Index Trends And Stocks In Action October 09, 2014

The Indian market ended with losses led by the IT and Healthcare stocks. On other hand banking, capital goods, oil & gas and realty stocks provided support to market. In our write up we have been mentioning that 7800-7820 is important support levels for the bulls and today market took some support and saw recovery from these levels. Nifty is hovering around important support level which is placed around levels of 7800-7820 and in case the index breaks this support of 7800-7820, downside should open up right away. The next important support level for index is around levels of 7755. For any sustainable recovery nifty index need to take out the potential supply zone between 7890-7930, if index managed to close above 7930 we could see a pullback or relief rally up to levels of 8025.

8K Miles Software Services (BSE Code: 512161), the only publicly traded cloud solutions provider in the country, yesterday reported an over three-fold spike in net profit at Rs. 4.15 crore in Q2 FY15. The company has reported a fourfold revenue growth to Rs. 27.08 crore, which is more than the full year income of FY14. 8K Miles boasts of global biggies like Amazon, IBM, CA Technologies, Visa, AirAsia, among others, as clients and draws over 75% of its revenue from the US and only 10-15% from the home market. The stock may trade with a positive bias in today’s trade.

Byke Hospitality (BSE Code: 531373) will turn ex-bonus on today. The company, which is primarily engaged in the business of owning, operating and managing hotels and resorts, is rewarding its shareholders with a 1:1 bonus issue of shares (one share for every one share held). The company’s hotel properties are situated in Goa, Rajasthan, Maharashtra and Himachal Pradesh. Investors buying the shares from Thursday will not be eligible to receive the bonus shares. The stock may remain in focus in today’s trade.

Bharat Heavy Electricals (BSE Code: 500103) has bagged an Rs 7,800 crore contract for setting up a 1,320-MW thermal power project in Tamil Nadu. The Engineering, Procurement and Construction contract from Tamil Nadu Generation and Distribution Corporation is for setting up 2x660 MW coal-fired thermal power project at the Ennore SEZ. The power plant will be constructed on a reclaimed ash pond, calling for specialised civil design, utilising otherwise barren land. The stock may remain in focus in today’s trade.