Stock Market News and Analysis:
The late selling dragged Nifty below its crucial support of 11,500. All sectoral indices closed in the negative except IT. Nifty Bank, Metal and Realty were prominent losers. Nifty closed at 11497.90 and for coming session its key support is at 11400 while on higher side its resistance is at 11600.
Headlines for the day:
- HDFC Bank to consider stock split on May 22.
- Standard Life has divested 1.78% of its stake in HDFC Life Insurance to raise Rs1,400 cr.
- Mcleod Russel completed the sale of 45% stake in its Rwandan arm to Borelli and Rwanda Tea Compan
- Piramal Enterprises Limited inked a Memorandum of Understanding with Canada Pension Plan Investment Board, a Canadian pension fund, to co-sponsor renewable energy-focused Infrastructure Investment Trust.
- VIP Industries has registered a decline of 28% in net profit at Rs25.3 crore for Q4FY19 as against Rs35 crore in the year-ago period. The company’s revenue from operations grew by 20% to Rs435 crore against Rs362.6 crore in the corresponding period last fiscal.
- Yes Bank pursuant to invocation of the pledge of shares has acquired 8 crore equity shares having a nominal value of Rs 2 each share, constituting 12.79% of the post-issue paid-up share capital as at March 31, 2019, of a listed company, namely, CG Power and Industrial Solutions Limited.
- Bharti Airtel share prices declined 2% even after posting better than expected numbers for Q4FY19. Bharti Airtel Ltd’s revenue increased by 6.2% yoy and 1.8% qoq to Rs20,602 crore. EBITDA came in at Rs6,631crore, down 4.3% yoy and up 6.7% qoq. EBITDA margin contracted by 354bps yoy and expanded by 145bps qoq to 32.19%. Company’s Net profit stood at Rs107 crore versus Rs83 crore yoy and Rs86 crore qoq. EBITDA came above estimates of Rs6,280cr
- Wockhardt share prices were trading 1% higher after the company’s net loss of the fourth quarter of FY19 narrowed to Rs14.47cr vs. a loss of Rs154.55crore in the same period a year ago.
- Marico posted 18% yoy growth in its PAT for the fourth quarter of FY19 at Rs213 crore, while FY19 PAT grew 14%yoy at Rs930 crore. In Q4FY19, revenue from operations grew by 9%yoy to Rs1,609 crore, with underlying domestic volume growth of 8% and constant currency growth of 7% in the international business. Gross margin expanded by 243bps yoy due to lower cost raw material consumption during the quarter
- Godrej Agrovet Limited posted 8.2% growth in consolidated profit after tax for the quarter ending March 31, 2019 at Rs34.7crore compared to the same period of the previous financial year. The company's net profit stood at Rs32 crore in the corresponding quarter of FY18.
- Calls for Tomorrow :
- CALL: SELL PFC EQ BELOW 110 TARGETS 108.90/107.80/106.70 SL 111.10 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 SBIN EQ BELOW 303.50 TARGETS 300.50/297.40/294.40 SL 306.55 Description: Stock form consolidation near its immediate support and settled with bearish bias. Hence breakout is expected ahead.