Index Trends And Stocks In Action September 14, 2015

The Indian Markets started on a firm note; however, as the day progressed market trimmed its gains and ended flat. Weakness was seen in Metal, Capital Goods, Auto and banking stocks. Now going forward the nifty has stiff resistance in the zone of 7865, once it moves above this resistance level expect a short covering rallying in the index and this will help index to reclaim levels of 7930. On the downside the level of 7720 is crucial for the bulls and once this level is breached, expects a quick sell-off and it’s likely to test levels of 7600 in the short term. Currently we expect the market to trade in range and post the decision of FED it will gather fresh momentum and move accordingly. So the current trend remains sideways to range bound.

Manali Petrochemicals: Manali Petrochemicals has entered into a Memorandum of Understanding (MoU) with the Government of Tamil Nadu to invest upto Rs 500 crore over the next three to five years in projects for expansion of the Polyol capacity and a Power project with the facilitation and support from the Government, said media reports.

Borosil Glass works: The board of Borosil Glass works approved a buyback proposal for purchase of up to 6.96 lakh shares of Rs 10 each which represent 23.15 per cent of the total equity capital, from all the shareholders of the company on proportionate basis through the tender offer route.

Vivimed Labs: The Company has planned to divest part of its speciality chemicals business to a strategic investor or special purpose vehicle of the company or third party on slump sale basis for a consideration of not less than Rs 380 crore. The objective behind the move was to optimise the capital structure of the company and prepare for next leg of growth across its business units and postan on-going review of the strategic options.

Jk Tyres: Singhania family-promoted JK Tyres has agreed to acquire BK Birla flagship firm Kesoram Industries for Rs 2,200 crore. The acquisition will help JK Tyre, the country’s third largest player by revenue to strengthen its position in the industry and enter the two-wheeler and three wheeler tyre market.