Hindalco Industries Ltd.

Corporate Announcements
Hindalco Industries Ltd.

NSE Script CODE: HINDALCO


Hindalco Industries Ltd. has informed the Exchange vide its letter dated August 14, 2008, that:

"The Committee of the Board in their meeting held today approved the following:

1) The issue price of the Rights Issue shall be Rs. 96 per equity share i.e. face value of Rs. 1 per equity share and at a share premium of Rs. 95 per equity share.

2) The ratio of the Rights entitlement will be three equity shares for every seven equity shares held by the shareholders instead of one share for every three shares announced by the Company earlier as determined in the meeting of the Board of Directors held on June 20, 2008.

3) The company will close its book on 5th September 2008 for the purpose of entitlement of the said Rights Issue. Further please note that Committee of the Board has also fixed same book closure date i.e. 5th September 2008 for the purpose of payment of dividend @ 185% on equity shares and @ 6% on preference shares".

Weekly Report

Weekly Report

MARKET OUTLOOK
Indian market started the week in a positive note, continuing the previous weeks positive momentum. Nifty opened at 4529 and moved
towards the week’s high of 4649, later closed at 4430; Sensex made a high of 15579, before closing at 14724.
SEBI’s decision to keep the P-Notes decision unchanged was the major even for the week. International Crude oil price declined further
towards $111.34. The Indian inflation data surged further towards 12.44%, compared to the previous weeks rate of 12.01%.
Technical Outlook :
After a positive start, the NSE Nifty and BSE Sensex failed to sustain at higher levels. The latter half of the week witnessed a fall from the
highs. Nifty’s failure to sustain above 4640 shall be looked upon as a cause of concern for bulls.

NSE Nifty (Last Closing: 4430.70)
Nifty opened the week at 4529 and rallied towards 4649.85, however, selling emerged from this level and the index closed at 4430.70; losing 99
points from the previous week’s close.
The technical indicators are indicating a downside from these levels. MACD is moving towards a bearish crossing. RSI has fell below the 50
points mark and the Stochastic Oscillators have indicated the reversal of the uptrend.
Elliot Wave analysis of the market is also supporting a selling from these levels.
The index is now moving in a downward trending channel.
At current levels 4320 is expected to act as the first support level for Nifty, followed by the downside support of 4070. On upside the index will
find severe resistance at 4500-4530 levels. An upside above this is not expected above this before a fall. However, 4640 will remain to be the
Strong resistance on upside.
Nifty is expected to continue the downside in the coming week also. Any recovery will find resistance at the levels mentioned above.
Technically, selling pressure can intensify in the coming weeks, and the indices are expected to revise the recent lows within the coming
months.

STOCTS TO WATCH

PNB, SBI, BOI & BOB: Sell or remain short.

TRIVENI ENGG: (112) Sell.

REL CAP: (1409) Looks weak only. Keep stop loss of 1461 & remain short. Expect 1377 & 1338 in panic. In worst scenario break below 1338 huge panic will start.

RNRL: (104) Break below 98 huge selling will start. 108.50 a solid resistance.


TATA POWER, JINDAL STEEL & ABAN: Sell or remain short.

HDFC Bank, HDFC, and IDBI: Looks weak only.

AXIS & KOTAK Bank: 738 & 673 solid resistances. Now break below 701 & 621 heavy selling will underway.

LITL: (325) Break below 320 heavy selling will be seen.

HDIL & DLF: Looks weak.


DISH TV: (39.75) Buy short term delivery keeping stop loss of 35.

All set to shoot up to 50 & 66 in next very few days.

FSL: (41) Buy short term delivery keeping stop loss of 36.

All set to shoot up to 49 & 65 in next very few days.

14th August 2008.

Break below 15013 expect panic down to 14735.

Heavy selling on higher levels to continue.

Stock specific approach advisable.

BSE index: (15093) Now break below 15013 it'll fall down further to 14977, 14930 & 14888 initially.
Break below 14888 sudden huge panic will drag it down to 14735 which is a crucial support to watch out for.
In worst scenario...Break below 14735 it'll crash down to 14445.
Upward side 15273 & 15368 nearest & 15445 a solid resistance, sell on higher levels keeping stop loss of 15532.


Nifty Future: (4551) Sell or remain short considering 4589 a nearest & 4615 a solid resistance keeping stop loss of 4654.
Downward side it'll fall down to 4500 & 4482 initially. Break below 4482 sudden panic will drag it down to 4448 & 4417. Consider 4417 a crucial support.
In worst scenario...break below 4417 it'll crash down to 4312.

13th August 2008. Technical Analysis.

MARKET TODAY

Selling on higher levels will be seen.

15580 & 4650 looks top for time being.

BSE index: (15212) Sell on every rise considering 15292 & 15368 nearest & 15445 a solid resistance keeping stop loss of 15521.
15120 a crucial support to watch out for break below which it'll fall down further to 15030 & 14977 initially.
Break below 14977 it'll crash down to 14832 & 14735.


Nifty: (4552) Sell on every rise considering 4611 a solid resistance keeping stop loss of 4650.
Downward side break below 4525 it'll fall down further to 4464, 4449 & 4436 initially. Consider 4436 a crucial support.
Break below 4436 it'll crash down to 4401 & 4325.