Index Trends And Stocks In Action December 30, 2014

The Indian market started the last week of 2014 on cheerful note ending with gains on Monday. The Auto, Healthcare, Power and Consumer durables stocks provided momentum to the market. Technically, index has multiple resistances in zone of 8270-8365. First 8275 is 21-day EMA and level of 8365 is recent swing high for index. Trend reversal will happen only if index starts trading above 8365 along with good volumes. Currently participation is pretty low and index is trading in tight range. On downside 8200 is crucial support for index and next support is around 8160.

IVRCL (BSE Code: 530773) expects to reduce debt burden by Rs 2,500 crore before the end of current fiscal by sale of three build, operate and transfer (BOT) assets. Currently, the consolidated debt of the company stood at Rs 6,500 crore. It had incurred a net loss of Rs 716.78 crore for the year ended March 2014. IVRCL is also planning to go back to its roots cash contracts in water-related construction projects.

Ganesha Ecosphere’s (BSE Code: 514167) commercial production of Recycled Polyester Staple Fibre (RPSF) has been started at the Company’s unit situated at Temra, Bilaspur, Distt. Rampur (U.P.), w.e.f. December 01, 2014. The unit is having installed capacity of 21,000 TPA and taking this into account the consolidated RPSF capacity of the Company will reach to 87,600 TPA.

IDBI Bank (BSE Code: 500116) gets board nod to sell entire 16.6% stake in CARE. IDBI's stake is currently worth Rs 683 crore or roughly USD 105 million. Besides IDBI, other key shareholders include Canara Bank, IL&FS, SBI and Bajaj Holdings. CARE valuation has almost doubled since early this year which makes it more lucrative for existing shareholders.