Index trend and stocks in action October 16, 2018
The NSE benchmark Nifty opened the session with a positive bias, but soon after opening, it pared the opening gains and headed towards the 10,400 mark. However, the bulls managed to defend the 10,400 mark and a smart recovery was seen in the last leg of trading and Nifty reclaimed the 10,500 mark. The price action formed a small body negative candle carrying long lower shadow, which indicates buying interest at lower levels. Going ahead, we expect the index to continue with its pullback up to the level of 10,560 as it is the 38.2 per cent retracement level of the recent down-move and sustaining above this hurdle would open up further room on the upside towards the level of 10,600. On the flip side, the levels of 10,400, followed by 10,330, will act as key support areas.
NTPC: The company has said that the operations of Badarpur thermal power station in New Delhi, having total installed capacity of 705 MW, will be discontinued w.e.f. October 15, 2018.
Globus Spirits: The company has resumed operation and commencement of commercial production at the Bihar unit.
IFCI: The company is in the process of engagement of consultant-cum-advisor for advising and assisting in potential merger of IFCI Infrastructure Development (IIDL), a wholly-owned unlisted and non-material subsidiary, with IFCI Limited.
TV Today Network: India Today Online Private Limited (ITOPL), a non-material, wholly-owned subsidiary of the company, has received separate notice of demands to tune of Rs 26 crore and Rs 43.24 crore for AY2013-14&2014-15, respectively, from the Income Tax Department.
OCL India: The board of directors has approved the implementation of the scheme of arrangement and amalgamation of OCL India Limited and Dalmia Cement East Limited and other associates into Odisha Cement Limited (ODCL). Post-merger, ODCL will be renamed as OCL India Limited.