Index trend and stocks in action June 07, 2016

The Indian market started the session on a cautious note, and thereafter it shifted into sideways consolidation for most part of the session. However, a sudden bout of selling was seen during the afternoon, and market closed with loss of 0.24 per cent near 8200 mark. On the daily time frame Nifty formed small range negative candlestick and such candlestick pattern doesn’t have any analytical value. One of the much awaited event for this month which is RBI’s mid quarter policy review meet is scheduled today and the outcome could provide some trending direction to the range bound market. At present, Nifty has been moving in a range of 8134 to 8262 levels and Nifty is likely to see a trending move once this said range is breached on either side. 

Alstom India: Alstom India has informed that it has received approval from its board for dissolution of its “immaterial” wholly-owned arm Alstom Boilers India. The approval was given in board meeting held on June 6, 2016.

Prism Cement: Prism Cement has said it will acquire 15.23 per cent stake in BLA Power Pvt. Ltd., for Rs 21 crore, a move that will reduce the firm’s production costs.

Axis Bank: Axis Bank raised $500 million at the London Stock Exchange after it launched India’s first internationally-listed certified green bonds to finance climate change solutions around the world. Axis Bank said the proceeds of the bond will be invested in green energy, transportation and infrastructure projects, reinforcing India’s commitment to produce 175,000 MW of renewable power by 2022.

BHEL: State-owned BHEL has announced the commissioning of all the 3 supercritical units of the 1980 MW coal based at Lalitpur Super Thermal Power Project in Uttar Pradesh within a span of just 85 days.

Vedanta: Vedanta Resources will invest $500 million in its zinc business, which is about half of its total capex for the current fiscal (2016-17).

Wipro: Wipro has informed BSE that the company will dispatch the letter of offer for the buyback to eligible shareholders appearing on the record date of May 6, 2016, on or before June 10, 2016.

Crompton Greaves: Crompton Greaves Consumer Electricals said its shareholders have approved raising up to Rs 700 crore through the issuance of non-convertible debentures (NCDs) on a private placement basis.

ICICI Bank: ICICI Bank has said that it plans to raise Rs 25,000 crore in tranches by way of various instruments including bonds. In a regulatory filing, the bank has informed that its Annual General Meeting will be held on July 1