Stock Market News and Analysis:
Benchmark Indices traded with a negative bias throughout the day as profit booking was seen in both Nifty and Bank Nifty. Nifty closed at 11582.60 and for coming session its key support is at 11530 while on higher side its resistance is at 11650.
Headlines for the day:
- PVR has set Qualified Institutional Placement Floor Price at Rs1,809.53 each, which is at a premium of 2% to the closing prices of Oct. 23.
- DHFL has taken cognisance of key observations made by KPMG in its draft report of special audit of the troubled shadow lender’s books of accounts.
- HCLTechnologies Limited announced 1:1 bonus share issue.
- NIIT Limited posted results for the second quarter ending September 30, 2019. During the quarter, the company registered a net revenue of Rs236.5cr, up 5% yoy; EBITDA was recorded at Rs25.4 crore and Operating Margin at 11%.
- Maruti Suzuki Ltd's net profit was declined by 39.4% yoy at Rs1,358.6 crore in Q2FY20 as against a profit of Rs2,240.4 crore in Q2FY19. The profit came lower on account of lower sales volume, higher sales promotion expenses and higher depreciation expenses, partially offset by cost reduction efforts, higher fair value gains on invested surplus and reduction in the corporate tax rate.
- Bandhan Bank's net profit for Q2FY20 increased by 99.18% yoy to Rs972 crore as against Rs488 crore in the corresponding quarter of the previous year. Net Interest Income for the quarter grew by 41.84% to Rs1,529 crore as against Rs1,078 crore in the corresponding quarter of the previous year.
- Alembic Pharmaceuticals Limited announced that its JV Aleor Dermaceuticals Limited has received approval from the USFDA for its Abbreviated New Drug Application (ANDA) Desonide Ointment, 0.05%.
- Larsen & Toubro share prices were up by 1% after it reported a 6.83% yoy rise in net profit at Rs2,770.43 crore for the quarter ended September 2019, versus Rs2,593.41crore in the same quarter of 2018. The company's consolidated revenues rose 15.16% yoy to Rs35,328.45crore.
- Aurobindo Pharma Limited has got final approval from the USFDA to manufacture Guaifenesin extended-release tablets, 600 mg and 1200 mg (OTC). Aurobindo’s Guaifenesin extended-release tablets are the AB-rated generic equivalent of RB Health (US) LLC’s Mucinex tablets. The product is expected to launch in Q4FY20.
- Biocon Limited declared its Q2FY20 earnings. The company's consolidated revenue increased 17% yoy to Rs1,611 crore from Rs1,376 crore in Q2FY19. Net Profit on a yoy basis was lower at Rs216 crore due to an exceptional income of Rs171 crore reported in Q2FY19.
Calls for Tomorrow:
- CALL: BUY GRANULES EQ ABOVE 125.80 TARGETS 127.10/128.35/129.60 SL 124.50. Description: Stock surged higher since couple of session and settled with bullishly bias near its immediate resistance on intraday chart. Hence breakout is expected ahead.
- CALL: SELL HINDALCO EQ BELOW 240 TARGETS 237.60/235.20/232.80 SL 242.40. Description: Stock settled with bearishly bias near its key support on daily chart. Hence rally is expected below the mentioned level.