Index trend and stocks in action January 11, 2018

Nifty opened the session with a positive bias, and soon after opening, Nifty made an attempt to scale higher, but selling pressure emerged and Nifty slipped lower. A recovery was witnessed in the second half of the session and Nifty closed the session with a minor loss. The price action formed a small bear candle characterised by small real body and long lower shadow. For the upcoming session, Nifty has immediate support placed around the level of 10,590, followed by 10,550. On the upside, 10,660 is an immediate resistance level, followed by 10,700.

Quess Corp: Name of Tata Business Support Services Limited, a subsidiary of Quess Corp Limited, has been changed to Conneqt Business Solutions Limited.

Tata Chemicals: Sale of company's Phosphatic Fertilizer Business and Trading Business and all related assets at Haldia, West Bengal has been passed by the Members of the Company with requisite majority.

Texmo Pipes and Products: Company has withdrawn its entire capital contribution from its inoperative subsidiary Texmo Petrochemicals LLP. With effect from January 10, 2018, Texmo Petrochemicals LLP cease to be a subsidiary of Texmo Pipes and Products Ltd.

Welspun Enterprises: Madhya Pradesh State Industrial Development Corporation Limited (MPSIDC) and Dewas Water projects Works Private Limited (wholly-owned subsidiary of the company) have entered into the Concession Agreement on January 9, 2018 for restructuring the Dewas Industrial Water Supply Project under the Madhya Pradesh Infrastructure Development. The estimated project cost of the restructure project as per the bid documents is Rs. 118 crore.

GE Power India: GE Power India Limited has been awarded a contract worth approximately Rs. 8,183 million (approx. US$ 126 million) by Navayuga Engineering Company Limited to design, engineering, manufacturing, supply, erection, testing and commissioning of 12 Nos., 80 MW capacity Vertical full Kaplan Turbine generator units along with all associated auxiliary and ancillary equipment.

Maruti Suzuki India: Maruti Suzuki India announced a price increase ranging from Rs 1,700 to Rs 17,000 (Ex-Showroom-Delhi) across models, owing to increase in commodity and other administrative and distribution costs.

Alok Industries: NCLT granted a 90-day extension in insolvency process.