Index trend and stocks in action April 18, 2019
It was celebration time on the Dalal Street as the Nifty closed at a new record high and, on intra-day basis, it tested another milestone of 11,800. However, in the end, Nifty settled at 11,787, up by 97 points. The price action formed a sizeable bull candle which has managed to close above the identical highs of August 28, 2018 and April 3, 2019. Going ahead, the gap area (11,705- 11732) of April 16, 2019, is now likely to act as a strong support zone for the index, and as long as Nifty trades above this gap area, it will trade with a positive bias. On the upside, a follow-up move above Tuesday’s high of 11,811 would open up for further upside towards the level of 11,900.
Quess Corp: Quess Corp has announced that its subsidiary Conneqt Business Solutions Ltd has signed definitive agreements to acquire a majority stake in Allsec Technologies Limited. Also, the board of directors of the company at its meeting, considered and approved the increase of the company's stake in Greenpiece Landscape India Private Limited.
Jet Airways: Since no emergency funding from the lenders or any other source is forthcoming, the airline will not be able to pay for fuel or other critical services to keep the operations going. Consequently, with immediate effect, Jet Airways has cancelled all its international and domestic flights.
Ashoka Buildcon: The company has informed that its joint venture has won a Rs 443.23 crore contract from Rail Vikas Nigam for works related to doubling of a railway track in Punjab.
Intellect Design Arena: Intellect Global Transaction Banking (iGTB), part of Intellect Design Arena, today announced that its fifth iGTB Oxford School of Transaction Banking has been a phenomenal success with overwhelmingly positive feedback, an unprecedented NPS score of 94.4% and an average 4.6/5 session rating.
Reliance Industries: Mitsui O.S.K. Lines Ltd. will acquire strategic stake in six group companies (each owning a very large ethane carrier) of Reliance Industries.
Cipla: The company's wholly-owned subsidiary Cipla Medpro South Africa (Pty) Limited has signed an agreement to acquire 30% stake in Brandmed (Pty) Limited.
Eris Lifesciences: The company has completed the transaction regarding purchase of shares of Kinedex Healthcare Private Limited.
Bandhan Bank: The bank has received approval of the Competition Commission of India to the proposed scheme of amalgamation of GRUH Finance Limited with itself.
Cadila Healthcare: Zydus has received the final approval from the USFDA for acetazolamide for injection. Also, Zydus has announced Phase 3 Trial of desidustat in non-dialysis dependent chronic kidney disease (CKD) patients with anemia.
Hindalco Industries: Toyota has selected Novelis as aluminum supplier for 2019 RAV4.