Stock Market News and Analysis:

Equity benchmarks ended the day on positive note with Nifty managed to close above 10,600 level. Nifty closed at 10616.70 and for coming session its key support is at 10530 while on higher side its key resistance is at 10650.

 

Headlines for the day:

  • Apollo Hospitals board approved to demerge front-end retail pharmacy segment into a standalone pharmacy segment called Apollo Pharmacies.
  • Tata Power’s joint venture ‘Resurgent Power’ inked a share purchase agreement to acquire 75% stake and 27crore preference shares in Prayagraj Power Generation for Rs6,000 crore.
  • Alkem Laboratories Limited got no observations on Form 483, as the US Food & Drug Administration completed the inspection at the company’s Bioequivalence Facility at Taloja, Maharashtra.

Key stocks:

  • Engineers India Limited share prices surged 2% in intraday even as net profit for the quarter ended September 2018 declined 18% to Rs97.77 crore. However, Engineers India’s Q2FY19 results were in-line with estimates. Revenue grew 58.8% yoy to Rs681.4 crore against Rs429.09 crore in Q2FY18.
  • PC Jewellers Limited share prices nosedived 10% in intraday as investors reacted to the company’s Q2FY19 results. PC Jewellers revenue fall 37.7% yoy and 32.5% qoq to Rs1,635 crore. EBITDA came in at Rs206 crore, down 26.8% yoy and 17.1% qoq.
  • Page Industries share prices declined 7% after it posted below estimate results for the quarter. Page Industries Ltd’s revenue increases 10.4% yoy and fell 15.3% qoq to Rs691crore. EBITDA came in at Rs143 crore, up 11.2% yoy and down 24.5% qoq. The EBITDA margin expanded 15 basis points yoy and contracted 254 basis points qoq to 20.68%
  • Ujjivan Financial Services Limited share prices surged in late morning trade after the company’s Q2FY19 numbers were reported to be above estimates. The company’s consolidated net profit in the quarter stood at Rs44.3 crore versus a loss of Rs12 crore in the corresponding quarter last year.
  • Apollo Hospitals share prices were trading 3% up post Q2FY19 results. The company’s Q2FY19 consolidated net profit grew 11% to Rs79 crore versus Rs70.9 crore in the same quarter last fiscal.
  • Jet Airways share prices are surge 4% on reports that the Tata-Jet Deal is at an advanced stage. As per the sources, Tata Sons Chairman N Chandrasekaran is in favor of the deal, however, Ratan Tata has some reservations.
  • Grasim Industries share prices surged 7.5% in early morning trade even after posting a strong set of numbers for the quarter which beat estimates on all fronts. Revenue for the quarter was up 26.1% yoy to Rs 5,118.5 crore, 5% ahead of consensus estimates. EBITDA increase 35.4% yoy to Rs1,070.5crore, with a 144 basis points expansion in the EBITDA margin, which stood at 20.9%
  • Calls for Tomorrow :

  • CALL: BUY EICHERMOT EQ ABOVE 24184 TARGETS 24425.85/24667.70/24909.55 SL 23942.15
    Description: Stock heading towards its key resistance on daily chart and rally is expected above the mentioned level.
  • CALL: BUY RECLTD ABOVE 127.10 TARGETS 128.40/129.65/130.95 SL 125.80
    Description: Stock heading towards its immediate resistance on daily chart and breakout is expected above 127.10.
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Stock Market News and Analysis: Equity benchmarks ended the day on positive note with Nifty managed to close above 10,600 level. Nifty closed at 10616.70 and for coming session its key support is at 10530 while on higher side its key resistance is at 10650.   Headlines for the day: Apollo Hospitals...
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