Stock Market News and Analysis:
Equity Benchmark ended lower but off day's low amid fresh trade worries between US-China. barring IT, all other sectoral indices ended in red led by infra, metal, auto, bank, pharma and FMCG. Nifty closed at 11598.25 and for coming session its key support is at 11550 while on higher side its resistance is at 11650.
Headlines for the day:
- Cadila got 14 observations for Moraiya, Ahmedabad facility.
- Bharti Airtel Limited plans Initial Public Offering of African phone unit.
- Board of DHFL approves fundraising for an amount up to Rs2,000 crore.
- Hindustan Unilever Limited share prices were trading lower by 2% in the morning trade as the company registered Q4FY19 numbers which were broadly in-line with consensus estimates..
- Firstsource Solutions Limited registered a growth in net profit at Rs92.8 crore during Q4FY19 on qoq basis. The company’s revenue was down 1.8% on qoq at Rs 967 crore versus Rs 985.2 crore in the previous quarter. The Board recommended a dividend of 20%.
- Reddy’s informed that the company along with its subsidiary launched Testosterone Gel 1.62%, a therapeutic equivalent generic version of AndroGel (testosterone gel) 1.62%, approved by the US Food and Drug Administration.
- Alembic Pharmaceuticals share prices surged 1.5% after the company received an establishment inspection report from USFDA. Aleor Dermaceuticals (Aleor), a 60:40 Joint Venture between Alembic Pharmaceuticals and Orbicular Pharmaceutical Technologies, has received Establishment Inspection Report from the USFDA.
- LIC Housing Finance registered a growth in net profit by 17% at Rs693.58 crore versus to Rs594.34 crore during the same period the previous year. During the quarter ended March 31, 2019, total disbursements recorded a growth of 7% from Rs17,402 crore to Rs18,649 crore. Out of that, disbursements in the individual home loan segment registered an 18% growth from Rs10,541cr to Rs12,448 crore, whereas total disbursements in project loans was Rs2,031cr as against Rs2,266cr for Q4FY18.
- L&T Infotech registered 30.8% qoq growth in consolidated PAT for Q4FY19 at Rs378.50 crore as against Rs289.40 in the same period a quarter a year ago. Despite this, share prices of the company declined 3%. The company's revenue increases 24.2% qoq at Rs2,486 crore during Q4FY19 as compared to Rs2,001.2 crore in Q4FY18 on the back of the robust growth in banking and financial services and insurance business.
- Federal Bank registered an over two-fold jump in net profit for the March quarter at Rs381.51 crore on account of lower provisioning and higher interest income. This was against the net profit of Rs144.99 crore in the fourth quarter of 2017-18 fiscal.
- Calls for Tomorrow :
- CALL: SELL BATAINDIA EQ BELOW 1367 TARGETS 1353.30/1339.65/1325.95 SL 1380.70 Description: Stock heading towards its key support on daily chart and settled with bearish bias. Hence rally is expected below the mentioned level.
- CALL: SELL L&TFH EQ BELOW 122.60 TARGETS 121.35/120.15/118.90 SL 123.85 Description: Stock heading towards its immediate support and expected to give negative breakout. Hence breakout is expected ahead.