JSW Energy signed pact with Maharashtra government for setting up manufacturing unit for electric vehicles (EV) and energy storage systems in the state.
The market breadth was in favour of the declines on Monday morning with 120 stocks advancing while 1532 stocks declined and 382 stocks remained unchanged. On the BSE, 266 stocks advanced while 1960 stocks declined and 79 remained unchanged.
Ashwani Gujral of ashwanigujral.com recommends buying HDFC Bank with a stop loss of Rs 1980, target of Rs 2040 and Ashok Leyland with a stop loss of Rs 122, target of Rs 134.
Manoj Murlidharan of Religare Securities recommends buying JSW Energy, IFCI and ONGC.
Sudarshan Sukhani of s2analytics.com is of the view that one can buy KPIT Tech, JSW Energy, Hindustan Unilever and Granules India and can sell Canara Bank.
Mitessh Thakkar of miteshthacker.com recommends buying Buy HCL Tech with a stop loss of Rs 901 for target of Rs 940 and Indocount Industries around Rs 133 with stop loss of Rs 128 for target of Rs 145 and has a buy also on TCS with a stop loss of Rs 2760 for target of Rs 2900.
"With the elapsing of the Long Stop Date, the proposed acquisition of the Bina project stands terminated," JSW Energy said in BSE filing today.
In an interview to CNBC-TV18, Prashant Jain of JSW Energy spoke about the results and his outlook for the company.
"The company earned a net profit of Rs 297 crore as against Rs 217 crore in the corresponding quarter of the previous year," JSW Energy said in a statement.
Net Sales are expected to increase by 2.6 percent Y-o-Y (down 5.8 percent Q-o-Q) to Rs. 2101.1 crore, according to Edelweiss.
Reliance Industries and Infosys were among the top gainers, up 1.73 percent and 1.36 percent respectively, apart from stocks like Lupin, UPL and Power Grid which gained up to 2.3 percent. In the Nifty50, the advance-decline ratio was in favour of the advances with 29 stocks advancing and 20 stocks declining.
Here is a list of the crucial developments in the automotive space.
Stocks like Infibeam slipped up to 39 percent in the trade before recouping some of the losses while, India Cements slipped 5 percent, Indo Count Industries dropped 6 percent in mid-morning trade.
JSW Energy's finance panel on Wednesday gave its go-ahead to Rs 500-crore bond issuance programme.
Barring the short-term reasons like imbalance in demand-supply, the underlying real demand is improving, which is far more important.
Sanjiv Bhasin of IIFL is of the view that one can pick Reliance Power, Power Grid and NTPC and is overweight on Coal India.
Ashwani Gujral of ashwanigujral.com is of the view that one can sell Infosys and buy Balkrishna Industries and JSW Steel.
The company is looking at reducing its debt over the next 3-4 years, says Naveen Jindal, Chairman, and Managing Director, JSPL.
Rahul Shah of Motilal Oswal recommends buying Dewan Housing Finance, Tata Steel and JSW Energy.
The key support level for Nifty is placed at 9840 while the Index is likely to face resistance at 9965-10005. On the other hand Bank Nifty has support at 24200 and resistance at 24511-24670, says Prakash Gaba of prakashgaba.com.
Ashwani Gujral of ashwanigujral.com suggests buying CESC, Eicher Motors and VIP Industries and expects JSW Energy to head up to Rs 73.
Manoj Murlidharan of Religare Securities suggests buying JSW Energy, Larsen and Toubro and Marico.
JSW plans to roll out its first electric car by 2020, which will make it the first non-automotive company in India to enter electric car business, as well as making batteries and supporting charging infrastructure, Prashant Jain, chief executive of JSW Energy said on Friday.
The company's consolidated net profit was Rs 364.89 crore in the April-June quarter last fiscal, JSW Energy said in a BSE filing.
Prakash Gaba of prakashgaba.com is of the view that the logical technical target of 9969 is still valid as long as 9792 holds. The crucial support for the Nifty is at 9792-9720 and the resistance is at 9916-9969. Bnak Nifty has support at 24000 and resistance at 24300.