Markets on Tuesday ended with modest gains after initial hour of losses with major contribution coming from metal sector which was up 4% helping Nifty to close above 22,500. At the current juncture, markets are already geared for a 4-6% of quick upswing and we expect major short covering to emerge on surpassing of 22,600. Financial sector which holds 32% weight in Nifty index is expected to act as a catalyst for the next leg of up move.
Result Today – Grasim, Power Grid, Sun pharma, Paytm, GRSE.
Nifty 50 Chart
Stocks to watch
Positive Read through
- BHEL – Management sees 12-15 pct sales CAGR in medium term, order book at decadal high.
- Coforge – To raise up to Rs. 22.40 bn via QIP to fund Cigniti Tech acquisition.
- Metropolis – Sales, margin above estimates, Ameera Shah to step down as MD.
- Hitachi – EBIDTA jumped 91 pct, margin at 10.7 pct vs 7.1 pct YoY.
- Ircon – Core EBIDTA rose 11.6 pct, margin at 8.4 pct vs 7.4 pct YoY.
- JK Tyres – margin up 280 bps, EBIDTA jumped 28 pct YoY.
- VA Tech Wabag – margin at 12.4 vs 11.7 pct, EBIDTA rises 6.5 pct YoY.
- Dollar Ind – margin up 609 bps, sales rises 23 pct YoY.
- Yes Bank – Receives Rs. 1.90 bn from a single trust in the security receipts portfolio.
- GR Infra – Emerges as the lowest bidder for two projects worth Rs. 43.46 bn.
- PNC Infra – Declared lowest bidder for 2 EPC road projects worth Rs. 49.94 bn.
- HG Infra – Declared lowest bidder for projects worth Rs. 41.42 bn.
- Godawari Power – EBIDTA grew 19.3 pct, sales rose 16.2 pct YoY.
- Sheela Foam – EBIDTA rose 2.8 pct, net profit jumped 49.5 pct YoY.
- Lupin – Arm settles with health care service in Glumetza case, to pay USD 9 mn.
- TVS Motors – Company launches TVS iQube electric scooter in Sri Lanka.
Negative Read through
- Apollo Tyres – Warburg Pincus’ arm to sell 3.5 pct stake via block, floor price Rs. 463/sh.
- USL – Gets notice to pay water charge arrears of Rs. 3.45 bn from Maha Water Department.
- Eris Life – margin at 27 pct vs 29.5 pct, net profit grew 8.4 pct YoY.
- PI Industries – EBIDTA declined by 22 pct, profit declines 18 pct YoY.
- Galaxy Surfactants – margin at 10.9 pct vs 13.7 pct, EBIDTA declines 24.4 pct YoY.
- Mah Seamless – EBIDTA declined 14 pct, sales declined 26 pct YoY.
- GSFC – Sales down YoY at Rs. 20.17 bn vs Rs. 24.11 bn, profit at Rs. 0.24 bn vs Rs. 2.44 bn YoY.
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