Index trend and stocks in action January 02, 2019
The NSE benchmark Nifty traded in the negative terrain for the first-half of the trading session and, thereafter, it traded in a sideways trajectory. However, buying interest in the last leg of trading helped the index to close above the 10,900 mark with a gain of 0.44 per cent. The price action formed a small body bull candle carrying long lower shadow, which rebounded from 61.8 per cent retracement level of the recent downmove. Going ahead, a follow-through move above the identical high (10,923) of the last two candles would open up the next leg of the rally towards 10,985 and 11,090. On the downside, the level of 10,800 is likely to act as a crucial support level.
Jet Airways: The company has informed that the payment of interest and principal installment due to the consortium of Indian banks (led by State Bank of India) on December 31, 2018 has been delayed due to temporary cash flow mismatch.
Tech Mahindra: The high courts of Telengana and Andhra Pradesh have set aside the order of provisional attachment of fixed deposits of Satyam Computers aggregating Rs 822 crore by the Directorate of Enforcement of Hyderabad. Satyam Computers had merged with Tech Mahindra in the year 2012.
Power Grid: Power Grid Jabalpur Transmission, a 100 per cent wholly-owned subsidiary of Power Grid Corporation of India, has successfully commissioned the project, viz. transmission system strengthening associated with Vindhyachal-V which comprises establishment of Vindhyachal pooling station - Jabalpur pooling station 765kV double circuit transmission line on build, own, operate and maintain (BOOM) basis. The transmission system has been put into commercial operation with effect from January 1, 2019.
Glenmark Pharmaceuticals: The transfer of the company’s API business to Glenmark Life Sciences Limited, a wholly-owned subsidiary of the company, has been completed on December 31, 2018.
Chambal Fertilisers and Chemicals: The company has declared the commencement of commercial production from Gadepan-III plant with effect from January 1, 2019.
NMDC: The meeting of board of directors of the company will be held on January 8, 2019, to consider the proposal for buy-back of the fully paid-up equity shares of the company.
MOIL: The prices of ferro grade, SMGR (Mn 30% & Mn 25%), chemical grade and fines have been decreased by about 10% on the existing prices prevailing since December 1,.2018. on select grades of non-moving low grade manganese ore, MOIL has offered bulk quantity discount ranging from 5 per cent to 20 per cent.
IOL Chemicals and Pharmaceuticals: CARE has revised its rating on long term bank facilities of the company to BBB+/Stable from BBB-/Stable and short term bank facilities to A2 from A3.