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Index trend and stocks in action June 17, 2019

Karan DSIJ
/ Categories: DSIJ Mindshare
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Index trend and stocks in action June 17, 2019

On Friday, Nifty began the session on a lacklustre note and traded with a negative bias for a major part of the trading session. However, selling pressure intensified in the last leg of trading as news of India imposing retaliatory duties on the US took toll on the markets. Nifty ended the session with a loss of 0.76 per cent. The price action formed a sizeable bearish candle carrying lower high-low. For the first time after May 6, Nifty closed below its important short term 20-DMA. This shows that the market’s uptrend is under pressure. The RSI has also broken below its recent swing low of 54.83 seen on June 6. The MACD histogram is also suggesting that the downside momentum is picking up. Now going ahead, in case Nifty falls below the level of 11,770, it may test the 11,600 mark in the near term. To move upside, the bulls need to move above the 20-DMA once again and sustain for at least two to three days. Only then, the bulls will gain confidence.

BHEL: BHEL’s solar photovoltaic (SPV) portfolio has surpassed 1 GW with the company winning two EPC orders for setting up SPV plants with a cumulative capacity of 200 MW valued at over Rs 800 crore. The orders have been secured from NTPC Ltd. and Gujarat State Electricity Corporation Ltd, reinforcing the company's position as a leading EPC player in the solar industry.

Elecon Engineering Company: The company has bagged order worth Rs 79.12 crore from BHEL for supply and erection of stacker-cum-reclaimer machines at its Udangudi STPP site.

PG Electroplast: A fire broke out on June 15 in the washing machine division of the company situated at Greater Noida, dist. Gautam Budh Nagar (UP).

FDC: The company has been granted ANDA approval by the United States Food and Drug Administration for Dorzolamide and Timolol ophthalmic solution USP 22.3mg/6.83mg per mi, a generic version of Cosopt of Oak Pharmaceuticals Inc.

Divi’s Laboratories: The company has announced that its Unit-II at village Chippada, Bheemunipatnam district, Andhra Pradesh, has had an inspection by the USFDA from June 10, 2019 to June 15, 2019. This was a general CGMP inspection by the USFDA. The inspection has been concluded with no 483 observations.

Symphony: The company seeks to explore business opportunities in Brazil. Hence, the company has incorporated a wholly-owned subsidiary company in the name and style of "Symphony Climatizadores Ltda" in Brazil.

Coromandel International: The company has received letter from Gujarat State Pollution Control Board (GPCB) revoking its earlier closure notice. The revocation is for a period of three months and the company would be submitting the action taken report as required by GPCB within the stipulated three-month period to obtain permanent revocation of the closure notice.

Voltas: Voltas has launched new Brand Shop at Chackai, Thiruvananthapuram.

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