Index Trends And Stocks In Action September 11, 2015

The Indian Markets opened gap down as fear of global growth uncertainty once again gripped the investors and trader. However, a smart recovery was seen in the last hour of trade led by the Auto and Capital goods stocks.  The nifty index has managed to fill the opening upside gap which was formed as on 9^th September, 2015. Now going forward the index has a strong barrier around levels of 7865, once it manages to sustain above this level expect a quick up-move up to levels of 7930-8000. On the downside first major support is around levels of 7720 and next support around 7660.

Larsen & Toubro: LT has received shareholder’s approval for raising about Rs 9,600 crore through issuance of various securities, including equity share and convertible bonds.  Along with this shareholder has given nod for issuance of “Secured/Unsecured redeemable non-convertible/perpetual debentures in one or more series/tranches/currencies aggregating up to Rs 6,000 crore.

Elder Pharmaceuticals: Debt burdened Elder Pharma may sell its factories in Maharashtra and Uttarakand as well as some real estate to clear of some debt from the books. The drug maker is facing a severe finance crunch.

Amtek Auto: Debt burden Amtek Auto is likely to be in focus as banks decide to go for a special audit of the book of various group companies before providing fresh loans to help it repay Rs 800 crore bonds coming up for redemption on 20^th September, 2015.

BPCL: BPCL will be investing Rs 1 trillion between 2016 and 2021 for its next phase of growth, as lower crude oil prices and reduced losses on fuel sales gives the company more headroom for business expansion. The objective of investment is to increase the company’s refining capacity by 40 per cent, branching into the petrochemicals sector, expanding in the city gas distribution business and establishing itself as an oil and gas explorer producer.