Index trend and stocks in action April 18, 2018

NSE benchmark Nifty edged higher for the ninth straight session and ended at 10,548 with gains of 0.19%. The price action formed a small bear candle with a long lower shadow, indicating buying demand at lower levels. Going ahead, the level of 10,570, followed by 10,630, will continue to pose immediate resistance for the index, while on the downside, support is seen around 10,480, followed by 10,450. The overall bias remains positive, though the market may continue to consolidate a bit more before continuing with a clear upmove. 

Vedanta: Vedanta’s Resolution Plan for acquisition of Electrosteel Steels Limited approved by National Company Law Tribunal. Upon implementation of the Resolution Plan, the Company will hold approximately 90% of the paid up share capital of Electrosteel. The remaining 10% of Electrosteel’s share capital will be held by Electrosteel's existing shareholders and the financial creditors who receive shares in exchange for the debt owed to them.

Lupin: Lupin receives tentative FDA approval for generic AndroGel. 

Astrazeneca Pharma: Leading global science-led biopharmaceutical company AstraZeneca announced its decision of further investing $ 90 million over the next 5 years in India.

Jagran Prakashan: A Meeting of the Board of Directors of Jagran Prakashan is scheduled to be held on 27th April, 2018 inter-alia to consider the proposal for buy-back of shares.

Shalby: Shalby Signs memorandum of understanding with Sen Sok International University Hospital, Cambodia.

Future Consumer: Future Consumer hiked stake in Integrated Food Park Pvt. Ltd. to 99.93%.

Indian Hume Pipe: The Company has secured a Work Order of Rs.108.19 Crores from Narmada Water Resources,Water Supply & Kalpsar Dept.,Gujarat for Lift Irrigation Project for transmission 100 cusecs of water from Kherva to Visnagar.