Index trend and stocks in action April 30, 2019

The Nifty opened the session with an uptick and, thereafter, the index remained sideways for a major part of the session. However, in the last leg of trading, the bulls came back with full force and the Nifty ended the first day of May series near the day's high and above the 11,750 mark. The price action formed a bullish inside bar pattern as the index traded within high-low range of Thursday’s trading range. Going ahead, the previous week’s high of 11,797 is likely to act as a resistance level and a sustainable move above this level could set the stage for reclaiming the all-time high level of 11,856. On the downside, immediate support is seen around the level of 11,655, which is also the 20-day moving average.

JK Paper: A meeting of the board of directors of the company will be held on May 8 to consider issue of non-convertible debentures of up to Rs 300 crore.

Greaves Cotton: A meeting of the board of directors of the company will be held on May 2 to consider the proposal for buyback of equity shares of the company having face value of Rs 2 per share.

Sudarshan Chemical Industries: The company has completed the divestment of its Industrial Mixing Solutions Division to GMM Pfaudler Ltd. (GMMP) on a going concern basis in terms of the definitive agreements executed between the company and GMMP.

Sun Pharma: The company has clarified that the US FDA conducted an inspection in its Dadra facility from March 22, 2019 to March 29, 2019. At the conclusion of the inspection, the agency issued a Form 483, with 11 observations. The company has submitted its response to the US FDA within the stipulated timeline and there is no material impact of this article on the company.

Dr Lal Pathlabs: The company has received a show-cause notice dated April 22, 2019 from the office of the commissioner, Central Tax, GST, Gurugram, demanding service tax (including cess) amount of Rs 229.51 cr for the services provided for the period Oct 2013 to June 2017.

Shankara Building Products: The board has approved partial sale of assets including land, building and equipment of Taurus Value Steel & Pipe (a wholly-owned subsidiary) of the company.

NBCC: The company has submitted its revised resolution plan for Jaypee Infratech.