Index Trends And Stocks In Action August 06, 2015

Indian Equity Market resumed its uptrend after a small pause on the eve of RBI’s policy review meet, buying was seen in Information technology stocks and Pharmaceuticals stocks. Technically, the index opened with a gap up and move from strength to strength, however in second half volatility was seen and the index gave off some gains. However the index has managed to close above its important resistance level of 8565. Now going forward major resistance for the index is around the level of 8660, once the index sustains above this zone expect a good up-move in coming trading session. On the downside 8530 is the key support level of the index, if breached can correct up to levels of 8480.

Balaji Telefilms: Star India, a unit of 21^st Century Fox has sold its entire 25.99 per cent stake in Balaji Telefilms acquired over 11 years ago, to the company’s promoters at an average price of RS 63.6 a share. This values the block deal at around Rs 108 crore.

Dr Reddy Laboratories: Hyderabad-based drug maker Dr Reddy Laboratories plans more research and development (R&D) alliances with foreign companies to strengthen its drug pipeline. In July, the company announced a strategic tie-up with US-based Purdue University to strengthen pharmaceuticals R&D, which the company said would accelerate innovative drug development. Dr Reddy R&D spend is the highest among Indian drug makers i.e. 12 per cent of sales. Most other firms spend 4.7 per cent. The company has also been strengthening its R&D pipeline by filing more newdrug application (NDAs) for the US Market.

Nestle: The Food Safety and Standards Authority of India (FSSAI) clarified that it has not given “any clean chit” to Nestle regarding the safety of Maggi instant noodles. Many reports appeared in certain section of the press and electronic media stating that FSSAI have found Nestle instant Maggi noodles safe for consumption.

Salzer Electronics: Engineering and construction bellwether Larsen and Toubro (LT) sold its entire 13.66 per cent stake in Salzer Electronics in a bulk deal for about Rs 54 crore.