In our note dated 22 September (Deccan Chronicle: Charged up for second innings), we had outlined our positive stance on Deccan’s IPL team stating, “We remain optimistic on IPL’s money-making prospects and any news flow on the stake sale front will trigger a re-rating in the DCHL stock.” Further, we had stated that, ‘The next [...]
This stock has been going through an ascending triangle type consolidation in the past few weeks. A failure to exceed 740 levels clearly suggested that the bears were in force to absorb every demand near these levels. However the minor higher bottom formation during this consolidation with the help of a trend line gives a [...]
Bharat Forge the flagship company of the USD 2.1 billion Kalyani group. It is a leading global full service provider of forged and machined engine and chassis components. Bharat Forge is the largest exporter of auto components from India. Moving into the technical picture we find that this counter has seen an excellent updrive since [...]
There is robust CNG demand due to high capacity busses, radio taxes and private cars and Indraprastha Gas Ltd started supplying CNG in adjoining areas of Delhi like Noida, Greater Noida, Ghaziabad, Gurgaon and Faridabad. With adding industrial PNG customers in Noida and Greater Noida in Q4FY10, hence we revise FY10E EPS to Rs16.1 (up [...]
The stock had corrected from a peak of Rs859 to the current levels. In the current week, the stock has dropped by approximately 2%, declining to its lowest weekly close in the past two weeks. The longterm charts are suggesting weakness after it broke below ascending triangle formation. The daily Oscillators like RSI and MACD [...]
Despite extreme volatility in the broader market, the stock has managed to hold on the support of its short-term moving averages. On Wednesday, the stock closed above stiff resistance zone around Rs350-354. Moreover, volumes have also picked up substantially as the stock breached the crucial resistance levels. The MACD and RSI (momentum indicators) are above [...]
Bulls halted the southward journey of this airline counter during November 2008, with prices being reduced to a paltry 22. A higher bottom at 24.40 in March 2009 coupled with buying interest a few weeks later alerted of fresh bullish bias in this counter. Stock rallied but prices were unable to sustain above retracement level [...]
Infosys Technologies, Cognizant Technology Solutions and UST Global have bagged multi-yearcontracts worth over $600 million (around Rs2,750 crore) from Wal-Mart. With this,the three companies have entered Wal-Mart’s list of preferred vendors. The amount is roughly equivalent to the value of goods — textiles, handicrafts and other products — that the world’s largest retailer sources from [...]
Sesa Goa has been consolidating in a range between the levels of Rs380-360 from last two weeks. On Thursday, the stock attempted to break-out from the upper-end of this trading range. Moreover, on the daily chart, the stock has formed a bullish candlestick suggesting upside from the current levels. The daily RSI is already in [...]
Lower light/heavy and sweet/sour differentials result in lower premiums for complex refiners such as Reliance India Ltd (RIL). However, given RIL’s cost advantage (approximately$2/bbl over US refiners) it would be able to maintain utilization levels of more than 90%, albeit at lower margins. We are reducing our gross refining margin (GRM) assumptions for FY10 from [...]
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