Index trend and stocks in action May 13, 2019
The Nifty opened the session on a positive note; however, it failed to optimize morning gains and traded in a sideways trajectory for a major part of the day. However, in the final hour of trading, volatility kicked in and bears took charge. Finally, Nifty settled below the 11,300 mark and extended its southward journey for the eighth straight session. The last eight sessions' descend of about 4.6 per cent has pulled the index towards its crucial support area of 11,180-11,227. This range is a crucial support as 50 per cent retracement level of the current upmove from the February low to April high and also the upside gap of March 12 are placed in this region. In the coming session, holding above this support level would keep the pullback options open. Else, there would be extension of correction, where the important long term moving average of 200 DMA (11,034) is likely to act as a strong support. On the upside, the pullbacks are likely to be resisted at 11,370, followed by 11,425 levels.
Shankara Building Products: The company has started one new retail store in Hoskote, Bangalore, measuring 5,000 sq.ft. Further, as part of its conscious efforts to consolidate operations, the company has decided to close retail stores in the following locations: Rajkot, Surat, Baroda, Nizamabad, Anakapalli and Sindhanoor.
Kridhan Infra: K.H.Foges Pte Ltd., the Singapore-based step-down subsidiary of Kridhan Infra Limited, has made an application under section 227B of the Companies Act of Singapore pursuant to the earlier filing under section 211Bof the Companies Act of Singapore.
Trident: Trident has been conferred with ‘Best Supplier Award' for office supplies by Walmart India.
GAIL: Stepping up the momentum for construction of the Jagdishpur-Haldia and Bokaro-Dhamra natural gas pipeline and Barauni-Guwahati pipeline, GAIL (India) Limited has completed awards for all major contracts worth Rs 10,500 crore for pipe supply and laying for the integrated 3,400 km. long project.
HPL Electric & Power: The company has issued commercial paper (CPs) of Rs 10 crore on May 9, 2019
UPL: The company has invested about Rs 9.25 crore in Allfresh Supply Management Private Limited (Allfresh) constituting 26.75% (on fully diluted basis) in the paid-up share capital of Allfresh.
Transpek Industry: There was accidental leakage of certain liquid chemicals in one of the acid chloride plants of the company at Vadodara in Gujarat. Upon receipt of notices from the factory inspector and the Gujarat Pollution Control Board, the operations in all the plants stand suspended, pending review of safety measures, resulting in production loss until restoration of operations.
Tata Steel: The Commission discussed the proposed joint venture with both Thyssenkrupp and Tata Steel. Based on the feedback received from the Commission, it is clear that the Commission is not intending to clear the proposed joint venture as it expects substantial remedies in the form of sale of assets of the proposed venture.