Index trends and stocks in action, April 2
On the last trading session of the financial year 2017-18, benchmark Nifty started the session with a gap-down opening and later moved in a narrow range for the major part of the trading session. However, a bout of volatility was seen during the latter part of the session owing to F&O expiry of March series. Finally, Nifty settled at 10,113.70 with a loss of 0.69%. The price action formed a small body bear candle, which carries lower high and lower low. As per the daily time frame chart, the negative sequence of lower top and lower bottom is intact, as Nifty marked a new lower top at 10,208 on March 27, 2018. Going forward, the 200-day SMA, which stands at 10,178, is likely to act as an immediate resistance zone and it would be crucial to see if Nifty manages to sustain above its 200-day SMA. On the downside, crucial support is placed around the level of 10,040, followed by 9950.
Vedanta: Vedanta issued letter of intent as successful resolution applicant for acquisition of Electrosteel Steels.
Lasa Supergenerics: Lasa Supergenerics, a leading player in Veterinary APIs in India through its catalyst chemistry expertise and fully backward integrated unit, has entered into agreement to purchase the Property of unit N 31 from its owner viz., Abhinandan Rasayan Private Limited (ARPL) having its fixed assets i.e. Land, Building, Plant & Machinery along with all movable & immovable assets in the property situated in MIDC, Anand Nagar, Ambernath (E), Thane.
Moil: In line with the business practice of fixing/revising prices Manganese Ore, the company has fixed/revised prices of different grades of Manganese Ore for Q12018-19.
Inox Leisure: Company has commenced the commercial operations of one additional screen (with seating capacity of 94 seats) in the existing Multiplex Cinema Theatre in Surat.
Ultratech Cement: UltraTech Cement has received CCI Nod w.r.t its bid for Binani Cement.
ICICI Bank: RBI imposes monetary penalty of Rs. 589 million on ICICI Bank for non-compliance with directions issued by RBI on direct sale of securities from its HTM portfolio and specified disclosure in this regard.
Tata Power: Tata Power sells its Defense business to Tata Advanced Systems Limited a wholly-owned subsidiary of Tata Sons.
Cadila Healthcare: Cadila Healthcare said that the USFDA has completed inspection of topical facility with zero observations under Form 483.
Cox & Kings: Cox & Kings, wholly-owned subsidiary Prometheon Enterprises has sold 3 per cent stake in Prometheon Holdings (UK) to an investee company of SSG Capital Management.
Fiem Industries: Company has signed a 'Joint Venture Agreement' with Aisan Industry Co., Ltd., Japan for manufacture of Fuel Injection System and IC connector for two-wheelers and three-wheelers for Indian market.
LT Foods: LT Foods approves increasing stake in subsidiary Raghunath Agro Industries.