Index Trends & Stocks In Action For 23rd April 2013
Shailendra Lotlikar / 23 Apr 2013
There bulls look to be fatigued and global cues aren’t very encouraging. In fact, the overall air is not as great as it should be. The impending volatility is another factor which will add to the volatility of the markets over the next couple of days. How will the Nifty behave today? Here is what you can expect along with the stocks that are likely to remain in action in today’s trade,
As expected, the Nifty managed to sustain its upward momentum and surged above the resistance level of 5815 points. It has managed to sustain above its 200-day moving average, 21-day moving average and also its 10-day moving average. However, the Bulls seem to have tired off and hence some consolidation is expected in today’s trade. The oscillators indicate towards the same. While the next resistance comes at 5865-5870, the index takes support at 5755-5760.
According to reports, UltraTech Cement is in final stage talks to buy Jaiprakash Associates 4.8 million tonne cement plant in Gujarat for an enterprise value of Rs 4100 crore. This buyout will help UltraTech increase its reach in the western markets of India. On the other hand, the deal is part of a strategy to reduce debt for Jaiprakash Associates by around Rs 8000 crore. The group, which has interests in power, Real Estate and Hospitality, had a debt of Rs 45000 crore as of December 2012 on its books. The UltraTech management has declined to comment on the issue. The news is expected to be a positive one for Jaiprakash Associates.
The government has cleared investments in another 25 oil blocks, which the defence ministry had opposed and has also approved 13 power projects involving Rs 33000 crore in investments. However it has deferred a decision on coal price pooling. The Cabinet committee on investment (CCI) gave a conditional clearance to 16 oil blocks while nine others were approved without any condition. This will be positive for the stocks like ONGC, Oil India, Cairn India and Reliance Industries. In the power Sector, it includes 10 transmission, two thermal and one hydro power projects. This clearance is positive for the stocks like Tata Power and NTPC.
IL&FS Engineering and Construction on Monday said it has received a Letter of Intent (LOI) from IPTF, Fujairah, FZC to work on a oil pipeline at Port of Fujairah for a contract price of Rs 71.4 crore. The order will help the counter surge on the bourses today.
Tata Steel, the debt-laden metals company, is looking to raise about 250 million Singapore dollars in its first foreign currency bond issue this fiscal to repay some of its foreign loans. This may provide some positive to ride on for the counter.
Tata Sponge Iron today reported a 36% decline in standalone net profit for March 2013 quarter at Rs 9.36 crore despite a rise in total income. Total income of the company increased to Rs 211.38 crore during the quarter from Rs 183.74 crore a year ago. The stock is expected to witness an up-move today.
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