Stock Market News and Analysis:
Benchmark Indices traded with a negative bias throughout the day, with Nifty ending its winning streak of seven consecutive days. Nifty closed at 11917.20 and for coming session its key support is at 11840 while on higher side its resistance is at 12000
Headlines for the day:
- Cadila Healthcare got warning letter from USFDA for it Moraiya formulation facility.
- Berger Paints Ltd's Q2 Profit After Tax rose 67% yoy to Rs194 crore.
- Godrej Properties Limited posted 50% yoy growth in Q2 PA
- Apollo Tyres Limited share prices declined after announcement of Q2 numbers. The company’s consolidated net profit declined 43% versus Rs146 crore yoy. The consolidated revenue declined by 6.4% at Rs3,986 crore versus Rs4,257.4 crore yoy.
- Punjab National Bank reported a net profit of Rs 507 crore for the quarter ending September 30, 2019, versus to a loss of Rs 4,532.35 crore in the corresponding quarter of the previous fiscal year.
- Dabur India Limited mitigated the impact of macro-economic headwinds and a prolonged slowdown to deliver a 4.1% growth in consolidated revenue and an improvement of 90 basis points in operating margin during the second quarter of FY20. The company posted consolidated revenue of Rs2,212cr in Q2 of 2019-20, up 4.2% from Rs 2,125cr a year ago.
- Godrej Properties Limited reported its Q2FY20 result. The company reported a net profit of Rs31crore for Q2FY20, a rise of 50% yoy. However, PAT declined 66% qoq. Total income also declined 22% yoy to Rs370 crore in Q2FY20 versus Rs473 crore in Q1FY20. EBDITA rose 96% yoy to Rs135 crore in the September 2019 quarter.
- Bharat Forge Limited share prices surged 5% in afternoon trade after a hike in North America Class 8 truck sales was registered in October 2019. North America Class 8 truck orders increased sharply by 75% MoM in October 2019 to 22,100 units. However, sales declined by 73% yoy.
- Bajaj Finance Limited share prices surged after the company stated that it is raising funds via a QIP. The company has fixed the QIP floor price at Rs4,019.78/ share, and said it may offer a discount on the floor price as the special committee decides in accordance with Sebi regulations.
- Bharat Electronics Limited share prices declined around 7% after the company reported weak Q2 nos. The net profit declined 40.58% yoy to Rs339.49 crore in the quarter ended September 2019 versus Rs571.31 crore during the previous quarter ended September 2018.
Calls for Tomorrow:
- CALL: SELL RELIANCE EQ BELOW 1441 TARGETS 1426.55/1412.15/1397.75 SL 1455.45 Description: Stock witnessing correction from higher levels and settled near its immediate support on daily chart with bearishly bias. Hence rally is expected below the mentioned level.
- CALL: BUY TECHM EQ ABOVE 777.60 TARGETS 785.40/793.15/800.95 SL 769.80. Description: Stock surged higher since couple of session and settled with bullishly bias near its immediate resistance on daily chart. Hence breakout is expected ahead.