Equity Tips & Fundamental Analysis for Investors
Stock Market News and Analysis:
Equity benchmark ended lower on the back of profit booking after hitting record highs in the previous session. Among sectors, IT and pharma declined more than 1% followed by energy, auto, FMCG, while buying seen in the metal and infra space. Nifty closed at 12021.65 and for coming session its key support is at 11950 while on higher side its resistance is at 12100.
Headlines for the day:
- GE Power India Limited awarded a contract worth Rs738.3 crore by NTPC Joint Venture for engineering work on a full turnkey basis.
- Future Retail Limited approved issue of NCD’s worth Rs 199 cr on private placement basis.
- CESC Ventures Limited executed an agreement to acquire 64.63% in Herbolab India for Rs 32.175 c
- L&T Technology Services Limited informed that the offer-for-sale of L&T Technology Services by Larsen & Toubro will open for subscription to the public on Tuesday (for non-retail investors only). Reacting this, shares of the company declined 1%.
- Welspun Enterprises Limited Public Works Department (PWD) declared the appointed date for the Project as May 28, 2019. The bid project cost is Rs 1,460 crore and first year O&M cost of Rs 31.50 crore. The construction period is 2 years from the appointed date and O&M period is 10 years after commercial operation date.
- Reddy’s Laboratories Limited informed that the company has re-launched Zenatane (Isotretinoin Capsules, USP), 10 mg, 20 mg, 30 mg and 40 mg a therapeutic equivalent generic version of Accutane, approved by the US Food & Drug Administration in US market.
- Wipro Limited has fixed June 21, 2019 as the record date for the purpose of determining the entitlement and the names of equity shareholders who are eligible to participate in the buyback.
- Bharat Heavy Electricals Limited has successfully developed a Regenerative System for retro-fitment in these locos to make them energy efficient. Following the successful development, Indian Railways has placed an order on BHEL for 25 nos. Broad Gauge 5000 HP AC Electric Locomotives of type WAG-7 with the regenerative feature.
- Adani Ports and Special Economic Zone stated that the company board has approved the proposal for the buy-back by the company of up to 3.92 crore equity shares from the equity shareholders of the company as on June 21, 2019, at a price of Rs 500 per equity share for an aggregate amount not exceeding Rs1,960 crore.
- Indian Oil Corporation and Hindustan Petroleum Corporation share prices declined up to 1% intraday on June 4 after reports made rounds that the Director General of Goods and Services Tax Intelligence has booked cases against the oil majors for evasion of excise duty.
- Calls for Tomorrow :
- CALL: BUY GODREJIND EQ ABOVE 504 TARGETS 509.05/514.10/519.15 SL 498.95
Description: Stock heading towards its immediate resistance on daily chart and settled with bullish bias. Hence rally is expected above the mentioned level.
- CALL: SELL BPCL EQ BELOW 406.20 TARGETS 402.10/398.05/394 SL 410.30
Description: Stock heading towards its immediate support and settled with bearish bias. Hence breakout is expected ahead.