Index Trends And Stocks In Action June 05, 2015

The Indian equity markets started on jitter note and continued to trade in red, however, in the last hour of trading session buying was seen in some heavyweight which provided some cushion to the index and ended the session on a flat note. The end of the day action has formed a hammer candlestick pattern after a good correction; this indicates bulls are likely to gain momentum. Now going forward the index has a strong support around levels of 8050, if manages to sustain this level and moves above its resistance level of 8180 expect a short covering rally which is likely to take index up to levels of 8240. On the downside, if index breaches its support of 8050, next important support is around levels of 7950.

Shares of Mount Everest Mineral Water merge with Tata Global Beverages. According to the scheme, three shares of Rs 1 each of Tata Global Beverages will be credited for every four shares of Rs 10 each held in Mount Everest. The company has fixed the record date as Monday to identify eligible shareholders. The stock of Tata Global closed at Rs 137.90 and Mount Everest Mineral at Rs 102 on the BSE.

Ashoka Highways (Durg), one of the project special purpose vehicles (SPVs) of Ashoka Buildcon, has completed refinancing of its debt of Rs 363.40 crore with IDFC. Post-refinancing, interest cost has been reduced to 10.75% per annum, resulting in a saving of 1.70% points and extension of repayment period, the company said in a statement to the exchanges. The stock of Ashoka Buildcon closed at Rs 172.90 on the NSE, up 0.9%.

Bajaj Finance has set the floor price of its Rs 1,400 crore QIP at Rs 4,407.34 an equity share. In April, the board of directors of the company and shareholders had approved the qualified institutional placement of the equity shares of the company for an aggregate amount not exceeding Rs 1,400 crore to qualified institutional buyers.

Cera Sanitaryware board will meet on June 11, 2015 to consider entering into a joint venture for sanityware and tiles manufacturing. Last month Cera had entered into a marketing agreement with ECE Banyo, owners of Italian Luxury Sanitaryware brand ISVEA for sales, distribution and marketing of the brand in India for a period of 5 years.