Index trend and stocks in action October 31, 2017

During the previous session, Nifty opened the session with a positive bias and moved higher in early trade. Thereafter, it was stuck within a narrow price band for the entire session. However, at the end of the day, Nifty settled at record closing level at 10,364, up by 0.39%. The day’s action formed a small body candle, but the sequence of higher tops and higher bottoms continues. Going forward, on the way down, 10,300-10,240 will act as support levels and dips towards these support levels can be used as an opportunity to go long. On the other hand, immediate resistance for the Nifty index is placed at 10,400 level, followed by 10,450.  

Majesco: Majesco, USA, the insurance arm and a subsidiary of Majesco Limited, announced its financial results for second quarter of fiscal 2018. Q2 Fiscal 2108 revenue stood at $ 30.3 million, up 8.7% Q-o-Q, adjusted EBITDA at $ 1 million, up 490 bps Q-o-Q and revenues from loud business increased 28% Q-o-Q and 48% Y-o-Y. 

Zen Technologies:  The company received its biggest ever order from the domestic market. It is a landmark Rs 224 crore order from Govt of India, split into Rs 156 crore for equipment (expected to be executed during the next financial year 2018-2019) and Rs 68 crore for AMC, which will accrue over 5 years following the warranty period of 2 years.  

Balaji Amines: The company plans to invest Rs 66 crore in Balaji Speciality Chemicals.  

Thomas Cook: TC Tours Limited (Formerly known as   Thomas Cook Tours Limited), wholly-owned subsidiary of the company, has intimated that it has completed acquisition of 100% stake of TC Travel and Services Limited.  

Titagarh Wagons: Titagarh Wagons Limited has entered into a memorandum of understanding (MOU) with MERMEC S.p.A., Italy for setting up a joint venture company for the development and manufacture of cost effective diagnostic solutions for signalling and safety systems for Indian Railways . 

IDFC and Shriram Group: IDFC and Shriram Group called off merger as both parties have not been able to reach common ground on a mutually acceptable swap ratio for the merger.  

GTL Infrastructure: The company has successfully completed the exchange of existing Series B Bonds with Series B1 Bonds, Series B2 Bonds and Series B3 Bonds in its efforts to reduce its debt to sustainable level.  

Bharti Infratel: The board of directors of Bharti Infratel has decided to explore and evaluate acquisition of stake in one or more tranches in Indus Towers Limited with the aim of making it a subsidiary or wholly-owned subsidiary of Bharti Infratel Limited.