Index Trends & Stocks In Action For 12th March 2013
Shailendra Lotlikar / 12 Mar 2013
Markets snapped a four-day winning streak yesterday. Profit booking ahead of key economic data to come in today, saw markets trade with a negative bias, especially in the second half. Weaker cues from the European region further pulled down the sentiment. As for today here is how the index will look like along with some key stocks what are likely to remain in action.
After a stellar run last week, markets took a breather yesterday trading in a tight range. Traders and investors booked profits in index heavyweights ahead of the February IIP data which is due today. The Nifty closed at 5942, down by 0.06%. We had mentioned yesterday that we expect market to consolidate. It did so on Monday without giving away much on either side. Going ahead, immediate resistance for the Nifty stands at 5975-5980. If the Nifty sustains above these levels, a fresh breakout can be expected. Support for the Nifty comes in at 5920-5880.
SAIL has earmarked an investment of Rs 2952 crore for the expansion of its Gua iron ore mine and also for the setting up of beneficiation and pellet plants in Jharkhand. SAIL intends increasing its iron and ore mining capacity to 10 mtpa from the existing level of 2.4 mtpa. The setting up of the beneficiation and pellet plants will enable the company to utilize fines dumped over the years. The stock of SAIL is likely to remain in focus today following this announcement.
Elecon Engineering has been awarded an order worth Rs 46.97 crore by Tecpro Systems. This order entails the designing and commissioning of various equipments for the Kanti Bijali Projects of NTPC in Uttar Pradesh. The Stock of Elecon Engineering is likely to react positive to this development.
According to media reports a wholly owned subsidiary of ACC, Encore Cement and Additives has been amalgamated with the company. The company has a slag grinding unit in Andhra Pradesh and has been renamed Vizag Cement Works which would be the 18th cement plant under the ACC network. Encore Cements’ acquisition way back in 2010, helped ACC build its presence in the state of Andhra Pradesh. The stock of ACC will witness some volatility following this announcement today.
Keep an eye on the movement of Mahindra Lifespace Developers. According to the company management’s release to the stock exchanges, FII holding in the company is gradually hitting the upper limit of 30 per cent as has been fixed by the company and approved by the RBI. Well, the submission may have been a statutory intimation but one important fact that emerges from it is that, FII fancy for the stock seems to be on the rise.
DF Power Systems Pvt Ltd, a wholly-owned subsidiary of TD Power Systems has won an order worth Rs 115 crore from an Industrial group for setting up of a 27 MW captive power plant for their cement division in South India. The stock of TD Power Systems is likely to witness some action following this development.
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