Index trend and stocks in action September 11, 2017

During the last trading session, Nifty opened with a positive bias and later shifted into a range bound movement for the better part of the session. At the end of the day, the Nifty closed the day almost near neutral line. On the daily chart, Nifty had formed a small negative candle with a minor lower wick. However, this candle does not have any major predictive value. Nifty has multiple resistances placed in the band of 9,980-10,000 and once Nifty sustains above the level of 10,000 emergence of buying interest may be seen and this may take Nifty up to levels of 10,080 and 10,140. However, in case the geopolitical tensions aggravate, global indices may witness hiccups and so will Indian markets. Hence, under these conditions, we hold the level of 9,900 to 9,850 as immediate supports followed by 9,780-9,740.

Sun Pharma: The Company has received the order passed by National Company Law Tribunal (“NCLT”) in the matter of scheme of Arrangement among Sun Pharma Medisales Private Limited, Ranbaxy Drugs Limited, Gufic Pharma Limited, Vidyut Investments Limited (collectively known as “Transferor Companies”) and Sun Pharmaceutical Industries Limited (“the Company”). 

Piramal Enterprises: Meeting of the Administrative Committee of the Board of Directors of the Company will be held on Wednesday, 13th September, 2017, to consider and approve the issue of Secured Non-Convertible Debentures on private placement basis and the issue size is up to Rs 250 crores. Option to retain over-subscription of Rs 150 crores, aggregating the total issue size of Rs 400 crores. 

Shreyas Shipping and Logistics: The Company has taken delivery of multipurpose vessel M.V SSL SABARIMALAI. With this acquisition, the total fleet strength of the Company reached 11 vessels. 

RBL Bank: RBL bank launched its digital product- Insta Redemption Solution-exclusively for LIC Mutual Fund. 

IL&FSENGG: IL&FS Engineering and Construction Company Limited ('the Company') has received letter from Paschimanhal Vidyut Vitran Nigam Limited, Meerut (PVVNL) for termination of contract for rural electrification works (RE works) of villages of Moradabad district. As per the Company, the termination is illegal. Accordingly, the Company is in the process of initiating legal/ contractual actions against the said termination to protect its rights and entitlements in terms of the provisions of the Contract.