Index trend and stocks in action January 21, 2019
The NSE benchmark Nifty closed the week by imitating the previous day’s price action. The Nifty ended the day with a negligible gain of 0.02 per cent. The price action formed a small body negative candle with long lower shadow, which indicates emergence of buying at lower levels. In the coming session, we expect a bullish start to the trading and post the bullish start the opening levels of the index and its behaviour vis-à-vis the level of 10,950 will be important to watch. A decisive move beyond this level may open gates for further upside towards the levels of 11,050-11,090, whereas on the downside, the level of 10,840 is likely to act as an immediate support, followed by 10,770.
ITI: ITI has signed a contract with Gujarat Fibre Grid Network Limited (GFGNL) for implementing BharatNet Phase II project in one of the two packages in Gujarat. The purchase order from GFGNL is valued at Rs 1011.41 cr. towards the capex part of the project, to be completed in a period of one year and Rs 190.04 cr. towards operation and maintenance of the network for three years after implementation of the project.
PSP Projects: The company has received new work orders worth Rs 572.17 crore from various clients for industrial, residential and Institutional projects.
BPCL: BPCL plans to issue USD 500 million fixed rate unsecured notes .
Vascon Engineers: Vascon Engineers board has approved to raise Rs 110 crore via non-convertible debentures .
LT: SEBI has advised not to proceed with buyback offer as the ratio of the aggregate of secured and unsecured debts owned by the company after buy-back (assuming full acceptance) would be more than twice the paid-up capital and free reserves of the company based on consolidated financial statements of the company