Index Trends And Stocks In Action September 03, 2015
The Indian market opened the session on a bright note, but changed direction soon and failed to find any support and closed near day’s low. Banking stocks, especially PSU banks were under immense selling pressure. On the other hand IT stocks provided some support. In past four trading the index has developed a bearish pattern, which is known as lower top lower bottom pattern. Now going forward level of 7650 is crucial for the market, if it sustains below this level expect a corrective up to levels of 7500-7400. On the upside the level of 7810 will act as a stiff resistance.
DLF: The country’s largest real estate firm DLF sold about 50 per cent stake each in two of its upcoming projects in Delhi to Singapore sovereign wealth fund GIC for 1,990 crore. This move will help DLF to boost its cash flow and reduce debt, the company’s arm DLF Home Developers and GIC have entered into a joint venture to invest in two upcoming projects located in central delhi.
Vascon Engineers: Real estate developers and engineering firm Vascon Engineering plans to raise Rs 200 crore through rights issue and sale of non-core assets to cut down on its debt burden and meeting working capital requirements.
Bhushan Steel: Bhushal Steel will seek shareholders’ approval in its annual general meeting dates 19th September, 2015 to raise Rs 547 crore by selling redeemable cumulative preference shares. The share can be redeemed at any time within 10 years from its allotment date and will not be redeemed at a premium exceeding Rs 2,900 per share.
Mahindra Holidays and Resort: Mahindra Holidays and Resorts India’s leading player in the leisure hospitality industry has hiked its stake to 83.20 per cent in Finland’s Holiday Club Resorts (HCR) through its overseas subsidiary. The company will make fresh investments of 10 million euro in equity of HCR by second week of September and subsequent to that company’s stake will increase to 86.38 per cent.
VA Tech Wabag: VA Tech Wabag and its consortium partner Muhibbah Engineering (M) Bhd has bagged a contract worth Rs 1,500 crore from Malaysia's national oil and gas company Petronas (Petroliam Nasional Berhad).
Jet Airways: Jet Airways (India), the country's second-largest airline by passengers carried, will merge its wholly owned unit Jet Lite (India) Ltd with itself.