Stock Market News and Analysis:

Last hour buying helped the Benchmark Indices to recover some ground. Nifty PSU bank index remained the major contributor to the recovery as it ended higher by more than 3%. IT and Metal index also ended in green, while auto, Pharma, infra, and FMCG index ended in red. Nifty closed above 10500 at 10524 and for coming session its key support is at 10450 while on higher side its key resistance is at 10600.

Headlines for the day:

  • Reddy’s Laboratories Limited completed sale of API manufacturing business unit in Jeedimetla, Hyderabad.
  • Adani Gas Limited listed on exchanges.
  • STAR announced successful completion of US Food & Drug Administration inspection at its flagship facility in Bangalore with zero observations.

    Key stocks:
  • KEI Industries Limited share prices surge 4% in afternoon trade on Monday as the company posted better than expected quarterly numbers. Standalone revenue grew by 32.2% yoy to Rs996.8 crore in Q2FY19 versus Rs753.8 crore in Q2FY18. EBITDA increase 32.2% yoy to Rs100.8cr for the quarter. However, EBITDA margin came flat at 10% owing to higher operating expenses.
  • Venky’s (India) Limited share prices extended loss in the afternoon session as its net profit for the quarter stood at Rs5.5crore, down 79.8% yoy. The company’s revenue in Q2FY19 grew 9.9% yoy to Rs646.2 crore. The operating profit for the quarter ended September 2018, however, declined significantly by 64.4% yoy to Rs19.9cr. EBITDA margin declined 641bps yoy to 3.1% in Q2FY1
  • Adani Transmission Limited shares were trading 2% higher in afternoon session after the company signed an agreement with KEC International for purchasing entire stake in KEC Bikaner Sikar Transmission. As per a Share Purchase Agreement, the acquisition will be valued at Rs227.5 crore and is subject to regulatory and other approvals.
  • Lupin Limited announced that it has got the approval for its Doxercalciferol Injection, 4 mcg/2 ml (2 mcg/ml) Multi-dose Vials from the US Food & Drug Administration to market a generic version of Sanofi Genzyme’s Hectorol Injection.
  • SUN TV share prices were declined by 7% after its Q2FY19 results were declared. Sales increase 10.9% yoy to Rs750 crore in the quarter ended September 2018 versus Rs 675.90 crore during the corresponding quarter previous year.
  • BEML share prices surged higher. The company’s top-line rose 6.4% yoy to Rs734.1 crore in Q2FY19 versus Rs689.7 crore in Q2FY18. EBITDA for the current quarter saw a strong growth of 32.9% yoy to Rs44.8 crore versus Rs33.7 crore for the same quarter last year. EBITDA margin expanded from 4.9% in Q2FY18 to 6.1% in Q2FY19.
  • Cipla Limited shares were trading 5% down in afternoon trade after the company’s numbers for the second quarter of FY19 missed the consensus expectations. Revenue in Q2FY19 fall 1.7% yoy to Rs4,011.9 crore versus Rs4,082.4 crore in Q2FY18. EBITDA in the quarter declined 12.7% yoy to Rs702.2 crore in Q2FY19 versus Rs804.4 crore in Q2FY18.
  • Calls for Tomorrow : 
  • CALL: BUY PEL EQ ABOVE 2235 TARGETS 2257.35/2279.70/2302.05 SL 2212.65
    Description: Stock heading towards its immediate resistance on daily chart and rally is expected above the mentioned level.
  • CALL: BUY TVSMOTOR EQ ABOVE 565 TARGETS 570.65/576.30/581.95 SL 559.35
    Description: Stock heading towards its key resistance on daily chart and breakout is expected above 565.

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Stock Market News and Analysis: Last hour buying helped the Benchmark Indices to recover some ground. Nifty PSU bank index remained the major contributor to the recovery as it ended higher by more than 3%. IT and Metal index also ended in green, while auto, Pharma, infra, and FMCG index...
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