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Emkay Research Summary
§ HEG Management Meet Update; Soaring electrode prices to support earnings; Not Rated
We met the HEG management to understand the recent developments in the Graphite Electrode (GE) industry and also about the company. HEG is one of the two large GE manufacturers in India (other is Graphite India). Read more…
Key News Updates
§ Home Lenders – According to the various homebuyers’ support groups of Jaypee Infratech and Amrapali Group, more than 1,500 buyers have stopped paying EMIs either because it’s futile to put in more money or because it’s difficult for them to sustain financial stress. Link
§ Bank of India (BOI) / United Bank of India (UNTDB) – BOI and UNTDB, both facing elevated pressure on asset quality and profitability, are raising up to Rs15bn through Tier I and Tier II bonds. UNTDB is raising up to Rs10bn (Rs5bn in Tier I & II) and BOI is raising up to Rs5bn visa Tier I bonds. Link
Technical View
Market Outlook
Despite geopolitical concerns, the Nifty bounced back sharply from the mentioned support of 10060 in the last hour of trading session. Consolidation is likely to continue in the coming session also until the Nifty gives a breakout above 10130-10150 levels decisively. On crossing above 10130-10150 zone, the Nifty can extend its rally towards 10200. Support still remains unchanged at 10060 level followed by 10030.
§ Support: 10060/ 10030
§ Resistance: 10130/10150
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» Emkay Morning Post | 18th September, 2017
