Index Trends And Stocks In Action July 24, 2015

The rally which started on 22^nd July, 2015, lost its sheen as disappoint earning reported by index heavyweights like Bajaj Auto and Lupin, whose shares tanked as much as 5 per cent post reporting Q1 numbers. The index once again failed to cross its strong barrier around levels of 8650-8660 and entered into a sideways correction phase. Now going forward fresh up move in the index is expected only if the index moves decisively above level of 8660. On the downside important support for the index is placed around 8530-8540. The daily RSI has once again slipped below the level of 60, indicating consolidation or sideways movement.

Lupin: India’s fourth largest drug maker by sales Lupin will buy US-based Gavis Pharmaceuticals for USD 880 million its largest acquisition as the company looks to expand in the US generics market. The acquisition will help Lupin increase presence in the US, its largest market where sales fell by 31 per cent to USD 180 million in first quarter. This acquisition will give Lupin access to 66 generic drugs as well as broaden its pipeline in dermatology, controlled substance products and other high-value and niche generics.

Tata Power: Tata Power has announced plans to grown its business by scaling up the generation capacity to 18,000 MW by 2022 from the current generation capacity of 8,750 MW and growing its value added businesses 10 fold by that time.

Reliance Industries: The Oil & gas major Reliance Industries is all set to announce its quarterly results today.

NBCC: State owned National Building Construction Corporation has signed an agreement to redevelop the Indian Institute of Public Administration’s campus for Rs 435 crore.