Index trend and stocks in action May 29, 2017
Chirag Gothi / 29 May 2017
While, on the downside, the support for the Nifty index is pegged at levels of 9565 and 9530. Stocks in action for the day are Mercator, Cadila Healthcare, Indian Hotels, Dabur India, Accel Frontline, L&T.
On Friday, Nifty opened the session on a positive note and thereafter buying momentum continued and Nifty touched the level of 9600 for the first ever, however, it closed 5 points shy from 9600 mark. Now going forward Nifty needs to sustain above levels of 9610 to witness any up-move towards the level of 9650. While, on the downside, the support for the Nifty index is pegged at levels of 9565 and 9530. The trend of index remains positive, however, after a strong momentum in the last two trading session, we may witness a consolidation or sideways move.
Mercator: the Company has been awarded a contract by the New Mangalore Port Trust for maintenance dredging at New Mangalore Port for a period of three years. The aggregate value of the Contract is Rs.98 Crore. The Company has won this competitive contract against Domestic as well as International bidders.
Cadila Healthcare: Zydus receives final approval from the USFDA for Acamprosate Calcium Delayed-Release Tablets.
Indian Hotels: Approval of the Scheme of Amalgamation of TIFCO Holdings Limited (wholly owned subsidiary of the Company) with The Indian Hotels Company Limited.
Dabur India: Sold land and building of its Jalpaiguri unit in West Bengal for Rupees eight crore and eleven thousand only.
Accel Frontline: Board approves the sale of the Singapore-based subsidiary of the company to Starhub Ltd. for 19.38 million Singapore Dollars.
L&T: Wholly-owned subsidiary L&T Hydrocarbon Engineering signs Agreement with the Institute of Chemical Technology (ICT) to build second-generation ethanol plants.