Index trend and stocks in action October 22, 2018
In the final trading session of the week, the NSE benchmark Nifty opened the session with a gap-down and drifted lower as the day progressed. However, a small recovery was seen from the lows of the day, but the index registered a loss of 1.43 per cent and ended the day at 10,304. The price action formed a small body negative candle with a downside gap. Going ahead, the level of 10,250 is a crucial support level as it is near about 78.6 per cent retracement level of the recent pullback rally. Failure to hold this support level would lead to further downside, where the index most probably will test the recent lows of 10,140-10,200. On the upside, the gap area which has been created on the October 19, 2018, is likely to act as a resistance zone (10,380-10,436).
Biocon: The European Medicines Agency's Committee for Medicinal Products for Human Use (CHMP) has issued a positive opinion recommending approval of Ogivri, a biosimilar to Roche's Herceptin (trastuzumab).
Lupin: Lupin Neurosciences, the specialty pharma division of Lupin, has announced that the Committee for Medicinal Products for Human Use (CHMP), the scientific committee of the European Medicines Agency (EMA), has adopted a positive opinion recommending the marketing authorisation of NaMuscla (mexiletine hydrochloride) for the symptomatic treatment of myotonia in adults with non-dystrophic myotonic (NDM) disorders.
Piramal Enterprises: Piramal Enterprises has refuted rumours of any sort that have been floating around with respect to its real estate loan portfolio companies. The rumours relate to loan defaults to PEL/Piramal Capital & Housing Finance Limited (PCHFL) by real estate developers such as Lodha, Omkar. Vatika, Embassy, Radius, Nahar, Aristo, Supertech, etc.
Reliance Power: Sasan Power, the 100 per cent subsidiary of Reliance Power, has bagged an arbitration award against North American Coal Corporation (NACC). Subsequently, Sasan Power is required to pay only Rs 17 crore towards outstanding invoices as against NACC’s claims of Rs 235 crore.
Tata Steel: A wholly-owned indirect subsidiary of the company, viz, TS Global Minerals Holdings Pte Ltd, has entered into an agreement to divest its entire stake in its wholly-owned step down subsidiary Black Ginger 461 Pty Ltd, which in turn holds 64 per cent in Sedibeng Iron ore Pty Ltd, South Africa, which is the operating company. The stake has been divested to IMR Asia Holding Pte Ltd, which is a group company of IMR Metallurgical Resources AG, a global metals and mining group headquartered in Switzerland, and a leading supplier of raw materials to the steel industry.
Jet Airways: The company has clarified that the reports of talks with Tata are speculative.