Nifty sailing towards 8600! The Indian market has so far managed to push ahead despite global headwinds. FIIs have continued their buying spree in the cash segment too. For the day, China’s GDP data will be eyed. Any disappointments here will revive concerns of a slowdown and cause some damage to commodity prices too. Oil continues to remain on the weaker side and with Iraq announcing record oil production, Brent fell below US$49. The outlook is a flat start. The VIX has closed at a 27-week high on anticipation of volatile moves ahead of announcement of euro zone stimulus via bond buying. Cement counters are gaining strength. Ambuja and Ultratech breaking all-time highs, the rally may well continue for a while. US markets were closed. Asian markets are mostly higher. Finance Minister Arun Jaitley said that there is a need to rationalise all subsidies and ensure stability in policies in order to attract investment and drive growth. The Minister also underline the need for stability in tax and other policies to make India an attractive place for investment. Trading ideas (Time period: 1-3 days) Wockhardt Pharma (BUY, above Rs1,066, Target Rs1,125, SL Rs1,039): It is a classic case of buy on declines. The stock is in uptrend since July 2014. Infact the stock has moved along with the support of its rising trendline, wherein every decline is met with buying interest. After the recent correction from the peak of Rs1,116, the stock found support around the above mentioned trendline, providing an opportunity to enter the stock. Uptrending stocks tend to find support at declines and also tend to recover sharply. The daily RSI also has given a positive crossover. (Duration 5 days) Derivative strategies (Time period: Till expiry) Buy Fut LUPIN Jan Above 1470 with SL of 1448 for target of 1510-1525 Lot size: 250 Remarks: Net maximum profit of Rs13750 and net maximum loss of Rs 5500. Corporate Snippets Force Motors Ltd, said it expects to sell 23,000 vehicles during the current fiscal. It is actively looking at tapping the huge potential that the Indian defence sector offers. (BS) Mindtree said it has entered into a definite agreement to acquire US-based Discoverture Solutions LLC, a provider of insurance solutions for a consideration of around USD15mn. (BS) Suzlon Energy finalized the sale of its German offshore wind turbine making unit Senvion, earlier known as REpower, for close to around Rs72bn to a private equity fund. (BS) Delhi High Court dismissed Adani Power Ltds plea seeking to restrain Lanco Infratech Ltd from selling its shares in its 1,200 mega watt thermal power plant in Udupi district of Karnataka. (BS) The Competition Commission has ordered a probe against state-owned REC for allegedly indulging in unfair business practices with respect to financing of rural electrification schemes. (BS) SpiceJet’s loss in the month of December last year on the back of sharp fleet reductions has been IndiGo’s gain. The latter saw market share rise by almost three percentage points to 36.1% in December 2014 over the previous month, whileSpiceJet’s share fell over four percentage points to 10.4% - the lowest point for the low-cost carrier this year. (BS) Cement manufacturer Sanghi Industries said it will invest Rs2.5bn over the next couple of years for developing waste heat recovery system and facilities at Navlakhi Port in Gujarat. (BS) A joint venture comprising Hyderabad-based Ramky Infrastructure Limited, an integrated infrastructure development and management company, and Barbrik Project Limited has bagged orders aggregating Rs2.09bn from the ministry of road transport and highways. (BS) Bengaluru-based jewellery exporter, Rajesh Exports Ltd (REL) has bagged an export order worth Rs17.80bn for supply of designer range of gold and diamond studded jewellery and medallions from UAE-based Jamcelat Jewellery. (BS) Reliance Industries (RIL) will commission all of its 1400 fuel retail outlets in a years time and plans to replicate the success of 2006 in the fuel retail segment by mopping up a market share of 14.3 per cent in high speed diesel and 7.2 per cent in petrol. (BS) Lighting firm Surya Roshni is aiming for Rs5bn revenue from the light-emitting diode (LED) segment in the next three years. (BL) Air-conditioning and commercial refrigeration company Blue Star Ltd would finalise the land to set up a manufacturing unit in the Southern region, which would see investments of about Rs1.50bn. (BL) Coal India is in the process of identifying key projects to increase output to one billion tonnes a year by 2020. The identified projects would be brought under a comprehensive development plan and will be kept under close monitoring of the Coal Ministry. (BL) Kansai Nerolac Paints has entered into a joint venture pact with Sri Lankas Capital Holdings Maharaja Pvt Ltd. (ET) Customers of ICICI Bank can use their Twitter account for real-time fund transfers, prepaid mobile recharges and to check bank balance. Aiming to expand in the Latin American market, Tata Communications has made an investment in Seaborn Networks, which is laying a submarine network cable between the US and Brazil. (ET) Economic Snippets The department of food has asked all sugar mills to expedite supply of ethanol to the oil marketing companies. (BS) The Reserve Bank asked banks to notify the base rate, or the minimum lending rate, at least once in every three months based on cost of funds, a move seen as a nudge to lenders to pass on changes in policy rate to borrowers. (ET) Andhra Pradesh Chief Minister N Chandrababu Naidu today launched 17 skill development centres across the state from here electronically. (BL) From April this year, Haryanas Excise and Taxation Department will go online. (ET)
Posted on: Tue, 20 Jan 2015 04:05:59 +0000
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