Index trend and stocks in action December 20, 2017

During the previous trading session, Nifty opened on a positive note and, thereafter, it traded in a narrow range in the first half of the session. However, the bulls charged up and put up a scintillating show in the last leg of trading due to which Nifty ended within a striking distance from its all-time high level. The price action resulted in formation of a long bull candle. Nifty has surpassed its crucial resistance levels of 10410-10420 on a closing basis, hence it negates the ‘Lower top Lower Bottom’ sequence. Going ahead, the momentum is likely to continue and the next level to watch out out for is 10,490. A decisive move above the all-time high level would extend the rally up to the level of 10,550. On the downside, immediate support is seen at levels of 10,410-10,420.  

Coal India: The Board of Directors of Coal India has approved introduction of Evacuation Facility Charges at Rs. 50 per tonne for despatch of Coal on all despatches expect despatch through rapid loading arrangement. As a result, the company would be generating approximately additional revenue of Rs. 2,500 crores for the full year and approximately Rs. 800 crores for the balance period of 2017-18. 

Ruchi Soya:  An order of the Honourable National Company Law Tribunal, Mumbai Bench, Corporate Insolvency Resolution Process (CIRP) has been initiated for the company as per the provision of the Insolvency and Bankruptcy Code, 2016. 

Bharti Airtel: Acquisition of Tigo Rwanda Limited by Airtel Rwanda Limited, a subsidiary of Bharti Airtel. 

Indusind Bank: CCI approves proposed Amalgamation of Bharat Financial Inclusion with Indusind Bank.

Indian Bank: Bank to raise equity capital upto Rs. 7,000 crores in one or more tranches in the current or subsequent financial years. 

Dewan Housing Finance:  The company proposes to issue Secured Redeemable Non-Convertible Debentures amounting to Rs. 75.00 crore including a Greenshoe option of upto Rs. 300.00 crore on Private Placement basis. 

Tata Steel: To increase the capacity of Kalinganagar plant from 3 MTPA to 8 MTPA the project will cost the company Rs. 23,500 crore and weill be completed within 48 months. Additionally, the company to raise up to Rs. 12,800 crore through right issue.  

HDFC: To raise up to Rs. 13,000 crore by issuing a mix of instruments. Up to Rs. 8,500 crore will be used to subscribe to the preferential allotment of HDFC Bank.  

Info Edge: The company has invested through its wholly-owned subsidiary about Rs.12.50 crore in International Educational Gateway Private Ltd.