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Emkay Research Summary
§ DLF Event Update; DCCDL deal done; DLF’s debt to halve; Hold; Target: Rs187
GIC will acquire 33.3% equity stake from DLF's promoters in DLF Cyber City Developers (DCCDL). The deal has been undertaken at an EV of Rs356bn vs. estimated FY18E DCCDL EBITDA of Rs26bn, which implies a cap rate of 7.3%. Read more…
§ Ramco Systems Company Update; IP repository on verge of monetization; Not Rated
Ramco Systems (RMCS) management remains confident about sustaining the business momentum in its identified focus verticals of Logistics and Aviation and horizontal offerings in HCM and Next-gen Financials. Read more…
§ Emkay Confluence - Ideas for Tomorrow; Revival beyond near term disruptions
Emkay Confluence 2017 brought together 134 companies across various industries and was attended by over 500 institutional investors and FIIs. The conference also featured keynote addresses on Global Market Stability & India's Positioning and Perspectives on Indian Agriculture Sector. Read more…
Key News Updates
§ Kharif Sowing and Water Storage - In spite of normal monsoon during the July to August period leading to Kharif crop reaching almost 95.8% of normal area coverage, the overall water storage position is less than the corresponding period of last year in the country as a whole and is also less than the average storage of last 10 years during the corresponding period. Research Comment
§ Indian Telecom - TRAI has released a Consultation Paper to seek suggestion on quantum, block size, cap and valuation (reserve price) of unsold spectrum from the previous auction. Comments from the Telecom Operators on reserve price would be the key, as the last auction in Oct'16 had received a weak response. Research Comment
§ Tata Teleservices Maharashtra (TTLS) – Tata Teleservices is planning to invest an additional Rs40bn in TTLS so that TTLS can meet lender commitments. Link
Technical View
Market Outlook
In line with expectation, the Nifty extended its pull-back rally and faced the mentioned resistance of 9925-9930 levels. While this pull-back rally can extend in the near term, but sustainability at higher levels seems doubtful. Resistance remains unchanged near the 9925-9930 zone (near 20-Day SMA) followed by 9965 level (61.8% retracement of fall from 10137 to 9685). Failure to cross and sustain above 9930 can see the Nifty slip back up to9850 followed by 9790 (near 50-Day SMA), where we see a key support.
§ Support: 9850/ 9790
§ Resistance: 9930/9965
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