Index Trends And Stocks In Action June 18, 2015

The Indian equity market with healthy gains for the fourth consecutive trading session led by the Index heavyweight Reliance Industries and Some select pharma stocks. Sentiments were boosted following reports of above-normal progress in monsoon. The end of the day action has formed a potentially doji candlestick pattern. This could be a signal of puzzling state of mind of bulls, following the pullback rally of the past three days. Now going forward the index has major hurdles around levels of 8170 and if it sustains above this level expect retest of 8225 levels. On the downside level of 8030 is major support for the index. Today’s session is crucial for the market, if the index close below the level of 8030 it will be confirmation of the fresh wave of selling and this time the index will breach the level of 7900 in the medium term.

Andhra Bank: The Andhra Bank has launched a onetime settlement camp to bring down the Non-Performing Assets (NPAs) of small value. The bank has decided to waive off 55% to 30% of default amount for the NPAs. The waiver will depend upon the age of NPAs.

Bharti Airtel: The deal for the sale of Bharti Airtel’s tower’s in Chand and Tanzania to Helios Towers Africa has been terminated. In July last year, Airtel had announced a deal to sell 3,100 telecoms towers in the four countries to Helios Towers Africa for an undisclosed Sum. The towers would have take Helios’s total to 7,800 and significantly helped cut Airtel’s debt and capital expenditure in the region.

Torrent Pharma and Biocon: Government approved Torrent Pharma’s Rs 3,000 crore proposal for the increasing FII limit to 35% from 13.09% and Syngene International’s (Biocon Subsidiary) proposal to raise FDI of around Rs 930 crore by raising the FII limit to 44% from 10% were approved.

City Union Bank: The Company has informed BSE that the Board of Directors of the Bank, at its meeting to be held on 22^nd June, 2015 consider an agenda item to seek shareholder approval for passing an enabling resolution to raise capital through QIP route.