Index Trends And Stocks In Action October 29, 2014

The Indian market ended on firm note on Tuesday, credit to some strong buying in the Pharma stocks and banking stocks. Global cues were mixed with Asian markets quite sluggish and European markets edging higher. Nifty on daily chart has formed bullish harami candlestick pattern, this pattern is considered as potential reversal after a decline. Now going forward there are two important aspect nifty needs to sustain above 8045 and the RSI needs to cross 60 odd levels for fresh up-move. On downside 7920-7940 would be major support. 

In Q2 FY15, P I Industries (BSE Code: 523642) profit declined by 11.43% at Rs 48.97 crore from Rs 55.29 crore in the same quarter last year. Net sales for the quarter declined 7.82% to Rs 426.55 crore, compared with Rs 462.76 crore for the prior year period.

Reserve Bank has allowed foreign investors to buy up to 49% of the paid up capital in Hero MotoCorp (BSE Code: 500182). The decision follows passage of a special resolution at board of directors and shareholders to enhance the limit for the purchase of its equity shares and convertible debentures by FIIs.

BHEL (BSE Code: 500103) has secured the contract for setting up a 444 Mw Vishnugad Pipalkoti hydroelectric project in Uttarakhand, valued at Rs 422 crores. The order offered by THDCIL is for associated electro-mechanical works project THDCIL (Tehri Hydro Development Corporation Ltd). Vishnugad Pipalkoti hydro electric project is a run of the river scheme on the river Alaknanda, comprising four hydro generating sets of 111 Mw capacity each.

SRF (BSE Code: 503806) reported an increase of 60.87% in net profit at Rs 76.85 crore for the second quarter ended September 30, 2014. Total income from operations during the July-September quarter also increased 9.98% to Rs 928.17 crore as against Rs 843.89 crore a year ago. For the first half of the 2014-15 fiscal, SRF's net profit has also increased 92.53% to Rs 176.32 crore as against Rs 91.58 crore in the year-ago period. Total income from operation in the first half of the fiscal increased 12.07% to Rs 1,870.26 crore, as against Rs 1,668.80 crore in the same period last year.