Index Trends And Stocks In Action July 31, 2015

The Indian Equity Market continued its winning streak from the second successive session positive sentiments from the global market and short covering got the bulls progressing. The broader market continued to exhibit solid performance. Technically, the index opened with a gap and extended its gain soon after opening. However, in the second half there was twist in the tale as volatility sets in and the index lost some of its early gains towards the end. The index has formed a Doji candlestick pattern on the daily charts; this suggests the market will enter into a consolidation or sideways phase. Now going forward the level of 8480 would act as a stiff resistance for the index. On the downside level of 8400 is very crucial and below this next support is around the level of 8330.

Gujarat Pipavav Port reported a net profit of Rs 80.42 crore in Q1FY16 as against Rs 80.53 crore in Q1FY15. Net sales during the quarter under review rose to Rs 172.87 crore during the quarter under review, from Rs 155.81 crore in the year-ago period. Depreciation and amortisation expenses rose to Rs 24 crore during the quarter from Rs 16.18 crore in the corresponding quarter of FY15 due to changed its accounting year from December 31 to March 31 and consequently the previous accounting year is for a period of 15 months from January 1, 2014 to March 31, 2015.

Pune-based industrial energy solutions provider Thermax is planning to invest Rs 460 crore in the next two years, as it expands it manufacturing plants. These plants will come up in India and in Indonesia, said the company. The expansion plan is part of the strategy to derisk the business and will help the company to reduce its dependency on the cyclical nature of the capital goods industry and heavy reliance on one country.

Logistics services provider Gati reported 31.9% drop in consolidated net profit at Rs 7.83 crore for the quarter ended June 30, 2015. The company's net profit in the corresponding quarter of the last fiscal was Rs 11.50 crore. However, the company's total income increased to Rs 416.24 crore, over Rs 397.02 crore in the same quarter of the previous financial year.