Index trend and stocks in action December 04, 2018
The NSE benchmark Nifty witnessed a gap-up opening, however, it failed to build upon early gains as traders preferred to take profits off the table and the index consolidated throughout the day. At the end of the day, it settled with a gain of 0.06 per cent at 10,884. The price action formed a small bear candle, suggesting extended breather after a strong rally. Going ahead, Nifty is likely to continue its consolidation and the 100-day moving average, which is placed around the level of 10,959, is likely to act as a stiff resistance for the index. On the downside, immediate support for the Nifty is placed around the level of 10,835, followed by 10,746, which is 200-day moving average.
Sun Pharmaceuticals: The company has clarified on the recent media reports that Sun Pharma has not been involved in any insider trading norm violations relating to the Ranbaxy deal. However, there was minor technical issue relating to procedural aspect of trading window closure due to intervening holidays. Also, Sun Pharma has not given any bank guarantees to Suraksha Realty and, as of now, the company has not received any query from the SEBI on reopening the insider trading case.
NCC: NCC has received two new orders totalling to Rs. 220.2 crore in November 2018. Out of this, one order of Rs. 174.2 crore pertains to the electrical division and one order of Rs 46 crore pertains to water division. These orders were received from state government agencies and do not include any internal orders.
GAIL: The company is of the view that the order passed by the CESTAT, Delhi, is not sustainable considering the merit of the case and the well-reasoned order passed by the Commissioner while adjudicating the SCNS. The company is going to challenge the order at the higher forum and is confident of favourable outcome in this matter.
India Cements: The company has acquired a controlling stake of 51 per cent in the paid-up equity share capital of Springway Mining Pvt Ltd. Thereby, Springway Mining Pvt Ltd has become subsidiary of the Company.
Uflex: FlexFilms, the global film manufacturing arm of Uflex, has been granted United States patent covering entire categories of formable films that include one or more BOPET layers used in Alu Alu blister packaging.
NMDC: NMDC has revised lump ore prices to Rs 3,550 per tonne and price of fines to Rs 3,110 per tonne effective December 1.
Omax Autos: The board has approved the proposal of setting up new industrial unit for manufacture and supply of ‘Long Member’ in Uttar Pradesh. The project would cost Rs 165 crore and the proposed capacity addition will be 144 thousands Long Member.
Welspun Enterprises: National Highways Authority of India and Welspun Sattanathapuram Nagapattinam Road Private Limited, a subsidiary of Welspun Enterprises Limited, have executed the concession agreement on December 3, 2018 for four-laning of Sattanathapuram to Nagapattinam (Design Ch Km 123+800 to Km 179+555) section of NH-45A (New NH -332) in Tamil Nadu under NHDP Phase-IV on hybrid annuity mode.
Emmbi Industries: Emmbi has launched a funding scheme for farmers with Bank of Maharashtra .