Index trend and stocks in action May 15, 2019
Finally, the Nifty halted its nine-day losing streak and ended the day above the 11,200 mark with gain of 0.66 per cent. The price action formed a bull candle carrying wicks on either side. After having declined more than 5.5 per cent in the past nine trading sessions, the Nifty took support near about the 100 DMA level and, going ahead, the 100-DMA (11,132) is likely to act as an immediate support for the index, followed by the 200-DMA (11,036). On the higher side, the identical high of the last two sessions, which is near about 11,300, is likely to act as an immediate resistance for the index. Sustaining and holding above the 11,300 mark may open up gates for further upmove towards the levels of 11,350-11,370.
Wockhardt: The company has clarified on the news item appearing in the media titled ‘Pharma stocks bleed as US states file lawsuit against generic drug firms’. The company has informed that a class action was initiated against various pharmaceutical companies including Wockhardt Ltd. This anti-trust action relates to price hikes of various generic drugs. The company has denied such accusation at the appropriate forum and is vigorously defending in the matter.
Datamatics Global Services: The company has acquired balance 18.91 per cent equity stake in Datamatics Digital Limited.
Vodafone Idea: The board of directors of the company has considered and approved a scheme of amalgamation of Vodafone India Digital Limited and Idea Telesystems Limited (both wholly-owned subsidiaries of the company) with the company.
Future Supply Chain Solutions: The board has approved divestment/sale of up to 100% investment held by the company in Vulcan Express Private Limited and authorised the committee of directors to implement the decision, including finalisation and execution of requisite agreements in this regard.
NTPC: NTPC has participated in the 250 MW tender floated by Solar Energy Corporation of India (SECI) for Dondaicha Solar Park, Maharashtra. In the reverse auction held on May 14, 2019, NTPC has won 100 MW of solar capacities at a levelised tariff of Rs 2.91/unit, applicable for 25 years.
GIPCL: GIPCL has emerged as successful bidder in the e-reverse auction for selection of bidder for Gujarat Urja Vikas Nigam Limited.
Orchid Pharma: Orchid Pharma has received ANDA approval from the US FDA for Risedronate sodium tablets USP, 30 mg and 35 mg today. Risedronate sodium tablets are a bisphosphonate indicated for the treatment and prevention of osteoporosis.