Index trend and stocks in action January 31, 2018
Nifty, after opening the session on a cautious note, witnessed a sharp decline in the first half of the trading session. Later, it moved sideways and ended the session near the day’s low. The price action has formed a long bear candle. Going forward, the zone of 10,980-11,000 is a crucial support zone for the index. On the upside, Nifty reacted from the day’s high, i.e. 11,121, and this level may act as a resistance, followed by 11,172. The level of 11,172 would be crucial to watch, as a move above this level would lead to an extension of the current leg of the upmove.
BEL: Proposal to buyback 2,03,97,780 equity shares of the company at a price of Rs. 182.50 per equity share.
KPIT: Amalgamation of Birlasoft (India) Limited' (Birlasoft) with the company and demerger of the engineering business of the company into KPIT Engineering Limited (KEL), a wholly-owned subsidiary of the company.
Syndicate Bank: Board of Directors meet on February 2, to approve the revised capital plan of the bank.
MIRC Electronics: The company issued clarification for the news item that appeared in some of the publications under the title ‘MIRC Electronics commissions new TV Panel Plant’, company said that they are planning to make investment in balancing equipment to upgrade their plant to handle the panel TV business. The company does not have any plan to set up any new plant.
Welspun Enterprises: T he Company acquired 49 per cent stake in the Project for four-laning of Chikhali - Tarsod (Package-IIA) section of NH-6 from 360.000 to 422.700 km stretch from Vishvaraj Group for a consideration of Rs. 83.3 million. The Company has an option to acquire the remaining 51 per cent stake as and when NHAI permits at a fixed consideration of Rs. 86.7 million.
Bajaj Auto: Baja Auto workers go on indefinite hunger strike at Akurdi and Chakan plants.
Tube Investments of India: Tube Investments established global depository receipts (GDR) by signing agreement.
Mahindra and Mahindra: Company signed a Share Subscription Agreement to subscribe upto 26 per cent of the Share Capital of M.I.T.R.A. Agro Equipments Private Limited.