Index trend and stocks in action March 14, 2016

The Indian market started the session on a positive note, and stayed in positive domain for a short spell dropping into the negative region. It registered a low of 7447 and yet again the level of 7440 proved as a strong support level, and the index recovered from the lows, oscillating in a narrow band. Eventually the index settled above 7500 mark with marginal gains. After a strong rally the market continues to consolidate in a narrow band. Now going forward the index needs to sustain above levels of 7550-7575 for further upside. If it does, it’s likely to touch levels of 7650 and higher. On the downside, the region of 7420-7440 will act as a strong support level. If the bear’s manage to pierce the level of 7420-7440, the markets are likely to test gap which was created on 3rd March, 2016.

Eicher Motors: The Company has informed that its board has approved payment of interim dividend of Rs 100 per equity share of Rs 10 each for the financial year 2015-2016.

ONGC: State-owned oil extractor ONGC plans to expand its capacity to 75,000 barrels of oil per day within the next three years. The chairman of ONGC, Dinesh Saraff also highlighted that the new Hydrocarbon policy of the government was very positive and will encourage the company to monetise its oil and gas assets. However, the chairman was a tad concerned about the 20 per cent ad valorem cess on oil; according to his view it's little bit on the higher side.  

NMDC: India’s largest iron ore miner NMDC has raised the lump prices by over 8 per cent to Rs 1,950 per tonne effective 11th March; its first hike for the higher grade of ore in over one and a half years.

HDFC: The country’s largest mortgage lender HDFC offloaded its stake in United Spirits Ltd (USL), provided by Vijay Mallya as collateral, generating as much as Rs 71 crore. HDFC sold 3 lakhs shares on Friday.

Sequent Scientific: Reserve Bank of India (RBI) has permitted foreign investors to buy upto 49 per cent stake in Sequent Scientific.

Apollo Hospital: The Chennai based health care major Apollo Hospital has informed that it has completed acquisition of majority stake in Guwahati based Assam Hospitals.

Gammon India: The company has intimated that it has received a ‘Notice of Conversion’ from ICICI Bank, acting as a monitoring institution on behalf of the CDR lender, for conversion of a part of  the United Bank of India’s outstanding debt, into equity shares, under the strategic debt restructuring package of the company.