Stock Market News and Analysis:
Benchmark indices ended lower for seventh straight day. Nifty broke the 11,300 level during intraday and touched a low of 11,255.05. Among sectors, infra, metal, Pharma, energy and bank ended in red, while some buying seen in the IT and FMCG. Nifty closed at 11301.80 and for coming session its key support is at 11250 while on higher side its resistance is at 11360.
Headlines for the day:
- Singapore arm of TVS Motor to invest Rs11.2 crore in Tagbox Solutions.
- L&T buys Mindtree Limited shares worth Rs368 crore.
- Bharat Financial completed its first direct assignment transaction worth Rs1,107.4 crore for FY20.
- Apollo Tyres share prices were 4% down after the company reported a fall of 66% yoy in PAT for Q4FY19 at Rs83.99 crore versus Rs250.1 crore in the same period a year ago. The company’s revenue for Q4FY19 grew 5% at Rs4,273 crore versus Rs4,033.6 crore in the same period a year ago. Further, the company’s EBITDA declined 18% yoy at Rs423 crore. Margin for the quarter stood at 9.8% versus 12.8% in the corresponding period last year.
- PNB Housing Finance share prices were trading 1% higher after a report suggested that the Competition Commission approved the acquisition of 6.5% by General Atlantic Group in PNB Housing Finance in an Rs925cr deal.
- Titan Company Limited share prices surged 1% after the company posted Q4FY19 numbers. The company revenue rose by 19% yoy and fall 16.7% qoq to Rs4,889 crore. EBITDA came in at Rs449 crore, up 3% yoy and down 24.1% qoq. EBITDA margin contracted by 143bps yoy and 89bps qoq to 9.17%. Company’s adjusted Net profit stood at Rs354cr, up 12.2% yoy and down 14.4% qoq. The company’s net profit came in-line with an expectation of RsRs365 crore.
- KEC International's consolidated revenue for Q4FY19 came in at Rs3,841.17 crore versus Rs3,662.37 crore in Q4FY18, higher by 4.9% yoy. However, PAT at Rs198.76 crore grew marginally by 1.2% yoy. The comapany's EBITDA for the quarter was up 7.8% yoy to Rs399.04 crore versus Rs370.01 crore in the corresponding quarter previous year. EBITDA margin expanded by 29bps yoy and stood at 10.4%. The PAT for the quarter came in at Rs198.76 crore, rose 1.2% yoy versus Rs196.31crore in Q4FY18.
- Asian Paints registered fourth-quarter earnings on May 9 that missed analysts estimates on weak operating income. Consolidated profit was lower by 1.7% year-on-year at Rs 487 crore in quarter ended March 2019.
- ABB India share prices declined around 3% intraday on May 9 after recording a 41.3% decline in Q1 net profit at Rs 116.2 croreversus Rs 197.9 crore in the quarter ended December 2018.
- Balrampur Chini Mills share prices surged more than 3% intraday as company's buyback offer is going to open on May 16. The company declared that its buyback offer to open May 16, 2019 and closes on May 29, 2019.
- Calls for Tomorrow :
- CALL: BUY LUPIN EQ ABOVE 870.80 TARGETS 879.55/888.25/896.95 SL 862.05 Description: Stock heading towards its immediate resistance and settled with bullish bias. Hence breakout is expected ahead.
- CALL: SELL JINDALSTEL EQ BELOW 160.65 TARGETS 159/157.40/155.80 SL 162.30 Description: Stock heading towards its key support on daily chart and settled with bearishly bias. Hence rally is expected below the mentioned level.