Index Trends And Stocks In Action August 19, 2015

The Indian Equity Market ended in negative territory for the second successive session as Chinese Indices crashed about 6 per cent. However, the broader market ended with good performance. Technically, the index opened on a positive note and traded in a narrow range for the first couple of hours. Sentiment turned bearish in the Mid-session as China market saw a heavy sell-off. Now going forward the nifty index has strong resistance around levels of 8530. If it sustains above this resistance level, we could expect it to touch levels of 8580 and 8610. On the other side strong support for the index is around levels of 8400 and next major support around 8330 levels.

Karuturi Global: ICICI Bank has acquired 8.89 per cent stake in leading rose exporter Karuturi Global. It has acquired 72, 00,000 equity shares by way of invocation of pledge the bank said in a release on BSE.

ICICI Bank: ICICI Bank launched the first of its kind fully automated digital locker, which would be available to customers even on weekends and post banking hours. Named ‘Smart Vault’, the locker is equipped with multi-layer security system, including biometric and PIN authentication and debit cards, among others. Customers can access it without any intervention by the branch staff.

Cairn India: Cairn is seeking compensations from the Indian government for issuing a tax notice to the company. The tax dispute relates to the 2006 restructuring of Cairn India. The government of India has claimed that Cairn UK was liable to pay capital gains tax on the profit made and the Indian arm was obliged to deduct TDS under the extant rules. The original demand was of Rs 10,247 crore which has almost doubled with the interest and penalties added on. 

DLF: Realty major DLF has sold four acres of land in Kochi for Rs 111 crore. The company has been selling non-core land parcel and business for the last three-four years to focus on its core real estate business as well as to improve its cash flows and reduce debt.  Till date company has already raised Rs 10,000 crore through the sale of non-core assets which has been used to pay part of its debt.