Market Pulse
1. Bank NIFTY FUTURES recommended yesterday to BUY around 25830: Book Profit at 25926.
2. Golden Cross is in the offing in the shares of Jai Balaji Industries Ltd (Rs.13.65) - next target is Rs.17. Rise in input costs and an improvement in demand, especially from segments like housing, railways and automobiles, led to the firming up of steel prices in the past few months. Moody's Investor Services expects China's steel production capacity to continue to decline. Environmental protection measures in China have forced the closure of inefficient mills and prompted consolidation in the industry, leading to a decline in Chinese exports. This has supported regional steel prices which have firmed up subsequently.
In another significant development, earlier this month, Business Standard reported that JSW Steel was in discussion with Piramal Enterprises for a partnership that could result in a joint bidding for assets currently going through the insolvency process. According to the contours of the arrangement, Piramal Enterprises would provide the funding and JSW Steel the management to the assets once they come up for bidding, the report added. Assets that JSW Steel is jointly evaluating with investors includes Bhushan Steel Ltd, which is currently under bankruptcy proceedings.
The National Steel Policy 2017 aims to increase domestic production of steel to 300 million tonnes by 2030. Given the thrust on increasing domestic steel production and estimates of a rise in demand, National Company Law Tribunal (NCLT)-listed firms are attractive purchases at this juncture where setting up greenfield capacities could mean unending approvals. The NCLT has begun processing cases involving other steel companies like Bhushan Steel and Electrosteel Steels. The three steel companies have a total installed capacity of 18.11 million tonnes. With a debt of around Rs.2,678 crore, Jai Balaji Industries Ltd, is also a potential takeover candidate. Meanwhile, the Ministry of Steel has urged Indian Railways not to violate the "Make in India" policy that requires all infrastructure projects worth more than Rs.500 million to use locally-made steel.
In another significant development, earlier this month, Business Standard reported that JSW Steel was in discussion with Piramal Enterprises for a partnership that could result in a joint bidding for assets currently going through the insolvency process. According to the contours of the arrangement, Piramal Enterprises would provide the funding and JSW Steel the management to the assets once they come up for bidding, the report added. Assets that JSW Steel is jointly evaluating with investors includes Bhushan Steel Ltd, which is currently under bankruptcy proceedings.
The National Steel Policy 2017 aims to increase domestic production of steel to 300 million tonnes by 2030. Given the thrust on increasing domestic steel production and estimates of a rise in demand, National Company Law Tribunal (NCLT)-listed firms are attractive purchases at this juncture where setting up greenfield capacities could mean unending approvals. The NCLT has begun processing cases involving other steel companies like Bhushan Steel and Electrosteel Steels. The three steel companies have a total installed capacity of 18.11 million tonnes. With a debt of around Rs.2,678 crore, Jai Balaji Industries Ltd, is also a potential takeover candidate. Meanwhile, the Ministry of Steel has urged Indian Railways not to violate the "Make in India" policy that requires all infrastructure projects worth more than Rs.500 million to use locally-made steel.
3. Intraday SELL Tata Elxsi Ltd at around Rs.940, SL: Rs.947, T: Rs.929. Book PART PROFIT around Rs.933.50.
4. NIFTY Futures recommended yesterday at around 10310: Gradually Book PROFIT at 10360.
5. SELL Ambuja Cement Futures at around Rs.267, SL above Rs.270, T: Rs.262..
6. The derivative contracts (FUTURE & OPTION..BOTH) for DHFL, DLF, HDIL, ICIL, INFIBEAM, JETAIRWAYS, JPASSOCIAT, JSWENERGY, KSCL, RCOM, RELCAPITAL, JUSTDIAL, TV18BRDCST, have crossed 95% of the market-wide position limit and are currently in the ban period.
7. SKM Egg Products Ltd book profit at around Rs.115 (Intraday high Rs.115.90). The stock which was recommended yesterday at around Rs.77-78, has given around 35% return in just two days, as egg prices sky rocketed in the Indian markets.
8. Buy Titan at around Rs.803-404, SL: Rs.790, T: Rs.823 on T+2 basis.
9. Bajaj Auto Futures recommended yesterday at around Rs.3255-3260: Traders may exit with minor profit at Rs.3267.
10. Gitanjali Gems Ltd recommended at around Rs.67, today made an intraday high of Rs.76.30 and is near the 2nd target of Rs.77. The traders can book some profits and hold the rest with a SL of Rs.72.
2nd target achieved in Gitanjali Gems Ltd as the stock made an intra-day high of Rs.77.40.
11. Buy Wockhardt Pharma at around Rs.742, SL: Rs.725, T: Rs. 765-774 on T+2 basis.
7. SKM Egg Products Ltd book profit at around Rs.115 (Intraday high Rs.115.90). The stock which was recommended yesterday at around Rs.77-78, has given around 35% return in just two days, as egg prices sky rocketed in the Indian markets.
8. Buy Titan at around Rs.803-404, SL: Rs.790, T: Rs.823 on T+2 basis.
9. Bajaj Auto Futures recommended yesterday at around Rs.3255-3260: Traders may exit with minor profit at Rs.3267.
10. Gitanjali Gems Ltd recommended at around Rs.67, today made an intraday high of Rs.76.30 and is near the 2nd target of Rs.77. The traders can book some profits and hold the rest with a SL of Rs.72.
2nd target achieved in Gitanjali Gems Ltd as the stock made an intra-day high of Rs.77.40.
11. Buy Wockhardt Pharma at around Rs.742, SL: Rs.725, T: Rs. 765-774 on T+2 basis.
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