26 Oct, Morning Brief

Market will open on a negative note as SGX Nifty is trading 25 points lower.

Yesterday, Nifty, which hit a record high of 10,340.55 in trade on Wednesday failed to keep the momentum going and the index closed below its opening level making a ‘Hanging Man’ type of pattern on the daily charts. Formation of a Hanging Man candle in the uptrend indicates a possible reversal or a top. 

US stocks fell on Wednesday, with the Dow Industrials and S&P 500 indexes suffering their worst day in seven weeks.
Dow ended down by 112 points lower.

Asian markets trading flat.

🎯 IPO Watch :
Reliance Nippon Life Asset Management was over-subscribed 4.63 times on the first day.

Major Results Today :
YesBank, Mcdowell-n, Biocon, Vijayabank, IB Ventures.

Results Updates :

🎯 HUL :
Net Profit At Rs. 1276 Cr.
Revenue Up by 6% At Rs.8,309 Cr.
Positive for the stock.

🎯 RBL Bank :
Net Interest Income up 39%
Net Profits up 67.6%
GNPA at 1.44% vs 1.46% QoQ.
Positive for the stock.

🎯 PNB Housing :
Net profit up 52.9% YOY (up 12.4% QoQ).
Disbursements up 44.6% YOY & down 5.3% QOQ to Rs. 5.3 cr
GNPA at 0.34% vs 0.43% QoQ.
Positive for the stock.

🎯 Engineers India :
Revenue up 26.6% At Rs.429.1 Cr.
Net Profit up 27.1% At Rs.119.2 Cr Vs Rs. 93.7 Cr (YoY).
Positive for the stock.

🎯 HCL Info :
Cons Net Loss At Rs. 455.6 Cr Vs Loss Of Rs. 37.1 Cr (YoY).
Cons Revenue Down 12% At Rs.880.6 Cr Vs Rs. 1000.1 Cr (YoY).
Negative for the stock.

🎯 Glaxosmithkline Pharma :
Net profit of GSK Pharmaceuticals rose 31.84 % to Rs 130.32 Cr Vs Rs. 98.85 QoQ.

🎯 Lupin :
Lupin gets USFDA nod for testosterone topical solution & Clonidine Hydrochloride Tablets.
Positive for the stock.

🎯 Quess Corp :
Company has signed a definitive agreement to acquire 70% equity in Vedang Cellular Services Private Limited with an investment upto Rs. 40 crores.
Positive for the stock.

🎯 HDFC Bank :
RBI instructs HDFC Bank to classify project loan account as a NPA.

🎯 Mannapuram Finance :
Company may raise Rs.200cr through allotment of non-convertible debentures on private placement basis.

🎯 ONGC, IOC :
ONGC IOC unveiled a Rs. 320cr fund to support start-ups in oil and gas sector for a period of 3 years.

🎯 BPCL :
BPCL plans to raise $500mn via bonds.

🎯 Kirloskar Pneumatic Company :
The firm has received a Letter of Acceptance from GSPL India Transco (GITL), for natural gas Compression Services including supply and installation of Gas Compressor on rental basis, for a value of Rs 60 crore. 

🎯 Wipro :
The IT firm announced the completion of Cooper Software Inc. 

🎯 Polaris :
Polaris Consulting To Consider Delisting On October 31.

🎯 JP Associates :
SC refuses nod to Jaypee to sell Yamuna Expressway, extends deadline to deposit 2000 Cr.

Edited by Sharp.
© Sharp Investment & Financial Advisers