Index trend and stocks in action April 01, 2019
The Nifty opened the final trading session of the week on a positive note. Thereafter, it soon pared it morning gains and traded in a capped range. However, in the last leg of the session, it moved higher and ended the session above the 11,600 mark with a gain of 0.47 per cent. The price action on the daily time frame has formed a Dragonfly Doji-like candlestick pattern, while on the weekly time frame, the price action has formed a strong bull candle. Though the markets have continued their upward march, there is some indication of exhaustion of the upmove, which was witnessed in the last trading session. Furthermore, the RSI not just remains in the overbought territory, but also a bearish divergence has been observed against the price. A bearish divergence occurs when the price forms a fresh 14-period high, while the RSI does not. Going ahead, the Friday’s session low of 11,570 is very crucial for the bulls, as holding about this level would enable Nifty to challenge its record high level of 11,760. On the other hand, a failure to hold this support would invite some profit-booking, in which case the level of 11,520 may provide support.
Welspun Corp: Welspun Corp has announced value unlocking of approx. Rs. 940 crore through the divestment of its plate and coil mill division and its 43 MW power division.
Cipla: The company has informed that the US FDA conducted a product specific pre-approval (PAI) and Good Manufacturing Practices (GMP) inspection at its Kurkumbh plant from March 11, 2019 to March 20, 2019. The inspection covered three units at the plant. Post the conclusion of the inspection, the company received 8 GMP observations. The company also received 10 observations pertaining to the PAI for a novel technology product slated for approval beyond 2024. These observations are both product-specific and GMP observations are related to the manufacturing and quality processes. There are no data integrity (DI) observations.
Titan: The shareholding of the company in CaratLane has increased from 66.39 per cent to 69.47 per cent.
Inox Leisure: The company has commenced the commercial operations of a multiplex cinema theatre taken on leave and licence basis located at Chennai. The said multiplex cinema theatre has 8 screens and 1820 seats.
Jindal Drilling and Industries: The company has acquired an offshore jack-up drilling rig from Discovery Drilling Pte. Ltd., Singapore, a joint venture of the company. The above rig would soon be deployed under a contract with Oil and Natural Gas Corporation (ONGC) already awarded to the company.
Tata Motors: The company has sold its shareholding in TAL Manufacturing Solutions (TAL) to TASL at an enterprise value of Rs 625 crore for the aerospace business and the company has acquired the non-aerospace business from TAL at a value of Rs 10 lakh.
EIH Associated Hotels: The company’s board of directors has decided on partial closure of the Trident Udaipur for the second phase of renovation of some of its rooms from April 1, 2019 to January 5, 2020.
Mahindra and Mahindra: The company has incorporated a new step-down subsidiary company in Italy.
SRF: Gujarat Pollution Control Board had issued directions under Water (Prevention and Control of Pollution) Act, 1974, to the company to close the operations of its industrial plant at Dahej in Gujarat due to the alleged non-compliance with the provisions of the said Act.