Index trend and stocks in action January 04, 2019
The NSE benchmark extended its bearish momentum for the second day in a row and ended the day with a loss of 1.11 per cent below the 10,700 mark. The price action formed a sizeable bearish candle carrying lower high-low. Going ahead, Nifty is now critically placed on the charts as it is near the rising trendline support formed by connecting the lows of December 11 and December 26, 2018. In the coming session, if the index holds above the 10,660-10,650 levels, the pullback options would remain open. However, if it fails to do so, it would result in continuance of the ongoing correction and Nifty may touch the level of 10,534. On the upside, 10,785 is likely to act as an immediate resistance, as the 200-day moving average is placed around this level.
Torrent Power: Torrent Power has emerged winner in the competitive bidding process conducted by Maharashtra State Electricity Distribution Company Limited for appointment of input based distribution franchisee for distribution of electricity in Shil, Mumbra and Kalwa sub-divisions under the Thane urban circle for a period of 20 years.
CESC: The company has been declared successful bidder for appointment as distribution franchisee in respect of Malegaon Municipal Corporation area under Malegaon circle in the state of Maharashtra.
Sun Pharmaceuticals: Sun Pharmaceuticals arm has completed the acquisition of 100 per cent stake in Japan-based Pola Pharma.
Power Grid Corporation: The board has approved investment of Rs 267.33 crore for 500 MW thyristor-controlled reactor in Haryana and Rs 112.12 crore for communication scheme under the Central sector for the western region.
Nestle India: The company has said that the Supreme Court has agreed with the company’s contention on Maggi ban case and has set aside both interim orders passed by National Consumer Disputes Redressal Commission, which was challenged by Nestle. It has also stated that the Supreme Court has directed that reports received from Central Food Technological Research Institute will be the basis for proceedings before the redressal commission.
Vascon Engineers: The company has announced that it has recently concluded two transactions worth Rs 50 crore. The first transaction comprised of sale of amenity plot along with school building to Infraschool Services Guragon Pvt Ltd for a total consideration of Rs 36.50 crore. The second transaction involved sale of land situated at village Balewadi, Baner, in Maharashtra along with all other joint venture partners to Keywest Realty Pvt Ltd. for a consideration of Rs.100 crore. Vascon's share in this sale is Rs 13.10 crore.