DSIJ Mindshare

Index Trends And Stocks In Action August 05, 2015

Indian Equity Market snapped its four day winning streak as the indices ended with marginal losses. However, losses to some extent were restricted as buying emerged in banking stocks and select heavyweight in the last hour of trade. The Index on daily chart has formed a double top pattern with levels of 8564-8565 acting as a strong barrier. Going forward index needs to cross this barrier to gain strength or else index is likely to move in the range of 8420-8565. On the downside level of 8480 is key support and major support is around levels of 8420. The momentum oscillator RSI has been forming lower top lower bottom pattern, suggesting upside is capped for the index.

Sangam India: The Company’s board approved proposal to hike foreign institutional investors buying limit to 49 per cent from 24 per cent, subject to shareholders nod. However, as per current shareholding pattern FIIs currently own mere 0.76 per cent stake in the company.

DLF: India’s most valuable property developer DLF is struggling to reduce its debt, will seek shareholders’ approval to pledge more than 50 per cent of the company’s shares in three of its profitable rent-generating units to raise as much as Rs 7,500 crore.

Tata Steel: Tata Steel has completed the move of incorporating its Long Products Europe (LPE) division into a new standalone wholly-owned subsidiary within its European operations to create a sustainable future.

JSW Energy: Power producer JSW Energy expects to double its generation capacity to 6,000 megawatts (MW) on the back of two power projects of JP Power Venture it has agreed to buy last year and other acquisitions in the pipeline.  The company will fund the JP transaction with Rs 200o crore of cash and internal accruals and take on Rs 6500 crore of the projects debt on its books.

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