Index Trends And Stocks In Action June 24, 2015
The honeymoon period for the bulls continue as theIndian equity market registered its gains for the eight consecutive trading sessions. The end of the day action has formed a Doji candlestick pattern. Normally, the formation of Doji candlestick pattern, after the decent upside rally could be considered as a cautionary indication for forthcoming reversal. Now going forward index has major support around levels of 8330, once the index sustains below this level expect some correction up to levels of 8280. On the upside 8420 level will act as a stiff resistance level.
Hindustan Unilever: FMCG behemoth Hindustan Unilever (HUL) is returning to the M&A ring with an interest to acquire Kerala-based ayurvedic hair and skin care brand Indulekha. The HUL bid, if successful, could possibly be its first acquisition deal in more than a decade. The MNC’s last acquisition was the cooked shrimp and pasteurized crabmeat business of the Amalgam Group of companies, which was a leader in value-added marine products exports, in 2003.
Avanti Feeds: Avanti Feeds board meeting will be held on July, 2015, to consider purchase of total shareholding of Avanti Frozen Foods Private limited, comprising of 5,000 equity shares of Rs 10/- each fully paid, held by Sri A. Indra Kumar and 5,000 equity shares of Rs 10/- each fully paid, held by Sri C. RamachandraRao. Further, the trading window for dealing in securities of the company shall remain closed for insiders of the company from 23rd June, 2015 to 6th July, 2015.
Aurobindo Pharma: Citi has rated the drug maker AurobindoPhrma as its top pick in the pharma sector with target price of Rs 1945. The stock looks attractive at 14x FY 17E earnings. Company is moving up the value chain on product complexity FY16-17 EPS estimates are 10-16% ahead of consensus.
Mahindra Lifespace Developers: The Real Estate and Infrastructure development arm Mahindra Lifespace Developers of Mahindra Group, has launched its maiden project in Bengaluru, on Bannerghatta main road. The company plans to invest around Rs 450 crore for its premium residential project in Karnataka. The project “Windchimes” is spread over 5.85 acre and offer 3 and 4 BHK apartments.