Index trend and stocks in action May 02, 2019
The Nifty opened the session on a negative note and, as the day progressed, bears dominated the session. However, a recovery in the last leg of trading helped Nifty recover from lower levels and end the day on a flat note. The price action formed a Doji-like pattern with a long lower shadow indicating recovery made by bulls after taking support near 20-day moving average. Going ahead, the level of 11,765 is likely to play out an extremely important role in deciding the trend for the index, as sustaining and holding above this level could open up for upmove towards the levels of 11,800, followed by 11,856. On the downside, the 20-day moving average, which is placed around 11,664, would now be seen as a key support for the index.
Varun Beverages: The company has concluded the acquisition of franchise rights in South and West regions from PepsiCo for a national bottling, sales and distribution footprint in 7 states and 5 Union territories in India. The transfer of manufacturing facilities in the above territories is in progress and will be completed in due course. The company is now a franchise of PepsiCo beverages business across 27 states and 7 Union territories in India.
Cochin Shipyard: The company signed a contract for construction and supply of eight anti-submarine warfare shallow water crafts for the Indian Navy. CSL was the successful bidder (L1) in the tender floated by the Ministry of Defence for this project. The order value for these eight vessels is pegged at Rs 6,311.32 crore.
63 Moon Technologies: The Supreme Court has set aside merger order of NSEL with 63 Moon Tech.
Veto Switchgears and Cables: Veto Switchgears and Cables has given unsecured loan to its wholly-owned overseas subsidiary Veto Overseas Private F.Z.E against which the company has realised an amount of Rs 7.50 cr as on April 26, 2019.
NIIT Technologies: AdvantageGo has launched Underwriting, a Workbench powered by Data Insights to drive underwriting excellence and improve discipline.
Lupin: The company has received US FDA approval in alliance with Natco Pharma for Bosentan tablets, 62.5 mg and 125 mg to market a generic version of Actelion Pharmaceuticals Limited's Tracleer tablets 62.5 mg and 125 mg.
BHEL: BHEL and Automotive Research Association of India (ARAI), an autonomous body affiliated to the Ministry of Heavy Industries and Public Enterprises, have signed an MoU for cooperation on various projects related to e-mobility.
PPAP Automotive: The company has received the following Awards a) Award for zero defect supplies from Toyota Kirloskar Motor Private Limited; b) Award for achieving targets in quality from Toyota Kirloskar Motor Private Limited; and c) Appreciation Award for Partnership Day from Hyundai Motor India Limited.
Skipper: Skipper-Metzer India LLP, which is a partnership between Skipper and Metzer, Israel, announced the opening of its first manufacturing plant in Hyderabad.
Mercator: The company, as a part of its strategic plan, has sold its very large crude carrier (VLCC) - Nerissa, built in 2006, for a total consideration of USD 27.5 mn (net), the proceeds of which are being used to reduce debt and other liabilities.
ICICI Bank: The board of the bank will consider fund raising at its meeting scheduled on May 6.