1st target of Rs.878, almost achieved--made a low of Rs.878.60, till now. Book Full Profit at around Rs.874.80.
#Suzlon Energy Ltd (Rs.13.85) is consolidating around the price range of Rs.13.85-13.80. Suzlon Energy had in June, '17 approved allotment of 79.70 lakh shares on conversion of 2,046 foreign currency convertible bonds, maturing in July 2019, at ₹15.46 each. The conversion rate for the equity share allotment is ₹60.225 per dollar. Following the allotment, the paid-up capital of the company has increased to ₹1,038.41 crore.
Meanwhile, the auction in the Wind and Solar Energy space has commenced. Moreover, due to less capacity addition in FY18, there are chances of energy prices firming-up in the coming days. Moreover, India has an ambitious target of 175,000 megawatt (MW) of renewable power by 2022. India, at present, has an installed capacity of 60,157 MW renewable power and a rapid development is expected in the next five years.
Besides, aiming to address the quality issues in India’s rapidly growing renewable energy sector, the union ministry of new and renewable energy (MNRE) has come out with a new policy for “testing, standardisation and certification” of products in the renewable energy sector. The policy also aims to develop standards for all renewable energy equipment in line with the international practices.The concerns of the government are not ill-founded as voices have been raised about poor quality Chinese solar modules— rejected by developers—being sold in the Indian market at a discount. This is likely to help the reputed players in this space, like Suzlon Energy Ltd. I am looking for targets of Rs.19-22, by March, '18.
Anyway, the FCCBs has been priced at around Rs.15.46 and hence in any case the share should move above Rs.15. Or in the current scenario, the share price should invariably trade above Rs.15, the 1st resistance coming at Rs.15.20. Yesterday, the percentage of Deliverable Quantity to Traded Quantity
in Suzlon Energy Ltd was whooping 38.51% -- this shows that large scale accumulation is going in the scrip by the informed investors.
#Jai Balaji Industries Ltd today hit the Upper Circuits at around Rs.22.05 and is now trading at around Rs.21. The scrip which was recommended around Rs.12-14, gave good returns to the investors in the short term. However, I would suggest non-risk taking investors to book full profits in Jai Balaji Industries Ltd at around Rs.21-22 and shift to Uttam Galva Steels Ltd at around Rs.23.50-24, which has a similar story, but has not moved up. Having said that, if you are thinking of taking too much risk in Jai Balaji Industries Ltd, then you can hold the scrip with a SL of Rs.18.6 -- there is a very strong resistance at Rs.24.
Meanwhile, the Billionaire Lakshmi Mittal’s ArcelorMittal recently said that its 29% equity stake in Uttam Galva Steels Ltd will not impede them from participating in bidding for stressed steel assets in India.
#Today Shilpi Cable Technologies Ltd tanked to around Rs.13, but according to my close sources the company is functioning normally. In case if you are too apprehensive after buying the share, then please do put at SL at Rs.12.50. I on the contrary feel that the downside is limited, and it has huge upside, especially when the Sensex is above 33k.
#Today Unitech Ltd touched Rs.8.30, due to sustained buying, however, I feel for the time being you should book complete profit and let the stock to stabilize before it again jumps above Rs.8.30. I think you have read the media reports that Unitech Ltd's management has moved the honouable Supreme Court after NCLT recently invoked the provisions of the Companies Act, allowed the central government to take over the Unitech Limited and appoint its nominee directors in the Board of the firm.
#P C Jewellers Ltd recommended at around Rs.396, last Thursday, today touched Rs.450.90. I feel most of you by now have booked profit in the counter. If you remember, I have recommended this stock several times in this blog. If I can recollect correctly, I started recommending this stock from around Rs.82-84, in this blog.
#Those who are still holding the shares of SKM Egg Products Ltd (Rs.90), should keep a SL at Rs.86. The poultry is expected to do well in the coming days, with the rise in population. But I am not too bullish in this scrip, as of now.
#The shares of Prakash Industries Ltd, an integrated steel player with mines, today touched Rs.154.80. I had recommended this stock several times in this blog starting from Rs.41-42; during the last few years. The steel sector is showing a turnaround and most of players is expected to do well in the coming few months.
#Energy Development Ltd (Rs.28) is on fire today. You can hold the stock with a strict stop loss of Rs.26. This is Amar Singh and Jaya Prada company. In stock market you need to buy and hold a scrip with appropriate stop losses in place, to make money on a consistent basis.
~~with inputs from Capital Market - Live News