Index trend and stocks in action November 16, 2018
The NSE benchmark Nifty had a decent start and, as the day progressed, Nifty built on the early gains. However, it reversed from the day’s high at the end, but it still managed to close above the 10,600 mark with a gain of 0.38 per cent. The price action formed a small body positive candle which traded within the high to low range of previous trading session. Nifty made yet another attempt to clear its hurdle of 10,650, but it continues to face resistance at the upper band of the trading range which we have witnessed during the last couple of weeks. Unless Nifty successfully moves past the hurdle of 10,650, we do not see any significant move in the index. On the downside, immediate support is seen around the level of 10,530, followed by 10,440.
Venus Remedies: Venus Remedies has announced positive topline results in the Phase-3 clinical trials for its flagship product Elores. Elores is a novel, patented critical care antibiotic combination targeting unmet medical needs in antimicrobial resistance (AMR) space. The global demand for antibiotics has grown significantly over the past two decades.
Tata Sponge Iron: The board has approved issuance of preference shares worth Rs 1,000 crore to promoter Tata Steel on a private placement basis.
SRF: The company's facility to produce agrochemicals at the chemical complex in Dahej, Gujarat has been commissioned and capitalised at a cost of Rs 257 crore.
Yes Bank: O.P. Bhatt has tendered his resignation as an External Expert of the 'Search & Selection Committee' with immediate effect citing potential conflict of interest.
Lemon Tree: The company has signed a licence agreement for a 76-room property located at Bhubaneswar, Odisha, under the company's brand 'Lemon Tree Premier'. The hotel is expected to become operational by March, 2020.
Infosys: Infosys has announced Jayesh Sanghrajka as the interim CFO.
Bank of Baroda: The Capital Raising Committee of the bank has approved issuance of Tier-II capital bonds compliant with Basel III capital regulations of the Reserve Bank of India for issue size not exceeding Rs 1,500 crore, with a base issue size up to Rs 500 crore and a green shoe option to retain over-subscription upto Rs 1,000 crore, in single or multiple tranches.