Index Trends And Stocks In Action January 23, 2015

The Indian market continued its winning streak for sixth straight session led by heavyweights like Sun Pharma, DLF, Axis Bank and Tata Motors. Market continues to consolidate at higher level with positive bias. After opening with gap up, nifty traded in tight range of 40-50 points for entire session. Nifty formed a small body candlestick for second day in a row around the life time high levels, which is sign of indecisiveness at higher levels. Rsi momentum oscillator is showing negative divergence. For day trading resistance for nifty is around levels of 8830-8850. On downside important support level for index is placed in range of 8720-8740. 

Polaris Consulting & Services (BSE Code: 532254) has reported a net profit of Rs 40 crore on revenue of Rs 476 crore for the third quarter ended December 31, 2014. Previous year numbers are not comparable with the current year consequent to the de-merger of the product business during the current year. The company added five new clients to end the quarter with 152 active clients, according to a press release. Most of the new engagements in the quarter came from four major focus areas: digital, payments, risk and analytics.

Cairn India (BSE Code: 532792) reported a 53% drop in December quarter net profit, crimped by the slump in global oil prices and drop in production. Net profit in October-December at Rs 1,350 crore, or Rs 10.72 per share, was 53% lower than Rs 2,884 crore, or Rs 16.86 a share, in the same period a year ago. Profits were down as the price of oil it realised fell 29% to USD 68.7 per barrel from USD 96.3 in third quarter of previous fiscal year. Revenue fell 30% to Rs 3,504 crore. Cairn's showpiece Rajasthan field output was 4% lower at 178,400 barrels of oil per day.

Essar Ports (BSE Code: 500630) reported a 4.6% jump in its net profit at Rs 98.34 crore Q3 FY15 on the back of higher sales. The company had posted a net profit of Rs 94.01 crore in the same period last fiscal. Revenues during the period under review went up to Rs 434.68 crore as against Rs 376.86 crore in the corresponding quarter of FY14.

Agro Tech Foods (BSE Code: 500215) announced a steep drop in standalone net profit for the quarter ended December 2014. During the quarter, the profit of the company declined 28.21% to Rs 9.4 crore from Rs 13.1 crore in the same quarter last year. Net sales for the quarter declined marginally 1.01% to Rs 195.5 crore compared with Rs 197.5 crore for the prior year period.

Biocon (BSE Code: 532523) has posted a net profit of Rs 90.9 crore for the quarter ended December 31, 2014 as compared to Rs 105 crore for the quarter ended December 31, 2013. Total Income has increased from Rs 719.6 crore for the quarter ended December 31, 2013 to Rs 779 crore for the quarter ended December 31, 2014.