Index Trend and Stocks in action October 20, 2015

The Indian benchmark indices opened with a positive bias tracking robust earnings reported by Oil & Gas major Reliance Industries and thereafter shifted into intraday sideways consolidation during early part of the session. However, momentum picked up in the afternoon session and indices scaled higher to close near the day’s high. Now the index is approaching to fill the downside gap which was formed as on 21^st August, 2015 placed around 8360-8375 levels. The downside gap in the zone of 8360-8380 will act as a big hurdle for the index on the upside. On the downside levels of 8200 will act as a strong support for the index.

Infosys: Infosys a leading consulting, technology, outsourcing and next generation service provider said it would buy Noah Consulting, which provides information management consulting services in the Oil and Gas sector, for USD 70 million in cash, marking the Indian IT company’s third acquisition this year.

Mahindra and Mahindra: Mahindra and Mahindra agricultural division entered the braded pluses market with the launch of NuPro. Tur dal is the first offering under the brand. The company will soon launch other pulses like masoor dal, chana dal and gram flour.

DLF: Real Estate major DLF is in talk with private equity (PE) players to sell a 40 per cent stake in its rental business. The company has already initiated talks with GIC, Canadian Pension Fund and Blackstone as well as the sovereign funds of Abu Dhabi and Qatar. The company’s stake in the rental arm, DLF cyber city developers is estimated to be around $2 billion. The company in recent time has been putting efforts to raise cash to settle part of its debt.

Apollo Hospital: Apollo Health and Lifestyle, a subsidiary of Apollo Hospitals has hired investment bank Spark Capital to manage divestment of 25 per cent stake to private equity funds as it seeks to raise Rs 500 crore to fund expansion.

Lupin: The Foreign Investment Promotion Board (FIPB) cleared 14 foreign investment proposals, including that of Lupin. However, the board rejected the proposal of Reliance Globalcom.

Ruby Mills: Ruby Mills will remain in focus, as Tuesday will be the cut-off day for investors wishing to receive bonus shares of the company. The company’s stock will turn ex-bonus on Wednesday. Ruby Mills is rewarding its shareholders with 1:1 bonus issue. The bonus shares will be credited to the accounts of the beneficiary owners/ dispatched on or before October 30.