Index trend and stocks in action March 13, 2019
The Nifty, after witnessing a gap-up opening, continued its uptrend throughout the day. Nifty managed to surpass its crucial 11,300 mark. The price action formed a strong bull candle post the gap-up opening, carrying higher high-low, indicating follow-through buying. Going ahead, the trend certainly remains in favour of the bulls, but we would advise to be cautious as the current upsurge has been too fast and furious. Hence, we may see a period of consolidation or profit-taking in the coming sessions. Immediate support for the Nifty is placed at 11,240 level, followed by the gap area of Tuesday’s session. On the upside, the level of 11,360-11,400 is likely to prove as a resistance zone for the bulls
Sun Pharma Advanced Research Company (SPARC): SPARC has announced research collaboration with HitGen Limited, a Chinese company, to identify and discover novel small molecule leads for SPARC.
TVS Motor: The company has further invested a sum of Rs. 30 cr in the equity capital of TVS Credit Services Limited, a subsidiary company (TVS CS). Consequent to the above investment, the company’s direct holding in TVS CS increased to 10.29 per cent.
V Mart Retail: The company has opened three new stores in Himachal Pradesh, Jharkhand and Uttar Pradesh. This takes the total number of stores to 207 in 165 cities across 17 states. The total tally of Himachal Pradesh is 1 store, Jharkhand 17 stores and Uttar Pradesh 83 stores.
Raymond: The company has with mutual consent terminated development management agreement (DMA) with Colorplus Realty Limited for developing its realty project 'Raymond Realty Phase I' and in order to gain better operational efficiencies and control on the project, it intends to undertake the development on its own.
Avenue Supermarts: The company has issued commercial paper of Rs 100 crore.
CMI: CMI Limited has executed its maiden export order from Mauritius for the supply of XLPE LV/HV underground power cables from the company's plant located at Baddi, Himachal Pradesh. With the successful execution of this order, the company products are getting better recognition from other countries as well. The company is quite confident of procuring more export orders soon.