Index Trends And Stocks In Action July 27, 2015
The Indian Indices ended with deep losses in the absence of any positive trigger and weak earnings reported by Axis Bank and TVS Motors worsen sentiments. On the daily chart the index has formed a bearish candlestick pattern along with average volumes. Now the index is approaching towards it crucial support zone which is around level of 8470-8480. If the index manages to hold on to this support zone expect a bounce back up to levels of 8550 and 8610. On the other hand, if this support zone is breached, expect a correction up to levels of 8330 in the short term.
PFC: Government has set the floor price at Rs 254 per equity share of divestment of 5 per cent of its stake in Power Finance Corporation (PFC) on 27th July, 2015. Some 6.6 crore shares will be offered in the auction. Out of this, 20 per cent will be reserved for retail investors who will get allotment at a 5 per cent discount. Post sale, the government stake in the company will come down to 67.8 per cent.
Tata Motors: Tata Motors, India’s largest commercial vehicle maker, is banking on growth in its defence sector business and exports to drive 30-40 per cent on its revenues in the next three to four years as it seeks to de-risk the domestic commercial vehicle business from its inherent cyclicality. The company expects the defence business to account for 15 per cent of its total revenues, a fivefold jump from 3 per cent at present.
JSW Steel: Leading alloy-make JSW Steel will this week seek shareholder’s approval to raise up to Rs 4,000 crore through qualified institutional placement (QIP) and Rs 10,000 crore from selling non-convertible debentures (NCDs). It will seek shareholder’s nod at its annual general meeting to be held on Tuesday to raise the funds.
Bayer Crop science: The company said the company’s buyback offer to purchase 12.65 lakh shares at a price of Rs 4,000 per share, aggregating Rs 506 crore, will start on 4th August.