Index trend and stocks in action May 28, 2018

NSE benchmark Nifty extended its upsurge for the second day in a row and ended the session above the important psychological 10,600-mark. The price action led to formation of a bullish candle carrying higher high and higher low, which indicated follow-up buying. Going ahead, we expect Nifty to advance to the level of 10,665-10,674 and it may face resistance around this level as it is a confluence of 21-day SMA and 50 per cent retracement level of the recent downmove. A follow-up move above this level could further strengthen the bulls and Nifty may scale up to the level of 10,730. On the downside, the level of 10,540 would act as an immediate support for the Nifty.

Welspun Enterprises: Shri Narendra Modi, Honorable Prime Minister of India inaugurated India’s first 14 lane Expressway – The Delhi-Meerut Expressway (Delhi Section) from Nizamuddin Bridge to UP border, proudly developed by NHAI and Welspun Enterprises Ltd. under Hybrid Annuity Model. 

ITDC: An agreement has been signed between India Tourism Development Corporation (ITDC) and the Government of Karnataka for transfer of Hotel Lalitha Mahal Palace, Mysore to Government of Karnataka on a consideration amount of Rs. 7.45 crore.

Torrent Pharma: The Company has issued Commercial Paper for an amount of Rs 300 Crores. 

UBL: Announced launch of "AMSTEL BEER" in India in the "Super Premium Strong Beer'' category. Amstel is international super premium strong beer brand owned by Heineken, a Dutch brewer and Promoter of the Company.

Dr Reddy’s Laboratories: Dr Reddy’s subsidiary company Promius Pharma filed lawsuit for patent infringement in US court.  

Himatsingka Seide: Commenced construction on the Terry Towel project during Q4 FY 2018.

Dilip Buildcon: Dilip Buildcon has been declared L-1 bidder for a new Hybrid Annuity Project PKG-I valued at Rs. 1313.90 Crore by the National Highways Authority of India in the State of Karnataka.

MEP Infrastructure Developers: MEP Infrastructure Developers bags Rs 85.05 crores toll contract from the NHAI. 

IDBI Bank: The Board of Directors of IDBI Bank has approved in-principle, the proposal to initiate divestment of partial stake in IDBI Asset Management Limited to a strategic investor. 

Punj Lloyd: Board meeting scheduled to be held on May 30, 2018 to consider and approve a proposal to restructure the outstanding credit facilities. 

Cadila Healthcare: Cadila Healthcare to raise up to Rs 10,000 crore via QIP issue and up to Rs 5,000 crore via issue of FCCBs.