Markets formed bullish belt hold line pattern on Thursday on candlestick after Nifty opened lower but managed to end almost at day’s high with gains of around 1% while broader market ended in the negative terrain. A move above 24,700 in Nifty has led to activation of range breakout with immediate upside target seen at 25,300. On the downside, support is seen at 24,500 which should be seen as a major reversal for the current breakout.
Results Today – Wipro, BPCL, Indian Hotels, Reliance, UltraTech Cement
Nifty 50 Chart
Stocks to watch
Positive Read through
- Infosys – Posted earnings above estimates, FY25 CC sales growth guidance raised to 3-4 pct.
- DRL – Non-exclusive patent licensing agreement with Takeda for gastro drug Vonoprazan.
- Persistent Sys – Reported CC sales growth above estimates at 5.6 pct, TVC rose 3 pct QoQ.
- HAL – Signs amendment to MoU with Aeronautical Development Agency for Rs. 29.70 bn order.
- Havells – Q1 earnings mixed, ‘Lloyd is now on a stronger growth path than before’.
- Dixon Tech – Gets CCI nod to acquire majority stake (56 pct) in Ismartu India.
- Dalmia Bharat – Posted Q1 above estimates, volumes up 5.7 pct YoY.
- Tanla – Maintains sales above Rs. 10 bn, up 10 pct, margin improves QoQ.
- Godrej Group – Realignment pursuant to family settlement agreement has been completed.
- South Indian Bank – Q1 NII grew 7 pct, profit rose by 54.3 pct YoY.
- Sagar Cem – Consolidated EBITDA up 52 pct, margin at 8.4 pct vs 5.7 pct YoY.
- Voda Idea – Allots 4.15 mn shares of Rs 6.15 bn to vendors, Nokia, Ericsson on preferential basis.
- GPT Infra – Bags order worth Rs. 1.03 bn from NHAI.
- JTL Ind – QIP opens, may raise up to Rs. 3 bn, indicative price seen at Rs. 211/sh.
- Kewal Kiran – Acquires 50 pct stake in Kraus casuals for Rs. 1.67 bn.
- Sona BLW – To consider fund raise via preference issue, QIP in July 24 meet.
Negative Read through
- L&T Tech – Missed sales & margin fronts, CC sales fell 3.1 pct QoQ.
- Zydus Life – USFDA classifies Jarod, Gujrat injectables manufacturing unit as official action indicated.
- JSW Infra – EBITDA down 6 pct, margin at 50.2 pct vs 61.3 pct YoY.
- Tata Tech – Q1 USD sales slipped 2.9 pct, EBITDA margin at 18.2 pct vs 18.4 pct QoQ.
- Ceat – Posted mixed Q1, margin falls for 3rd straight quarter, at multi- quarter low of 12 pct.
- Shoppers Stop – EBITDA down 17 pct, margin at 13.4 pct vs 17.3 pct YoY.
- Rallis India – EBITDA tumbled 13 pct, margin at 12.3 pct vs 14.1 pct YoY.
- CIE Auto – EBITDA down 3 pct, margin at 15.7 pct vs 16 pct YoY.
- Gopal Snacks – EBITDA fell 16 pct, margin at 11.5 pct vs 15.3 pct YoY.
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