Here's how today's top stocks are placed technically

Among major stocks that are in the headlines today are GMR Infrastructure, Apollo Tyres, Trent etc.

Among major stocks that are in the headlines today are GMR Infrastructure, Apollo Tyres, Tata Trent etc.

 

GMR Infrastructure touched its 52-week high and is currently trading higher by 2.4% at Rs 24.95 on the Bombay Stock Exchange (BSE) in otherwise subdued market after the company said it has agreed to sell its entire 40% stake in Istanbul Sabiha Gokcen International Airport for Euro 225 million (approx Rs 1,918 crore) to Malaysia Airports Holdings Berhard.

 

Apollo Tyres too touched its all-time high levels on NSE and has is currently 6.5% higher at Rs 107.85, after Cooper Tire & Rubber Company (CTB) has terminated the merger agreement with the company.

 

CTB has stated that Apollo Tyres is not in a position to honor the agreement as the financing for the transaction is no longer available with Apollo Tyres.

 

Analyst at Angel Broking expects the ongoing litigation surrounding the deal to continue going ahead.

 

“Nevertheless, the termination of the deal is a positive development for Apollo Tyres given that the concerns regarding significant increase in leverage (to fund the acquisition) has been abated”, analyst said in a note.

 

However, clarity still needs to be sought on the break-up fee of US$112 million which was to be borne by Apollo Tyres for failure to conclude the deal, he added.

 

The stock opened at Rs 111 and hit a low of Rs 103 on the NSE. A combined around 13.3 million shares have changed hands on the counter so far on the BSE and NSE.

 

Trent Limited inched 1% to Rs 1,270.50 on the BSE after the company said Foreign Investment Promotion Board (FIPB) approved UK-based Tesco Plc's proposal to invest $110 million to buy 50% stake in Tata Group’s Trent Hypermarket Ltd (THL).

 

THL operates the Star Bazaar retail business and is a wholly owned ubsidiary of Trent.

 

Tesco in its application has stated that it will invest $110 million (around Rs 680 crore), the amount “could be scaled up later depending on how operations expand in the initial three to four years, the Business Standard report suggests quoting a senior official of the company.

 

The stock touched a high of Rs 1339.80 and a low of 1265.35 today on the BSE. 

 

Devangshu Datta, Independent analyst and market expert tells how these stocks are placed on technical parameters

 

SmartInvestor : What is the short-term trend likely to be on benchmarks? What is the strategy for Nifty on the last trading day of this 2013?

 

Devangshu Datta : Likely to see tight range trading with not much movement The Nifty January futures could move between 6320-6385 %u2013 breakouts could be till 6290/ 6420

 

SmartInvestor : GMR Infra hit 52 week high and Apollo hit its all time high today. What is the strategy for these counters? Is it advisable to long Apollo tyres.

 

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