Index trend and stocks in action December 26, 2018
The NSE benchmark opened with a modest gain despite depressing cues from global peers. The index spent the first-half of the trading session in the negative territory while trading in a narrow range. However, in the second half of the trading session, strong selling emerged and eventually the index managed to close below the 10700 mark. The price action formed a sizeable bearish candle. Going ahead, the zone of 10580-10570 is likely to act as crucial support for the index as it is the confluence of 50-day simple moving average. Failure to hold this support would lead to further correction up to the level of 10500, followed by 10450. On the upside, the 200-day moving average is likely to act as immediate hurdle which is currently placed around the level of 10767.
GODREJ INDUSTRIES: The company has made further announcement regarding sanctioning of the scheme of amalgamation of Vora Soaps Limited with Godrej Industries Limited and their respective shareholders by the National Company Law Tribunal, Mumbai bench on December 14, 2018, which has been made effective by filing the certified copy of order of the NCLT on December 24, 2018 with the Registrar of Companies/Ministry of Corporate Affairs.
SHREE CEMENT: The company has commissioned the clinker section on December 25, 2018 of the cement mill of the integrated cement plant at village Kodla in Kalburgi district of Karnataka having capacity of 3.0 MTPA. With this the integrated cement plant has been fully commissioned.
MANALI PETRO: The company has received a notice from the Central Pollution Control Board under Section 5 of the Environment Protection Act, 1985 seeking to stop operations of Plant-1 citing certain shortcomings.
CEAT Ltd : The India Rating & Research, a rating agency, has assigned rating of IND A1+ to the company’s commercial paper for issue size up to Rs. 350 crore.
RANE ENGINEERS: CRISIL Limited has assigned Long term rating of CRISIL BBB+ with outlook of stable, and assigned short term rating of CRISIL A2 to the company’s debt instruments/total bank loan facilities of Rs 200 crore,
HESTER BIO: The Credit Analysis and Research Limited (CARE Ratings) has assigned the Care A2 rating for the company’s short term bank facilities and reaffirmed Care A- rating for long term bank facilities.
NAGARJUNA FERTILISERS: The company is in the process of a long term debt resolution with its lenders. Pending debt resolution, basis support of Department of Fertilizers and lenders, the company has restarted production of urea from Unit-I of Kakinada plant in Andhra Pradesh.