Index trend and stocks in action July 01, 2019
Nifty kicked off the July series on a flat note but, thereafter, it was seen stuck in a range with the index oscillating between the negative and positive terrains. In the last leg of trading, Nifty inched lower and settled around the day’s low. The price action formed a bear candle carrying lower high-low. Over the last three-four sessions, Nifty had made multiple attempts to cross the hurdle of 20-DMA and has managed to move above the 20-DMA on intra-day basis, but it has failed to close above the 20-DMA. This indicates that market participants are not comfortable at higher levels at present in the wake of the line-up of multiple crucial events. Also, over the last couple of weeks, Nifty is trapped between the 50-DMA and 20-DMA. Traders are advised not to trade aggressively until and unless this range is breached on either side. A break of this range on either side will result in a directional momentum. Till then, Nifty will continue to consolidate in this broad range of 11,625-11,910.
Deepak Nitrite: The company has informed about the commencement of the operation of the plant set up in Dahej, Gujarat, with an investment of Rs 1400 crore. The plant has production capacity of 200,000 MTPA of phenol and 120,000 MTPA of its co-product acetone and supported by capacity to manufacture 260,000 MT of cumene as captive consumption. Most importantly, annual import substitution of phenol will now bring foreign exchange savings of USD 400 mn to the nation
Bombay Dyeing: The Municipal Corporation of Greater Mumbai has granted part occupancy certificate for the part 2 development work of residential building (One ICC) on plot of division Dadar-Naigaon at G D Ambekar Road, Mumbai.
Eveready Industries: The board of directors proposed to enter into an asset transfer/assignment/licence agreement with Madhu Jayanti International Private (MJIPL) for transfer and/or licence of relevant trademarks valued at Rs 6 crore and other identified asset relating to the packet tea products of the company to MJIPL.
Anant Raj: The company has entered into JV with Birla Estates Private Limited for development of two residential projects at Gurugram, Haryana.
Inox Leisure: The company has commenced commercial operations of a multiplex cinema theatre taken on lease basis, located at INOX Leisure Ltd, Madeenaguda, Hyderabad.
Reliance Home Finance: The company has stated that in view of the continuing severe liquidity crisis in the sector, the maturity of certain NCDs of Rs 400 crore has been extended till October 31, 2019, with the formal written consent of the concerned debenture trustees and NCD holders.
Lemon Tree: The company has entered into Mumbai with the launch of 303 room hotel Lemon Tree Premier at Mumbai International Airport.
ONGC: ONGC has announced Notice Inviting Offer (NIO) seeking partners for enhancement of oil and gas production from its 64 marginal nomination fields with the intention to maximise recovery from these fields by infusion of new technology.
Kalpataru Power Transmission: The company has secured orders worth Rs 975 crore.
Adani Power: The board of directors of the company has approved the proposal for acquisition of entire stake of Korba West Power Company and GMR Chhattisgarh Energy.