Index trend and stocks in action May 16, 2018
NSE benchmark Nifty saw a scintillating rally in the initial hour of trading, but the gains fizzled out after BJP fell short of majority to form the government in Karnataka. Nifty ended the session with a marginal loss of 0.04%. The day’s price action formed a candle which resembles gravestone Doji. This candlestick pattern occurs at the top of an uptrend and is a bearish sign, but follow-through sell-off is required to confirm the reversal. In the coming session, Monday’s session low of 10,774 would be the key level to watch, because if Nifty holds above this level, it is expected to lead the index to enter a healthy consolidation. In contrast, a follow-through weakness and a close below the Monday’s session low would signal a reversal in the market. In that case, we could see correction up to the levels of 10,690-10,650.
DLF: A meeting of the Board of Directors of the Company will be held on Monday, the 21 May, 2018 to consider and approve enabling resolution for raising of funds through NCDs and/or other debt instruments.
Shree Pushkar Chemicals and Fertilisers: The company has acquired land aggregating to 40000 sq mtr at MIDC, Lote Parshuram, Ratnagiri, Maharashtra for future expansion purpose. The Company has already made necessary payments to MIDC.
Syngene International: Biocon, the promoter of the company proposes to divest up to 2% stake in the company during May 16, 2018 to August 10, 2017 to company with the requirements of minimum public shareholding.
MCX: Crude Oil Options Make an Encouraging Debut on MCX with Rs. 101.67 Crore Volume.
Wockhardt: CARE Ratings revises rating for long term banking facilities to A/Negative from A+/Stable.
EPC Industries: The Company has today entered into an Agreement, to form a Joint Venture Company in India ('NewCo') with Top Greenhouses Limited, Israel ('Top') to provide solutions for Protected Cultivation Technology Products and subscribe/acquire up to 60% of the Share Capital of the NewCo with the remaining 40% proposed to be held by Top.
Reliance Communications: Reliance Communications Limited and two of its subsidiaries Reliance Telecom Limited and Reliance Infratel Limited, await the detailed orders of the Hon’ble National Company Law Tribunal (NCLT), Mumbai, allowing the Ericsson application for admitting the companies to debt resolution under IBC.
Cyient: Cyient has signed a definitive agreement to acquire the remaining 49% stake in its subsidiary, Cyient Insights Private Limited, to make it a wholly owned subsidiary.
Tata Steel: Tata Steel to acquire Bhushan Steel through its step-down subsidiary Bamnipal Steel.