Index trend and stocks in action January 15, 2019
The NSE benchmark Nifty opened the session with modest uptick and soon thereafter it slipped into weakness. In the afternoon session, it breached its 50-day moving average, but was able to claw back above it amid minor pullback towards the end. The price action formed a bear candle carrying lower high-low. Nifty attempted a breakdown from the triangle pattern on an intra-day basis; however, it pulled itself back towards the end and closed within the pattern. Going ahead, the level of 10,690 would be a crucial level to be watched and a decisive move below this level would open up for further correction towards the levels of 10,630 and 10,535. On the flip side, the level of 10,805 would be a crucial resistance level for the index as the 200-day moving average is placed around this level.
United Spirits: The company has entered into an agreement for the sale of all the equity shares held by the company, constituting 100 per cent of the paid-up equity share capital of its wholly-owned subsidiary, Four Seasons Wines Limited ("FSWL") along with the brands. The shares are being sold to Quintela Assets Limited and Grover Zampa Vineyards Limited at a total consideration of Rs 31.86 crore.
Jet Airways: The company has clarified that it is committed to making appropriate disclosures in accordance with applicable regulations to avoid any speculative activities and stated that there is no discussion or decision in the board which would require a disclosure.
Vakrangee: Vakrangee has launched 3,300+ NextGen Vakrangee Kendras across India .
Punj Lloyd: Pengeramg invoked $58 million performance bond for the project. The company has achieved more than 99 per cent of the mechanical and financial completion of the project. The company is in talks with Pengeramg for refund of the bond amount.
Wendt (India): A minor fire accident occurred late night on January 13, 2019 at the electroplating manufacturing facility situated inside the company's plant in Tamil Nadu. While the company is in the process of ascertaining the damage caused by the fire, it informs that there is likely to be no significant impact on its operations considering that the company has an alternate facility to ensure there is no major disruption.