Stock Market News and Analysis:
Benchmark Indices witnessed volatile swings but managed to ended on a positive note. Among sectors, barring metal, all other sectoral indices ended in green led by IT, PSU bank, Pharma, auto and infra. Nifty closed at 11877.45 and for coming session its key support is at 11800 while on higher side its resistance is at 11950.
Headlines for the day:
- HDFC stated that that it has been allotted 9.9% stake in Bandhan Bank post the merger of Gruh Finance and Bandhan Bank.
- Future Retail Limited stated that promoters have 47% stake in the company, out of which 73.95% of the promoter shareholding is encumbered.
- JK Tyre surged 11% as Profit after Tax more than triples over previous year in Q2.
- Yes Bank Limited shares surged higher after the bank informed that it has received strong interest from multiple foreign as well as domestic private equity and strategic investors for the capital raise and remains firmly on course to raising growth capital subject to necessary approvals.
- Cadila Healthcare has informed that the company's formulations manufacturing facility located at Baddi, India has received an Establishment Inspection Report. The US Food & Drug Administration had conducted an inspection at the facility from July 15, 2019 to July 19, 2019. The EIR report said that the classification of the facility is No Action Indicated (NAI).
- Reliance Industries Limited subsidiary, Reliance Brands Limited has increased its equity shareholding in Future101 Design Private Limited (Future101) by 2.5% for a consideration of Rs2cr.
- TVS Motor announced their partnership with Cadisa, one of the largest, respected business groups across Guatemala and El Salvador. Headquartered in India, TVS Motor Company is the flagship company of the $8.5 billion TVS Group with exports to over 60 countries.
- ICICI Lombard has entered into a strategic tie up with Karur Vysya Bank. The association will provide the bank’s customers access to the insurer’s portfolio and make insurance more accessible to its customers across India.
- Quess Corp Limited announced its financial results for Q2FY20. Revenue increased by 26.7% to Rs2,650.3 crore. Net profit declined by 2% to Rs60.6 crore. EBITDA rose 44.1% to Rs161.4 crore. Margin stood at 6.1% vs. 5.4%.
- Adani Transmission Limited has received the Letter of Intent from REC Transmission Projects Company Limited (RECTPCL) to build, own, operate and maintain a transmission project in the state of Gujarat for a period of 35 years.
Calls for Tomorrow:
- CALL: BUY LUPIN EQ ABOVE 749.50 TARGETS 757 /764.50/772 SL 742. Description: Stock form V-shape patter on chart and settled with bullishly bias near its immediate resistance trend line. Hence rally is expected above the mentioned level.
- CALL: BUY RECLTD EQ ABOVE 140.50 TARGETS 141.95/143.35/144.75 SL 139.10. Description: Stock form consolidation on intraday chart and settled with bullishly bias near its immediate resistance. Hence breakout is expected ahead.