Index Trends And Stocks In Action April 17, 2015

Indian equity market extended its fall for second consecutive session led by constant selling pressure in the Pharma, Banking and Capital goods stock. Nifty after forming Bearish Engulfing candlestick on Wednesday followed it will a bearish candlestick. This suggests bear’s have upper hand and short term trend has been shifted in favor of bears. Now going forward nifty has strong support zone in range of 8645-8620. If nifty index manage to hold this support zone expect pullback rally. On upside 8770-8820 is strong resistance for index.  

Shares of Tata Motors and Tata Motors DVRs will remain in focus, as the Rs 7,500-crore rights issue opens on Friday. The entitlement ratio has been fixed at six shares for every 109 shares held in Tata Motors and Tata Motors DVR. For ordinary Tata Motors shares, one has to pay Rs 450 while for DVRs the price has been fixed at Rs 271. The company plans to raise Rs 7,500 crore through the issue, which closes on May 2.

Mindtree posted a net profit of USD 20.7 million, down about 9.2% from the December quarter. On a year-on-year basis, however, net profit grew 30.5%. Revenue rose 11.3% to USD 147.8 million. In rupee terms, net profit fell 8.6% sequentially to Rs 128.7 crore, and on year-on-year basis rose 31.1%. Revenue inched up 11.5% to Rs 918.1 million.

Fourth-quarter revenues of TCS fell 1.1% to Rs 24,220 crore, EBIT fell 0.5% to Rs 6,591 crore while net profit (adjusted for one-time employee bonus) rose 8.4% to Rs 5,906 crore. In constant currency terms, revenues were up 1.6%. In dollar terms, revenues were down 0.8% sequentially. In other key metrics, volumes grew 1.42% QoQ, utilization (excluding and including trainees) stood at 85.4% and 81.5% while attrition was at 14.9%.