Index Trends And Stocks In Action January 30, 2015

The Indian market ended the January F&O Series with its biggest monthly gains in last 7-8 months.  Buying emerged in last half hour’s on index heavy weight like L&T, Dr Reddy’s Lab, HDFC Bank and BHEL. Broader market ended on mixed note. In Thursday trading session there was strong battle between bulls and bears, however in last half hour bulls had upper hand and helped market to scale up above 8950. The uptrend is intact for the index as its trading above its important moving averages. Going forward decisive support for index is placed in range of 8860-8800. On upside 9000 and 9045 remains resistance zone for index.

The government has fixed a floor price of Rs 358 a share for its up to 10% stake sale in Coal India (BSE Code: 533278) on Friday. This is a 4.6% discount to the closing price of Rs 375.15 for the company's shares on the Bombay Stock Exchange on Thursday. Retail investor will also get another 5% discount on the final offer price. Twenty per cent of the issue has been reserved for retail investors.

Akzo Nobel India (BSE Code: 500710) reported a 87.85% jump in net profit at Rs 50.74 crore for the quarter ended December 31, 2014 helped by lower expenses. Net sales of the company stood at Rs 671.41 crore for the third quarter of this fiscal, up 4.26 per cent as against Rs 643.93 crore for the same period ended December 31, 2013. The company improved business performance is led by both, a robust growth in sales of high-performance products as well as a continued focus on cost management, supplemented by soft input prices, especially the crude-linked ones.

IDFC (BSE Code: 532659) has registered 15.7% drop in consolidated basis net profit at Rs 421.60 crore as against Rs 500.68 crore in the same quarter of the previous fiscal, on account of higher provisioning for bad loans. Total income increased to Rs 2,462.08 crore in Q3FY15 from Rs 2,122.84 crore in the same period year ago. Company’s provisioning for bad loans was raised to Rs 153.13 crore in the third quarter of current fiscal, from Rs 37.82 crore a year ago. On asset quality, gross NPAs were marginally up at 0.68% of gross advances, from 0.62% a year earlier.