Index trend and stocks in action January 09, 2019
The Nifty index swung both ways touching an intra-day low 10,733 in the first half and intra-day high of 10,818 in the latter half, finally concluding the session higher by 0.28 per cent above the 10,800 mark. The price action formed small bull candle carrying long lower shadow. The index is forming a triangle pattern and the range with each passing day is getting narrower. On the way up, the zone of 10,880-10,900 is a crucial resistance level and a move beyond this zone would result in breakout of triangle pattern on the upside. This would lead to an acceleration of upward momentum towards the level of 11,090. On the flip side, the level of 10,730 would be seen as a key support in the coming session.
EID Parry: The operational details of the sugar factories of the company for the month of December 2018: Domestic sugar sales at 0.28 LMT, domestic sugar exports at 0.14 LMT. alcohol sales at 97 LL. During the month, 7.17 MT of cane was crushed and recovery stood at 10.38 per cent.
NMDC: The board has approved the proposal for buyback of equity shares not exceeding 10,20,40,815 (representing 3.23 per cent of the total paid-up share capital) at a price of Rs 98 per share. The company has fixed record date for buyback of equity shares as January 18.
Kridhan Infra: Kridhan Infra Singapore Subsidiary Swee Hong has won order worth Rs 167 crore.
Orient Bank of Commerce: The bank has sold 0.8425 per cent equity stake in NSDL e-Governance Infrastructure Ltd. out of 3.125 per cent equity stake held by the bank prior to the sale. Also, the board has approved raising Rs 5,500 crore through issuance of equity shares via preferential allotment to the Government of India.
Tata Steel: Tata Steel standalone sales for the third quarter, on a yearly basis, stood at 2.97 million tonnes versus 3.3 million tonnes. Tata Steel Europe sales were 2.3 million tonnes versus 2.44 million tonnes. The company has said that standalone production was marginally up at 3.33 million tonnes versus 3.27 million tonnes due to plant utilisation, but sales volume was lower due to seasonal headwinds caused by softer automotive demand and inventory replenishment.