Index Trends And Stocks In Action June 30, 2015
The Indian Benchmark indices staged a smart recovery in late afternoon trade, but still ended with heavy losses. Global market saw heavy selling amid mounting concerns over an imminent Greek default after the Greek government approved a referendum to decide on its bailout program. Technically, the index after moving in the choppy range in the previous four sessions, it showed high explosive movements of with downward and upward swings. Now going forward, it’s important for the index to cross its hurdle which is placed around levels of 8335-8350, to continue its upward march. On the downside 8220 is an important support and next important support is around 8180
Kotak Mahindra Bank: Shareholders gave approval to Kotak Mahindra Bank’s proposal for issuance of bonus shares. The annual general meeting held on Monday has approved issuance of bonus shares in the proportion of one equity share for every equity share of face value Rs 5 held by such person on the record date.
KensaiNerolac Paint: In perhaps the biggest land deal in Chennai, paint maker Kansai Nerolac has agreed to sell its 15.86 acre land parcel in Perungudi for Rs 550 crore to Bangalore-based Brigade Properties, which will be backed by Government of Singapore Investment Corporation or GIC of Singapore. The board of directors of Kansai Nerolac approved the land sale at their board meeting subject to due diligence and other statutory procedure.
Jsw Steel: JSW Steel said it plans to raise up to Rs 4,000 crore through the Qualified Institutional Placement (QIP) route as the steel maker eyes a capacity of 40 million tonnes per annum (MTPA) by 2025. The company will take up the issue of raising maximum of Rs 4,000 crore at its annual general meeting next month 28th July, 2015 it said in a BSE filing.
Canara Bank: Rating firm Moody’s Investors Service has downgraded state owned Bank of India and Canara Bank a notch down in term of Baseline Credit Assessments (BCAs), an indication of intrinsic or standalone financial strength of the company.