up to Rs 5 crore to Mangalam Timber Products Limited on the basis of recommendation made by the audit committee to the board.

Nitesh Estate: The company has successfully managed to reduce its debt by Rs 407.88 crore from the overall consolidated debt which was appearing in the consolidated financials of the company. This reduction has constituted approx. 30 per cent reduction of the current overall debt of the company.

OIL: OIL has announced that as part of the Discovered Small Field (DSF) Bid Round-II, it has been awarded two blocks.