Gujarat Alkalies And Chemicals

Nuberg company executives said the project was awarded in March this year and will be completed over the course of the next 15 months

Gujarat Alkalies and Chemicals Ltd (GACL) on Tuesday said it has signed an initial pact with Vedanta Aluminium for exploring various business opportunities in the areas of caustic-chlorine and other allied businesses. The Memorandum of Understanding (MoU) envisages to recognize the potential of adding value to the business of both GACL and Vedanta Aluminium by adopting a collaborative approach in common business interests to achieve synergy, GACL said in a regulatory filing. Vedanta Aluminium is a business of Vedanta Ltd. Accordingly, both the companies desire to explore the opportunities for cooperation in greater detail so that the resources could be pooled together in a mutually beneficial manner, it said. "With this MoU, both companies have, in-principle, agreed to jointly explore the business opportunities either in the form of joint venture project or through contractual arrangements of mutual interest," it added. Gujarat-based GACL has a production capacity of 8,52,400 tonn

On the broader market outlook, Vinay Rajani the technical & derivative analyst of HDFC Securities suggests to keep a stop at 19,635 on all long positions in the Nifty.

The company announced partial commencement of caustic evaporation unit (CEU) by its joint venture company GACL-NALCO Alkalies & Chemicals.

The technical analyst also expects the Nifty to rally to 17,484 to 17,794; the support is now raised up to 17,100 level.

It would be advisable to trade longs with trailing stop loss. Support for the index is seen at 15,800.

According to Vinay Rajani, banking as a sector has been outperforming for a while and technical setup of bank index is much stronger than Nifty.

This plant will be using corn or rice husk as feedstock to produce 500 KLD (kiloliters per day) bioethanol, which will be used for blending in petrol

Banknifty has also started joining the market rally

The stock surged 17% to Rs 284 on the BSE in intra-day trade.

The stock has surged 15% to Rs 226 on the BSE on back of heavy volumes