Index Trends And Stocks In Action For 12th August 2013
DSIJ Intelligence / 12 Aug 2013
Indian equity indices witnessed some amount of respite in preceding trading session. If the INR managed regain its lost ground, we can expect some pull back in the Index. However caution is still a buzzword on the street.
India equity markets took a breather and ended on positive note on Thursday. It was helped by a surge of more than 27% in Ranbaxy Laboratories on upbeat quarterly sales in the US at a time when it is facing stringent scrutiny from drug regulator there. Even the rupee recovery also supported the broader market. The Nifty ended 46 points higher at 5565. In our last write-up we mentioned markets are trading at crucial zone, if the index breaks level of 5450, it may open doors for fresh breakdown. Going ahead we feel this pullback may continue to the levels of 5610-5640. For intraday important support for nifty is around 5530 and next support around 5510. On upside 5590 and 5640 will act as stiff resistance.
Reliance Industries, Indian Oil Corp (IOC), Oil and Natural Gas Corp (ONGC) and GAIL are among the 8 firms in race to buy 25 per cent stake in a LNG import terminal being planned at Mundra in Gujarat. Reliance-BP have bided for the 25 per cent stake through their equal joint venture India Gas solutions. Gujarat State Petroleum Corp (GSPC) had invited expression of interest for the 25 per cent stake in the 5 million tonne a year liquefied natural gas (LNG) terminal. Besides Reliance-BP, other firms expressing interest include state-owned ONGC, GAIL and IOC, Petronet LNG and Torrent Energy.
SBICAP Trustee Company, an arm of the State Bank of India, one of the major lenders to Kingfisher Airlines ((KFA), which took possession of Kingfisher House in Mumbai on August 10, has put the property up for auction. KFA House is the headquarters of the airline in Mumbai and the sale of the property will be used to repay loans of close to Rs 6,027.42 crore owed to SBI. The news is negative for the counter.
Jet Airways which posted a loss in the June 2013 quarter as well, stated that the USD 749-million cash flow from the proposed deal with Etihad Airways will help it repair its balance sheet. The airline management also stated that it plans to raise USD 300 million in external commercial borrowings (ECB) to retire high-cost debt. The company reported a net loss of Rs 355.38 crore for the first quarter ended June 30 compared with a profit of Rs 24.7 crore a year earlier. Total income from operations declined to Rs 4,005.15 crore from Rs 4,587.27 crore, Jet Airways said in a filing to the BSE.Expect some positive news in the stock in Short term.
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