Index trend and stocks in action November 17, 2017

During the previous trading session, Nifty showed tremendous resilience to bounce back from the lower levels to close above the crucial psychological level of 10,200 led by PSU banks and IT stocks. Price action for the day led to formation of sizable bull candle. On the daily chart, seven straight sessions of correction followed by a sizable bullish candle is a primary indication of a trend reversal. Going ahead, the level of 10,270-10,300 is a resistance for the Nifty followed by 10,350. On the flip side, 10,180 and 10,140 are strong support levels for the Nifty.     

Camlin Fine Sciences: The company raises funds by way of Equity shares, through a QIP and the floor price for the QIP being Rs 88.26 per equity share. 

PVR: PVR has agreed to acquire a minority stake in iPic-Gold Class Entertainment, LLC (iPic), America’s premier luxury restaurant-and-theater company, which owns and operates 16 luxury theaters with 121 screens across 10 states in the United States. 

Mercator: Mercator Petroleum Limited ('MPL'), a wholly-owned subsidiary of Mercator Limited, has announced that it has initiated the preliminary technical discussion with Director General of Hydrocarbons ('DGH') on the Field Development Plan for wells Jyoti 1 and 2. The Field Development Plan, submitted on 3 November 2017, was for an area of 24 sq km (out of 130sq km) and for an estimated reserves of 23 million barrel of recoverable Oil. MPL has completed drilling in additional five wells and will be commencing the drilling process in the eighth well from December 2017. The production testing of the next three wells is planned during Q4FY18 and the company is on track for commercial production by the first half of CY18. 

Vascon Engineers: Company plans to sell Mumbai division of its subsidiary GMP Technical Solutions for a consideration of Rs. 18 crores. 

Bank of Baroda: Considered raising up to Rs. 6,000 crore through a QIP, Rights Issue on November 21. 

Ashok Leyland: The Company has entered into a Share Purchase and Shareholders Agreement with EVERFIN HOLDINGS, shareholder of Hinduja Leyland Finance Limited (HLFL), for acquisition of 2,04,92,676 shares of Rs.10/- each constituting 4.68 per cent in the paid-up share capital of HLFL at a price of Rs. 110/- per share. Consequent to the above, the Company's shareholding in HLFL will increase from 57.22 to 61.90 per cent.