Markets activity on Wednesday remained subdued as Nifty struggled to cross hurdle of 24500 amidst selling pressure in financials as key indices settled lower in last hour of trade. Currently markets are watching closely developments in Iran-Isreal war and any escalation from Iran could have severe impact on India equity markets. The current setup clearly shows markets have moved to sell on rally with immediate target seen at 22500.
Nifty 50 Chart
Stocks to watch
Positive Read through
- Tata Power – Margin at 23.9 pct vs 19.6 pct YoY, EBITDA & profit beat street estimates.
- L&T – Posted earnings largely above estimates, guidance maintained.
- Yatharth Hospital – Acquires 60 pct stake in 400-bed hospital in Faridabad for Rs. 910 mn.
- Cipla – US FDA classified Goa facility as voluntary action indicated.
- GR Infra – Executes EPC agreement for a project worth Rs. 18.85 bn in Maharashtra.
- Jupiter Wagons – Acquires Log9’s Railway & Electric Truck Battery division.
- Deep Ind – NCLT approves resolution plant by unit to acquire dolphin shipping under CIRP.
- DCM Shriram – EBITDA jumped 58.8 pct, margin at 5.8 pct vs 4 pct YoY.
- Ashoka Build – Company & its arm viva highways to provide exit to investors from ACL.
- Sonata Software – Bag fortune 500 company contract for customer servicing across 16 markets.
- EPL – Blackstone mulls strategic review of its investments in company.
- Adani Power – Signs power supply agreement with MSEDCL.
Negative Read through
- TCI Express – Margin at 11.8 pct vs 15.8 pct, EBITDA declined 27 pct YoY.
- Dabur – Domestic volume declined more than estimates, targets flattish EBITDA margin in H2.
- Manappuram Fin – Asirvad Q2 profit tumbled 36.6 pct, asset quality deteriorates.
- Biocon – Q2 misses estimates, weak performance by generics & Syngene.
- Automotive Axles – EBITDA declined 23 pct, margin at 10.3 pct vs 11.3 pct YoY.
- PNC Infra – HC dismisses company’s petition against Morth 1-year ban.
- IRB Infra – EBITDA declined 3.5 pct, sales fell 9.1 pct YoY.
- JTL Ind – EBITDA dropped 21 pct, margin slipped 100 bps YoY.
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