Index trend and stocks in action May 24, 2016
Chirag Gothi / 24 May 2016
The Indian market started the session on an optimistic note, as investors and traders were largely influenced by the supportive leads from Asian markets. However, as the day progressed market participants preferred to book profits, and hence, Nifty took a cut of around quarter a per cent to settle around levels of 7731.
The Indian market started the session on an optimistic note, as investors and traders were largely influenced by the supportive leads from Asian markets. However, as the day progressed market participants preferred to book profits, and hence, Nifty took a cut of around quarter a per cent to settle around levels of 7731. At present, Nifty has filled the upside gap which was formed on May 9, 2016. In the last couple of months 50-day EMA has played as a very crucial support for Nifty and it has been rising, hence, in the short term it's important that Nifty holds its crucial support level of 7720 as defined by its 50-day EMA. Breach of this support will open up gates for correction up to levels of 7660-7670. On the upside, levels of 7770-7800 will act as a resistance level.
VRL Logistics: The promoters of VRL Logistics Ltd., are planning to start a regional airline and may sell as much as 2% in the logistics company to fund their entry into civil aviation.
Torrent Pharmaceuticals: Torrent Pharmaceuticals reported 175% growth in consolidated net profit of Rs.357 crore for the quarter ended 31 March, mainly on account of robust sales in the US market. Total income from operations stands at Rs 1,499 crore for the quarter under consideration, compared with Rs 1,154 crore for the year-ago period.
Tata Power: Tata Power’s consolidated net profit has grown by 126.4% to Rs 360.25 crore in the three months ended 31 March from Rs 159.14 crore in the year earlier, helped in part by strong operational performance and lower tax expense. Consolidated net sales in the quarter have risen about 19.1% to Rs 9,333.52 crore from Rs 7,835.11 crore a year ago. This was helped by increase in revenue from power, coal, and other businesses.
Novartis India: The Company has announced that the board will also consider a proposal for buyback of the Company's equity shares, constitution of buyback committee, and appointment of intermediaries in accordance with all applicable provisions of law.
L&T: L&T Infotech, an arm of engineering giant Larsen and Toubro (L&T), has received capital market regulator, SEBI's approval for its proposed initial public offering.
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