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Morning news and update
After opening the session on a flat note, Nifty inched higher to mark the day high of 11,307.60 and, thereafter, it spent the rest of the day in a range-bound trajectory. In the end, Nifty ended with a modest gain of 0.29 per cent at 11,284, thereby ending its six-day losing streak. The price action formed a small body bull candle with upper and lower shadows. In the coming session, the index has immediate resistance placed at the level of 11,322 as the 5-DEMA is placed near about this level, followed by 11,360 level. The first task for the bulls to maintain the positive tone would be sustaining above the short term moving average, i.e. 5-DEMA. Secondly, the index need to start forming higher high and higher low on the daily chart on a sustained basis, else this small upside bounce would be termed as a relief rally. On the downside, immediate support is placed around the 11,200 mark.
Granules India: The company Bonthapally facility located at Hyderabad in Telangana has completed the US FDA inspection from July 22, 2019 to July 26, 2019 with one 483 observation which is procedural in nature. The company will respond to this observation within the stipulated time period.
NHPC: The resolution plan submitted by NHPC for Lanco Teesta Hydro Power Limited has been approved by the NCLT Bench, Hyderabad, subject to certain reliefs as per The Insolvency and .Bankruptcy Code, 2016 (IBC).
Cadila Healthcare: The USFDA inspected the company's API manufacturing facility located at Ankleshwar from July 22 to July 26, 2019. This audit covered both Unit I and II. At the end of the inspection, no observation (483) was issued.
IDFC: IDFC Financial Holding Company Limited ("IFHCL") had entered into an agreement with The Chatterjee Group ["TCG"] for selling the entire equity stake held in IDFC Securities Limited. The agreement entered into between IFHCL and TCG expired by the efflux of time on June 30, 2019. Since then, the parties have been in talks to consider a suitable extension, however the same did not fructify and accordingly the boards of IDFC Limited and IFHCL have decided on July 25, 2019 that they will no longer be proceeding with TCG as originally envisaged.
Maruti Suzuki: The company has introduced Ertiga and Tour M with CNG option.
UFlex: The company has entered into an agreement to disinvest its 82 per cent stake in Utech Developers Limited, a wholly-owned subsidiary of the company.
Dalmia Bharat: The resolution plan for the revival of Murli Industries submitted by Dalmia Cement (Bharat), wholly-owned subsidiary of the company, has been approved by the National Company Law Tribunal.
Jubilant Life Sciences: The Bboard has constituted a committee to evaluate various options, including reorganisation/demerger of business undertakings on a going concern basis and provide its recommendations. Any decision in this regard will be taken after due evaluation and consideration by the board and be subject to all necessary consents and approvals.
Power Mech Projects: The company has received communication from State Project Director, Andhra Pradesh, cancelling the order Package-III worth Rs 512.78 crore.
Sheela Foam: The company in its board meeting has approved acquisition of Interplasp S.L., Spain.
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