Index trend and stocks in action April 03, 2019

The Nifty opened the session on a positive note and traded in a range with positive bias for a major part of the trading session and closed with a gain of 0.38 per cent above its important psychological mark of 11,700. The price action of the day was confined within the high to low range of the previous bar, which resulted in an inside bar formation, while in terms of Japanese candlestick pattern, the index formed a Doji-like pattern. Going ahead, it is important for the index to hold above the April 1 opening gap (11,630-11,645), as failing to hold above this zone would open the gates for some correction towards the level of 11,570. The level of 11,570 will be closely watched as this would be a crucial support level in the near term for the index. On the upside, the April 1 high of 11,738 is likely to act as a resistance level. On the daily charts, negative divergences are visible in all the major indicators. If the RSI falls below the 63-60 zone, the trend reversal in Nifty will be confirmed. 

Essel Propack: The company has further received an amount of Rs. 30.7 crore towards repayment of outstanding dues of inter-corporate deposit. With the said payment, the company has received and realised a total amount of Rs 96 crore against inter-corporate deposits with an entity which was earlier classified as a related party.

Jet Airways: An additional 15 aircrafts have been grounded due to non-payment of amounts outstanding to lessors under their respective lease agreements.

HEG: The audit committee and the board of directors in their respective meetings have considered and approved the proposal to increase the stake of HEG Limited in Bhilwara Energy Limited, an associate company of HEG, from 29.48 per cent to 49 per cent.

Wipro: The divestment of Wipro's 'Workday & Cornerstone OnDemand' business in various jurisdictions, except Portugal, France and Sweden, has been completed effective March 31 , 2019, and an aggregate consideration of USD 95.27 million out of USD 100 million has been received towards the same.

HUDCO: HUDCO has achieved loan sanctions of Rs 34453.75 crore and loan releases of Rs 31008.59 crore as on March 31, 2019, for FY2018-19.

HFCL: The company and SEBI have arrived at a settlement documented in order dated March 29, 2019 in relation to certain alleged violations in connection with the issue of 67,99,945 global depository receipts in September 2002. The company has paid the settlement charges of Rs. 1.14 crore on March 27, 2019.

Lumax Auto Technologies: The company has closed its PCB manufacturing situated at Haryana with effect from April 1, 2019.

Rushil Décor: The company has received revocation letter to allow the laminate sheet manufacturing unit, namely RHPL unit, to operate the unit up to July 1, 2019.

Marico: Parachute rigids has continued to meet expectations. Saffola edible oil has responded very well to focused marketing initiatives during the quarter. However, the company stay’s cautiously optimistic in the near term. However, the value-added hair oils had a weak quarter. Overall, the domestic business delivered volume growth in line with the near term outlook. The international business had a reasonable quarter with the key markets of Bangladesh and Vietnam faring well, while other markets were a bit subdued. Operating margin is expected to improve moderately during the quarter as pressure from input costs eased and operating leverage benefits also kicked in.

TCS: The company has announced that TCS BaNCS for core banking has been successfully deployed at Harbin Bank, a full-service commercial bank in China, as part of its business model transformation journey.

IGL: The company has received three letters dated March 29, 2019, from Petroleum and Natural Gas Regulatory Board (PNGRB) for grant of authorisation to the company for the development of CGD network in the geographical areas of (i) Kaithal district (ii) Ajmer, Pali and Rajsamand district and (iii) Kanpur (except area already authorised) district, Fatehpur and Hamirpur districts.

Infosys: EdgeVerve Systems, a subsidiary of Infosys, has been selected by Al Ahli Bank of Kuwait to automate the bank’s operational processes using the AssistEdge RPA platform.