Fundamental Updates & Equity Trading Strategy
Stock Market News and Analysis:
Equity benchmark ended higher for second straight day but off day’s high with Nifty holding above 11,100 level. Among sectors, metal, IT, PSU bank and pharma witnessed selling pressure, while buying seen in the FMCG, auto and energy sectors. Nifty closed at 11109.65 and for coming session its key support is at 11050 while on higher side its resistance is at 11200.
Headlines for the day:
- HCL Technologies stated that its UK subsidiary has picked up a minority stake in London-based Kalido.
- DHFL may not be able to meet repayments coming up in the immediate future,.
- Oriental Bank of Commerce revised MCLR rates across various tenors with effect from August 10.
- Zydus Cadila posted its Q1FY20 results today. For the first quarter ended June 30, 2019, the company’s consolidated net profit was delined by 34% yoy at Rs303.6 crore versus Rs 460.5 crore. Its revenue was up 20.8% yoy at Rs3,496.3cr against Rs2,893.7cr.
- MRF shares were trading higher after posting Q1 results for the quarter ended June 2019. The company’s consolidated net profit increased by 3% yoy to Rs273.3 crore versus Rs260.7 crore. Its revenue rise 16.5% yoy at Rs4,471cr vs. Rs3,836.3cr.
- Shree Cement shares were trading 1.2% up on reporting its Q1FY20 results. The company’s profit grew 36.8% yoy to Rs382.3 crore. Further, its revenue incresed by 7.6% yoy to Rs3,302.8 crore compared to the year-ago quarter.
- Yes Bank Limited launched a QIP issue to help it meet an urgent need for capital. The bank said that the capital raising committee of its board had approved the opening of the QIP issue.
- Mahanagar Gas Limited share prices were down. The company reported its Q1FY20 results. Mahanagar Gas’ net profit increased by 32.66% yoy to Rs170.24 crore in the quarter under review. Revenue went up on 22.55% yoy at Rs777.83cr for the June quarter.
- Reddy’s Laboratories Limited share were trading flat with a positive bias after the company notified exchanges about the completion of a US Food & Drug Administration audit at its Louisiana facility in the US. The company stated that the audit of our Formulations Manufacturing facility at Shreveport, Louisiana, USA by the US FDA, has been completed on August 8, 2019. No Form 483 was issued at the end of the inspection.”
- Britannia Industries Ltd posted its Q1FY20 results. The company’s consolidated revenue increased by 6% yoy for the quarter to Rs2,677 crore. Adjusted Net Profit increased by 3% yoy to Rs267cr.
Calls for Tomorrow :
- CALL: BUY HEROMOTOCO EQ ABOVE 2642 TARGETS 2668.45/2694.85/2721.30 SL 2615.55
Description: Stock surged higher since couple of session and settled near its key resistance with bullishly bias on daily chart. Hence rally is expected above the mentioned level.
- CALL: BUY M&M EQ ABOVE 551.50 TARGETS 557/562.55/568.05 SL 546
Description: Stock retraces from lower levels and settled near its immediate resistance on daily chart with bullishly bias. Hence breakout is expected ahead.