Index Trends And Stocks In Action April 21, 2015
Indian equity market witness worst fall since 26th March, 2015. Monday’s decline could be attributed to factors as sharp depreciation in USD/INR, Uncertainty on tax issues for FII’s and muted earnings. On daily chart nifty has formed a big bearish candlestick pattern along good volumes. Along with bearish candlestick it has breached its important support of 100-day EMA, which suggests bear’s are adding up momentum and taking full control. Now going forward nifty has crucial support around levels of 8390, if sustains below this expect re-test of swing low which was created around 8270. On upside 8525 will act as a stiff resistance for index.
Hindustan Zinc reported a 6.2% growth in its net profit at Rs 1,997 crore for the quarter ended March 31, 2015. Revenue grew by 13.5% to Rs 4,073 crore in Q4FY15 from Rs 3,588 crore in the same quarter of FY14. Mined metal production at 269,000 tonnes was better than the previous quarter’s 200,000 tonnes and the year-ago period’s 242,000 tonnes. On the other hand, average zinc prices on the London Metal Exchange at USD 2,087 a tonne were down seven per cent sequentially, though up 3% YoY. Lead prices continued to suffer, with the average at USD 1,803 a tonne, down 10% sequentially and 14% on a YoY basis. Although silver prices were up marginally by one per cent sequentially to Rs 37,099 a kg, it was down 17% over the March 2014 quarter.
Ramco Systems has posted a drop of around 48.8% in net profit at Rs 4.15 crore for the quarter ended March 31, 2015, as compared to Rs 8.1 crore. The total income from operations stood at Rs 101.94 crore for the quarter, as against Rs 98.1 crore for the same quarter of previous fiscal year, an increase of 3.85%.
Havells India has acquired a 51% stake in Bangalore-based LED and solar lighting products maker Promptec Renewable Energy Solutions at an enterprise value of Rs 65 crore. The company said this acquisition marks Havells India’s entry in the solar energy segment and will also help it grow aggressively in the LED space with short development cycles for new products. Post-acquisition, the promoter group of Promptec would continue to hold a 49% stake in the company.