Index trend and stocks in action March 26, 2019

The NSE index Nifty50 started the week with a downside gap and, thereafter, Nifty continued its southward momentum. However, in the last hour of the trading, some recovery was seen, but the index ended the day with a loss of 0.90 per cent at 11,354. The price action formed a small bear candle indicating extended profit-booking, assisting the index to cool off the overbought placement of the stochastic oscillator. Going ahead, the Monday’s gap area (11,435-11,396) is likely to act as a stiff resistance for the index. On the downside, 11,311 is likely to act as a support for the index and any breach of 11,311 would lead to extended correction towards the level of 11,200.

Prabhat Dairy: The Competition Commission of India approved the scheme of the company’s sale of its dairy business, which is run by the company’s arm Sunfresh Agro Industries to Tirumala Milk Products.

DLF: The securities issuance committee of the board of directors has approved and authorized the opening of the QIP on March 25, 2019. The floor price for the issue is set at Rs 193.01 per equity share. The company has said that it will consider QIP issue price on March 28.

Suzlon Energy: The company has sold its balance stake in SE Solar for a consideration of Rs.76.55 crore and has sold its balance stake in Gale for a consideration of Rs. 22.54 crore.

Grasim Industries: The company has today received order dated March 22, 2019, from the Bombay High Court which, while granting time to the department for filing reply, has granted stay against the recovery of demand.

ICICI Prudential Life Insurance Company: Prudential Corp plans to sell up to 2.6 per cent stake via OFS and the floor price is set at Rs 300 per share.

Jet Airways: The company's board has approved the conversion of lenders' debt into equity.

Kalpataru Power Transmission: The company has announced that its wholly-owned subsidiary in Sweden namely Kalpataru Power Transmission Sweden AB, has signed definitive agreement to acquire 85 per cent equity stake in Linjemontage i Grastorp AB for an enterprise value of USD 24 million.