Markets for the week settled with gains of 2% with formation of bullish piercing line pattern on candlestick on Nifty 50 Index while movement in Nifty Bank remained subdued with gains limited to 1%. With Nifty 50 regaining control above 22,300, the bullish momentum has been activated with immediate target seen at 23,500. The target of 23,500 is based on weekly re-testing of upper range of rising channel where prices are expected to consolidate in near future. Aggressive long positions in Nifty futures can be added at current levels with weekly target placed at 23,200.
Result Today – BHEL, PI Industries, Va Tech Wabag
Nifty 50 Chart
Stocks to watch
Positive Read through
- BEL – Reported healthy Q4, sales increased by 32 pct, EBIDTA rose 25 pct YoY.
- Tata Motors – Group raises its investment outlay for FY25 to Rs 430 bn for new products and technologies, with its British arm JLR.
- SAIL – Adjusted EBIDTA better than estimates at Rs. 19.54 bn, volumes down 3 pct YoY.
- City Union Bank – Operating profit declines but asset quality improves, NII jumped 6 pct YoY.
- Biocon – Biosimilar Aflibercept receives interchangeable status from US FDA
- Oil India – Announces 1-for-2 bonus issue, margin up 280 bps YoY.
- Updater – Muted topline, margin expands, IFM Sales up 7 pct YoY.
- Ujjivan SFB – Merger aids topline, asset quality deteriorates, NII grew 27 pct YoY.
- Kalpataru Projs – Contract value of 3 Aramco’s orders at Rs. 75.50 bn.
- Data Patterns – Sales slips 2 pct, margin rose sharply to 51.1 pct vs 39.7 pct YoY.
- Whirlpool – Sales rose 4 pct, EBIDTA inches up by 36 pct & margin up 200 bps YoY.
- IRFC – NII increased by 35 pct, profit increased by 34 pct YoY.
- Godrej Properties – Acquires 10 land parcels in FY24 to build projects worth Rs 210 bn.
- Cipla – Exelixis in settlement pact with Cipla for Cabometyx.
- Bharti Airtel – Announced repayment of remaining USD 550 mn bond achieving a zero-debt position at Holding Company Airtel Africa.
Negative Read through
- ONGC – Weak margin, realisations lower QoQ, margin down 610 bps QoQ.
- Lupin – US FDA issues 6 observations for Somerset manufacturing facility.
- India Cements – Volumes & realisations declined YoY, Posted loss at Rs. 290 mn.
- Talbros Engg – Sales down 3 pct, margin slips 20 bps to 10.5 pct YoY.
- Camlin Fine – Sales falls 6 pct, margin slips 700 bps to 3.3 pct YoY
- Thangamayil Jewellery – Profit down 9 pct, margin slips 250 bps to 4.9 pct YoY.
- Chemplast – Net loss at Rs 310 mn vs profit Rs 460 mn, sales at Rs 1.05 bn vs Rs 1.15 bn. YoY.
- Camlin Fine – Net loss at Rs 771 mn vs profit Rs 92 mn, sales at Rs 4.02 bn vs Rs 4.27 bn.
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