Index Trend And Stocks In Action December 22, 2015

The Indian markets moved up smartly and regained the losses of Friday’s trading session. However, the opening was flattish and thereafter it moved from strength to strength and ended comfortable above level of 7800. The Indian markets moved up smartly and regained the losses of Friday’s trading session. On the daily time frame chart the index has formed a Bullish Engulfing candlestick pattern, suggests buyers are aggressive. Now going forward index needs to sustain decisively above the level of 7855 for the fresh breakout and if it does it’s likely to scale up to levels of 7930. On the downside level of 7750 will act as support and if this support is breached it’s likely to slide further up to levels of 7700.

HDIL: Realty developer Housing Development & Infrastructure (HDIL) has sold development rights on its land parcel at Kurla, a suburb in the Mumbai, to property developers DK Realty (India) for sum of Rs 649.51 crore, the company has stated in a regulatory filing at the BSE. The sale is part of the HDIL’s plan to reduce the debt burden. The firm plans to trim its debt by 15 per cent in the fiscal 2016.

Rcom: ADAG owned Reliance communication (Rcom) announced that the company has sold nearly 150 residential flats situated at the NRI complex at Seawoods in Navi Mumbai to the tune of Rs 330 crore or a tenfold growth over its initial investment of Rs 32 crore in the year 2002. The flats were sold ot individuals through brokers at prices ranging from Rs 1.75 crore to Rs 3 crore at Rs 15,000 to Rs 17,000 per square feet, which is below the prevailing market of Rate of Rs 18,000-20,000 per square feet in the Seawoods complex.

Union Bank of India: Rating agency Moody’s has downgraded Union Bank of India’s baseline credit assessment (BCA) from ‘ba2’ to ‘ba3’ reflecting continued deterioration in its asset quality.

Allahabad Bank: Allahabad Bank has announced that the bank has successfully raised BASEL III complaint Tier 2 Bonds aggregating to Rs 1000 crore through private placement.

State Bank of India: The Public sector bank SSBI said it will raise Rs 12,000 crore by way of issue of Tier II bonds to comply with capital needs under the Basel III rules.

JSPL: Jindal Steel and power will resume mining coal from two of its stalled projects in Australia as it expects to get regulatory clearances from Canberra soon, said by the Chief Executive of JSPL.

Cadila Healthcare: The Foreign Investment Promotion Board (FIPB) cleared nine proposals including Cadila Healthcare.