Index trend and stocks in action October 15, 2018
After witnessing a roller-coaster ride for the major part of the week, the NSE benchmark Nifty concluded the final trading session of the week on a cheerful note as it ended the day above the 10,450 mark with a gain of over 2 per cent. The price action formed a sizeable bull candle. Going ahead, the zone of 10,482-10,492 is a crucial level to watch out on the upside and a follow-through move above this level would result in an upmove up to the levels of 10,540 and 10,565. But in case of any setbacks, the levels of 10,360, followed by 10,320, are likely to act as support levels.
8K Miles Software Services: The company has said that 25.7 lakh shares, representing 8.42 per cent of total equity holding held by promoter Suresh Venkatachari in his demat accounts held with Quantum Global Securities Ltd. and Kumar Share Brokers Limited, had been wrongfully and illegally transferred through off-market transactions on various dates to various parties without his knowledge/consent. The company also informed that the promoter had taken legal action and filed a police complaint on Sept.17 against the aforementioned parties and others for fraudulent and unlawful transactions by wrongfully and illegally transferring his shares of the company.
Saregama India: The company has invested in 100 per cent capital of Saregama FZE, and as a result, Saregama FZE has become a wholly-owned subsidiary of Saregama India.
United Breweries: United Breweries has forayed into new line of business, viz., non-alcoholic beverages segment with the launch of "Kingfisher Radler" a non-alcoholic beverage which will enable UBL to enter into a large retail universe. The new product will be produced at its existing facilities at Naubatpur, Patna.
Info Edge: The company has informed that its stake in Zomato has been reduced to 27.68 per cent from 30.91 per cent after Zomato signed a definitive agreement to raise $210 million from existing shareholder Ali Baba Group’s Alipay Singapore Holding.
National Aluminium: The board has approved share buyback of 67.3 crore equity shares, representing 3.48 per cent of the equity paid-up share capital at a price of Rs 75 per share. The company will spend a maximum of Rs 504.8 crore for the buyback .
PVR: The company has opened 10 screens multiplex at PVR ICON, VR Chennai, Tamil Nadu. With this launch, PVR now operates the largest multiplex network with 725 screens at 155 properties in 60 cities across India.