Re: {LONGTERMINVESTORS} Larsen and Toubro....Thread

 

News Flow:

• The Reserve Bank of India has imposed a monetary penalty of Rs 1 crore on UCO Bank for contravention of its instructions relating to opening of current account and providing bill discounting facilities to account holders without having any borrowing facility with the bank resulting in siphoning of funds.
• IDBI Bank has reduced its base rate or minimum lending rate to 9.65 per cent per annum from from 9.75 per cent per annum earlier.
• Eicher Motors Ltd reported a 58.6% growth in its consolidated net profit after tax at Rs 376.29 crore for the first quarter ended June 30 this year. The company had posted a net profit of Rs 237.23 crore for the corresponding period a year ago
• Dish TV India Ltd has reported a fall of 24.6% in its April-June quarter net profit at Rs 40.87 crore ended June 30 this year. The consolidated net profit after taxes stood at Rs 54.21 crore a year ago
•  Kirloskar Ferrous Industries Ltd (KFIL) said its board has granted its in-principle approval for acquisition of pig iron plant of VSL Steels Ltd for a cash consideration of Rs 155 crore.

Stock Idea:

 

Recommendation: Buy Gillette India Ltd.

Suggested Range: Buy around 4747

Target: 5125

Holding Period: upto 30 days

Stop loss: INR 4550 on closing basis

Technical Rationale: Gillette India has been consolidating in a range since past few weeks. It has formed a triangle pattern in this process. The current trend for Gillette is positive and triangles are trend continuation patterns. Currently it is trading around the crucial support of the 20 and 40 day moving averages and has witnessed buying interest in Thursday's trading session. The daily momentum indicator RMO has triggered a positive crossover which is a buy signal. We expect the stock to trade with a positive bias and reach levels of 5125 which is the previous swing high.

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