Index trend and stocks in action April 23, 2018

NSE benchmark Nifty oscillated in a capped range and ended the session on a flat note. The price action formed a Doji candle, indicating indecision among market participants after a strong rally from March lows of 9952. The Nifty is, therefore, seen taking a breather for the last couple of trading sessions. Going ahead, holding on to the low of 10,495, which was made on April 17, would maintain a positive bias and keep the index on course to retest the swing high of 10632 registered on February 27. However, a sustainable move below 10,495 would disturb the momentum and lead the index into a sideways to corrective phase and the level of 10,400 would act as the next support level.

Unichem Laboratories: The Company's formulation manufacturing facility at Ghaziabad was inspected by the USFDA from 16/04/2018 to 20/04/2018. The Inspection concluded with zero observations. This inspection also covered one of the first to file molecules.

Adani Enterprises: Adani Enterprises Limited and Prakash Asphaltings and Toll Highways (India) Limited have incorporated a JVC namely, "Bilaspur Pathrapali Road Private Limited" ("SPRPL") on 21th April 2018 in the ratio of 74:26.

Kitex Garments: A meeting of Board of Directors of the Company will be held on April 25, 2018 to consider proposals for further investments.

Axis Bank: This is to inform you that the Board of Directors of the Bank has commenced the succession process to appoint a new Managing Director & CEO of the Bank. The Board has appointed Egon Zehnder, a global leadership advisory firm, to conduct the succession process and evaluate candidates for the said post.

Orchid Pharma: Orchid Pharma says committee of creditors have rejected all three bids for the company.

Cimmco: India Ratings & Research has revised the Long-Term Rating for the Company to 'IND A+' from 'IND AA-'.

Aro Granite: The Board of Directors of the Company in its meeting have approved an expansion plan. Under the expansion plan the company is planning to set up a plant at Jaipur, Rajasthan to enhance its installed capacity by 153000 Sq. Mtrs. of granite slabs with an approximate outlay of Rs 55-60 Crores.

Dilip Buildcon: Dilip Buildcon has incorporated 3 (Three) new special purpose vehicles Companies for 3 Hybrid annuity projects awarded by the National Highways Authority of India valued at Rs. 2948.1 Crores.

Phoenix Mills:  Island Star Mall Developers and Canada Pension Plan Investment Board acquired a prime land parcel in Hebbal, Bengaluru for a total consideration of Rs 650 crore. 

Suzlon Energy: SEBI has imposed a monetary penalty of a total sum of Rs.1.10 Crores on the Company and its Compliance Officer for alleged non-reporting of events in the past.