Index trend and stocks in action July 12, 2016

After moving sideways in the last 3-4 trading sessions, Indian benchmark indices registered a galloping performance, closing above 8450 mark with over one and half per cent gain in the session. Nifty opened with sharp upside gap and moved up further during the session, closing almost at the highest point of the day. The gap which has been formed could be considered as a bullish ‘breakaway gap’. Now going forward, Nifty has resistance placed in the zone of 8510-8530. On the downside, the zone of 8400-8410 would act as a strong support for Nifty. 

HDFC: HDFC is likely to become the first Indian private company to issue synthetic bonds. The total size is expected to be Rs 3000 crore. The issue size will be Rs. 2000 crore with a green-shoe option of retaining another Rs 1000 crore. These are special because they are rupee denominated bonds sold to foreign investors.

Greaves Cotton: The Company announced its foray into multi brand spares business, an extension to its after-market services.

Quess Corp: Staffing firm Quess Corp which recently concluded its Rs 400 crore initial public offering (IPO), will make its stock market debut today.

Coal India: Coal India board approved a proposal to buy back 108.9 million shares for Rs 335 each spending a total of Rs 3650 crore.

Tata Power: Tata Power said that its board has approved raising up to Rs 3,500 crore through issuance of non-convertible debentures in one or more tranches on a private placement basis.

Petronet LNG: Petronet LNG plans to invest nearly $3 billion overseas to expand its global presence. It will be setting up terminals in Bangladesh and Sri Lanka among the other countries. This total investment of $3 billion will be phased out equally over 5-6 years.

Igarashi Motors: P. Mukund, one of the promoters of Igarashi Motors, plans to sell 33.2 lakh shares through offer-for-sale for non-retail investors on July 12 and for retail investors on July 13.