Index trend and stocks in action September 03, 2018
After witnessing a muted opening, the NSE benchmark Nifty moved higher and went on to cross the 11,700 mark in the initial part of the trading session. However, profit-taking at higher levels ahead of the weekend was seen and, thereafter, the index moved in a narrow range in the last leg of trading and ended the day almost unchanged. The price action of the day formed a Doji-like candle. On Monday, we might see some green shoots at the opening bell as a rub-off effect of the strong GDP data, which came in post market hours on Friday. But on the higher side, the zone of 11,730-11,760 is likely to act as a strong hurdle for the index, and for a fresh leg of upmove, the index needs to take out the recent high of 11,760, while on the way down, we expect the last two sessions' identical low of 11,640 to act as a strong support for the index.
Godrej Consumer Products: Godrej Consumer Products, through its subsidiary, has divested its entire stake in Godrej Consumer Products (UK) Ltd.
Ramky Infrastructure: The company has sold shareholding in NAM Expressway to Cube Highways Pte.Ltd., Singapore, for Rs 140 crore. The sale proceeds will be used to reduce the debt of the company. Consequent to the sale, consolidated debt of the company will be reduced by about Rs 1,389 crore.
HCL Technologies: Sciencelogic and HCL Technologies have partnered to bring Aiops to global enterprise customers.
LT Foods: The company approved the proposed investment of up to Rs 140 crore by India Agri Business Fund II Limited in Nature Bio Foods Limited, a wholly-owned subsidiary of the company, in one or more tranches.
Wipro: Wipro has won over $1.5 billion deal from Alight Solutions. This deal will result in revenues of USD $1.5 to $1.6 billion for Wipro over the tenure. This is Wipro’s largest win to date.
Graphite India: The company's wholly-owned subsidiary in Netherlands, Graphite International BV, has signed a definitive agreement for investment of upto US $ 18.595 mn in multiple tranches in cash in General I Graphene Corporation which, on an as converted basis to common stock on a fully diluted basis, would constitute approximately 46 per cent stake in the company, a US-based unlisted company located in Knoxville, Tennessee.
Idea Cellular: The name of the company has changed from "Idea Cellular Limited" to "Vodafone Idea Limited" .
MOIL: The company increased prices of ferro grade ore by about 5 per cent, retained prices of SMGR, chemical grade and fines; cut prices by 10 per cent of specific grade of material i.e. BGL523, DBL456 & DBL457. On sales of BGF534, existing discount of 5 per cent during August, 2018 has been increased to 10 per cent for dispatches during September'2018.
HCC: The HCC board will meet on September 5 to consider fund raising by the issue of equity shares or other securities.