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Stock Market News and Analysis:
Equity benchmark ended on positive note but off day’s high in the volatile session. Among sectors, barring energy other indices ended positive led by the auto, infra, metal, bank and FMCG. Nifty closed at 10948.25 and for coming session its key support is at 10880 while on higher side its resistance is at 11020.
Headlines for the day:
- Muthoot Finance Limited to consider raising funds on Aug 12.
- Bank of Baroda cut MCLR rates by 15bps across various tenors with effect from Aug.
- Spandana Sphoorty Initial Public Offering subscribed 6% on day 1.
- Arvind Limited has declared its financial results for Q1FY20. The company reported its Q1 net profit at Rs24.10 crore, declined 61% yoy. The company expects revenue to grow by about 8% and to maintain EBITDA margin at around 10% for the full year..
- Aditya Birla Fashion and Retail reported robust results for the first quarter of FY20. Profit After Tax for the quarter on a comparable basis was 602% higher at Rs39crore versus Rs6 crore last year.
- Pidilite Industries Limited were trading up by 3% after the company released its Q1FY20 results. The co.’s consolidated net profit increased 22.5% yoy to Rs294 crore in the quarter versus Rs240 crore in Q1FY19.
- Torrent Power Limited share prices were trading up over 4% after posting its Q1 results. The company posted a 22% hike in consolidated net profit at Rs276.59 crore for June quarter compared with year-ago period.
- PNB Housing Finance Limited has raised fresh USD 75 millon External Commercial Borrowing from Sumitomo Mitsui Banking Corporation (SMBC) Singapore. The ECB is under the Reserve Bank’s automatic route of approval and the proceeds will be used by the Company as per the applicable RBI guidelines.
- SRF Limited extended its rally in the morning trade after the company’s Profit after Tax increased 41% from Rs134 crore to Rs189 crore in Q1FY20 when compared with the corresponding period last year.
- Berger Paints India reported a 31.76% yoy rise in its consolidated net profit to Rs176.41 crore for Q1FY20 versus Rs133.88 crore in the year-ago quarter. Its revenue from operations during the quarter increased 15.93% Rs1,738.41 crore versus Rs1,499.44 crore yoy.
- Calls for Tomorrow :
- CALL: BUY HEROMOTOCO EQ ABOVE 2492.65 TARGETS 2517.60/2542.50/2567.45 SL 2467.70
Description: Stock given breakout from its key resistance trend-line on daily chart and settled with bullishly bias. Hence rally is expected above the mentioned level.
- CALL: BUY AUROPHARMA EQ ABOVE 567.75 TARGETS 573.45/579.15/584.80 SL 562
Description: Stock retraces from its key support on daily chart and settled near its immediate resistance trend line with bullishly bias. Hence breakout is expected ahead.