Stock to Watch For Today: Insecticides India

Insecticides India has been trading between levels of 619 and 580 odd levels for the last two weeks. The price is currently trading close to its breakout level and has given a breakout from Bollinger band with the expansion of band.

Currently, the RSI indicator of trend strength on the daily chart has moved above the neutral level of 20 indicating uptrend is likely to sustain. We recommend buying Insecticides India around 620-621 for the target of 635-650, keeping stop loss below 604.

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Market Commentary

The Sensex was down 119.51 points at 36034.11, while Nifty was down 37.70 points at 10793.70. About 968 shares have advanced, 1544 shares declined, and 128 shares are unchanged.

Adani Ports, India bulls Housing, UPL, Tata Motors and HDFC were the top gainers on the Nifty, while losers included Eicher Motors, IOC, HPCL, GAIL and ONGC.

News Highlights

•Bosch Q3 profit jumps 19%: Automotive solutions provider Bosch’s third quarter profit grew by 19.3 percent year-on-year to Rs 335.4 crore despite tepid revenue growth and lower operating income. The profitability growth was driven by other income.

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Volvo wants to lead EVs race in India

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Volvo, which has already finalized plans to locally assemble plug-in hybrid vehicles, is now considering local assembly of EVs.

Having been on the fringes of the Indian luxury car market, Swedish luxury carmaker Volvo Car India wants to lead the way in the electrified vehicle portfolio in the country ahead of its German rivals. Volvo, which has already finalised plans to locally assemble plug-in hybrid vehicles, is now considering local assembly of electric vehicles in the country. 

The company is on course to launch the first plug-in hybrid vehicle assembled locally in India later this year and plans to have a portfolio of half- a-dozen plug-in hybrids and battery-operated electric vehicles in India by 2021. 

The government’s decision last month to reduce customs duty on import of components for electric vehicles from a range of 15-30% to 10-15% has made a business case for Volvo to assemble electric vehicles in India, Charles Frump, MD of Volvo Car India, told ET. .. 
“It was a big announcement from the government with the customs duty reduction for battery electric vehicle (components). Immediately after we heard about this customs reduction, I jumped on a phone to Sweden to start talking about what we can do for India,” Frump said on the sidelines of the inauguration of the company’s 25th dealership here.

Volvo set up a facility near Bengaluru to assemble its vehicles locally in 2018 to compete more aggressively in the highly competitive 40,000-uni ..

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