Index trend and stocks in action June 29, 2016

The Indian benchmark indices started off the session on a positive note; however, the indices moved in sideways range for the first half of trading session. In the second half bulls showed some momentum as positive sentiments prevailed in the European market. In the end market ended with marginal gains. Nifty has been gradually moving up since taking support at 61.8 per cent retracement level as on June 24, 2016. Nifty has entered the gap zone which was created as on June 24, 2016; however, the gap has been filled partially. Now going forward the zone of 8160-8190 will act as a hurdle on the upside. On the downside, level of 8070 will act as a strong support for Nifty.

Trent: The board of directors of the company has approved the sub-division of equity shares of the company having a face value of Rs 10 per share into equity shares having a face value of Rs 1 each. Further, the Board also approved an enabling resolution for raising of funds by issue of Non-convertible debentures on a private placement basis up to an amount not exceeding Rs 3000 crores.

ITC: The company will invest Rs 4,000 crore over the next 2-3 years to set up 8-9 factories across the country for manufacturing of food products.

RPG Life Sciences: The company has forayed into the cosmetic segment by collaborating with an Italian Cosmetic firm Labo Cosprophar.

Tata Communications: Liquid Telecom, a privately-owned, pan-African Telecoms group, majority owned by Econet Wireless Global, has announced that it has entered into an agreement to acquire South African Communication network operator Neotel.

Aegis Logistics: The company has announced that it has purchased additional 2,04,901 equity shares of Sea Lord Containers Limited (Subsidiary of the Company) at a consideration of Rs 307.35 lakhs. The company now holds 91.39 per cent of shareholding in Sea Lord Containers Limited.

JSW Steel: JSW Steel said it will seek shareholders’ approval to raise as much as $2 billion by selling non-convertible foreign currency denominated bonds to fund its long-term capital expenditure plans. In addition, the company will also seek approval from shareholders to raise up to Rs 4000 crore by selling shares and debentures to institutional investors through the qualified institutional placement (QIP) route.

Bosch: Auto component major Bosch’s board will consider launching of a buy back offer for its equity shares as on July 1, 2016.

Eros International: The Company’s parent Eros International Plc reports Q4 Revenue of $65.1 Mn vs Estimates of $54.3 Mn.

IL&FS Transpiration: IL&FS Transportation said it has increased its stake in Noida Toll Bridge Company to 26.37 per cent following transfer of 1.02 per cent stake by the founder.

DLF: KP Singh and his family have decided to wipe out DLF debt in a two-step transaction. They will pump Rs 10,000 crore into India’s largest real estate developer by purchasing shares in a preferential issue with funds raised from the sale of their stake in the company’s rental unit.