Stocks picks of the day: 11,400-11,450 likely to act as key resistance for Nifty

Any decisive break below 11,300 could add further selling pressure in Nifty.

After a volatile trade session on July 23rd, Nifty indices ended the day in the negative zone for the fourth consecutive session and closed well below the 11,350 mark, dragged by banking, auto and pharma counters.

On the derivative front, 11,400 levels would be a crucial level from expiry point of view as call writers are still holding the open interest of nearly 35 lakh shares in 11,400 strikes.

However, any decisive break below 11,300 could add further selling pressure in Nifty. On the technical front, the 200-days exponential moving average is likely to act as crucial support for the index.

The overall breadth of the market is slightly bearish as of now and we expect that any technical bounce should be used to create fresh short positions.

On the technical front, on the upside, 11,400-11,450 would be key resistance for Nifty with the current trend moving towards 11,200-11,150 levels.

Here is a list of top three stocks which could give 7-13 percent return in the next three to four weeks:

Power Grid Corporation of India: Buy| Target: Rs 224| Stop Loss: Rs 199| Upside 7 percent

After witnessing a breakout above Rs 200, the stock has been consolidating in the range of Rs 200-210 from the last four weeks.

On the daily as well as weekly charts, the prices are trading well above its short and long term moving averages along with steady buying at lower levels.

This week we have observed a fresh breakout into the prices above Rs 210 levels after prolonged consolidation which could trigger follow-up buying in the stock.Traders can accumulate the stock in the range of Rs 208-211 for the upside target of Rs 224 levels, and a stop loss below Rs 199.

Garden Reach Shipbuilders & Engineers: Buy| Target: Rs 147| Stop Loss: Rs 120| Upside 13 percent

The stock has been trading consistently with the formation of higher top and higher bottom on the daily interval. However, from the last two months, some consolidation has been witnessed into the price in the broader range of Rs 115-120.The stock gave a fresh breakout this week above the consolidation zone along with larger volumes which are a positive sign. Traders can accumulate the stock in the range of Rs 130-132 for the upside target of Rs 147 levels, and a stop loss below Rs 120.

Thermax: Buy| Target: Rs 1222| Stop Loss: Rs 1,020| Upside 11 percent

After taking support at its 200-days exponential moving average (EMA) on the daily interval, the stock took a 'U' shape recovery and once again surpassed above Rs 1,100 levels.On the broader chart, the stock has also given a break above the ‘Cup & Handle’ pattern which is bullish in nature.

The momentum oscillators at the current juncture are pointing towards a short term consolidation. Traders can accumulate the stock in a range of Rs 1,100-1,105 levels for the upside target of Rs 1,222 levels, and a stop loss above Rs 1,020.

MORE WILL UPDATE SOON!!

Ashish Kacholia raises stake in 6 companies, keeps it constant in 13

If you are a risk-taker, then a sneak peek into his portfolio for the June quarter will reveal plenty of stocks that hold the potential to deliver good returns.

Ashish Kacholia, an expert at spotting hidden treasures in the small and mid-cap universe, increased stake in six companies during the June quarter and kept it constant in 13, as per the shareholding data as of July 22. He also reduced stake in three companies.

Six companies in which Kacholia increased stake are DFM Foods, KPIT Technologies, Majesco, Poly Medicure, Vaibhav Global and NIIT Ltd.

Stocks of four of the above-mentioned companies have given a positive return in 2019 so far. The other two, however, are down over 20 percent year-to-date.

If you are a risk-taker, then a sneak peek into his portfolio for the June quarter will reveal plenty of stocks that hold the potential to deliver good returns.

 Seven of the 22 companies in which Ashish Kacholia tweaked his stake in the April-June period. The table also lists 13 companies in which he kept his stake constant. The list is not exhaustive and includes only those companies in which Kacholia holds over 1 percent stake as of July 22.

  

Kacholia reduced stake in three companies in June quarter—CHD Developers, Beta Drugs and Pokarna.

Stock price of CHD Developer has fallen nearly 70 percent so far in 2019. The company is among the top builders in Delhi-NCR and Haryana.

In Beta Drugs and Pokarna, Kacholia either exited or reduced the stock below 1 percent in June quarter.

He kept his stake constant in 13 companies for the quarter ended June all of which have given negative return so far in 2019. They include Acrysil, Birlasoft, GHCL, Hikal, IFB Industries, Mirc Electronics, Mold-Tek Packaging, Nocil, Shaily Engineering, V2 Retail, GTPL, Mastek and Vishnu Chemicals.

MORE WILL UPDATE SOON!!

Gold dips on firmer dollar, profit-taking; focus on ECB outcome

The European Central Bank is meeting later in the day, followed by the U.S. Federal Reserve next Tuesday-Wednesday.

    

Gold prices eased on Thursday as the U.S. dollar hovered near multi-week highs, while some investors locked-in profits ahead of major central bank meetings this month.

The European Central Bank is meeting later in the day, followed by the U.S. Federal Reserve next Tuesday-Wednesday.

Spot gold was down 0.2% at $1,422.80 per ounce, as of 0303 GMT. U.S. gold futures were down 0.1% at $1,422.90.

From last three days, gold prices have been range-bound. Some money managers are starting to shut some positions to prepare for the Fed meeting, and also the ECB decision coming out today.

Before the key events happen, people like to take in some profits because nobody knows what is going to happen. Some might capitalise on volatility to push prices slightly lower and buy back after the dip. Overall, on the long-term we are still bullish on gold.

Weighing down gold prices, the U.S. dollar edged near a two-month high against a basket of major currencies on Thursday. A stronger dollar makes gold costlier for holders of other currencies.

Investor focus shifted to the ECB meeting due later in the day and a widely expected interest rate cut from the Fed next week, which are expected to dictate the tempo for currencies and bond yields in coming months.

Lower U.S. interest rates put pressure on the dollar and bond yields, increasing the appeal of non-yielding bullion.

Further boosting hopes of lower interest rates, a series of purchasing manager index (PMI) readings in the United States and Europe on Wednesday came in weaker than expected.

In the United States, data showed manufacturing activity slowed to a 10-year low in early July with production volumes and purchases falling.

Gold prices have climbed more than 12% or $150, since touching its 2019 low of $1,265.85 in early May, driven by dovish outlook from major central banks, signs of the U.S. economy losing steam and an escalation in tensions the Middle East.

"The gold rally will be vulnerable to the rhetoric of central banks, as their actions have for the most part been priced into the asset," Alfonso Esparza, a senior market analyst at OANDA, said in a note.

Meanwhile, holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, dropped 0.11% to 822.25 tonnes on Wednesday from Tuesday.

Spot gold remains neutral in a narrow range of $1,412-$1,427 per ounce, according to Reuters technical analyst Wang Tao.

Silver dropped 0.6% to $16.49 per ounce, after hitting over a one-year high of $16.64 in the previous session.

Platinum rose 0.3% to $878.21 an ounce, its highest since May 7, while palladium edged up 0.1% to $1,541.07, after touching a one-week high earlier in the session.

MORE WILL UPDATE SOON!!

RBI to cut rates again in August as doves prevail: Poll

If the RBI does cut rates next month, it will be the most aggressive amongst dovish central banks in Asia. The last time the RBI delivered so many back-to-back cuts was after the global financial crisis over a decade ago, when most major central banks went on a cutting spree to revive economic growth.

   

The Reserve Bank of India is set to cut interest rates in August for the fourth meeting in a row, according to a Reuters poll of economists, a majority of whom said risks to their already-modest growth forecasts were skewed more to the downside.

If the RBI does cut rates next month, it will be the most aggressive amongst dovish central banks in Asia. The last time the RBI delivered so many back-to-back cuts was after the global financial crisis over a decade ago, when most major central banks went on a cutting spree to revive economic growth.

Almost 80% of 66 economists in the July 17-24 poll expected the RBI to cut its benchmark repo rate by 25 basis points to 5.50% at the Aug. 7 meeting. Three respondents predicted a 50 basis points cut and the remaining 10 forecast policy on hold.

"It is baked in the cake. They are going to cut rates in August and again later, mainly due to low growth and weak inflation," said Gareth Leather, senior Asia economist at Capital Economics.

India's inflation has remained below the central bank's medium-term target of 4% for almost a year and is not expected to rise significantly above that until at least 2021.

The poll's findings support RBI Governor Shaktikanta Das' recent comments about the central bank's accommodative stance and suggests further easing.

Indeed, following next month's expected move, the next rate cut is seen in early 2020, after which the RBI is forecast to keep rates on hold at 5.25% through to end-2020.

Yet despite three interest rate cuts this year and expectations for more, India's growth outlook was downgraded in the latest poll compared to the previous quarterly economic survey in April.

Asia's third-largest economy expanded at 5.8% year-on-year in the January-March quarter, its slowest pace in five years and losing its title to China as the fastest-growing economy. India is now forecast to grow in the range of 6.3% to 7.2% each quarter through to end-March 2021.

The risks to the more modest growth forecasts for this fiscal year were skewed more to the downside, said a majority of economists who answered an additional question.

Annual growth forecasts were lowered to 6.8% for this fiscal year from 7.2% in the previous poll. That is a tad lower than the International Monetary Fund's latest growth projection of 7.0% for this year.

"India's economy continues to show weak growth momentum. We believe that while recovery is nascent, maturity is still a far way off," said Rini Sen, India economist at ANZ.

"The impact of easy liquidity and dovish monetary policy is gradually flowing through. In the absence of a substantial fiscal push, however, more is needed on the monetary side."

When asked whether the RBI should consider core inflation instead of retail inflation as the main measure for its monetary policy framework, a majority of economists said no, although nearly 30% of respondents said it should be.

"Core inflation is a better measure for underlying price pressures than the headline rate is. So, it should give a better indication of where the economy is in terms of the economic cycle..

"Food and fuel prices are very volatile and they don't say much about the demand on the ground."

MORE WILL UPDATE SOON!!

ICICI Prudential jumps 4% after June quarter results; Morgan Stanley maintains rating

The company's net premium income was up 14.2 percent at Rs 6,208.1 crore against Rs 5,437.8 crore.

 

Share price of ICICI Prudential Life Insurance Company gained 4 percent in the early trade on July 25 after its quarterly results.

The company's Q1FY20 net profit rose 1.2 percent to Rs 284.9 crore against Rs 281.6 crore in the same quarter last year.

The value of new business margin increased to 21 percent from 17 percent, while value of new business jumped 27 percent to Rs 309 crore versus Rs 244 crore, YoY.

The company's net premium income was up 14.2 percent at Rs 6,208.1 crore against Rs 5,437.8 crore.

Morgan Stanley has maintained overweight rating on the stock with a target price at Rs 450 per share.

The research house expects premium growth to recover through the year with help from favourable base and expect VNB growth to be sustained in 20-25 percent range over the next three years.

It sees strong growth in protection.

At 0928 hours, ICICI Prudential Life Insurance Company was quoting at Rs 391.50, up Rs 9.25, or 2.42 percent on the BSE.

MORE WILL UPDATE SOON!!

D-Street Buzz: Bank Nifty in green led by IndusInd Bank; Bharti Infratel jumps 3%, VIX falls

The top gainers from NSE include Cipla, Bharti Infratel, IndusInd Bank, Bajaj Auto and UltraTech Cement while the top losers are Coal India, Tata Motors, Indian Oil Corporation, Mahindra & Mahindra and JSW Steel.

 

After five days of continuous fall, the Indian stock market is trading in the green with Nifty up 52 points at 11,323 while the Sensex added 188 points and is trading at 38,035 level.

A 10:50 hrs, Nifty Pharma is the outperforming sector, up over a percent led by Cipla, Lupin, Divis Labs, Sun Pharma, Dr Reddy's Labs, Glenmark Pharma, Cadila Healthcare and Aurobindo Pharma.

Bank Nifty is also trading in the green, the top gainers are IndusInd Bank, HDFC Bank, IDFC First Bank and Axis Bank. However, PNB, RBL Bank and YES Bank are trading in the red.

From the FMCG space, the top gainers are United Breweries, Britannia Industries, Jubilant Foodworks, Tata Global Beverage, Hindustan Unilever and Marico.

Selective infra stocks are trading in the green led by Bharti Infratel, GMR Infra, Reliance Infra, Power Grid, Tata Communications and Bharti Airtel among others.

Nifty Metal is down half a percent dragged by NMDC, Tata Steel, Coal India, Jindal Steel & Power, Hindalco Industries and NALCO.

India VIX is down 4.70 percent and is trading at 12.16 levels.

The top gainers from NSE include Cipla, Bharti Infratel, IndusInd Bank, Bajaj Auto and UltraTech Cement while the top losers are Coal India, Tata Motors, Indian Oil Corporation, Mahindra & Mahindra and JSW Steel.

The most active stocks are Shriram Transport Finance, Bajaj Finance, HDFC Bank, Reliance Industries and YES Bank.

222 stocks have hit 52-week low on BSE including GE T&D India, Future Consumer, Duke Offshore, McLeod Russel, Lumax Auto Tech, Opto Circuits, Automotive Axle, Shoppers Stop, Tata Elxsi, Tata Sponge Iron, Reliance Naval, Titagarh Wagons, Andhra Cements, Bajaj Corp, M&M, Tata Steel and Force Motors among others.

885 stocks advanced and 727 declined while 484 remained unchanged on the NSE. On the BSE, 1059 stocks advanced, 856 declined and 100 remained unchanged.

MORE WILL UPDATE SOON!!

Market Live: Sensex off day's high, Nifty holds 11,300 ahead of F&O expiry

On the sectoral front, except IT and energy, all other sectoral indices are trading higher led by the pharma, FMCG, auto and infra.

Canara Bank slips 4%: Shares of Canara Bank shed 4 percent on July 25 as research house Morgan Stanley remained underweight on stock with a target of Rs 220 per share.

The company reported a 17 percent year-on-year growth in June quarter profit on lower provisions, with improvement in asset quality on sequentially.

Nucleus Software announces the launch of the latest version of its transaction banking solution FinnAxia 6.5

Rupee trades flat: The Indian rupee is trading flat at 68.99 per dollar on Thursday versus previous close 68.98.

Sensex off day's high:

Benchmark indices were off their day's high on profit booking at higher levels which indicated that due to weak market sentiment, traders might have used 'sell on rise' strategy.

The BSE Sensex was up 178.29 points at 38,025.94 and the Nifty50 gained 50.20 points at 11,321.50.

MORE WILL UPDATE SOON!!

Asian Paints, Dabur among 5 stocks that can return 10-16% in August series

The market has good support at 11,340-11,300 levels. But, the index needs to clear immediate resistance of 11,400-11,420 for the bounce back.

 

Nifty failed to hold on to its gains after a late surge as the market turned volatile towards the close of the session on July 23. Nifty finally settled at 11,331 marginally lower by 0.13 percent.

The broader market indices i.e. the BSE Midcap lost 0.56 percent while the BSE Smallcap was up by 0.38 percent for the day. For the last couple of days, the index is hovering around rising support trend line connecting lows of 10,005 and 10,586 which comes around 11,340.

The market has good support at 11,340-11,300 levels. But, the index needs to clear immediate resistance of 11,400-11,420 for the bounce back to be seen towards 11,500 and then possibly 11,600 levels.

A break below 11,300 could extend the decline towards 11,100-11,000 where the next support is seen.

Here are top five stocks that could give 10-16 percent return in August series:

Power Grid Corporation: Buy| LTP: Rs 210| Stop loss: Rs 199| Target: Rs 245| Upside: 16 percent

The stock touched an all-time high of Rs 226 in July'17 and then corrected down towards Rs 172. It has consolidated between Rs 205 and Rs 172 for the last one year with above-average volumes that suggests accumulation at lower levels.

The lows of the consolidation were formed at the 200-week moving average that indicates a value area for the stock. In late June, the stock witnessed a breakout from the consolidation range with strong momentum and volumes.

It crossed the falling resistance trend line of the correction connecting highs of Rs 226 and Rs 216. For the last four weeks, the stock has been consolidating in the range of Rs 211 and Rs 200 above the breakout level and closed at a high of the range.

The Relative Strength Index (RSI) and Stochastic have given a positive crossover with their respective averages on the daily chart suggesting that it is likely to resume its uptrend.

Thus, the stock can be bought at current levels and on dips towards Rs 207, with a stop loss below Rs 199 and a target of Rs 245.

Asian Paints Ltd: Buy| LTP: Rs 1,429| Stop loss: Rs 1,370| Target: Rs 1,600| Upside: 12 percent

The stock is in an uptrend forming higher tops and higher bottoms on the weekly charts. It is trending higher in a rising channel on the weekly chart.

The stock formed a double bottom pattern with lows at Rs 1,300 odd levels. It witnessed a strong momentum from lower levels. The stock took support near the recent low formed around 100-week moving average.

The price has also given a breakout on the upside from Bollinger Band with the expansion of bands indicating a continuation of the trend in the direction of the breakout on the daily chart.

The Relative strength index and Stochastic have given a positive crossover with their respective averages on the weekly chart. Thus, the stock can be bought at current levels and on dips towards Rs 1,405 with a stop loss below Rs 1,370 and a target of Rs 1,600.

HDFC Life Insurance: Buy| LTP: Rs 508| Stop loss: Rs 480| Target: Rs 580| Upside: 14 percent

The stock witnessed consolidation between Rs 420 and Rs 345 to form a base. In late May, it witnessed a breakout. Since then, it has been in an uptrend forming higher tops and higher bottoms.

The stock has seen good volumes since its February low of Rs 345 indicating continuous buying momentum during its up move. Looking at the broader structure, the stock is forming a bottoming pattern on the weekly chart and will see a fresh breakout above Rs 548.

The Average Directional Index (ADX) line, an indicator of uptrend strength has moved above the equilibrium level of 20 with rising Plus Directional line above the neutral level on the weekly chart.

Thus, stock can be bought at current levels and on dips towards Rs 500 with a stop loss below Rs 480, and a target of Rs 580.

Dabur India Ltd: Buy| LTP: Rs 424| Stop loss: Rs 405| Target: Rs 480| Upside: 13 percent

After hitting an all-time high of Rs 490 in August last year, the stock declined towards Rs 360. It has seen a bounce back from the strong support level of Rs 360 where multiple lows and previous highs are seen. Thus, indicating as value area for stock.

The price has moved above the long-term 200-day moving average with strong momentum and volumes. It is trading at an almost four-month high.

ADX line has moved above the equilibrium level of 20 with Plus Directional line above the neutral level on the daily chart.

Thus, the stock can be bought at current levels and on dips towards Rs 418 with a stop loss below Rs 405 and a target of Rs 480.

Apollo Tyres Ltd: Sell| LTP: Rs 168| Stop loss: Rs 174| Target: Rs 150| Downside: 10 percent

The stock is in a downtrend forming lower tops and lower bottoms on daily and weekly charts. The stock has broken the key support level of Rs 172 and closed below it.

It has formed long bearish candle with high volumes indicating selling pressure and suggesting a continuation of the downtrend.

The price has given a breakout on the downside from the Bollinger Band, and with an expansion of bands indicates a continuation of the trend in the direction of breakout on the daily chart.

ADX line has moved above the equilibrium level of 20 rising Minus Directional line above the neutral level on the weekly chart.

Thus, stock can be sold at current levels and on rise to Rs 170 with a stop loss above 174, and a target of 150.

MORE WILL UPDATE SOON!!

Dolly Khanna trims stake in 11 cos in Q1 as small and midcaps continue to tumble

Most stocks in their portfolio have given negative returns so far in 2019, which has led the duo to reduce holdings or book profits in stocks where valuations were high.

Chennai-based Dolly and Rajiv Khanna, famous for picking quality mid and smallcap stocks, cut their stake in 11 companies in the June quarter, according to shareholding data as of July 22.

Most stocks in their portfolio (primarily mid and smallcaps) have given negative returns so far in 2019, which has led the duo to reduce holdings.

There are six companies in which the duo reduced stake in June quarter but kept it above 1 percent. They are IFB Agro Industries, Nocil, Muthoot Capital, Rain Industries, Nilkamal and Radico Khaitan.

For the last 18 months, the broader market has been under pressure. The small and midcap indices are still trading significantly lower than their life highs. No surprise that the stocks of all the six companies in which the duo cut stakes have given negative returns, falling 20-50 percent.

Table: Six stocks in which Dolly and Rajiv Khanna cut stakes in April-June period but kept it above 1 percent. Please note that this is not the exhaustive list of companies in which the duo hold stakes, but an indicative list of companies in which they have more than 1 percent stake. They have also cut stake in another five companies, bringing it to below 1 percent. 

 

In five companies, the duo either exited or brought their stake below 1 percent. They are Butterfly Gandhimathi Appliances, JK Paper, RSWM, Ruchira Papers and Som Distilleries & Breweries.

Small and midcaps have been largely weighed down by corporate governance issues, absence of earnings growth, and persistent selling by institutional investors as fears of growth slowdown looms.

IFB Agro, Nocil, and Muthoot Capital in which the duo decreased their stake has fallen over 40 percent so far in 2019. Other stocks such as Rain Industries, Nilkamal, and Radico Khaitan fell 20-30 percent in the same period.

Rajiv Khanna started investing in equities in 1996 with an initial investment of Rs 1 crore. His portfolio is now worth over Rs 700 crore, according to some reports.

MORE WILL UPDATE SOON!!

HDFC Life climbs 5% to hit 52-week high after Q1 show; brokerages raise target

Global brokerage house Citi upgraded its rating on HDFC Life to buy from sell and also raised target price to Rs 600 from Rs 390, as value of new business (VNB) delivery was much ahead of expectations in Q1.

   

Shares of HDFC Life Insurance Company rallied nearly 5 percent intraday to hit 52-week high of Rs 532.90 on July 24. Global brokerage houses raised price target sharply after stellar earnings performance in Q1.

At 0925 hours IST, the stock was quoting at Rs 526.50, up Rs 17.90, or 3.52 percent on the BSE.

HDFC Life reported 11.7 percent year-on-year growth in profit at Rs 424.62 crore, driven by growth in new business premiums.

New business margins jumped to 29.8 percent in Q1FY20, compared to 24.2 percent a year ago. The 13th-month persistency also rose to 88.8 percent in Q1FY20 from 85 percent in the year-ago period.

Global brokerage house Citi upgraded its rating on HDFC Life to buy from sell and also raised target price to Rs 600 from Rs 390, as value of new business (VNB) delivery was much ahead of expectations in Q1.

Stock can still do well on the back of VNB CAGR Of 39 percent over FY19-21, the investment firm said, adding HDFC Life expects product mix to get more balanced with growth in par & ULIP improving.

Company's individual annualised premium equivalent (APE) increased 64 percent YoY and new business premium jumped 47 percent in the June quarter.

There was a stark change in HDFC Life's product mix in the June quarter. Unit-linked products mix dropped to 26 percent of individual APE in Q1 compared to 54 percent a year ago. On the other hand, the share of non-par savings rose to 63 percent in Q1FY20 from 11 percent in Q1FY19.

"We have recorded stellar topline growth, with strong traction witnessed across savings, protection and retirement solutions whilst maintaining our focus on profitability. Our diversified distribution mix coupled with product innovation has helped us address niche customer segments and emerging profit pools.

The company has stepped up efforts within the protection and retirement space, which she expects would fuel growth across market cycles, he added.

Another global research firm CLSA also maintained buy call on the stock and upped target price to Rs 610 from Rs 490 per share earlier as it sees margin of 27 percent and return on embedded value (RoEV) of 20 percent over FY19-22.

HDFC Life's operating return on embedded value (EV) stood at 19.9 percent in Q1 compared to 18.4 percent a year ago. Operating Return on EV is the ratio of EVOP (Embedded Value Operating Profit) for any given period to the EV at the beginning of that period.

MORE WILL UPDATE SOON!!

Stocks in the news: L&T, HUL, Zee Entertainment, Torrent Pharma, MCX, Praj Ind, Strides Pharma

Zee Entertainment | Torrent Pharma | MCX | Praj Industries | JK Paper | M&M Financial and Everest Industries are stocks which are in the news today.

Here are stocks that are in the news today:

Results on July 24: Asian Paints, Canara Bank, Bharti Infratel, GE T&D India, Sagar Cements, Orient Bell, Liberty Shoes, Quess Corp, Monnet Ispat & Energy, MPS, Security and Intelligence Services, NELCO, Kewal Kiran Clothing, ICICI Prudential Life, Monsanto India, Sharda Cropchem, V-Guard Industries, Syngene International, KSB, Reliance Nippon Life Asset Management, Oberoi Realty, IDFC First Bank, Tube Investments of India, Newgen Software Technologies, Jubilant Foodworks, Rane (Madras), Intellect Design Arena, Umang Dairies, Syndicate Bank, Karur Vysya Bank, Crompton Greaves Consumer Electricals, Shriram Transport Finance Company, Cigniti Technologies, PI Industries, Tejas Networks, Maharashtra Scooters

L&T Q1: Profit grows 21.2 percent to Rs 1,473 crore versus Rs 1,215 crore, revenue increases 9.7 percent to Rs 29,636 crore versus Rs 27,004.8 crore YoY. Company retained FY20 order inflow growth forecast at 10-12 percent and sales growth guidance at 12-15 percent.

HUL Q1: Profit rises 14.2 percent to Rs 1,755 crore versus Rs 1,529 crore, revenue grows 6.6 percent to Rs 10,114 crore versus Rs 9,487 crore YoY.

Zee Entertainment Q1: Consolidated profit jumps 62.6 percent to Rs 530 crore versus Rs 326 crore, revenue rises 13.3 percent to Rs 2,008 crore versus Rs 1,772 crore YoY.

M&M Financial Q1: Profit at Rs 108.5 crore; disbursements grows 2.5 percent YoY to Rs 10,598 crore. AUM growth at 21.6 percent YoY. Gross NPA rises to 7.4 percent versus 5.9 percent QoQ.

Torrent Pharma Q1: Profit surges to Rs 223 crore versus Rs 122 crore, revenue increases to Rs 1,603 crore versus Rs 1,452 crore YoY.

Praj Industries Q1: Profit jumps to Rs 8.8 crore versus Rs 3.5 crore, revenue rises 10.4 percent to Rs 211.6 crore versus Rs 191.6 crore YoY.

Everest Industries Q1: Profit falls 16 percent to Rs 24.6 crore versus Rs 29.3 crore, revenue rises 3.2 percent to Rs 432.2 crore versus Rs 418.9 crore YoY.

Asian Hotels (North) Q1: Loss at Rs 13.99 crore versus loss Rs 19.67 crore; revenue falls to Rs 56.12 crore versus Rs 57.40 crore YoY.

JK Paper Q1: Consolidated profit jumps to Rs 127.11 crore versus Rs 95.19 crore, revenue falls to Rs 713.06 crore versus Rs 795.01 crore YoY.

Oriental Hotels Q1: Consolidated loss at Rs 7.55 crore versus Rs 3.83 crore, revenue dips to Rs 66.55 crore versus Rs 81.52 crore YoY.

Bharat Seats Q1: Profit falls to Rs 3.8 crore versus Rs 7.12 crore, revenue dips to Rs 170.3 crore versus Rs 238.84 crore YoY.

CRISIL Q1: Consolidated profit falls to Rs 66.85 crore versus Rs 77.13 crore, revenue declines to Rs 415.76 crore versus Rs 436 crore YoY.

Schaeffler India Q1: Profit dips to Rs 82.48 crore versus Rs 111.4 crore, revenue rises to Rs 1,116.7 crore versus Rs 1,100 crore YoY.

NIIT Technologies Q1: Consolidated profit falls to Rs 87.6 crore versus Rs 105.5 crore, revenue declines to Rs 962.7 crore versus Rs 972.2 crore QoQ.

Sundaram Clayton Q1: Consolidated profit declines to Rs 89.30 crore versus Rs 96.89 crore, revenue rises to Rs 5,307 crore versus Rs 4,968 crore YoY.

GE Power India Q1: Consolidated loss at Rs 8.76 crore versus profit at Rs 2.37 crore, revenue falls to Rs 428.66 crore versus Rs 443.12 crore YoY.

Bayer CropScience Q1: Profit falls to Rs 59.3 crore versus Rs 147.2 crore; revenue dips to Rs 663.6 crore versus Rs 831.8 crore YoY.

Linde India June Quarter: Profit jumps to Rs 20.16 crore versus Rs 5.25 crore, revenue falls to Rs 498.2 crore versus Rs 549.6 crore YoY.

Reliance Infrastructure, Reliance Capital: NSE to remove both stocks from F&O segment with effect from September 27, 2019.

Strides Pharma Science: Formulations facility (KRSG Gardens) in Bangalore which was inspected by the USFDA in May 2019, has received the Establishment Inspection Report (EIR), thereby confirming the successful closure of the inspections.

Deccan Healthcare: Board unanimously decided to expand the company's business with strategic partners through subsidiaries in different geographies, both domestic and international.

MCX: SEBI granted renewal of recognition to Multi Commodity Exchange Clearing Corporation Limited (MCXCCL), a wholly owned subsidiary of MCX, for a period of three years, to act as a clearing corporation.

Mishra Dhatu Nigam: Company supplied special ultra high strength steel & titanium alloys to Chandrayaan-2.

India Ratings and Research affirmed IDBI Bank's Long-Term Issuer Rating at IND A and Short-Term Issuer Rating at IND A1. Rating outlook has been changed from "Rating Watch Negative" to "Negative".

TV Today Network: National Company Law Tribunal sanctioned the composite scheme of arrangement & amalgamation between Mail Today Newspapers Private Limited, India Today Online Private Limited and TV Today Network.

Bulk deals

MORE WILL UPDATE SOON!!

D-Street Buzz: Nifty PSU Bank falls 3% dragged by PNB; Kotak Bank rises, VIX spikes

870 stocks advanced and 871 declined while 357 remained unchanged on the NSE. On the BSE, 1139 stocks advanced, 1234 declined and 171 remained unchanged.

 

The Indian stock market is trading in the red with Nifty down 31 points at 11,314 while the Sensex is down 95 points and is trading at 37,935 level.

Nifty PSU Bank is down over 3 percent dragged by Punjab National Bank, Bank of Baroda, State Bank of India, Union Bank of India, Central Bank of India, Oriental Bank of Commerce and Bank of India among others.

Midcap index shed over a percent, the top losers are Shriram Transport Finance, Motilal Oswal, M&M Financial Services, GRUH Finance, Union Bank of India and Cholamandalam Investment.

The top smallcap losers are Mastek, Kellton Tech, Talwalkars Healthclubs, SVP Global and V2 Retail among others.

India VIX spiked 4.23 percent and is trading at 13.56 levels.

The top gainers from NSE include Kotak Mahindra Bank, Hero Moto, Power Grid, ITC and Asian Paints while the top losers are State Bank of India, HDFC, Indiabulls Housing, Dr Reddy's Labs and Adani Ports.

The most active stocks are YES Bank, HDFC Bank, Kotak Mahindra Bank, Reliance Industries and HDFC.

420 stocks have hit 52-week low on BSE including Duke Offshore, Ruchi Soya, Cox & Kings, Andhra Cements, Eros Media, Prime Focus, Ballarpur Industries, Burnpur Cement, Capital Trust, Apollo Tyres, M&M Financial and Castex Technologies among others.

870 stocks advanced and 871 declined while 357 remained unchanged on the NSE. On the BSE, 1139 stocks advanced, 1234 declined and 171 remained unchanged

MORE WILL UPDATE SOON!!

L&T Q1: Global brokerages maintain rating; Nomura cuts target price

Brokerage firms are of the view that the results are a mixed bag, but the stock is a good proxy to play the domestic growth story.

 

Morgan Stanley and CLSA maintained their rating on L&T while Nomura slashed target price after the Engineering & infrastructure major reported a 21.2 percent growth in June quarter consolidated profit at Rs 1,473 crore year-on-year.

Profit in the corresponding quarter last fiscal was at Rs 1,129 crore. Profit from continuing operations increased 20.5 percent YoY to Rs 1,361 crore.

Larsen & Toubro in its BSE filing said its consolidated revenue was at Rs 29,636 crore from continuing operations, growing 10 percent year-on-year on good execution progress.

Brokerage firms are of the view that the results are a mixed bag, but the stock is a good proxy to play the domestic growth story.

Nomura maintained its buy call on L&T but slashed its target price to Rs 1,725 from Rs 1,745 earlier.

Growth guidance has been retained as prospects remain robust, which is a good sign. On the other hand, the core margin still remains flattish, but Nomura expects a revival in H2FY20.

The global investment bank slashed earnings per share (EPS) estimates by 7-9 percent.

The company retained its full-year order inflow growth guidance at 10-12 percent and sales growth forecast at 12-15 percent. The company won new orders worth Rs 38,700 crores at the group level during the quarter ended June 2019 registering a growth of 11 percent, which included international orders of Rs 9,005 crore.

CLSA maintained its buy rating on L&T with a target of Rs 1,730 as inflows came as a surprise in a tough macro environment.

Although the results were a mixed bag, the company surprised on new orders, but on the other hand, execution slowed. Weak infrastructure margin is transient in nature, feel CLSA.

A positive surprise in the quarter gone by came from large order wins in power, infra and hydrocarbon. L&T is a good proxy for domestic capex. It has a credible strategy to improve both growth and return on equity (ROE).

Morgan Stanley maintained its overweight call on L&T with a target price of Rs 1,786. The infrastructure major reported decent numbers in a challenging quarter which is a positive sign.

The order book, as well as the balance sh eet, remain strong. The stock has corrected about 13 percent in the last three weeks, providing a good opportunity to buy, Morgan Stanley said.

MORE WILL UPDATE SOON!!