Index trend and stocks in action September 28, 2018
The NSE benchmark opened the session with a positive bias, but soon after opening, it gave away the opening gains and witnessed decline throughout the day and ended the session below the 11,000-mark. The price action formed a bear candle carrying lower high and lower low sequence, indicating continuance of the corrective bias. In the process, the index has breached its important 100-day SMA level. Going ahead, the immediate previous low of 10,866, which was marked on September 21, is likely to act as a strong support level, and on the upside; the level of 11,040 is likely to act as an immediate resistance level, followed by 11,100.
LEEL Electricals: The company announced securing first programme for offering design, development, manufacturing and supply of oil cooling system including heat exchanger to Hindustan Aeronautics Limited (HAL) for its helicopter platform. With strong footprints in railway, metro and defence (land) HVAC systems, this order is a step forward to enter into the aerospace sector for engine cooling and air conditioning.
Redington: The company has said it will buy back up to 11,120,000 equity shares of Rs 2 each of the company at a price of Rs 125 per equity share. The buyback amount aggregates to Rs 139 crore. The record date is Sept. 28.
Karnataka Bank: Karnataka Bank, in association with Bajaj Allianz General Insurance Co. Ltd., has launched a unique QR code-based instant two-wheeler insurance policy.
Bank of Baroda: Fitch Ratings has placed Bank of Baroda's (BoB) Viability Rating (VR) of 'bb' on Rating Watch Negative (RWN) following the announcement that the government plans to merge the India-based bank with two mid-sized state banks, Vijaya Bank and Dena Bank. Fitch has concurrently affirmed BoB's Issuer Default Rating (IDR) at 'BBB-' with a Stable Outlook, Support Rating at '2' and Support Rating Floor at 'BBB-'.
Canara Bank: The board has decided to raise equity share capital amounting up to Rs 250 crore (face value), through qualified institutional placement (QIP) route, by issuing up to 25 crore equity shares of face value Rs 10 each, for an aggregate amount not exceeding Rs 6,000 crore.
Reliance Communication: The company has clarified to a news item that One97 Communications has filed a petition in NCLT for dues worth Rs 20.25 crore against the telecom operator’s two arms. The matter is due for hearing on October 26.
Astec Lifesciences: The newly set up manufacturing unit of the company situated in Maharashtra has started its commercial production and operations. This manufacturing unit has been set up for manufacture and supply of agrochemicals and intermediates.
Kesoram Industries: The company has confirmed receipt of a formal communication from the state government of Karnataka approving its proposal for the acquisition of some 675 acres of land for Industrial purpose (mining activities) as per the Karnataka Land Reforms Act 1961. The acquisition will augment the company's existing reserves of limestone.
PNB: The board of directors of the bank has approved infusion of Rs 5,431 crore by government via preferential share issue