Index trend and stocks in action June 28, 2016

The Indian benchmark indices witnessed a gap down opening, as investors were influenced by the frightening sentiments prevailing in the Asian Peers. Market showed quick recovery from lower levels and later on moved into a sideways range and closed with a marginal gain of 6 points. Nifty managed to cross the high which was registered as on Friday i.e. June 24, 2016, but was not able to close above that level. On the other hand, Nifty had an open=low, which indicated that bears were not able to push Nifty lower despite a decent gap down. Now going forward level of 8000 is crucial for Nifty as it's 50 per cent retracement level of recent up-move from levels of 7715 to 8295. On the upside, the zone of 8130-8160 will act as a hurdle for Nifty.

Siemens: Siemens has won an order worth approximately Rs 570 crore to supply static synchronous compensator (STATCOM) solutions to Power Grid Corporation of India. The scope of the order includes design, engineering, supply, civil, installation, testing and commissioning of STATCOMs at four substation locations of Power Grid Corporation of India: Ranchi, Rourkela, Kishenganj and Jeypore across the states of Bihar, Jharkhand and Odisha.

Satin Creditcare Network: The meeting of working committee of the board of directors of the company is scheduled to be held on June 29, 2016 for the issuance of Non-Convertible Debentures up to the amount of Rs 100 crores through private placement.

MBL Infrastructures: The company has announced that it has bagged another NHAI project worth Rs 779 crores.

Shilpa Medicare: Shilpa Medicare’s board today approved amalgamation of Navya Biological with the company. The total consideration shall be paid by way of share swap. 14 lakh equity shares of Rs 1 each of Shilpa Medicare are proposed to be issued to shareholders of transferor company (Navya Biological) upon the implementation of the proposed scheme.

Gujarat Gas: State-run Gujarat Gas limited has been granted permission to develop city gas distribution network (CGD) in Ahmedabad district. The authorisation by the Petroleum and Natural Gas Regulatory Board (PNGRB), however, is for providing natural gas, to urban regions in the district excluding Ahmedabad city areas, where Adani Gas already holds the license to supply PNG and CNG.

Bharat Heavy Electricals: The company has achieved yet another milestone in Afghanistan by successfully commissioning two units of 14 MW each at Salma Hydro Electric Project in Afghanistan.

NIIT Ltd.: Copthall Mauritius Investment on Monday bought 22.8 lakh shares in NIIT at an average price of Rs 81.60 a share, according to bulk deal notification on the BSE.

Tata Global Beverages: Starbucks Corp is expanding its partnership with Tata Group beyond India by launching the latter’s single-origin coffee in the US; and Himalayan mineral water in Singapore.