Moneycontrol
Last Updated : Aug 08, 2018 08:33 AM IST | Source: Moneycontrol.com

Markets@Moneycontrol: Nifty likely to open flat; 3 stocks which could give 6-14% return

Trends on SGX Nifty indicate a positive opening for the broader index in India, a rise of 5 points or 0.04 percent. Nifty futures were trading around 11,431-level on the Singaporean Exchange.

Moneycontrol News @moneycontrolcom

The Nifty50 is likely to open flat on Wednesday following positive trend seen in other Asian markets. The index closed 2 points higher at 11,389 on Tuesday.

Trends on SGX Nifty indicate a positive opening for the broader index in India, a rise of 5 points or 0.04 percent. Nifty futures were trading around 11,431-level on the Singaporean Exchange.

The S&P 500 inched nearer to a record high on Tuesday, lifted by Amazon, Alphabet and Microsoft, and by a strong second-quarter earnings season that fuelled optimism about the US economy’s strength, said a Reuters report.

Asian shares rose on Wednesday on the back of firmer Wall Street earnings while expectations for increased Chinese stimulus helped take the edge off wider concerns about the worsening Sino-US trade dispute, it said.

India doubled the import tax on more than 300 textile products to 20 percent on Tuesday as the world’s biggest producer of cotton tries to curb rising imports from China.

Corporate results will be in focus on Wednesday. On the earnings front, 178 companies are scheduled to report their results for June quarter which include companies like 8K Miles, Aditya Birla, APL Apollo, BEML, BPCL, City Union Bank, HCC, HPCL, Indian Bank, Lupin, Natco Pharma, NALCO, Siemens and Thermax among others.

Stocks in news:

Kalpataru Power Transmission: Q1 profit rises to Rs 81.04 crore versus Rs 70.45 crore; revenue jumps to Rs 1,324.93 crore versus Rs 1169.59 crore (YoY).

Mphasis: Q1 consolidated net profit increases 8.7 percent to Rs 258.3 crore versus Rs 237.6 crore; revenue rises 4.3 percent to Rs 1,820.2 crore versus Rs 1,744.5 crore (QoQ).

Mphasis board approved a proposal for buy-back of equity shares

Dhampur Sugar Mills: Q1 profit falls to Rs 31.66 crore versus Rs 62.63 crore; revenue slips to Rs 734.40 crore versus Rs 850.32 crore (YoY).

Inox Wind: Q1 profit at Rs 10.37 crore versus loss of Rs 39.02 crore; revenue jumps to Rs 430.45 crore versus Rs 105.99 crore (YoY).

Lovable Lingerie: Q1 profit drops to Rs 4.05 crore versus Rs 6.21 crore; revenue declines to Rs 54.89 crore versus Rs 60.53 crore (YoY).

Accel Frontline: Q1 profit jumps to Rs 3.24 crore versus Rs 0.10 crore; revenue rises to Rs 161.87 crore versus Rs 142.81 crore (YoY).

Gulf Oil Lubricants India: Q1 profit rises to Rs 40.13 crore versus Rs 34.28 crore; revenue jumps to Rs 390.36 crore versus Rs 280.05 crore (YoY).

Trading Ideas:

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

The India Cements Ltd: BUY | Close: 121.90 | Target: Rs 145 | Stop loss: Rs 110 | Return: 14.85%

Exide Industries Ltd: BUY | Close: 285 | Target: Rs 320 | Stop loss: Rs 260 | Return: 12.28%

Muthoot Finance Ltd: BUY | Close: 420.10| Target: Rs 449 | Stop loss: Rs 399 | Return: 6.88%

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 Aug 8, 2018 08:31 am
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