Index Trends And Stocks In Action May 25, 2015
The Indian equity market which looked like will claim 8500 mark fell sharply from its day’s high on the back of selling pressure in select banking and metal stocks. SBI, which was leading the index at one moment, trimmed all its gains post announcement of its result. The end of the day’s action formed candlestick with small body and higher wick, this suggests that at higher level traders and investors are liquidating their positions. Now way forward the index has strong resistance in zone of 8490-8530, only if the index sustains above this level expect fresh momentum up to levels of 8630-8710.On the other hand if the index slips below 8380 expect correction up to levels of 8320-10.
Government will soon privatise eight loss-making hotels run by India Tourism Development Corporation (ITDC) as it plans to "offload" all the sick units. Out of 16 hotels, eight are in very bad shape and it proposes to disinvest it in the very first phase. It is not wise to bear the burden of these loss-making units as per the management. However, the company ruled out the possibility of selling off 'The Ashok', the flagship property of ITDC in the capital.
Diversified group ITC reported 3.65% increase in standalone net profit at Rs 2,361.18 crore in Q4FY15 as against of Rs 2,278.01 crore in Q4FY14. Net sales rose marginally by 0.47% to Rs 9,188.25 crore in the quarter under review from Rs 9,145.14 crore in the year ago period. During the quarter, revenue from the FMCG business, including cigarettes, increased by 3.23% to Rs 4,210.7 crore, from Rs 4,078.78 crore in the corresponding quarter in 2013-14. Revenue from ITC's non-cigarette FMCG business grew by 10.88% to Rs 2,566.51 crore, compared with Rs 2,314.51 crore in the same period last year.
During the last quarter of the fiscal year 2015, Rolta net profit declined by 53% at Rs 36.01 crore against Rs 76.56 crore during the corresponding time frame in the fiscal year 2014. Its revenues also saw a decline by 2.1% from January-March 2015 at Rs 946.14 crore compared to Rs 966.75 crore in the same time frame in 2014.