Markets for the week extended gains with Nifty posting weekly closing well above all time high despite India VIX rallying towards 22. At present, the Nifty is clearly in breakout mode from parallel channel with an immediate target expected in the range of 23,900. As we move closer to expiry, we expect major short covering to occur in 23,000 strike calls and may lead beta adjustment towards the top 9 stocks by market cap in Sensex.
Result Today – LIC, NDMC, Nalco, NDMC Steel, TVS Supply, Electronics Mart, Borosil Renewable
Nifty 50 Chart
Stocks to watch
Positive Read through
- NTPC – Margin at 29.8 pct vs 27 pct, EBITDA up 19 pct yoy.
- Divi’s Labs – Margin recovers to >30 pct after 5 quarters, revenue up 18 pct yoy.
- Dr Reddy’s – Agreement with Novartis to sell anti-diabetes pdts in Russia.
- Adani ports – To be included in Sensex from June 24.
- Hero moto – Tax demand reduced to 178 cr from Rs 605 cr.
- USL – Prestige & above vol growth above estimate at 3.7 pct, EBITDA up 42 pct yoy.
- Aurobindo – Q4 above estimates, margin 100 bps higher than estimate at 22.1 pct.
- Torrent pharma – q4 in-line with estimate, margins at 32.2 pct vs 30 pct YoY.
- Gail – commissions 10 mw green hydrogen plant at Vijaipur, MP.
- Hindustan copper – margin at 40 pct vs 33.3 pct, EBITDA up 21 pct YoY.
- RVNL- declared lowest bidder for project worth Rs 187.34 cr.
Negative Read through
- Wipro – to be excluded from Sensex from June 24.
- Aurobindo – USFDA classifies Eugia’s formulation mfg unit at Telangana as OAI.
- Glenmark – Q4 slight miss from estimate, us sales at USD 91 m vs estimate of $101-105 m.
- Nazara tech – EBITDA down 85 pct at Rs. 4 cr vs Rs. 27 cr.
- Indiabulls Hsg – NII down 19.7 pct, aum declines 2.5 pct yoy.
- Easy trip – net loss vs profit. Margin at 29.9 pct vs 36.3 pct YoY.
- Allcargo – EBITDA down 31 pct, margin at 3 pct vs 4.2 pct YoY.
- Kolte Patil – EBITDA loss vs EBITDA of 173.4 cr, revenue down 34 pct YoY.
- Karnataka bk – NIM at an 8-qtr low of 3.3 pct, NII down 3 pct yoy.
- Paras Defence – EBITDA down 27 pct. Margin at 16 pct vs 26.4 pct YoY.
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