One such miracle happened today as shares of
managed to break through a very strong resistance after many years. Technical analysts will tell you that such multi-year breakouts are what they live for and sure enough, once the breakout got confirmed several investors rushed to get a piece of the pie.
While shares of the company may have only risen a little over 1 per cent today, technical analysts were gung-ho that the stock will make stronger moves in the coming days. More investors are likely to get into the stock to benefit from the breakout. Happy days ahead!
Novartis India is not the only one that can count on happier days ahead even this Rakesh Jhunjhunwala portfolio stock is looking up to brighter days.
Edelweiss may bloom soon
Shares of Edelweiss Financial soared 10 per cent as its shareholding pattern revealed that India’s Warren Buffett Rakesh Jhunjhunwala has raised his stake in the company in the June quarter. A vote of confidence from the most-renowned investor is just the tonic Edelweiss needed as it hopes to make a turnaround. Analysts are betting on the revival in the realty market to boost the company’s real estate loan portfolio while its capital markets operation is already going from strength to strength.
Tough day for a giant
It was a tough day in the office for India’s IT services giant Tata Consultancy Services as investors’ ignored much of its rosy outlook to instead focus on the below-par June quarter earnings. The company underperformed on expectations on most fronts in the June quarter and when valuations are as rich as they are, investors tend not to take such a performance kindly. Perhaps, IT companies will be dealt with the same stick that investors have been showing RIL these few months. Performance is paramount, words not so much.
Sugar stocks lighting up
Shares of sugar companies cannot get over their sugar high. The pack surged today amid reports that sugar prices may continue to inch higher. But that is just half of the story. The other half is about the sector finally getting some love from long-term investors, who now see it as a structural story given India’s plans to increase the blend of ethanol in fuel going ahead.
Now that your daily dose has been delivered it’s time for us to raise our feet and welcome the weekend.
