Index trend and stocks in action January 08, 2019
The NSE benchmark Nifty opened the session with an upside gap and, thereafter, it shifted into a range-bound movement for the first half of trading session. In the second half of the session, Nifty pared some of the early gains to end with a modest gain of 0.41 per cent at 10,772. The price action formed a small bear candle with minor shadow on each side. Going ahead, we expect Nifty to continue its range-bound movement as it remain trapped in-between the range of its 50-day and 100-day moving average. It has to move past some important overhead resistances to give a sustainable move. In the coming session, the levels of 10,750, followed by 10,650, are likely to act as support levels. On the upside, the zone of 10,815-10,835 is likely to act as a resistance zone.
Prabhat Diary: The company has entered into animal nutrition business. The company stated that it has taken preliminary steps by executing agreement with Denmark-based DLG for developing two products to increase milk productivity and quality of cattle. The pilot phase will be for 4-6 months. Post the success of this pilot project, commercial launch of these products will be planned by the company.
Bandhan Bank: The board has approved amalgamation of Gruh Finance with Bandhan Bank.
Endurance Technologies: Endurance Overseas Srl., Italy, a subsidiary of the company and the special purpose vehicle for strategic overseas investments, has acquired the entire equity stake in Fonpresmetal Gap SpA (Fonpresmetal), an aluminium die casting company in Italy. Fonpresmetal has its manufacturing facility in Bione (Brescia, Italy) with a capacity of 6,500 tonnes, of which 50 per cent is dedicated for supplies to the Endurance Group companies in Italy. The said acquisition has been completed for a consideration of 8.16 million euros.
Exide Industries: The company plans to invest up to 30 per cent equity stake in Cleantech aggregating to Rs 20.05 crore for setting up captive solar power projects for various manufacturing facilities. This arrangement will help in reduction of overall production costs.
HFCL: The company has approved the proposal of enhancing additional manufacturing capacity of optical fibre cable (OFC) at Hyderabad from 7 million fibre kilometre (FKM) to 10.5 million FKM, where the company is already setting up optical fibre and OFC manufacturing facilities.
TCS: Central Bank of Kuwait has modernised its technology platform with TCS BaNCS.
National Peroxide: The board has approved the appointment of Conrad David Fernandes as Chief Financial Officer (CFO) as Shailesh Chauhan has ceased to be the CFO.