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Capital Goods Stocks Outlook for the week – 24 to 28.10.2016 (Seen down; Cummins India in focus)

Capital Goods Stocks Outlook for the week – 24 to 28.10.2016
(Seen down; Cummins India in focus)
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The shares of capital goods companies are likely to be down, due to the absence of
significant triggers and an overall weak outlook on business prospects of sector majors.
There is likely to be some stock-specific action next week, after the government today
said it is mulling a scheme to encourage domestic manufacturing and adoption of new
technologies in the sector.

There are by and large no major cues to look forward to in the short term. State-owned
Bharat Heavy Electricals could see minor gains as an order from the Tamil Nadu
Generation and Distribution Corp is expected to be the second-largest for the company,
at 78 bln rupees.

The scrip could rise to 150 rupees in the near-term. Shares of Larsen & Toubro could
see a slight rise to 1,520 rupees in the coming week, following an order by the Inland
Waterways Authority of India to build a multi-modal terminal at Sahibganj in
Jharkhand. The terminal is part of the 42-bln-rupee Jal Marg Vikas project to develop
National Waterway-1. Market participants will also keep an eye on Cummins India as it
will detail its Jul-Sep earnings on Wednesday.