Stock Market News and Analysis:
Equity benchmark witnessed a marginal hint of selling pressure led by a profit booking seen in major large cap stocks. Nifty settled at 12137.95, up by 48.80 points and for coming session its key support is at 12000 while on higher side its resistance is at 12160.
Headlines for the day:
• Bata India Q3 profit grew 13.6% to Rs117.2 crore, revenue increases 6.5% to Rs829.6 crore yoy.
• Aurobindo Pharma Q3 profit fell 1% to Rs705.3 crore, revenue rises 11.9% to Rs5,895 crore yoy.
• Wipro Limited secured multi-year strategic IT deal from Marelli..
• INOX Leisure Ltd announced results for the third quarter ending December 31, 2019. For Q3FY20, total revenues came in at Rs518cr, reporting an impressive 19% growth, yoy. At Rs108cr, EBITDA delivered a 25% growth and PAT stood at an impressive Rs51cr with a stupendous 40% growth.
• India Cements share prices declined after reporting a net loss of Rs8.79cr for the third quarter ended December 31, 2019. The revenue from operations was also down by 7.90% to Rs1,244.28cr in Q3FY20 as against Rs1,351.15cr in the year-ago period.
• Voltas Limited reported higher Profit After Tax by 13% at Rs88 crore in Q3FY20 as compared to Rs78 crore in the corresponding quarter last year. The consolidated total income for the quarter ended December 31, 2019, was flat at Rs1,547 crore at par with the corresponding quarter last year.
• Dr. Reddy's Laboratories Ltd. announced the launch of Trientine Hydrochloride Capsules USP, 250 mg, a therapeutically equivalent generic version of Syprine (trientine hydrochloride) Capsules, approved by the USFDA.
• State Bank of India has announced the cut in its MCLR by 5 bps across all tenors. The one-year MCLR comes down to 7.85% p.a from 7.90% p.a. with effect from February 10, 2020. This is the ninth consecutive cut in MCLR in FY2019-20.
• Hero MotoCorp Ltd reported its financial performance for the third quarter (October-December 2019) of the financial year 2020. The Company's revenue from operations for the quarter stood at Rs6,997 crore as in Q3FY20 as compared to Rs7,865cr in Q3FY19 and Profit Before Tax at Rs1,012cr as compared to Rs1,138 crore in Q3FY19. The consolidated revenue and PAT stood at Rs7,075 crore and Rs905 crore, respectively for the quarter.
• EID Parry Limited, posted consolidated revenue from operations for the quarter ended December 31, 2019, at Rs4,082 crore, registering an increase of 10% in comparison to the corresponding quarter of the previous year of Rs3,713crore.
Calls for Tomorrow:
• CALL: BUY RBLBANK EQ ABOVE 343.75 TARGETS 377.50/381.25/385 SL 370.
Description: Stock settled near its immediate resistance with bullishly bias. Hence rally is expected above the mentioned level.
• CALL: BUY RECLTD EQ ABOVE 155.50 TARGETS 157.10/158.65/160.20 SL 153.90.
Description: Stock form consolidation near its immediate resistance. Hence breakout is expected ahead.