Index trend and stocks in action June 25, 2019
The Nifty made a modestly positive start and, thereafter, it made an attempt to extend its early gains. However, after registering day’s high of 11,754, Nifty witnessed a downmove and marked a low of 11,670. In the last leg of trading, a pullback was seen from the lower levels and Nifty ended the day with a loss of 0.21 per cent. The price action formed a small bear candle carrying minor upper and lower shadows. Going ahead, the Nifty needs to hold above the previous week’s low of 11,625 to keep the pullback options open. Let us see the price behaviour at the support level of 11,625. In this level do not hold, there is more probability of filling the gap of May 20. On the higher side, the level of 11,750 is likely to act as a resistance level.
Power Grid Corporation of India: Power Grid Corporation of India Limited has entered into a joint venture agreement with NTPC Ltd. to incorporate a joint venture company on 50:50 equity participation basis, with an objective to undertake the business for distribution of electricity in various states and Union Territories of India and other related activities.
Infosys: Infosys has announced strategic partnership with Toyota Material Handling, Europe.
Gujarat Borosil: The company has set up new additional furnace of 210 TPD for production of solar glass at its existing plant in Bharuch district of Gujarat and has started trial production on June 24.
PEL: The company has clarified to a news item captioned "Softbank plans to invest $ I billion in Piramal Group, talks in final stage". The company has informed that no such proposal as referred to in the captioned news article has been placed for approval of the board or any of its committees.
Sunteck Realty: The company has issued commercial paper of Rs 35 crore.
SBI Life Insurance Company: BNP Paribas Cardif, one of the promoters of the company, proposes to sell up 25,000,000 shares of face value of Rs 10 each through OFS (offer for sale) on the bourses for Rs 650 apiece.
RITES: The board of directors has recommended issue of bonus shares to the existing shareholders in the ratio of 1:4 (1 bonus share for every 4 shares held).
Emami: The promoters of Emami Group have undertaken a stake sale of 10% in Emami Limited for raising approximately Rs 1230 crore. This amount is intended to be used primarily for further reducing debt at the promoter level. The stake sale occurred on the floor of the stock exchange to marquee institutional investors.