Stock Market News and Analysis:
Benchmark indices extended rally for the third straight session tracking positive global cues. Nifty settled at 12089.15, up by 271.75 points and for coming session its key support is at 12000 while on higher side its resistance is at 12150.
Headlines for the day:
• REC Limited board approved amalgamation of company’s two arms REC Transmission Projects and REC Power Distribution.
• Manappuram Finance to consider issue on Feb. 7.
• Century Textiles & Industries allotted Non Convertible Debentures worth Rs 400 crore.
• Cipla Ltd. reported a consolidated net profit, which was increase by 6% yoy at Rs351.03 crore for the December quarter as compared with a profit of Rs332.20 crore in the same period last year. The net revenue of the company was at Rs4,371 crore, up 9% from Rs4,007.54 crore in Q3FY29.
• NIIT Ltd., reported its results for Q3FY20. The company reported a PAT of Rs27.1 crore, up 40% yoy and Net Revenue of Rs247.6 crore, up 10% yoy. EBITDA was recorded at Rs24.6 crore, up 10% yoy. Operating Margin stood at 10%.
• Adani Enterprises Ltd, announced its results for the third quarter ended December 31, 2019. The Profit After Tax attributable to owners for Q3FY20 increased three-fold to Rs426 crore versus Rs92 crore in Q3FY19. The company’s consolidated total income for the quarter increased by 5% yoy to Rs11,075 crore as against Rs10,548 crore for the corresponding quarter in the previous year.
• Apollo Tyres Ltd' consolidated net profit declined by 12% yoy at Rs28.3crore in December 2019 from Rs197.9 crore in December 2018. The company’s revenue was also down 7% at Rs4,399 crore in December 2019 from Rs4,718.4 crore in December 2018.
• TVS Motor Limited posted a 20.7% fall in consolidated net profit at Rs156.8 crore for the third quarter ended on December 31, 2019, as against a net profit of Rs197.79 crore in the December quarter of 2018-19. Total income of the company also declined to Rs4,779.3 crore for the third quarter as compared with Rs5,123.5 crore in the year-ago period.
• SRF Limited reported Profit after Tax higher by 125% to Rs345cr in Q3FY20 as compared with Rs154cr in the same period last year. The consolidated revenue of the company increased by 2% at Rs1,850 crore in Q3FY20 as against Rs1,809 crore in corresponding period last year. The company’s EBIT grew by 39% to Rs337 crore in Q3FY20
• Cadila Healthcare Limited informed that the US Food & Drug Administration inspected the manufacturing facility of Alidac Pharmaceuticals, located at SEZ, Ahmedabad from Jan 27 to Feb 4 and no observation (483) is issued.
Calls for Tomorrow:
• CALL: BUY COLPAL EQ ABOVE 1379.80 TARGETS 1393.60/1407.40/1421.20 SL 1366.
Description: Stock form consolidation on intraday chart and settled with bullishly. Hence rally is expected above the mentioned level.
• CALL: BUY BAJFINANCE EQ ABOVE 4550 TARGETS 4595.50/4641/4686.50 SL 4504.50.
Description: Stock settled near 52 week high with bullishly bias. Hence breakout is expected ahead.