Index Trends And Stocks In Action For August 14, 2014

Indian Equity market ended marginally higher on Wednesday after a listless session. Weak economic data and some disappointing results rendered the mood quite cautious. In today’s session we saw that few stocks were holding up the market and other set of stocks were under hammering. Few selected defensive stocks could not lift market higher, it needs overall participation. So the intermediate trend remains sideways with negative bias. Going forward bulls will face resistance around levels of 7790 and next resistance around 7820. On downside support stands at 7680 and next support stands at 7630. Market is likely to move in range as there are no major cues as if now.

Tata Steel (BSE Code: 500470) disappointed street by reporting a whopping 70.4% decline in consolidated net profit at Rs 337.3 crore for the April-June quarter, impacted by provision for impairment of non-current assets, higher tax expenses and interest cost. Profit in the year-ago period was Rs 1,139 crore. Consolidated total income from operations grew by 11%, higher-than-expected, to Rs 36,427 crore in the quarter ended June 2014 from Rs 32,805 crore in same quarter last year. The stock may trade with a negative bias in today’s trade.

State-owned term lender  IFCI (BSE Code: 500106) plans to raise Rs 2,000 crore from bonds during the current fiscal to fund business expansion. The fund raised will help in financing business growth, he said. He also said the company intends to disinvest its entire stake in IFCI Financial Services Ltd (I-FIN) during the current fiscal. The stock is likely to remain in focus in today’s trade.

Buoyed by surge in demand from beverage sector, Manjushree Technopack (BSE Code: 532950) has reported 73% jump in profit after tax (PAT) to Rs 15.8 crore in Q1 of FY14 compared to Rs 9.13 crore during the same period last year. Sales for Q1 FY14 stood at Rs 169 crore, up by 38% compared to Rs 122.15 crore in Q1 of FY13. The stock may remain in limelight in today’s trade.

Hindustan Petroleum Corporation (BSE Code: 500104) has revived its plan to set up Rs 10,000 crore for upgradation of Vishakh refinery from 7.5 to 15 MMTPA with the new Andhra Pradesh government assuring land allotment either at Nakapalli or in the Kakinada Special Economic Zone (SEZ. This project is slated for Andhra Pradesh Petroleum Chemicals and Petrochemical Investment Region (PCPIR), which has got delayed since the proposed Visakh area got classified as a critically polluted zone by Central Pollution Control Board (CPCB) where there is a general embargo on further capacity expansion for industries in the Visakh bowl area. The stock may remain in focus in today’s trade.