Index trend and stocks in action September 20, 2017

In the last trading session, Nifty opened with a positive bias, however, it failed to sustain at higher levels and ended the day with modest losses. Going forward, further expansion on the upside can be expected if Nifty sustains above the zone of 10,180-10,200, in this case Nifty may move up to levels of 10,240-10,300 in the near term. Whereas, on the downside, the gap area of 10,115-10,131 may act as a strong support in the coming days, however, if this support is breached than selling pressure may be seen in this case nifty may fall up to levels of 10,080 and 10,040. 

MEP Infrastructure Developers: Company has received the Letter of Intent (LOI) from Office of the Director Local Bodies(Toll Tax Department) informing that MEP has been engaged as the contractor for SDMC (Lead Corporation acting on behalf of all the three Corporations) for Toll & Environment Compensation Charge (ECC) collection at Border Points from Specified Commercial Vehicles entering Delhi.

BASF: The Company has received information from its parent company, BASF SE, Germany that it has signed an agreement to acquire Solvay’s integrated polyamide business globally for a purchase price (on a cash and debt free basis) of EUR 1.6 billion. The transaction is subject to approval by the relevant authorities and is expected to close in the third quarter of 2018.

ENIL: The Company has commenced broadcast from its radio station at Jammu.

Edelweiss Financial Services: CRISIL Limited has assigned the rating of 'CRISIL A1+' (CRISIL A one plus) to the proposed Short Term Debt Issue aggregating to Rs. 4,000 Crore of the Company.

PTC Industries: The unions representing the workers of Plant-1 unit of PTC Industries have gone on an illegal strike for certain demands. The union has been requested by the management to withdraw this illegal strike.

Telecom stocks: The telecom regulator cut interconnect charges to 6 paise from 14 paise currently. Termination charges will be zero from 2020.

Shreyas Shipping and Logistics: The Company a signed a Memorandum of Agreement (MOA) for an acquisition of one container vessel of about 1500 teus. The delivery of the vessel is expected by mid-October, 2017.