Moneycontrol
Last Updated : Nov 01, 2018 08:27 AM IST | Source: Moneycontrol.com

Market Headstart: Nifty50 likely to open higher; 3 stocks which could give 11-17% return

Trends on SGX Nifty indicate a positive opening for the broader index in India, a rise of 35.5 points or 0.34 percent. Nifty futures were trading around 11,422-level on the Singaporean Exchange.

Moneycontrol News @moneycontrolcom

The Nifty50 is expected to open higher on Thursday following positive trend seen in other Asian markets. The index closed 188 points higher at 10,386 on Wednesday.

Trends on SGX Nifty indicate a positive opening for the broader index in India, a rise of 35.5 points or 0.34 percent. Nifty futures were trading around 11,422-level on the Singaporean Exchange.

US stocks rebounded for a second day on Wednesday as investors snapped up beaten-down technology and internet favourites and strong company results lifted spirits, even as the S&P 500 closed out its worst month in seven years, said a Reuters report.

Asian stocks rose on Thursday as bruised investor sentiment got some relief from another robust Wall Street session thanks to upbeat corporate earnings, while the dollar hovered near a 16-month high on further signs of strength in the world’s largest economy, it said.

As many as 138 companies will be declaring their results for the quarter ended September later today which include names like Aarti Industries, Arvind, Bajaj Electricals, Berger Paints, DLF, Firstsource Solutions, Godrej Properties, Greaves Cotton, HCC, HDFC, IIFL Holdings, Marico, Parag Milk, Tata Communications, Welspun Corp and Zuari Agro among others.

Stocks in news:

L&T Q2: Consolidated profit climbs over 22 percent to Rs 2,230 crore versus Rs 1,820 crore; revenue jumps 21.3 percent to Rs 32,080 crore versus Rs 26,446.8 crore; EBITDA surges 27 percent to Rs 3,770.5 crore versus Rs 2,962.2 crore; margin expands to 11.8 percent versus 11.2 percent YoY.

Tata Motors Q2: Consolidated loss at Rs 1,048.8 crore versus profit at Rs 2,482.8 crore; revenue rises 2.5 percent to Rs 72,112 crore versus Rs 70,373.4 crore; EBITDA falls 28 percent to Rs 6,257.6 crore versus Rs 8,692.5 crore and margin contracts to 8.7 percent versus 12.4 percent YoY.

Vedanta Q2: Consolidated profit plunges 39 percent to Rs 1,900 crore versus Rs 2,915 crore; revenue rises 5.2 percent to Rs 22,705 crore versus Rs 21,590 crore; EBITDA drops 8 percent to Rs 5,208 crore versus Rs 5,670 crore; margin contracts to 22.9 percent versus 26.3 percent YoY.

Canara Bank Q2: Profit rises to Rs 299.5 crore versus Rs 260.18 crore; net interest income increases to Rs 3,281.3 crore versus Rs 2,783.4 crore YoY; gross NPA improves to 10.56 percent against 11.05 percent and net NPA to 6.54 percent against 6.91 percent QoQ.

Adani Power Q2: Consolidated profit jumps 22 percent to Rs 387 crore versus Rs 317 crore; revenue rises 16.6 percent to Rs 7,181.5 crore versus Rs 6,159.1 crore; EBITDA increases 9.7 percent to Rs 2,330.3 crore versus Rs 2,124.8 crore; margin at 32.45 percent versus 34.5 percent YoY.

KEI Industries Q2: Profit rises to Rs 41.4 crore versus Rs 28.5 crore; revenue jumps to Rs 996.8 crore versus Rs 753.8 crore YoY.

Technical Recommendations:

We spoke to Yes Securities and here’s what they have to recommend:

Aurobindo Pharma Limited: Buy| LTP: Rs 790.30| Target: Rs 925| Stop Loss: Rs 750| Return 17%

PI Industries Ltd: Buy| LTP: Rs 773.70| Target: Rs 880| Stop Loss: Rs 740| Return 14%

Kotak Mahindra Bank: Sell| LTP: Rs 1,118| Target: Rs 990| Stop Loss: Rs 1,160| Return 11%

Disclaimer: The views and investment tips expressed by investment expert on moneycontrol.com are his own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
First Published on Nov 1, 2018 08:27 am
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