Index trend and stocks in action May 07, 2018

The NSE benchmark Nifty ended the day with a loss of 0.57% at 10,618. The price action for the day formed a bear candle carrying a lower high-low. If we analyse the price action in the last three trading sessions, we can see the formation of lower high-lower low candle and, more importantly, the price has slipped below the crucial multiple support band of 10,630-10,650. In the coming session, a decisive move below Friday’s session low of 10,601.60 could open gates for the level of 10,560, followed by 10,500 while, on the upside, immediate resistance is seen at 10,650, followed 10,680.

Larsen and Toubro: Subsidiary company, L&T Infrastructure Development Projects (L&TIDPL) transferred its stake in five subsidiary companies to Indinfravit Trust through the infrastructure investment trust (InvIT) route on May 4, 2018. Accordingly, these companies cease to be subsidiary companies of the company.

Bodal Chemicals: Bodal Chemicals to acquire land at PCPIR, Dahej from GIDC for future expansion and new projects.

Smartlink Holdings: The Board of Directors of Smartlink Holdings Limited (Formerly known as Smartlink Network Systems Limited) has approved the Buyback of 56 lakhs equity shares of Rs 2 at a price of Rs 120 per share through the tender offer route. 

Infosys: Infosys approves Rs 13 crore of annual performance equity grant for MD and CEO Salil Parekh.

PC Jeweller: Board Meeting to be held on May 10, 2018, inter-alia to consider the proposal for buy back of fully paid-up equity shares of the Company.

Cadila Healthcare: Zydus receives final approval for Succinylcholine Chloride Injection USP and tentative approval for Plerixafor Injection from the USFDA.

Fortis Healthcare: The Company has appointed Arpwood Capital Private Limited, an eminent investment banking firm engaged in providing merger, acquisition and capital raising advisory services. The firm will act as financial advisor to the Board of Directors of the Company to provide its independent opinion on (a) the offers received or to be received from bidders for a potential significant equity investment and/or acquisition or restructuring of its assets, and (b) on the appropriateness of the process put into place for dealing with the said offers. 

Glenmark Pharmaceuticals: Company says clinical trials at Malpani Hospital were immediately suspended in the interest of patient safety.