Index Trends And Stocks In Action November 05, 2014

The Indian market closed almost unchanged starting the fresh week on a subdued note. The index was stuck in a narrow trading range throughout the day and was unable to find any direction. However the broader market was in action and it managed to outperform the benchmark indices. The up-move started from the levels of 7720-7725 and registered a fresh high of 8351. All this bull action happened in 9-10 trading session. On daily chart nifty has formed a potential hanging man though it does not have large lower wick and the momentum indicator RSI has entered in to overbought territory. So this hints some consolidation and correction might be round the corner. On downside important support for index would be around levels of 8280 and 8240. On upside 8360 would act as strong resistance. 

Thermax's (BSE Code: 500411) net profit has recorded a almost three fold jump at Rs 86 crore as compared to Rs 30 crore last year for the second quarter ended September 30, 2014. The revenue also posted an increase of 14 per cent at Rs 1,191 crore from Rs 1,043 crore last quarter. This is mainly due to the the demand for its standard products in the domestic market, order bookings and also project orders from the international market. During the quarter, the company had an order inflow of Rs 1,089 crore, registering a growth of 42%. The stock may trade with a positive bias in today’s trade.

Berger Paints India (BSE Code: 509480) registered a small rise in consolidated net profit for the quarter ended September 2014. During the quarter, the profit of the company rose 6.96% to Rs 67.03 crore from Rs 62.67 crore in the same quarter previous year. Net sales for the quarter rose 14.28% to Rs 1104.15 crore compared with Rs 966.2 crore for the prior year period. The company approved proposal for sub-division of equity shares of Rs. 2 each into Re. 1 each. The stock may remain in focus in today’s trade.

In Q2 FY15, Visaka Industries (BSE Code: 509055) has reported 15.9% growth in revenue of Rs 209.58 crore and a net profit of Rs 3.69 crore as against net loss was Rs 1.56 crore in the same quarter previous year. The stock may remain in focus in today’s trade.

Jay Shree Tea and Industries (BSE Code: 509715) has reported a near 34% jump in net profit to approximately Rs 39 crore for the quarter ended September 30, 2014. During the quarter, the company reported a near 10% growth in total income to Rs 214 crore (Rs 195 crore in the year-ago period). However, among the various segments, only tea business saw a profit of Rs. 60 crore during the period. The stock may remain in focus in today’s trade.

Aksh Optifibre (BSE Code: 532351) has won an order worth Rs 102 crore for supply of optical fibre cables (OFC) for the country’s Defence Network For Spectrum (NFS) project. The company is the lowest bidder, along with the state-run ITI, for ‘Package F’ of the project, which mainly covers West Bengal, Odisha, Bihar, Jharkhand, Andaman & Nicobar Islands and Sikkim. The stock may remain in focus in today’s trade.