Index trend and stocks in action July 16, 2019
The Nifty opened the session with an upside gap and, thereafter, Nifty trimmed its early gains to trade sideways. In the second half of the trading session, Nifty rebounded from day's low and closed with a marginal gain of 0.31 per cent. The price action formed a small body bear candle with a long lower shadow. Over the last few trading sessions, Nifty has been consolidating in a range and facing resistance at higher levels. The zone of 11,600-11,650 is acting as a strong hurdle for the index as per the concept of change in polarity. Going ahead, Nifty needs to convincingly hold above 11,600-11,650 to provide fresh impetus to the bulls. On the downside, the level of 11,426-11,461 is likely to act as a support for the index. In case of a breakdown below the 11,426-11,461 levels, a fresh wave of selling is likely to emerge and Nifty may test the lower level of 11,250 in the short term.
SBI: RBI has imposed an aggregate penalty of Rs 70 million on SBI for non-compliance with the directions issued by it.
NTPC: The company has decided to raise Rs 4300 crore through private placement of secured non-convertible bonds in the nature of debentures at a coupon of 7.32 per cent with a door-to-door maturity of 10 years.
Ashok Leyland: The company's plant situated at Pantnagar will remain closed from July 16, 2019 to July 24, 2019 (both days inclusive), owing to weak demand and outlook for the industry.
Greaves Cotton: The company has acquired 10.69 lakh shares of subsidiary Ampere Vehicles Private Limited and increased its stake from 72.11 per cent to 81.23 per cent.
Capacite Infraprojects: The meeting of the board of directors of the company is scheduled on July 19 to consider and approve fund raising by way of an issue of further capital.
Aditya Birla Fashion: The acquisition committee of the company has approved a strategic partnership with India’s leading designers ‘Shantanu & Nikhil’ by way of acquisition of 51 per cent stake in Finesse International Design Private Limited.