Index trend and stocks in action June 22, 2018

The NSE benchmark Nifty saw a modestly positive start, but it pared all of its gains as the day progressed and concluded the session with a modest loss of 31 points below the 10,750-mark. The price action formed a long bear candle. As we step into the last trading session of the week, we expect a flat to negative start to the session. It would be imperative for the Nifty to move past the 10,820-10,850 zone for the next leg of upmove, or else the ongoing choppy consolidation would continue. On the downside, the zone of 10,650-10,700 will act as a strong support zone as Nifty has cluster of support placed in this region.  

JSW Steel: JSW Steel, India’s leading steel company, has proposed an investment of upto US$ 500 million in phases for acquiring, enhancing & upgrading Acero Junction Inc, an integrated steel manufacturing unit with a potential capacity of 3 MTPA, located at Ohio, USA. 

HCL Technologies:  Nokia has signed a five-year global IT infrastructure and application services deal with HCL Technologies . 

KPIT Technologies: KPIT and Kinetiq have announced collaboration in  strategic life sciences . 

Karnataka Bank: The bank has set export credit target of Rs.2900 crore to support the export sector. 

AstraZeneca Pharma India: The company has received import and market permission in Form 45 (marketing authorisation) from the Drug Controller General of India for durvalumab (ImfinziTM). 

Havells:  Havells plans to acquire remaining 31 per cent stake in the subsidiary Promptec. 

Astral Poly Technik: The company has started commercial production of CPVC /PVC pipes at its new plant situated at Ghiloth in Alwar, Rajasthan. The installed capacity of this plant is 22,700 MTPA.