Index trend and stocks in action September 26, 2018
After witnessing considerable volatility during the day, the NSE benchmark Nifty settled above the 11,050 mark. The price action formed a bull candle with lower shadow. The Nifty did not breach its Friday’s session low of 10,866 despite high volatility, and as long as it manages to hold this crucial level, we might see continuation of the pullback. On the way up, the level of 11,170 will act as a stiff barrier for the index and only a decisive close above 11,170 would induce further upside momentum in the index, or else we expect a range-bound and volatile movement in the index. For the day, immediate resistance is placed around the level of 11,100 followed by 11,170, and on the downside, support is seen around the level of 11,020 followed by 10,910.
Godrej Properties: Godrej Properties has announced the addition of a new project at Ghodbunder Road, Thane.
Minda Industries: The board has approved the investment for setting up a new manufacturing plant of two-wheeler alloy wheel in Maharashtra for supplies to OEMs. The outlay of the project is approved for Rs 500 crore, which will be completed in two phases. The first phase of Rs 300 crore will be undertaken within two years and thereafter the second phase will be undertaken. The start of production is expected from November 2019.
Cosmo Films: The company has announced installation of a new solvent-less lamination machine at its Karjan plant, Vadodara.
Blue Dart Express: Blue Dart has announced major expansion plans to deliver to every Indian home by December 2018 amidst rising demand for deliveries in tier-II, Ill and IV towns in India. The initiative is one of the biggest drives undertaken to expand Blue Dart's reach to every corner of India and aims to reach over 19,100 PIN codes by December 2018.
RITES: The company has remitted second tranche of investment for an amount of Rs 24,70,000 to subscribe to the rights issues of its joint venture company BNV Gujarat Rail Private Limited .
Glenmark Pharmaceuticals: The meeting of the company's board of directors is scheduled on September 28 to consider opportunistic tenders or buyback of its foreign currency debt worth $200 million.
NHPC: The Unit 2 of Parbati-II HE project (4x200 MW) in Himachal Pradesh has been successfully synchronised with the grid at 10-11 MW load. Further, the load throw-off test on Unit 2 has been carried out successfully at 25 per cent load (50MW) and at 100MW (50 per cent load).
Yes Bank: The bank's board has formed a search panel to identify a successor to the current CMD Rana Kapoor. The board has also sought extension of Kapoor’s tenure till September 30, 2019 from the RBI .