Equity Market Fundamental Updates & Report

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Equity Market Fundamental Updates & Report

Stock Market News and Analysis:

Equity benchmark witnessed a lackluster trading session, and traded range bound throughout the day with both Nifty and Bank Nifty index closing marginally in red. Nifty closed at 12053.95 and for coming session its key support is at 12000 while on higher side its resistance is at 12100.

Headlines for the day:

  • Reliance Capital Limited defaults on interest/principal obligation on Non Convertible Debentures due on December 13.
  • Ramco Systems share rose up on signing agreement with China Aircraft Services.
  • Mastek Limited extends gains on partial stake sale in Majesco.

Key stocks:

  • Pennar Industries today announced that it has been certified to the AS9100 Rev. D quality management standard for its Hyderabad Aerospace facility. Earlier this year, Pennar Industries forayed into engineering products for the aerospace industry by establishing a production facility in Hyderabad.
  • Cipla Limited informed the exchanges that the company has acquired the brand name and trademark rights for Vysov (Vildagliptin + Metformin) of the anti-diabetic drug, Vildagliptin for the Indian market.
  • PNB in a regulatory filing stated that the divergence in gross non-performing assets assessed by the RBI stood at Rs 2,617 crore in FY19. The divergence assessed by the RBI in net NPAs was also Rs 2,617 crore for the period.
  • Granules India Limited informed regarding the divestment of the entire stake of the company in Granules-Biocause Pharmaceutical Co. Limited, an overseas Joint Venture Company situated in China.
  • Adani Transmission Limited has received the Letter of Intent from Maharashtra State Electricity Transmission Company Limited to build, own, operate and maintain a transmission project in the state of Maharashtra for a period of 35 years. This will be first ever 400 kV substation facility in the city of Mumbai.
  • Reliance Industries Limited's wholly-owned subsidiary Reliance Strategic Business Ventures Limited, has acquired equity shares of Asteria Aerospace Private Limited for a cash consideration of Rs23.1 crore. The said investment represents 51.78% holding in the equity share capital of Asteria.
  • Sun Pharmaceutical Industries Limited informed that the US Food & Drug Administration conducted a Good Manufacturing Practices inspection of its Halol facility from December 03 to13, 2019. The agency issued a Form 483, with eight observations at the conclusion of the inspection.

 Calls for Tomorrow:

  • CALL: BUY BHARATFORG EQ ABOVE 473.50 TARGETS 478.25/483/487.75 SL 468.75 Description: Stock surged higher since couple of session and settled with bullishly bias near its immediate resistance. Hence rally is expected above the mentioned level.
  • CALL: SELL SUNTV EQ BELOW 449 TARGETS 444.50/440/435.50 SL 453.50 Description: Stock settled near its key support with bearishly bias on daily chart. Hence breakout is expected ahead.
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