Index Trends And Stocks In Action January 06, 2015

The Indian market ended lower on back of weak global cues and a lack of positive triggers promoted traders and investors to go in for some profit taking after strong up-move in last four trading session. Index failed to cross its resistance of 8445 on upside and ended below 8400 mark. Going forward its likely index will enter into consolidation or correction phase. Correction up to levels of 8250 is possible if fails to hold 8310 on downside. On upside 8410 and 8450 will act as a stiff resistance for index.

The board of directors of Prima Plastics (BSE Code: 530589) will meet on Tuesday to sell plant and machinery of its aluminium composite panel (ACP) unit. The performance of the unit improved last year, but the real estate sector remained sluggish, resulting in under utilisation of capacity. The turnover of the ACP division was Rs 6.24 crore in the 2014 fiscal, while the total turnover stood at Rs 103 crore. It is mainly into the moulded furniture business. Therefore going forward margin will improve in FY16.

Shares of Hathway Cable & Datacom (BSE Code: 533162) will remain in focus on the bourses from Today, as the cable operator has fixed January 6 as the ex-date for stock split. The company proposes to subdivide each share of face value Rs 10 to five shares of face value Rs 2. The stock, which closed at around Rs 350 on the BSE on Monday, will start trading in the range of Rs 65-75 after the stock split. Those buying the shares from Tuesday will not be eligible to receive the stock-split shares.

In a surprise move, Deepak Fertilisers (BSE Code: 500645), which is fighting to take control of MCFL, has sold 2.2% stake in the Mangalore Chemicals and Fertilisers (MCFL) firm for about Rs 22 crore. Post sale of 26 lakh shares, Deepak Fertilisers stake in MCFL has come down to 29.05% from 31.25% stake earlier.

Essel Propack (BSE Code: 500135) has expanded manufacturing capabilities in Egypt and China to cater to FMCG and cosmetic brands in West Asian, African and Chinese markets. The primary focus of the new plant would be beauty and cosmetic products like facial cleanser, hand cream, shampoo and hair conditioner. This is the first phase of investment in EPSL, which has an annual supply capacity of 160 million tubes, which will subsequently be more than doubled to 380 million tubes.