Index trend and stocks in action June 22, 2017

On Wednesday, Nifty opened the session on a negative note and moved down to test the support level of 9600-9610. After testing this support level, a pullback rally was seen and this helped index to erase some of the losses and end the session with a marginal loss of 20 points. On the daily chart, Nifty has formed a ‘hammer’ like candlestick pattern, but it is not a perfect hammer pattern. Now, going forward, the zone of  9580-9600 is a key support zone for the Nifty, and if Nifty slips below this zone, it may further correct up to levels of 9550-9520. On the flip-side the zone of 9655-9675 may act as a stiff resistance for the Nifty.

Ashok Leyland: Reference to letter dated March 30, 2016 intimating the filing of Draft Red Herring Prospectus (DRHP) with the Securities Exchange Board of India (SEBI) by Hinduja Leyland Finance Limited (HLFL), a subsidiary company of Ashok Leyland Limited for the proposed initial public offering of equity shares. The Board of Directors of HLFL at their meeting held on May 23, 2017 had decided to withdraw the above DRHP and accordingly the DRHP had been withdrawn from SEBI on June 16, 2017.

Prism Cement: Sanskar Ceramic Pvt. Ltd. (‘Sanskar'), a step-down joint venture of the Company, has successfully completed the expansion of 4.2 million m2 (MSM) per annum Vitrified Tiles capacity at its Dhuva plant, Morbi. The commercial production has commenced from June 21, 2017. With this expansion, the Company would be able to reduce outsourcing of Vitrified Tiles from third party sources and become more self-reliant. The capacity of Sanskar now stands at 2.3 MSM of wall tiles and 4.2 MSM of Vitrified Tiles.

HDFC: To issue NCDs worth Rs 700 crore on private placement basis. 

Tata Motors: To issue NCDs worth Rs 500 crore on private placement basis.

Federal Bank: To raise Rs 2,500 via QIP. Sets floor price at Rs 117.04 per share.