Equity Fundamental Market Views & Updates
Stock Market News and Analysis:
Equity benchmarks ended sharply lower amid weak global cues. Reliance earnings, NBFC crisis and H1-B visa issue dented investors sentiment. Nifty closed just above 10,300 at 10303.55 and for coming session its key support is at 10250 while on higher side its key resistance is at 10400.
Headlines for the day:
- Yes Bank Limited got order from RBI to appoint a successor to Rana Kapoor, MD and CEO of the bank by Feb. 1, 2019.
- Zydus got tentative approval from the US Food & Drug Administration for Colchicine Tablets.
- IDBI Bank Limited has withdrawn nomination of Sanjiv Kumar Sachdev from Videocon’s board of directors with effect from September. 17.
- UltraTech Cement Limited share prices were trading down 3% in afternoon session after its Q2FY19 numbers missed street expectation.. The company has reported a revenue growth of 20% yoy to Rs 8,151.5 crore versus an estimate of Rs7,936.4 crore. The company, however, has reported a decline of 11.3% yoy in PAT to Rs375.7cr, 17% lower than the estimates.
- Lupin Limited has declared that its Pithampur Unit-3 has recently been inspected by the US Food & Drug Administration and has got five observations. The GMP inspection was pre-approved in nature for Lupin’s Tiotropium DPI ANDA. This inspection was conducted between October 8-18, 2018.
- ACC Limited share prices declined 7% in intraday after the company declared a mixed set of numbers for the quarter ended Sept 2018. Revenue in the quarter increase 10.2% yoy to Rs3,433.2 crore. Benefits from lower raw material cost helped the company to partly neutralize the effect of increases in fuel and slag prices.
- Dish TV India Limited share prices declined 6% in noon trade after Mukesh Ambani-led Reliance Industries Limited announced a strategic investment in and partnership with Den Networks Limited and Hathway Cable and Datacom Ltd.
- Indiabulls Housing Finance Limited shares crashed 17% to hit fresh 21-month low despite management clarification on developer loan portfolio and RBI easing liquidity coverage ratio norms.
- Mindtree Limited plummeted by 16% in the early morning trade even after the IT major company reporting healthy profits for the quarter ended September 2018. Revenue in Indian rupee terms grew by 7.1% qoq to Rs1,755cr, which is lower than the median consensus estimate of Rs1,763cr. EBIT stood at Rs230cr, up 20.2% qoq, which is in line with the median consensus estimate. EBIT margin expanded 143bps qoq to 13.1%. PAT grew 30.4% qoq to Rs206cr, which is higher than the median consensus estimate of Rs182cr
- Reliance Industries Limited share prices declined 5% after the company posted Q2FY19 results which came in-line with estimates on the PAT front. Net profit for the quarter rise by 17.4% yoy to Rs9,516 crore against Rs8,109 crore last year, almost in-line with the estimate of Rs9,702 crore.
- Calls for Tomorrow :
- CALL: SELL HDFC EQ BELOW 1646.50 TARGETS 1630/1613.55/1597.10 SL 1663.
Description: Stock heading towards its major support on daily chart and rally is expected below the mentioned level.
- CALL: SELL COALINDIA EQ BELOW 274.40 TARGETS 271.65/268.90/266.15 SL 277.10.
Description: Stock heading towards its immediate support on daily chart and breakout is expected below 274.40