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Emkay Research Summary
§ Bharat Electronics Visit Note; Gaining traction from a stable order book; Not Rated
We attended the analyst meet of Bharat Electronics Ltd (BEL), where the company shared its revenue growth plans (CAGR of 10-12% for the next 3 years) - driven by existing and future programs. Read more…
§ India Strategy: Coalescing elements for INR weakening
Relapsing of India’s twin deficit scenario amid slow growth and revival in inflationary pressure, coupled with tapering of global liquidity will likely trigger depreciation in the overvalued INR. Read more…
§ GSFC Analyst Meet Update; Reiterates focus on cost-saving initiatives to drive earnings; BUY; Target: Rs148
We attended the analyst meet organized by GSFC. The MD indicated that the cost-saving initiatives announced last year have started to bear fruit and that the company has saved Rs1.2bn during Oct’16-Jun’17 through various cost-saving initiatives. Read more…
§ Aditya Birla’s acquisition bid may value Aleris Corp at US$2.5bn - The group’s bid may assign a US$2.5 billion Enterprise Value for Cleveland, Ohio-based Aleris. Link
§ Shoppers Stop sells 5% equity stake to Amazon.com - Shoppers Stop sells stake at Rs407.78 per share, aggregating to Rs179.26 crore on a preferential basis. Link
Technical View
Market Outlook
Geopolitical unrest and falling INR sent the Nifty lower. It breached the rising trendline on daily chart and took support from 50-Day Moving Average, which comes at 9950. On falling below 9950 level, the Nifty can extend its descent up to 9870-9875 (near 61.8% retracement of the move from 9685 to 10179) from where a bounce back is expected towards the level of 10100, where potential resistance is seen.
§ Support: 9950/ 9875
§ Resistance: 10100/10150
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» Emkay Morning Post | 25th September, 2017