Index trend and stocks in action May 10, 2018

The Nifty opened the session on a tepid note and traded within a minuscule range till noon. However, in the second half of the trading session, momentum picked up and Nifty ended the day gaining about 24 points at 10,742. The price action formed a bull candle with small upper wick. Going ahead, Nifty may continue its upward momentum and attempt to test the swing high of 10,785. However, this level will continue to act as strong resistance. Fresh upmove will occur after Nifty sustains above the 10,785-mark. On the downside, supports are seen at 10,690, followed by 10,650 levels.  

Avanti Feeds: Board approves issue of bonus shares in 1:2 ratio and 1 equity shares of Rs 2 each will be split into 2 equity shares of face value of Rs 1 each.

Hikal: Hikal board approves 1:2 bonus issue.

Nestle: Nestle India will be adding Nestle Breakfast Cereals from Cereal Partners Worldwide (CPW) to its existing portfolio this year.

Cipla: Cipla partners with MannKind for exclusive marketing, distribution of Afrezza, an innovative inhaled insulin.

Reliance Infra: Reliance Infra to consider fund raising plans on May 14.

Tata Metaliks: Company informs that some parts of operational activities at Kharagpur plant will get impacted due to planned shutdown of one of the blast furnaces. The main production units including blast furnace are expected to be back on stream by May 17, 2018.

PNC Infratech: PNC Infratech receives bonus annuity' of Rs. 33.73 crore for early completion of project in Uttar Pradesh.

Ashoka Buildcon: Company has received an Arbitral Award whereby the SPV has been awarded 1,384 additional toll days against various claims filed by SPV. Additionally, the Arbitral Tribunal has also awarded an amount of Rs.37.71 crore along with an interest at 18 per cent towards the compensation for loss of toll on account of closure of 2 toll plazas and an Arbitration Cost of Rs.73.17 lakh along with an interest at 18 per cent from May 5, 2018 till the date of payment. 

Welspun Enterprises: The company has emerged as the Lowest Bidder (L-I) at Bid Price of Rs. 1,837.32 crores.

Star Cement:  Star Cement alongwith its subsidiaries have received Rs. 200.05 crores towards subsidies claim from the Central Government and this amount shall be utilized towards pre-payment of loans wherever possible.