Index trend and stocks in action July 22, 2019

Karan Dsij
/ Categories: Trending
Index trend and stocks in action July 22, 2019

The Nifty extended its falling trajectory for the second straight session on Friday and ended the session at 2-month low below the 11,450 mark. The price action formed a sizeable bear candle with lower high and lower low and closed well below its 100-DMA level. The index has also breached its 61.8 per cent retracement level of the upmove from the May low to the June high. Nifty has filled the upside gap area of May 20. The extreme short term certainly looks weak and, going ahead, we believe the next major support area for the Nifty is in the zone of 11,300-11,320 as 78.60 per cent retracement is placed in this region. On the upside, any pullback rally towards 11,550-11,570 is likely to be resisted and this area is the likely hurdle going forward.

BHEL: BHEL has secured a prestigious order for erection work of reactor side equipment of 2x1000 MW (units 3 & 4) Kudankulam nuclear power project in Tamil Nadu, being set up under foreign cooperation (Russia). Valued at Rs.486 crore, the order has been placed with BHEL by Nuclear Power Corporation of India Ltd.

CIPLA: The company has informed that the USFDA conducted a routine CGMP inspection at its API manufacturing facility in Virgonangar, Bengaluru, from July 15, 2019 to July 19, 2019. The inspection ended with seven observations, none of which were repeat or related to data integrity. The company will respond to the agency within the stipulated timeline.

Dr Reddy’s Laboratories: Dr Reddy’s Laboratories has announced closure of the transaction to divest ZEMBRACE® SYMTOUCH® and TOSYMRA™ to Upsher-Smith Laboratories, LLC.

CG Power and Industrial Solutions: The company has bagged contract for 400 MW wind farm in Saudi Arabia.

Strides Pharma Science: Strides Pharma Science announced  that its  formulation facility in Bangalore underwent a USFDA inspection  that ended on  May 24, 2019. The inspection was completed successfully with a Voluntary Action Indicated (VAI) classification. 

IOL Chemicals and Pharmaceuticals: The company has made prepayment of term loan of Rs 15.39 crore due to banks in addition to regular repayment schedule. The company has made prepayment of term loan of aggregate amount of Rs 84.18 crore till date to reduce the debt of the company.

Reliance Industries: Reliance Industrial Investments and Holdings Limited, a wholly-owned subsidiary of Reliance Industries Limited, has entered into an agreement with BIF IV Jarvis India Pte Limited, an affiliate of Brookfield Asset Management Inc. (Brookfield) for an investment by Brookfield (along with co-investors) of Rs 25,215 crore in the units proposed to be issued by the Tower Infrastructure Trust in accordance with the Securities and Exchange Board of India (Infrastructure Investment Trusts) Regulations, 2014.

McNally Bharat Engineering: The company has received one order from NLC India Limited, relating to work of ‘formation of internal & peripheral roads and constructions of culverts located at Khinda of Odisha worth about Rs 10.43 crore.

 

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