Stock Market News and Analysis:

It is strong close for the May F&O series closed on a strong note with Nifty finished near 11,950 level. Among sectors, Pharma, auto and metal ended lower, while buying seen in the IT, infra, PSU bank and energy. Nifty closed at 11945.90 and for coming session its key support is at 11835 while on higher side its resistance is at 12000.

Headlines for the day:

  • Reliance Communications’ Committee of Creditors will hold a meeting on Thursday.
  • Tata Power’s two arms entered into an agreement to sell their entire stake in Nelito Systems worth Rs15.6 crore to Japan-based DTS Corporation.
  • HDFC board approved subsidy worth Rs 22,136 crore to over 1.04 lakh homebuyers under Pradhan Mantri Awas Yojna-CLSS scheme.

Key stocks:

  • Tata Power announced that Tata Power Renewable Energy Limited, the Company’s wholly owned subsidiary, has received a Letter of Award from Gujarat Urja Vikas Nigam Limited on 28th May 2019 to develop a 100 MW solar project in Raghanesda Solar Park of Gujarat.

  • Mahindra & Mahindra were trading 1% down after the company missed the PAT expectations for the final quarter of FY19. The company’s PAT declined by 19.9% yoy to Rs848.8 crore, 5% below estimates. Higher raw material costs led to decline of 6.2% yoy in EBITDA, which stood at Rs1,645.8 crore, broadly in-line with expectation. Thus, EBITDA margin contracted by 146bps yoy to 11.7%, against estimate of 12.1%
  • Glenmark Pharmaceuticals reported a 6.6% rose in its consolidated net profit at Rs161.66 crore in Q4FY19. The company had posted a net profit of Rs151.62 crore for the corresponding period previous fiscal.
  • Power Grid Corporation of India (PGCI) share prices were trading 2% higher on after the company registered a growth of 51.9% yoy in PAT at Rs3,054 crore for the final quarter of FY19.
  • Punjab National Bank intends to recover Rs20,000 crore of bad loans in the current financial year through one-time settlements and resolutions under the Insolvency and Bankruptcy Code (IBC).
  • Alkem Laboratories share prices rose more than 3 percent intraday after company registered better numbers for the quarter ended March 2019. The company’s Q4FY19 consolidated net profit rose 149 percent at Rs 167.3 crore against Rs 67.1 crore in the same quarter last year.
  • Havells India shares declined 3% intraday after the company registered a decline in its Q4 profits YoY. The electrical equipment maker, on May 29, showed a 8.4% year-on-year decline in profit at Rs 206.83 crore as operating income plunged nearly 10% to Rs 322.9 crore with margin contraction of 238 bps after 35.2% rose in employee benefits expenses.
  • Calls for Tomorrow :

  • CALL: BUY HDFCBANK EQ ABOVE 2449.50 TARGETS 2474/2498.50/2523 SL 2425
    Description
    : Stock heading towards its key resistance on daily chart and settled with bullish bias. Hence rally is expected above the mentioned level.
  • CALL: BUY BEML EQ ABOVE 1018 TARGETS 1028.20/1038.40/1048.55 SL 1007.80
    Description: Stock heading towards its immediate resistance and settled with bullish bias. Hence breakout is expected ahead.
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Stock Market News and Analysis: It is strong close for the May F&O series closed on a strong note with Nifty finished near 11,950 level. Among sectors, Pharma, auto and metal ended lower, while buying seen in the IT, infra, PSU bank and energy. Nifty closed at 11945.90 and for...
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