Expert Fundamental Report on Today’s Market
Stock Market News and Analysis:
Equity benchmark continued to reel under selling pressure for third consecutive trading session. ICICI Bank and Reliance Industries were leading contributors to the Nifty’s fall. Nifty closed at 10888.80 and for coming session its key support is at 10800 while on higher side its key resistance is at 10950.
Headlines for the day:
- SBI reduced its interest rates on home loans up to Rs30 lakh by 5 bps.
- Eicher Motors Limited Q3 profit grew 2.4% to Rs 533 crore, margin below 30% for first time in last 11 quarters.
- Kenya arm of Bharti Airtel inked an agreement with Telkom Kenya to combine operations and will be called ‘Airtel-Telkom.
- Graphite India Limited share prices hit 10% lower circuit post Q3FY19 numbers. However, the company registered strong growth in revenue and earnings for Q3FY19 as higher realizations and volumes continue to drive earnings growth. Its revenue hike by 81% yoy to Rs 1,855 crore; EBITDA stood at Rs1,083 crore, up 99.4% yoy.
- Engineers India’s board at its meeting held approved its unaudited financial results for the quarter ended December 2018 and declared an interim dividend of Rs3.25 per share on the face value of Rs5.
- REC Limited’s board of directors approved the proposal for the incorporation of five protect specific special purpose vehicles, as wholly owned subsidiary companies of REC Transmission Projects Company Limited.
- Dr. Reddy’s Laboratories Limited share prices declined 3% as the company has stated that it has issued a Form 483 with 11 observations at its Unit-3 Bachupally manufacturing plant. This is a formulations facility which underwent the USFDA audit recently.
- Glenmark Pharmaceuticals Inc., USA has been granted final approval by the USFDA for Sevelamer Hydrochloride Tablets, 400mg and 800mg, a generic version of Renagel tablets, 400mg and 800mg, of Genzyme Corporation.
- Apollo Hospitals Enterprise Limited share prices plunged as concerns over the rise in Pledged shares. Shares fell over 13% in intraday trade, the most since December 2011. Shareholders wealth in terms of market capitalisation declined by Rs 1860.
- L&T Finance and Edelweiss Financial Services Limited stated that all actions taken on the Reliance ADAG Group share are legal. The financial services companies stated that they had granted credit facilities against pledge of shares to Reliance ADAG Group.
Calls for Tomorrow :
- CALL: SELL GLENMARK EQ BELOW 669.70 TARGETS 663/656.30/649.60 SL 676.40
Description: Stock heading towards its key support on daily chart and rally is expected below the mentioned level.
- CALL: BUY TECHM EQ ABOVE 818 TARGETS 826.20/834.40/842.55 SL 809.80.
Description: Stock heading towards its immediate resistance on daily chart and hovering near 52 week high. Breakout is expected above 818.