Fundamental Updates on Equity Market


Fundamental Updates on Equity Market

Stock Market News and Analysis:

Benchmark Indices surge to 4-month highs as sources indicated that the government is reviewing equity-related tax rate rationalization. Nifty closed at 11786.85 and for coming session its key support is at 11700 while on higher side its resistance is at 11850.

Headlines for the day:

  • Tata Power’s JV acquired gas-based power plant and diesel generating station at Kalinganagar from Tata Steel Ltd.
  • Bharti Airtel share prices declined 3% after company defers Q2 result till Nov. 14.
  • Reliance Industries to form a wholly-owned subsidiary for digital platform initiatives and to invest Rs1.08 lakh crore through OCPS to form a subsidiary for the digital platform.

Key stocks:

  • Mahindra and Mahindra Limited share prices surged 4 percent intraday on October 29 after substantially higher deliveries on Dhanteras this year, compared to deliveries on the festive day last year.
  • Board of Aurobindo Pharma Limited to consider and approve amalgamation of some of the wholly-owned subsidiaries of the company and meeting of unsecured creditors to be held on November 30.
  • Tata Motors Limited share prices surged 15% intraday on October 29 after strong operating performance in Q2FY20, which lifted mood of the entire auto sector.
  • Adani Enterprises Limited hit its 52-week high on October 29 after the company partnered with US-based digital realty company to build India’s data centre infrastructure.
  • Marico share pricesdeclined over 7% after its Q2 consolidated net profit declined 20% on a qoq basis. The company reported a 17% yoy rise in its Q2FY20 consolidated net profit at Rs253cr against a PAT of Rs216cr yoy, however, the PAT declined 20% qoq from Rs315 crore in Q1FY20.
  • Dr Reddys Laboratories share prices recovered after falling in early trade. The company informed the exchanges on October 26 that its API plant at Srikakulam, Andhra Pradesh was inspected by the US Food & Drug Admnistration..
  • Tata Motors Limited share prices surged. The auto major posted a consolidated net loss of Rs227.6 crore in Q2FY20 over a consolidated net loss of Rs873.27 crore in Q2FY19. The consolidated net sales fell 9.2% to Rs64,763.39 crore in Q2FY20.

 Calls for Tomorrow:

  • CALL: BUY COALINDIA EQ ABOVE 211.70 TARGETS 213.85/215.95/218.05 SL 209.55. Description: Stock settled with bullishly bias near its immediate resistance on daily chart. Hence breakout is expected ahead.
  • CALL: BUY DMART EQ ABOVE 1965 TARGETS 1984.65/2004.30/2023.95 SL 1945.35. Description: Stock form consolidation near its 52 week high and settled with bullishly bias. Hence rally is expected above the mentioned level.
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