Hinduja group business is spread across several verticals includes automobile, oil, chemical, banking, media, power and real estate. And their net worth is estimated around $15 billion, according to the Bloomberg Billionaires Index. The group also ranks 110th in the world richest list, as per Forbes.
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That apart, Ashok Leyland had also a turnaround in Q2 results, with a net profit of Rs 199 crore for the quarter ended September 2022 as against a net loss of Rs 83 crore in the correponding quarter a year ago. Meanwhile, the company's electric vehicle arm Switch Mobility is said to be in talks with financial investors to raise $200-250 million for up to 15 per cent
stake sale.
So far in the trading day, NxtDigital and Hinduja Global Solutions were the top gainers, up 3.5 per cent each with the listed group stocks. Ashok Leyland also rallied 3 per cent.
Going ahead, here’s a technical outlook on the likely trend on Hinduja stocks:-
Ashok Leyland Ltd (ASHOKLEY)
Outlook: Rs 160 continue to haunt bulls on upside
Despite crossing its previous high of Rs 156 in September, the stock failed to sustain above the Rs 160 mark, and thereafter witnessed a pullback of 16 per cent to Rs 141.70. The stock did make strong efforts to break through this hurdle of Rs160, but elevated sell-off at higher levels continue to restrict the up move. For now, the immediate resistance for the stock is seen at Rs 155-mark. On a downside, if the cushion of Rs 139 is breached, which earlier assisted stock to rally upward, then the stock could further decline to Rs 127 level.
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IndusInd Bank Ltd (INDUSINDBK)
Outlook: Stock may test Rs 1,000-mark
There is a formation of a bearish “Descending Triangle”, on the daily chart. And if the neckline of Rs 1,110 is negated, the counter could see short-term weakness in the near future. If the breakdown does takes place, the stock price could descend to Rs 1,000 mark. On the flipside, the stock faces consecutive barriers of Rs 1,190 and Rs 1,233.
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Hinduja Global Solutions Ltd (HGS)
Outlook: Positive bias above Rs 1,285 likely
While a gap-down close in August this year dented the upward bias for the stock, the underlying trend continues to bolster hopes of an optimistic bias. The stock currently trades comfortably over the 200-day moving average (DMA) set at Rs 1,148. Additionally, the stock has a positive divergence of the Relative Strength Index implying trend to accelerate once stock succeeds in crossing Rs 1,285, which is the 50-DMA hurdle. The stoc has been facing resistance around this level since the gap-down.
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GOCL Corp Ltd (GOCLCORP)
Outlook: Rs 260 a key support
Depsite, the recent weakness, the stock managed to hold on the July breakout support at Rs 260 level. Thus, as long as the counter honours this cushion mark, the trend is expected to hold a positive sentiment. The immediate hurdle for the stock is seen at Rs 300, followed by Rs 320. The Moving Average Convergence Divergence (MACD), a technical momentum indicator, has jumped over the zero line indicating a bullish bias.
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NXTDIGITAL LTD (NXTDIGITAL)
Since May 2021, the stock has traded sideways with no clear indication on charts. The stock trades between Rs 525 to Rs 315 forming a trading range. Either side breach could lead to a rally of over Rs 300, shows the weekly chart.
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