Index Trends And Stocks In Action June 15, 2015

The Indian equity markets after opening in negative note it moved into positive territory and moved in sideways for the entire session; however it managed to end with marginal gains. On the sectoral front, IT index shed about 1.6 per cent and was the top loser followed by Consumer Durables and Metal. On other hand banking index gained about 1 per cent and was the top gainer. The end of the day action has formed a bullish reversal candlestick pattern, along with reasonable volumes. This suggests that the bulls are likely to see a pull back rally. Now going forward important support for the index is around the level of 7920 and next major support is placed around levels of 7850. On the upside 8060 is an important hurdle for the bulls.

Cairn & Vedanata: Vedanata has offered to buy out minority shareholders in cash rich unit Cairn India, with a USD 2. Billion all-share offers that would help parent Vedanta resources repay hefty debts.

Tata Power: The Delhi Electricity Regulatory Commission approved a 4-6% increase in power purchase adjustment cost (PPAC), or the fuel surcharge, as it resorted to a levy charged to compensate the discoms for rise in cost of buying electricity on account of increase in Coal and gas prices.

Kaveri Seeds: The Reserve Bank of India (RBI) has allowed foreign portfolio investors (FPIs) to invest up to 49 percent of Kaveri Seeds equity base. The shareholding of foreign institutional investors (FIIs) or registered FPIs (RFPIs) in kaveri seeds has dropped below the revised threshold limit. Hence, the restriction on the purchase of shares of the company is withdrawn with immediate effect.

Elder Pharmaceuticals: The Company is targeting Rs 100 crore from global sales of is calcium supplement brand Shelcal by 2017-18, in view of increasing exports base to Europe, Asia and African countries.