Index trend and stocks in action March 12, 2019

Nifty began the week on a strong note and broke out of the multi-month consolidation phase. Nifty ended the day with gain of 1.20 per cent at 11,168. Nifty formed a sizeable bullish candle which has witnessed a resolute breakout of the multi-month resistance zone. Going ahead, we expect a follow-up move to happen. However, on the upside, the level of 11,260 is likely to act a resistance, while on the downside, the level of 11,120 is likely to act as an immediate support. The daily 14-period RSI has marked a fresh 14-period high, which is positive.

KEI Industries: The second phase of capex for medium voltage (MV) cables at Pathredi has become operational.

Godfrey Philips India: The company has issued a clarification on allegations that it was violating India’s FDI norms regarding its arrangement for manufacturing Marlboro cigarettes.  

Piramal Enterprises: Piramal Critical Care has announced the US launch of Mitigo.

Kalpataru Power Transmission: The board approved purchase of additional 8.54 per cent equity shares and 14.99 per cent preference shares of Shree Shubham Logistics Limited (SSLL), a 71.52 per cent subsidiary of the company from the existing shareholders of SSLL.

Jet Airways: The part repayment of the External Commercial Borrowing availed by the company for working capital purposes falling due on March 11, 2019, has been delayed owing to temporary liquidity constraints and the company has engaged with the lender in relation to the same.

Laurus Labs: Laurus Labs has announced that the company has received a final approval from United States Food and Drug Administration (USFDA) for hydroxychloroquine tablets 200 mg. In another development, the company also received a tentative approval for an ANDA for ADL (Abacavir, Dolutegravir, and Lamivudine) tablets 600 mg/50 mg/300 mg from the USFDA. The products will be commercialized from Laurus' manufacturing site located at Atchutapuram, Visakhapatnam.

PSP Projects: The company has received LOA/work orders worth Rs 601.21 crore for industrial, institutional, government and residential projects from various clients. Further, with receipt of the above new orders, the total work orders received during the financial year 2018-19 (till date) on a standalone basis amount to Rs 1442.47 crore.