Index trend and stocks in action April 28, 2016
Chirag Gothi / 28 Apr 2016
After a strong move on Tuesday, the Indian market consolidated and traded in a narrow range for the entire session. Nifty index closed at 7979 with marginal gains of 17 points. The resistance area of 7980-8000 is still intact and in yesterday's session Nifty was not able to move above this resistance zone.
After a strong move on Tuesday, the Indian market consolidated and traded in a narrow range for the entire session. Nifty index closed at 7979 with marginal gains of 17 points. The resistance area of 7980-8000 is still intact and in yesterday's session Nifty was not able to move above this resistance zone. However, Nifty did manage to register a new swing high of around 7991 level, but it witnessed profit taking around these levels. Going forward, if Nifty manages to clear resistance zone of 7980-8000 level, it will scale up to levels of 8080-8130. On the downside, levels of 7920-7870 would act as a support for the Nifty.
Exide Industries: India’s leading battery company Exide’s Q4 net profit was up by 29 per cent at Rs 178 crore even as net sales rose by 6.8 per cent to Rs 1756 crore. For the full year, company’s net profits were up by 16 per cent. Net sale for the full year was marginally lower compared to last year.
Kansai Nerolac: The country’s second largest paints maker Kansai Nerolac, reported a 10-fold jump in profits to Rs 615 crore for the fourth quarter. Net sales for the quarter were up by 10 per cent at Rs 888 crore. This sharp surge in net profits was driven by a one-time profit from the sale of the fixed assets of the company.
Bharti Airtel: India’s leading telecom operator Bharti Airtel reported net profit for the fourth quarter at Rs 1290 crore and a revenue figure of Rs 24,959 crore, marginally higher than the company’s third quarter revenues. The sequential growth was nearly 16 per cent on a net profit basis. The EBITDA margins for Bharti Airtel improved from 35.2 per cent to 36.8 per cent. Company announced buy back at a price of Rs 400 per share for a total value of Rs 1435 crore.
Suzlon Energy: Suzlon has announced that the board has approved merger of 3 arms with company and demerger of Tubular tower business.
Rico Auto Industries: The Company has set up a manufacturing plant at Chennai for supply of High Pressure Die Casting Aluminium Auto Components to Renault-Nissan.
HCL Technologies: IT Company HCL Technologies will release its earnings for the March quarter today.
Dabur India: Dabur India, leading consumer goods manufacturer, will announce its financial results today for the fourth quarter.
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