Fundamental View of BSE Market Updates
Stock Market News and Analysis:
Benchmark Indices closed negative and the Nifty has managed to close below 10,200-markt. INFY, SBIN, TECHM and ZEEL are the top gainers, while INDUSINBL, COALINDIA, and HINDPETRO have lost the most. Nifty closed at 10198.40 and for coming session its key support is at 10125 while on higher side its key resistance is at 10300.
Headlines for the day:
- Bharti Airte Limited confirms IPO preparations are as per plan and new board has been formed with new investor’s representatives..
- Redington Limited proposed buyback of 1.1 crore equity shares at Rs125 each, aggregating to Rs139 crore.
- Cadila Healthcare Limited buys 51% stake in Windlas Healthcare..
- Symphony share prices were trading 6% lower i after the company’s numbers for the second quarter of FY19 missed street expectations. EBITDA declined 30.2% yoy to Rs44 crore during the quarter from Rs63 crore in Q2FY18, missing the consensus estimates by 26%. This led to a sharp EBITDA margin contraction of 1,008bps yoy to 19.6% in the September quarter of FY18.
- Bank of Maharashtra were trading 17% up in the afternoon session as the bank’s performance for the second quarter of FY19 beat street estimates. The bank’s NII for Q2FY19 has improved by 4.1% yoy to Rs1,003 crore versus Rs963 crore yoy. It has reported a net profit of Rs27crore, against loss of Rs23.2 crore in the corresponding quarter last year. Its GNPA for Q2FY19 stood at 18.64% against 21.18% qoq, a decrease of 254bps. NNPA for the quarter came in at 10.61% against 12.2% qoq, a decline of 159bps
- Finolex Industries Limited share prices surge 3.5% in afternoon session as the company reported better-than-expected numbers for Q2FY19. The revenue for the quarter surge by 14.2% yoy to Rs543 crore, against the median consensus estimate of Rs508 crore. PAT came in at Rs76 crore, which is higher than the median consensus estimate of Rs47crore
- Chennai Petroleum Corporation Limited were trading 2.5% down in noon session after the company’s Q2FY19 results missed the consensus estimates on the PAT front. Chennai Petroleum Corporation’s net profit for the quarter fell 91.4% yoy to Rs27.04 crore versus Rs315.08 crore last year, widely missing the estimates of Rs120 crore.
- CESC Limited is currently trading down 20% after going ex-date for the company’s demerger. The company has demerged its retail business and CESC Ventures. The three, new demerged entities are CESC, Spencer (Retail) and CESC Ventures.
- Union Bank of India share prices rose 7% on the NSE during afternoon trade. The bank’s Q2FY19 revenue came in flat qoq at Rs9,438 crore. Its NII came in at Rs2,493 crore, which has rose by 7.4% yoy. The bank, for Q2FY19, has reported a net profit of Rs139.3 crore as against a loss of Rs1,530.7 crore yoy.
- Jet Airways Limited were trading 6% up in noon trade after a report said that Delta Air is mulling to buy a stake in the cash-strapped airline operator. Further, the company refuting media reports of defaulting on lease rentals’ payment also lent support to its shares.
- Calls for Tomorrow :
- CALL: SELL POWERGRID EQ BELOW 185 TARGETS 183.15/181.30/179.45 SL 186.85.
Description: Stock heading towards its key support on daily chart and rally is expected below the mentioned level.
- CALL: BUY DRREDDY EQ ABOVE 2610 TARGETS 2636.10/2662.20/2688.30 SL 2583.90
Description: Stock heading towards its immediate resistance on daily chart and breakout is expected above 2610.