Stock Market News and Analysis:

Equity benchmark ended strong with the Nifty climbing 74.25 points. All sectoral indices were ended higher barring IT which lost over half a percent. Nifty closed at 11662.60 and for coming session its key support is at 11600 while on higher side its resistance is at 11700.

Headlines for the day:

  • Reliance Infrastructure Limited redeemed and paid 173 NCDs from invocation of pledged shares by debenture holders and now 1162 NCDs are outstanding under Series 20 of NCDs.
  • HDFC Bank to consider special interim dividend on July 20, 2019
  • HDFC to issue non-convertible debentures worth Rs5,000 crore

Key stocks:

  • HDFC AMC’s net profit at RsRs291.7cr was higher by 42% on the back of a hike in assets under management versus Rs205.26 crore in the corresponding quarter previous year. Its total income came in at Rs552.75 crore versus Rs501.19 crore in Q1FY19.
  • Tata Metaliks share prices declined after posting poor Q1 numbers. The stock hit an over two-month low in today’s trade. The company’s net profits declined 35% at Rs19.62 crore in Q1FY20 as against a profit of Rs30.39 crore in the same quarter last year.
  • Ashok Leyland’s share prices declined by over 2% in early trade as the company announced after market hours yesterday that it would be temporarily shutting down its Pantnagar plant owing to weak demand.
  • Cipla Ltd. shares were trading up after the company announced a joint venture of its UK subsidiary with a Chinese Pharma company. As per the filing, “(“Cipla EU”), U.K., a wholly owned subsidiary of Cipla limited has entered into a joint venture agreement with Jiangsu Acebright Pharmaceutical Co., Ltd. (“Acebright”), China on 15th July 2019 for incorporation of a company in China.
  • Brigade Enterprises Limited’ board approved issuing one bonus share for every two shares held in the company and issuing convertible warrants worth Rs115 crore to the promoter group at Rs269 per warrant.
  • TV18 Broadcast reported a profit of Rs 18.64 crore for the quarter ended June 2019, against loss of Rs 12.48 crore during the same period last year. Consolidated operating revenue during the quarter grew 10% year-on-year to Rs 1,198 crore
  • Federal Bank’s June quarter profit rose by 46.2% year-on-year to Rs 384.2 crore even after provisions remained elevated and asset quality weakened. Higher other income and operating profit increased the earnings. Profit in the same quarter last year was Rs 262.7 crore.
  • Calls for Tomorrow :

  • CALL: BUY DABUR EQ ABOVE 427.05 TARGETS 431.35/435.60/439.90 SL 422.75
    Description
    : Stock surged higher and settled near its immediate resistance on daily chart with bullish bias. Hence rally is expected above the mentioned level.
  • CALL: BUY HINDPETRO EQ ABOVE 297.35 TARGETS 300.35/303.30/306.30 SL 294.35.
    Description: Stock form consolidation on daily chart and settled with bullishly bias near its immediate resistance. Hence breakout is expected ahead.
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Stock Market News and Analysis: Equity benchmark ended strong with the Nifty climbing 74.25 points. All sectoral indices were ended higher barring IT which lost over half a percent. Nifty closed at 11662.60 and for coming session its key support is at 11600 while on higher side its resistance is...
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