The market is expected to open in the red as trends in the SGX Nifty indicate a gap-down opening for the broader index in India with a loss of 215 points. The BSE Sensex rose 59 points to 58,834, while the Nifty was up 36 points at 17,559 and formed a bearish candle on the daily charts, as the closing was lower than opening levels.
As per the pivot charts, the key support for the Nifty is at 17,490, followed by 17,421. If the index moves up, the key resistance levels to watch out for are 17,657 and 17,754.
Stocks in News
Reliance Industries
The 45th Annual General Meeting will start at 2 pm on August 29, with addresses and presentations expected from Chairman Mukesh Ambani and other members of the company’s board and subsidiaries. Analysts think this year, the focus may be on the consumer retail business once again.
Cipla
The company has now received six observations, with some referencing to the observations made during the September 2019 inspection, for its Goa plant. There are no data integrity (DI) observations. The USFDA inspected company’s Goa plant during August 16-26. The US health regulator inspected the facility in September 2019 and issued a warning letter in February 2020.
Syngene International
The company has entered into an agreement for the acquisition of renewable power by acquiring up to 26 per cent equity stake in O2 Renewable Energy II Private Limited. O2 Renewable Energy II Private Limited is the special purpose vehicle formed by O2 Energy SG Pte Ltd for the generation and the supply of renewable power.
NHPC
NHPC and the Himachal Pradesh Government signed an implementation agreement for Dugar HE project. Both the parties signed a memorandum of understanding in September 2019 for the execution of the project.
Jubilant Pharmova
Subsidiary Jubilant Draximage Inc has received the Establishment Inspection Report (EIR) with voluntary action indicated (VAI) status from the USFDA for its radiopharmaceuticals manufacturing facility in Montreal, Canada. The USFDA had conducted an inspection from June 6 to June 10. With the receipt of the EIR, the inspection stands successfully closed.
RITES
The company has secured a new order with JV partner for the redevelopment of the Kollam railway station for Rs 361.18 crore from Southern Railways. The share of RITES in the order is 51 per cent.
UltraTech Cement
As part of its ongoing expansion plan, the company has commissioned cement capacity of 1.3 mtpa at Dalla Cement Works, Uttar Pradesh, which resulted in increase in the unit’s capacity to 1.8 mtpa. This is the first phase of capacity expansion announced in December 2020. With this commissioning, the company’s total cement manufacturing capacity in India now stands at 115.85 mtpa.
NTPC
The board of state-run power giant has approved an investment of Rs 11,843.75 crore for 1,320 MW Talcher Thermal Power Project, Stage-III.
InterGlobe Aviation
The shareholders of aviation player have approved the appointment of three directors and re-appointment of Anil Parashar as a director. At the annual general meeting of the company, the parent of the country’s largest airline IndiGo, gave their nod for the appointment of Air Chief Marshal (Retd) Birender Singh Dhanoa and former Shell India chairman Vikram Singh Mehta as independent directors.
Fertilizer stocks
All subsidized fertilizers including urea and DAP will be sold under the single brand ‘Bharat’ from October, a move aimed at ensuring timely availability of soil nutrients to farmers and reducing the freight subsidy.
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