Stock Market News and Analysis:

Equity benchmark ended on a strong note, with the Nifty closed above 10,350-mark. A strong surge in financials along with IT stocks was responsible for pushing the indices higher. Nifty closed at 10386.60 and for coming session its key support is at 10250 while on higher side its key resistance is at 10450.

 

Headlines for the day:

  • Arm of GMR infra bought Menzies Aviation Cargo for Rs59.8 crore.
  • ONGC will consider interim dividend on November 3 with record date fixed on November 16.
  • Alembic Pharmaceuticals got the credit rating of A1+ for commercial paper issue of upto Rs500 crore from ICRA.

    Key stocks:
  • Escorts Limited share prices surge over 3% on the bourses at the fag end of the day after its standalone net profit in Q2FY19 rose 33% yoy to Rs103 crore. The company’s standalone revenue in the quarter stood at Rs1,398 crore, up 15% yoy but down 7% qoq.
  • IndusInd Bank Limited confirmed that the step to acquire 100% stake in IL&FS Securities and Services was progressing as per plan. The bank said all regulatory approvals except for one had been acquired
  • Dabur India Limited has posted a decent set of numbers for the quarter that were broadly in-line with estimates. Reported revenue grew 8.5% yoy to Rs 2,125 crore, in-line with estimates, driven by the growth in domestic performance.
  • PNB Housing Finance share prices surged over 9% in late afternoon trade after the company successfully raised Rs2,450 crore via the issue of commercial papers. This amount is over and above the Rs1,775 crore raised earlier.
  • Reddy’s Laboratories declared the launch of Atomoxetine Capsules, USP, a therapeutic equivalent generic version of Strattera (atomoxetine) Capsules in the United States market. The capsules have been approved by the USFDA.
  • Tech Mahindra share prices surged 7% in late morning trade after the company reported a better-than-estimated result for Q2FY19. The company has registered an 18.5% qoq increase in its consolidated net profit to Rs1,064 crore in the quarter ended September 2018. Further, the Pune-headquartered company’s revenues grew 4.3% qoq to Rs8,630 crore versus the median consensus estimate of Rs8,614 crore.
  • Cummins India share prices were trading 12% higher in the late morning session today as the company’s performance numbers for Q2FY19 beat market estimates. Revenue from operations witnessed a strong growth of 28.9% yoy to Rs1,486.9 crore. EBITDA for the quarter jumped 49.8% yoy to Rs250.9 crore. The EBITDA margin also expanded by 236bps yoy to 16.9%. Net profit surged 38.4% yoy to Rs211.5 crore in Q2FY19 versus Rs152.9 crore in Q2FY18.
  • Calls for Tomorrow :
  • CALL: BUY HDFC EQ 1775 TARGETS 1792.75/1810.50/1828.25 SL 1757.25.
    Description: Stock heading towards its major resistance on daily chart and rally is expected above the mentioned level.
  • CALL: BUY VOLTAS EQ ABOVE 545.20 TARGETS 550.65/556.10/561.60 SL 539.75
    Description: Stock heading towards its immediate resistance on daily chart and breakout is expected above 545.20.
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Stock Market News and Analysis: Equity benchmark ended on a strong note, with the Nifty closed above 10,350-mark. A strong surge in financials along with IT stocks was responsible for pushing the indices higher. Nifty closed at 10386.60 and for coming session its key support is at 10250 while on...
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