DSIJ Mindshare

Index Trends And Stocks In Action For July 30, 2014

Indian Equity market started the first day of week on a dull note, the nifty index ended lower by 42 points. While stocks from the information technology and FMCG space ended with smart gains and on other hand stocks from Oil & gas and Realty space were amongst top underperformers on Monday. Going forward nifty has strong support in range of 7680 and next important support is around 7620. On upside 7760 will act as hurdle for the bulls and if bulls manage to sustain above this level than next level would be to watch out for is 7820.

Lanco Industries (BSE Code: 513605) plans to set up a one lakh tonnes per annum (tpa) pipe plant with an investment of Rs 325 crore. The company is also planning to change its name to Srikalahasti Pipes. The Andhra Pradesh-based firm's Board at its meeting today has given nod to both proposals. The stock may trade with a positive bias in today’s trade. 

Favourable market conditions and growth in top line and bottom line due to better product mix have helped V Guard Industries (BSE Code: 532953) to achieve a 26% growth in its net profit in Q1FY15. The consumer electrical and electronics company registered a profit after tax of Rs 22.25 crore in the first quarter of the current fiscal against Rs 17.64 crore in the corresponding period last fiscal. Net revenue from operations in the first quarter also witnessed a 17% increase to Rs 477.70 crore from Rs 408.16 crore. The stock may remain in limelight in today’s trade backed by better results.

Country's second largest commercial vehicle major Ashok Leyland (BSE Code: 500477) will invest around Rs 450-500 crore, by way of capex and investment during the current fiscal. The company also said it will continue to look at selling non-core assets and proceedings of those will be used for debt reduction programme. The management of the company in the public domain has said that the company need to manage around Rs 6,000 crore of assets across seven locations in the World, for which maintenance capex is needed. Besides in joint ventures the company need to make some investment. The stock may trade with a positive bias in today’s trade.

Kishore Biyani-promoted Future Retail (BSE Code: 523574) has filed initial papers with market regulator Sebi to raise up to Rs 1,600 crore through a rights issue. As per the draft letter of offer of Future Retail filed with Sebi, the company would issue certain classes of shares to its public shareholders on a rights basis. The stock may remain in focus in today’s trade.

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