Index Trends And Stocks In Action June 03, 2015

The Indian equity markets ended on dismal note despite the Reserve Bank of India cutting repo rate by 25bps. The main reason for the fall was due to RBI’s caution stance and weak monsoon forecast. The end of the day action has formed a big bearish candlestick pattern along with reasonable volumes; this suggests that bear’s are back in full force. Now going forward level of 8180 will act as a major support for index and if this level is breached next support is place around levels of 8100.  On other hand strong hurdle for the index is in range of 8330-8375.

Apollo Hospitals has plans to acquire a majority stake (51%) in Assam Hospitals, a Guwahati-based stand-alone hospital, for Rs 57.25 crore. A press release from Apollo Hospitals says Assam Hospitals runs a 220-bed “profitable hospital” in Guwahati, with an occupancy level of over 80%. The facility will be further upgraded and expanded to accommodate another 80 beds to become a 300-bed hospital.

South Indian Bank to raise up to Rs. 20 crore via Tier 1 capital. Bank also to seek the approval of Shareholders in the ensuing Annual General Meeting to increase the Foreign Direct Investment Limit by 10% (i.e. from 49% to 59%) under the “approval route” and to approach the FIPB for their approval. To increase borrowing power from the present limit of Rs 5,000 crore to Rs 6,000 crore pursuant to Section 180(1)(c) and other applicable provisions, if any, of the Companies Act, 2013 subject to the approval of Shareholders in the ensuing Annual General Meeting.

Indian Patent office has refused patent on US firm Abraxis BioSciences This paves way to for generic cos to launch generic versions in domestic market US co had filed patent for dug formulation in 2006 which was opposed by Natco Pharma.