Index trend and stocks in action December 03, 2018
The NSE benchmark Nifty on Friday extended its upmove for the fifth day in a row, but pared some of its gains to settle at 10,877, up by 0.17 per cent. The price action formed a high wave-like candle, indicating a breather post a sharp upmove. Going ahead, the zone of 10,710-10,780 is a crucial support for the index, and as long as Nifty can defend this support level, it may attempt to test the level of 11,090 in the short-term, which is 61.8 per cent retracement level of the downmove which began in August, 2018. In the coming session, Nifty has an immediate resistance around the level of 10,920 and a follow-through move above this level may take Nifty towards its 100-day moving average, i.e. 10,958.
Sun Pharma Advanced Research (SPARC): Schrödinger and SPARC have announced collaboration to accelerate neuro degeneration drug development programme.
Biocon: Fulphila, a biosimilar Pegfilgrastim jointly developed by Biocon and Mylan, has been approved in EU.
Laurus Labs: The company and Aspen Pharmacare, South Africa, have launched a new HIV drug with the triple combination of Dolutegravir, Lamivudine and Tenofovir Disoproxil Fumarate (DLT) in South Africa.
Monte Carlo Fashions: The board approved proposal for buy back of 4.6 per cent of equity paid-up share capital at Rs 550 per share, aggregating to Rs 55 crore.
BHEL: BHEL has despatched its 40th nuclear steam generator to NPCIL for installation at Rawatbhata atomic power project .
Genus Paper and Boards: The company has terminated the lease agreement for kraft paper manufacturing facility located at Kashipur.
Ashiana Housing: The company has entered into a management agreement with Genesis Rehabilitation Services India Pvt. Ltd. to manage and operate the 'Utsav Care Homes' - Bhiwadi (Rajasthan), a part of senior living development 'Ashiana Utsav'.
M&M Fin: The company has achieved its highest ever volume of financing 84,000 vehicles/tractors in the month of November 2018.
VIP Clothing: The company will not continue the Eminence licence agreement entered with Eminence group for manufacturing and marketing of undergarment under the brand name Eminence, which is due for expiry on December 31, 2018. The contribution towards sales from Eminence brand was not significant and hence the company will not be renewing the agreement.
Cadila Healthcare: Zydus has received final approvals from the US FDA for Teriflunomide tablets.