Index Trends & Stocks In Action for 30th September 2013
Indian Equity market fell about one per cent on Friday and the Nifty closed below its 200-day moving average for the first time in nearly three weeks as banking stocks declined after RBI chief’s comments on inflation being still high. For last of couple of days we mentioned nifty is trading in very narrow range. On Friday we saw markets close with a hint of weakness. Nifty closed very near to the lower end of the range which is near to 5800. A lot will depend on whether we are able to hold on to these levels of 5790-5800. If we break this level we may see a panic selling which is likely to take nifty to levels of 5700 and lower. On intraday basis 5800 will remain a strong support and next strong support is place around 5760. On higher side nifty will face resistance around 5870-5925.
IVRCL has decided to sell its Chennai desalination plant which has a capacity to purify 100 million litre of sea water every day. It has also put Jalandhar-Amritsar National Highway project in Punjab on sale. There have been negotiations going on with three interested parties. Company is looking to reduce its debt by the cash generated through these transactions. One can see positive impact on the stock today.
Lupin has received final approval from United States Food and Drugs Administration (FDA) for its Oral Contraceptive drug. The company is one of the prominent players in the oral contraceptives market in the USA and with this approval the company would further strengthen its position in the market. This seems to be positive news for the stock.
Jyothy Laboratories’ Joint MD Ullas Kamath in the latest interview has maintained its guidance of 20-25 percent topline growth and 15 percent EBITDA margins for FY14. According to him, the company does not see any reduction in its product range, as most of them are for the masses. Company is still seeing around 20-22 percent growth in the volumes because of good monsoon. One may expect some positive movement in the stock today.
R K Singh, Chairman and Managing Director of second largest Oil marketing company, Bharat Petroleum Corporation, has said that the company is hopeful of taking its 6-million tonne Bina Refinery public next fiscal. According to him, Bina facility has already been making cash profits since the past fiscal and is operating at 106% of its capacity. Bina refinery is getting the highest GRMs for the company at USD 9.1 per barrel which is on par with the best in the industry. ON the back of this news, one may see some positive move in the stock.