Index trend and stocks in action January 18, 2019
The NSE benchmark Nifty witnessed an extremely volatile session; however, it took a U-turn in the last leg of trading to end the day with modest gains above the 10,900 mark. The price action formed a small body negative candle with long lower shadow, which resembles a hanging man candlestick pattern. Going ahead, the zone of 10,910-10,950 will continue to act as a strong resistance zone and a move beyond this zone will be important for the market to achieve a sustainable breakout. On the downside, the level of 10,800 is likely to act as a strong support for the index.
Aurobindo Pharma: Acrotech Biopharma L.L.C., a wholly-owned subsidiary of Aurobindo Pharma USA Inc., USA, which in turn is a wholly-owned subsidiary of the company, has entered into a definitive agreement to acquire seven marketed oncology injectable products, intellectual property and commercial infrastructure from Spectrum Pharmaceuticals Inc.
Axis Bank: The bank has clarified on a news item that appeared a newspaper which relates to an investigation being conducted across several banks by the Enforcement Directorate into transactions carried out by the referred credit society. This entity's relationship was on-boarded by the bank over a decade ago, way back in 2008. These accounts were opened after complying with the KYC norms as laid down by the bank/RBI from time-to-time. Further, as a part of the transaction monitoring process, the bank has complied with the regulatory reporting norms and has duly fulfilled its obligations in this regard. The bank has no credit exposure to the said entity.
Jet Airways: As part of a continuous engagement with SBI, Naresh Goyal has communicated his position on the resolution plan to SBI, which is under consideration.
Suyog Telematics: Suyog Telematics has obtained a licence from Mumbai Metropolitan Region Development Authority (MMRDA),for installation of cellular equipment across all 17 monorail stations of Mumbai.
Great Eastern Shipping: The company has contracted to sell its 1994 built very large gas carrier Jag Vishnu of about 49,353 DWT. The vessel will be delivered to the new buyer in H1 of FY 2019-20 .
UCO Bank: The board has approved proposals to issue equity shares on a preferential basis to the Government of India against capital infusion of Rs 3,076 crore, to raise equity capital fund up to Rs 1,000 crore through qualified institutions placement and to raise Tier- II capital up to Rs 500 crore.