Index Trends And Stocks In Action July 23, 2015

Despite a slightly shaky start, the Indian Equity market ended on a cheerful note led by index heavyweight Reliance Industries and Sun Pharma. On the daily chart the index has formed a bullish candlestick pattern along with decent volumes. Now going forward the index is once again making an attempt to cross its major resistance zone which is in the range of 8650-8665. If the index manages to sustain above this zone expect a fresh breakout and the index will reclaim levels of 8730-8800 in the short term. On the downside the level of 8550 is a very strong support for the index.

Indiabulls Real Estate: Indiabulls Real Estate has raised 538 crore by allotting over 9 crore securities, including equity shares, to promoter group companies. In a filing to the BSE, the company said it has “Issued and allotted an aggregate of 3.67 crore equity shares of face value Rs 2 each at the issue price of Rs 67 per share and 4.36 crore warrants, convertible into equivalent number of equity shares of face value of Rs 2 each at an exercise price of Rs 67 per equity share to the promoter group entities namely, SG Infralands and SG Devbuild.

Glenmark Pharmaceuticals: The Supreme Court agreed to consider plea by generic drug manufacturer GlenmarkPharma to utilise its remaining raw material stock of its anti-diabetes drug. A bench comprising justices RanjanGogoi and N.V Ramanaagreed to hear Glenmark’s plea on 28^th July, 2015. Glenmark is involved in a patent dispute with US based Merck, Sharpe and Dohme Corp.

Punj Lloyd: Infrastructure major Punj Lloyd will seek shareholder’s approval for slump sale of its defence business to its subsidiary Punj Lloyd Industries for up to Rs 180 crore.

Bajaj Auto: India’s largest three-wheeler maker Bajaj Auto is likely to report is result for the quarter ended June. The stock is likely to remain in public interest.