Index trend and stocks in action April 24, 2017
Chirag Gothi / 24 Apr 2017
Now going forward, key support for the Nifty is placed in the region of 9060-9070, and in case of a decisive move below this level, it's likely to open up for further correction up to levels of 9000. Stock in action for the day are Brigade Enterprises, Reliance Industries, UltraTech Cement, IRB Infrastructure Developers, TV Today Network, Divis Laboratories, GE Shipping, Wockhardt.
On Friday, Nifty opened the session with an upside gap, and thereafter it shifted into a sideways trend till late morning session. However, weakness emerged in the second half of trading, and Nifty slipped into negative territory, finally ending the session with marginal losses. On the daily chart, Nifty has formed a long negative candle. Now going forward, key support for the Nifty is placed in the region of 9060-9070, and in case of a decisive move below this level, it's likely to open up for further correction up to levels of 9000. On the upside, immediate barrier for the Nifty is placed in the region of 9165, and next resistance around levels of 9200.
Brigade Enterprises: Brigade Group announced the launch of its maiden hospitality project in Chennai, at Holiday Inn Chennai OMR IT Expressway on the arterial Old Mahabalipuram Road (OMR) in the city’s southern business district viz., Taramani, Thiruvanmiyur.
Reliance Industries and UltraTech Cement: Reliance Industries and UltraTech Cement will announce its results for the quarter ended March 31, 2017.
IRB Infrastructure Developers: IRB Infrastructure Developers Limited (the 'Company') is the sponsor of the IRB InvIT Fund (the 'Trust'), an infrastructure investment trust, registered with the Securities and Exchange Board of India (the 'SEBI') under the Securities and Exchange Board of India (Infrastructure Investment Trusts) Regulations, 2014, as amended (the 'InvIT Regulations'). IRB Infrastructure Private Limited, a wholly-owned subsidiary of the Company and the investment manager to the Trust, has filed an offer document dated April 20, 2017, in relation to an initial public offer of units (the 'Units'), representing an undivided beneficial interest in the Trust, with the SEBI, the BSE Limited and the National Stock Exchange of India Limited, in accordance with the InvIT Regulations.
TV Today Network: Gets letter from Ministry of Information & Broadcasting for migration of 3 FM stations to phase-III. Paid migration fees are worth Rs 71.36 crore.
Divi's Laboratories: US-FDA has issued a Warning Letter for the company's Unit-II at Visakhapatnam. Divi's Labs, along with external consultants and subject matter experts, is working to address the concerns of the US-FDA, and is making all efforts to fully meet the compliance requirements. Company will respond to this Warning Letter with a detailed plan within the stipulated time.
GE Shipping: Board to meet on May 5 to consider issue of NCDs upto Rs 1,000 crore. Company has also signed a contract to buy a medium range product tanker.
Wockhardt: Board meeting on May 4 to consider various fund raising options.
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