Net income increased to Rs 1,202.60 crore during the third quarter of this fiscal from Rs 962.68 crore in the year-ago period.
Balrampur Chini is approaching the neckline of an Ascending Triangle pattern placed at Rs 170-171, and a breakout from the neckline on healthy volumes will lead to a resumption of the bull trend.
ICICI Direct believes that with sustainable earnings, the book value of sugar companies will grow 30-60 percent in the next two years.
We advice that traders who wants to participate in buyback can buy 1,400 shares at Rs 136 per share in the open market and offer them in the tender offer
At 1516 hrs, Balrampur Chini Mills was quoting Rs 145.15, up 5.37 percent on the BSE.
Total income, however, dropped to Rs 962.68 crore in the latest quarter from Rs 1,007.5 crore in the same period a year ago.
Trends on SGX Nifty indicate a positive opening for the broader index in India, a rise of 23.5 points or 0.22 percent. Nifty futures were trading around 10,855-level on the Singaporean Exchange.
Total income also fell during April-June period of this fiscal to Rs 1,008.11 crore from Rs 1,143.41 crore in the corresponding period of 2017-18.
The government’s measures are likely to result in an increase in sugar prices and moderate the decline in profitability of mills, thus enabling timely payment to farmers. However, overall profitability outlook for the sugar sector remains weak for FY19.
The fund house sold 13,39,777 equity shares at Rs 73.43 per share through bulk deals on the National Stock Exchange.
Rajesh Agarwal of AUM Capital recommends buying Infosys with stop loss at Rs 1197 and target at Rs 1246, a buy in Coal India with stop loss at Rs 274 and target of Rs 288 and a buy also in Housing Development Finance Corporation with stop loss at Rs 1775 and target at Rs 1845.
"Nifty Bank closed lower at 24129.50 down 381 points ahead of RBI policy due later today around 2.30 pm. It opened with positive note but failed to close above its short term moving average of 20 EMA i.e. 24465 marks which is suggesting downfall to continue in near term," says Rajesh Agarwal of AUM Capital.
The resistance for Nifty is placed at 10,225-10,300 and the support is at 10,097. Bank Nifty on the other hand has support at 24250 and resistance at 24750, says Prakash Gaba of prakashgaba.com.