Index Trends And Stocks In Action June 09, 2015
The Indian equity markets continue its downtrend for the fifth straight trading session. FMCG, Heath care, Metal, Oil & gas and consumer durable stocks were the prominent losers. IT stocks found some support at lower levels. The end of the day action has formed a bearish candlestick pattern; this suggests that bears have the upper hand. Now going forward the index has major support in band of 7930-7960, it’s likely that the index may fill the gap which was created 22nd October, 2014. On the upside the level of 8160 will act as a major resistance for the index.
Clariant Chemicals: The Company has sought shareholders nod to buy back more than 35 lakh shares for Rs 340 crore. The board has approved the buyback of shares through tender route in April this year. The company has fixed buyback price at Rs 950 per share.
Jet Airways: The airliner said it has lowered its business class fares by 25% for travel on its domestic network with a three day booking window period.
Cairn Indian: Metal and mining giant Vedanta is believed to be in the final stages to announce a merger of its subsidiary Cairn India, a listed oil and gas exploration company, with itself. The move will give the parent access to Cairn’s cash and help reduce debt.
HDFC: The largest mortgage lender in the country HDFC said its board of directors has approved fund-raising worth Rs 5,000 crore simultaneously by secured redeemable non-convertible debentures (NCDs) and warrants.