Index trend and stocks in action November 02, 2017

After a narrow range bound move in the last three trading sessions, Nifty opened the previous session with a gap-up and then continued its upward trajectory during the entire trading session. At the end of the day, Nifty settled at 10,440, a record level. The day’s action formed a bull candle. Going forward, momentum is likely to continue for the index and the level of 10,480-10,490 is likely to act as a resistance level as its 161.8% retracement level of the recent down move from 10,179 to 9,688. On the way down, Wednesday’s session gap area will lend support. 

IDFC Bank: There has been speculation in a section of social media with respect to a change in leadership at IDFC Bank. Company clarifies that these reports and market speculation stemming from it, pertaining to a change in leadership, are false. 

Au Small Finance Bank: AU SMALL FINANCE BANK LIMITED ('the Bank') name has been included in Second Schedule of RBI Act, 1934 by Reserve Bank of India ('RBI') vide Official Gazette Notification No. 423 on 1st November, 2017. AU SMALL FINANCE BANK LIMITED is 'Scheduled Bank' with effect from the date of notification. 

NBCC: Reconstruction of Manora Aamdar Niwas, Building at Nariman Point, Mumbai be given to NBCC amounting to Rs 400 crores (approx.) at a PMC fees of Rs 6.5%. 

Shree Cement: Company has participated in the auction for coal linkage of Coal India Limited (SECL) for Captive Power Plant sub-sector and won the coal linkages in the State of Chhattisgarh.  

Solar Industries: Solar Industries India Limited has bagged the running contract for supply of Bulk Explosives to the subsidiaries of Coal India Limited amounting to Rs.1143.63 crores. 

Asian Granito: : Asian Granito India Limited (AGIL), one of India’s largest tiles companies has entered into a joint venture with Paramshree Granito Pvt Ltd for setting up a green field facility for Quartz stone at Prantij in Himmatnagar, Gujarat. The joint venture company Camrolla Quartz Ltd will invest around Rs. 35 crore in setting up 1,600 square meter per day facility for quartz. Asian Granito will hold 51% stake in the joint venture. 

Bharti Airtel: The board of directors in its meeting held on October 31, 2017, has approved the scheme of arrangement between Bharti Airtel Limited ('Transferor Company') and Telesonic Networks Limited ('Transferee Company') and their respective shareholders and creditors under sections 230 to 232 of the Companies Act, 2013 ('Scheme') for the transfer of the optical fiber cable business of the Transferor Company to the Transferee Company, a subsidiary of the Transferor Company, by way of a slump sale. Additionally, iPhone X, the future of smartphone, is coming to Airtel’s Online store.