Index trend and stocks in action February 19, 2019
The Nifty made a slightly higher opening, and within no time, the index erased all the gains as selling pressure intensified as the day progressed. In the end, Nifty ended the day down by 0.78 per cent and extended its fall for the seventh session in a row. The price action formed a sizeable bear candle. In the coming session, the level 10,620 would be an immediate support and it would be important for the index to keep its head above this support level to witness any pull-back, which remains much overdue. However, a breach of this support level would result in the extension of the correction and the index may re-test the swing low of January, which is placed at 10,584. Meanwhile, on the upside, the level of 10,790 is likely to act as an immediate resistance.
Power Grid: The board of directors in its meeting has accorded investment approval for 'Northern Region System Strengthening - XL' at an estimated cost of Rs 572.98 crore with commissioning schedule of 22 months from the date of investment approval.
Cyient: Cyient has launched its connected equipment offering for OEMs and equipment owners and operators.
Grasim Industries: Grasim has signed a definitive agreement to acquire the chlor-alkali business of K.P.R. Industries (India) Limited (KPR) by way of a slump sale, for a cash consideration of Rs. 253 crore. The transaction will be funded through internal accruals. KPR would in turn utilize Rs 253 crore towards a full and final settlement of the lenders' dues under a one-time settlement.
CIPLA: The company's wholly-owned subsidiary Goldencross Pharma Private Limited has signed an agreement to acquire 11.71 per cent stake in Wellthy Therapeutics Private Limited (Wellthy). Also, the company has announced that it has been awarded a share of the South African government's national ARV tender for TEE (comprising tenofovir, emtricitabine and efavirenz) and TLD (a combination of tenofovir (TDF), lamivudine (3TC) and dolutegravir (DTG)). The contract is effective from July 1, 2019 and is valid for three years.
Future Consumer: Future Consumer is entering into an arrangement with the Middle East's leading chain of retail supermarkets, T Choithrams & Sons.
Wipro: Wipro has launched QuMiC to accelerate migration to Oracle Cloud.