Index trend and stocks in action September 22, 2017

During the last trading session, Nifty opened with negative bias and it witnessed sharp drop in the first half of trading session, however, recovery was seen and Nifty manage to hold level of 10,100 on closing basis. Now going forward Nifty has strong resistance in the range of 10,175-10,180, fresh up-move is expected only if index crosses the hurdle of 10,175-10,180. On the flip side, the level of 10,080 and 10,040 are key support levels to watch for on the downside. 

Shankara Building Products: Shankara Building Products announced the opening of its 117th store under the ‘Shankara Buildpro’ brand in Mysore. 

Trigyn Technologies: The contract between the United Nations, OICT (Office of Information and Communication Technology) and company’s subsidiary, Trigyn Technologies Inc., for provision of IT Staffing and Support services, has been extended to June 30, 2018. 

REC: The Board of Directors approved the following in the meeting held on September 21, 2017: Incorporation of five Project Specific Special Purpose Vehicles (SPVs), as Wholly Owned Subsidiary Companies of REC Transmission Projects Company Limited (RECTPCL) for development of Intra-State Transmission lines of Jharkhand State. The companies to be incorporated will also be Subsidiary Companies of REC, in terms of the provisions of Section 2(87) of the Companies Act, 2013; and Sale and transfer of entire shareholding of REC Transmission Projects Company Limited (a wholly owned subsidiary of REC) in ERSS XXI Transmission Limited, to M/s Power Grid Corporation of India Limited, the successful bidder selected through Tariff based Competitive Bidding for development of Inter-State Transmission Project viz. Eastern Region Strengthening Scheme -XXI. 

A2Z Infra Engineering: A2Z's Board approves issuance of upto 8.0 Cr equity shares of Company towards One Time Settlement (OTS) of the Company's debt with its lending banks.