Index Trends And Stocks In Action February 11, 2015
DSIJ Intelligence / 11 Feb 2015
The Indian markets heaved a sigh of relief after exhibiting weakness for over seven trading session. The broader market ended on a mixed note. The Midcap index ended with gain of 0.6 per cent and Small cap index ended flat with negative bias.
The Indian markets heaved a sigh of relief after exhibiting weakness for over seven trading session. The broader market ended on a mixed note. The Midcap index ended with gain of 0.6 per cent and Small cap index ended flat with negative bias. Technically, benchmark indices witnessed a high volatile trading session on back of Delhi Election Verdict. Nifty index opened with a down gap and recovered fully and managed to cover the gap which was witnessed on 9th February, 2015. However the index faced strong supply at higher level around the zone of 8620-8640. This zone will act as a stiff resistance in coming trading session as 21-day EMA is placed in this zone and multiple tops were formed earlier in this zone. If bulls manage to clear this zone, expect a trend reversal. On downside major support is placed in zone of 8490-8440.
Essar Oil (BSE Code: 500134) has posted a flat net profit growth to Rs 52 crore during the December 2014 quarter. However, there has been drop in its topline primarily due to dip in the crude oil prices. Gross revenues came in at Rs 22220 crore, down by 19 per cent on yearly basis. Further, gross refining margins stood at USD 7 per barrel against USD 7.93 per barrel in the same period of the previous financial year.
Firstsource Solutions (BSE Code: 532809) yesterday posted 19 per cent rise in consolidated net profit at Rs 57.5 crore for the December 2014 quarter. On the topline front, the company’s revenue declined by 6.1 per cent to Rs 751 crore during December 2014 quarter. On sequential basis, the company's net profit dipped 6.1 per cent, while revenues were declined by 3 per cent from Rs 773.98 crore in the September 2014 quarter.
JK Tyre and Industries (BSE Code: 530007) reported a good 55.53 per cent increase in consolidated net profit at Rs 91.81 crore for December 2014. The company’s consolidated net sales during the quarter under review also rose to Rs 1,825.76 crore, up 7.18 per cent from Rs 1,703.42 crore in the same period last fiscal.
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