Index Trends And Stocks In Action September 30, 2014
The Indian market had a listless start to the exciting week, with investors and traders abstaining from making significant moves on Monday, choosing to wait for the RBI monetary policy due tomorrow. IT, Pharma and consumer durables had a good outing. Banking, metal and FMCG stocks ended lower. Going forward the most critical support level would be 7900 to show continuation of bullish momentum the index must sustain above this level. If this support level is breached next important support is around level of 7838. However for a sustainable rally the nifty index needs to get past barrier of 8028 and 8040 on upside. As long as the nifty index don’t get a close above this supply zone, it is rather difficult to consider this rally as nothing more than a pullback.
PVR (BSE Code: 532689) has approved plans to raise Rs. 500 crore through qualified institutional placement (QIP) for any inorganic growth or acquisition. It also approved management services agreement with its JV firm PVR bluO Entertainment. Moreover, Ajay Bijli along with five independent directors has been appointed. The stock may remain in focus in today’s trade.
Promoters of property developer Housing Development and Infrastructure Limited (HDIL) (BSE Code: 532873) have revoked all shares earlier pledged with IL&FS Trust Company. The company said the entire promoter holding in the company is non-pledged. IL&FS Trust Company released 75.4 million shares of promoters, including chairman Rakesh Kumar Wadhawan. The released shares in the latest tranche comprise 51.89% of the total shares pledged by promoter group. Earlier on July 4, 2014, IL&FS Trust Company had released 70 million equity shares, comprising 48.11% of the total pledged shares of promoter group. The stock may remain in focus in today’s trade.
Strides Arcolab (BSE Code: 532531) has entered into an agreement with GMS Holdings (GMS) whereby GMS will invest USD 21.90 Million for a 25.1% stake in Stelis Biopharma (Stelis), the biotech arm of Strides, to fund its Greenfield project. The stock may remain in focus in today’s trade.