24th October, 2018 Morning Brief

A gap-up start can be seen in the market today. A strong Rupee opening can support the start.

A Doji candle formed on the daily chart for Nifty50 on yesterday.

Global concerns and rupee volatility dragged the market near seven-month low on yesterday. After a sharp gap down opening the Nifty50 traded lower throughout the session and closed near its starting point of the day. INR slipped from day high of 73.83 to 73.57 against the dollar and crude oil prices also eased which made last hour recovery in the market. Meanwhile, emerging markets' guru Mark Mobius urged the Indian government to accelerate reforms and ease rules for exports to take advantage of the ongoing trade war globally. He said India has a potential to attract overseas investment and it can take advantage of the weak rupee.

US stocks fell on Tuesday after worries about the earnings outlook, profit growth, concerns over the upcoming US mid-term elections and Italy’s budget.

🎯 News & Impact 🎯

Watch on Housing Finance stocks, Banking stocks. Cabinet meeting will be held today to discuss on housing for all ahead of election

Major Results Today :

Bajaj Auto, Bharti Infratel, Kotak Mahindra Bank, Wipro.

Results Updates :

🎯 HCL Tech :
Dollar revenue up 2.1 % at $2,099 million.
Profit up 5.7 % at Rs.2,540 crore.
EBIT up 8.7 % at Rs.2,966 crore.
EBIT margin at 19.8 % versus 19.7 %.
Positive for the stock. 👍

🎯 Bajaj Finserv :
Revenue up 17 % to Rs.9,698 crore.
Revenue from insurance business up 9.2 % to Rs.4633 crore.
Net profit up 1 % to Rs.704 crore versus Rs. 698 crore.

🎯 Adani Ports :
Revenue down 4 percent to Rs.2,608 crore.
Net profit down 39 % to Rs.606 crore.

🎯 Rallis :
Revenue up 11.8 % at Rs.613.2 crore.
Net profit up 6.1 % at Rs 87 crore.

🎯 HDFC Standard Life :
Net premium income up 26 % to Rs.6,778 crore.
Net profit up 20 % to Rs.287 crore.

🎯 ICICI Prudential :
Net premium income up 16 % to Rs.7601 crore.
Net profit down 29 % to Rs.301 crore.

🎯 Ambuja Cement :
Revenue up 12.6 % at Rs.2,613.9 crore.
Net profit down 34.4 % at Rs.178.6 crore.
Ebitda up 1.1 % at Rs.358.1 crore.
Margin at 13.7 % versus 15.3 %.

🎯 MCX :
Profit jumps 23.2 % to Rs.35.9 crore versus Rs.29.1 crore;
Revenue rises 5.6 % to Rs 71.1 crore versus Rs 67.3 crore YoY.

🎯 Bharti Airtel :
Company to raise $1.25 billion by diluting stake in African unit.

🎯 Sun Pharma :
Company launched psoriasis treatment drug Ilumya in the U.S.

🎯 DCM Shriram :
Company started commercial production at additional 168 TPD chlor-alkali line at Rajasthan unit.

🎯 Laurus Labs :
Company transferred ownership of its U.S. FDA approved Tenofovir Disoproxil Fumarate (TDF) ANDA to CASI Pharmaceuticals.

🎯 Salzer Electronics :
Company withdrew proposal to acquire two overseas companies.

🎯 VA Tech Wabug :
secures order in Qatar worth Rs.555 crore.

Edited by Sharp.
© 2018 Sharp Investment & Financial Advisers