Index Trends And Stocks In Action September 08, 2015

The Indian Markets continue to move northward as the bear dominance continues. Weak global cues and rupee depreciation were major reasons for the fall in the market. The rupee depreciated to Rs 66.89 per dollar. Technically, the index opened in positive territory and soon after opening saw a correction, which took nifty near to levels of 7600 around these levels nifty consolidated and showed some signs of recovery, however, it could not sustain longer and ended near the day’s low. Now going forward crucial support for the index is placed around levels of 7500, if it sustains below this level expect a sharp correction in the market. On the upside the level of 7600 will act as a strong resistance zone.

JSW Energy and Jaiprakash Power Ventures: JSW Energy is all set to acquire Bina thermal power from Jaiprakash Power Ventures. The plant has an installed capacity of 500 MWand has the requisite infrastructure to ramp up the capacity to 1500 MW. Jaypee group has been under neck deep debt to the extent of Rs 55,000 crore and is seeking to hive off assets to reduce its debt burden. Out of its stretched balances sheet, the Jaypee group proposes to sell cement plants, power plants and land parcels to raise over Rs 21,600 crore. With this latest Bina Power Plant development, the figure is likely to cross the Rs 25,000 crore marks.

Info Edge: Restaurant search and location app Zomato has raised $60 million in funding led by Singapore based Temasek with participation from exiting investor Vy capital. The company has raised in all close to $225 million from Info Edge, Sequoina India, Vy Capital and Temasek.

JMT Auto: JMT Auto an Amtek group company has been downgraded by rating agency Crisil on worries of fading financials and inadequate ability of the parent firm to support the company. The rating of JMT has been downgraded two notches to BBB- from BBB+ earlier. The rating has been placed on ‘rating watch with negative implication’.

Britannia Industries: Britannia Industries maker of premium biscuits will invest Rs 125 crore on the first phase of an agro-processing facility it plans to set up in chittoor district of southern Andhra Pradesh. The facility will service Chennai and Bengaluru market.