Index trend and stocks in action May 17, 2018
Benchmark index NSE Nifty opened with a gap-down and edged lower on Tuesday, extending its previous day’s retreat. During the day, Nifty bounced back from the lower levels to fill the opening downside gap, and after filling the gap, it retreated yet again in the afternoon trade to close near the opening level. The price action for the day formed a high wave like candle. Going ahead, on the downside, immediate support is seen around 10,690, and a follow-through move below this support level could lead to further correction up to the levels of 10,650-10,660. On the upside, immediate resistance is seen around the 10,800-mark, followed by 10,910-10,940, which are the next major resistances for the Nifty.
Divi's Laboratories: Divi's Laboratories announces that its Unit-I at Choutuppal, Telangana State has had an inspection by the USFDA from May 14 to 16, 2018. This was a general cGMP inspection by the FDA. The inspection has been concluded with no 483 observations.
Crest Ventures: Crest Ventures Limited (CVL) has entered into a Share Purchase Agreement (SPA) for acquiring a stake of 48 per cent held by Prebon Holdings BV in Tullett Prebon (India) Limited (TPIL), its subsidiary company at a total consideration of Rs. 4.52 crore subject to the regulatory approvals. Subsequent to the above acquisition, the equity holding of CVL will increase from 51.99 per cent to 99.99 per cent.
Simplex Infrastructures: Board to consider issue price for equity shares to be allotted to qualified institutional buyers in the issue on May 19.
Muthoot Finance: Board has decided to raise funds up to an amount of Rs. 6,000 crore by way of Public Issue(s) of Redeemable Non-Convertible Debentures to be issued in one or more tranches.
Infosys: Infosys sets up block chain-based trade network in India with 7 banks.
Transport Corporation of India: Company to hive-off cold chain unit.