Index trend and stocks in action August 20, 2018
The NSE benchmark Nifty ended the last trading session of the week on a buoyant note gaining 0.75 per cent and closing above 11,450 mark. The price action formed a bull candle carrying higher high and higher low. We expect the market to kick-off the week on a positive note. Going ahead, the zone of 11,495-11,500 will offer crucial resistance on the upside. A follow-through strength and a close above the zone of 11,495-11,500 would indicate acceleration in the momentum towards the levels of 11,580-11,600 in the near term. On the downside, last week’s low of 11,340 is likely to act as an immediate support zone.
Larsen and Toubro: The company will consider share buyback on August 23.
Infosys: Infosys has announced that the CFO M.D. Ranganath has decided to step-down to pursue professional aspirations.
Jet Airways: Jet Airways has clarified that it continues to evaluate all possible alternatives to ensure optimum utilisation of its fleet and will make appropriate disclosures.
Goa Carbon: Goa Carbon has informed the exchanges regarding resumption of operations at the company’s Goa Unit upon completion of the maintenance work.
Fortis Healthcare: Northern TK Venture Pte. Ltd. together with IHH Healthcare Berhad and Parkway Pantai Limited, have made open offer to acquire about 19.7 crore shares of Fortis Healthcare at Rs. 170 each.
CG Power and Industrial Solutions: The company has entered into a strategic alliance agreement with TENAGA Switchgear Sdn. Bhd., Malaysia, to leverage each company's unique strengths and assets to expand market reach and enhance customer base in South-East Asia-Pacific (SEAP), particularly Malaysia.
Navin Fluorine: Shekhar Khanolkar, Managing Director, has resigned from the services of the company due to personal reasons.
Meghmani Organics: Meghmani Organics (MOL) has informed that a scheme of arrangement for amalgamation is proposed between Meghmani Finechem, a subsidiary, and Meghmani Agrochemicals Pvt Ltd, a wholly-owned subsidiary of MOL.
DPL: The company has entered into a share purchase agreement with Engineering for the Petroleum & Process Industries (ENPPI) for the purchase of its 7 per cent stake in joint venture company Egyptian Indian Polyester Company S A E .