The stock had underperformed the market over the past one month till 13 September 2010, falling 12.34% compared with the Sensex's 5.73% jump. It also underperformed the market in past one quarter, gaining 10.96% as against 12.56% rise in the Sensex.
Lavasa Corporation has filed draft red herring prospectus with the Securities and Exchange Board of India (Sebi) for raising Rs 2000 crore from an initial public offer (IPO).
Lavasa is developing several hill townships near Pune, Maharashtra. Hindustan Construction Company (HCC) holds 64.99% stake in Lavasa.
Hindustan Construction Company's net profit rose 55.6% to Rs 28.31 crore on 13.7% increase in net sales to Rs 992.41 crore in Q1 June 2010 over Q1 June 2009.
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The weekly chart of HCC below shows a kinda CNH pattern (if one does take creative liberty), anyway the handle also looks like an inverted HnS!!! The resi band above (shaded in red) at 75/80 is mucho looked at coz any break above this with volumes will be a technical breakout and the might spurt overall buying….
A trading buy here with a stop wee below 60 for a target of 75/80 and then take stock of things from there on. On the other hand for the conservative trade we can buy here and on any dip if we get, place a stop below 55, and play for higher targets!!!
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