Index Trends And Stocks In Action August 25, 2015

The Indian Benchmark Indices worst collapse in the year 2015 was triggered by the nearly 9 per cent fall in the Chinese market; this was their worst performance since the Global financial crisis in the year 2009. The rupee played a spoil sport as it plunged to levels of 66.69 against the U.S dollar. The Nifty index opened with a mammoth downside and headed lower straight after the opening. Some attempts for recovery were seen, but it proved to be golden opportunity for the bear’s to create further short position. Now going forward important support for the index stands around levels of 7500. On the upside the level of 7940 would act as an immediate hurdle. In the near term market is likely to be highly volatile as indicated by the surge in the VIX index, which surged as much as 64 per cent in a single trading session.

Gateway Distriparks: GDL wants to buy equity held by Blackstone in its unit Gateway Rail Freight for twice the amount invested by the private equity firm in August 2010. Gateway offered Rs 600 crore for the investment held by Blackstone.

Titan: The Company has re-launched its Sonata SF sports watches priced at Rs 1799-2899, the costliest yet under the Sonata Brand. These products are designed with international partners in Hong Kong and China. The move targets to improve Titan’s margins at a time of drop in the watch business over the past few quarters.

Chennai Petroleum: Chennai Petroleum Corporation, an Indian Oil Corporation Company is set to see Rs 1,000 crore infusions from its parent. The proposal for capital infusion by issue of preference shares to Indian Oil Corporation on a private placement basis has already been approved by the company’s board and shareholders.

Castex Technologies: Difficulties are mounting for the Amtek Auto, with bondholders of its Subsidiary Castex Technologies looking to approach UK courts alleging manipulation of the company’s stock prices. The bondholders say the stock price was pushed up to force a conversion of foreign currency convertible bonds (FCCBs) into equity shares.