Index trend and stocks in action September 01, 2017

During the last trading session, the index opened with small gains and failed to hold at higher levels, thus slipping into the red. Thereafter, it traded in a choppy range for the major part of the trading session. However, buying was witnessed during the last hour of trade, which helped the Nifty index to surpass its important psychological level of 9,900. It managed to close above the 9,900 mark. Now, going forward, the zone of 9,930-9,950 is a key hurdle for the index and if it sustains above this resistance area it may extend its up-move to levels of 10,000 and 10,040. Meanwhile, on the downside, supports are seen at 9,860 and 9,810. The daily 14-period RSI is quoting at a level of around 53 and if the RSI moves above the level of 60, additional momentum is likely in the coming days.

Strides Shasun: Arrow Pharmaceuticals, Australia, a subsidiary of Strides Pharma Global Pte Ltd., Singapore, acquired the Australian operations of Amneal Pharmaceuticals. The acquisition would accelerate Arrow’s market reach and will help in attaining a leadership position in Australia’s generics market.

IRB Infrastructure Developers: The InvIT Committee of the board of directors of the company, during a recent meeting, has approved the proposed sale of IRB Pathankot Amritsar Toll Road Limited (IPATRL) to the IRB InvIT Fund (the ‘Trust’), at an enterprise value of Rs 1,569.33 crores, arrived at pursuant to negotiations and the valuation and due diligence exercise conducted by and on behalf of the investment manager of the Trust.

Aditya Birla Capital: Aditya Biral Capital will list on the stock exchanges after being demerged from Grasim-AB Nuvo.

ABB India: ABB India will install solar inverters at 750 railway stations in India.

Dhampur Sugar: Shareholders in their Annual General Meeting have approved payment of commission at 1.5% per annum of net profits to each promoter director. The maximum amount of such commission shall not exceed Rs 15 crores.