Stock Market Today: Revenue and margins have disappointed for 4 consecutive quarters. Profit came in at Rs 144 crore against the estimate of Rs 163 crore. Revenue came in at Rs 892 crore against the estimate of Rs 908 crore. CC Revenue declined by 3.9% on quarterly basis.
Stock Market Today: The market started with a decline today. The Sensex fell 278 points to trade at 82,935.15 while the Nifty traded at 25,300. In such a situation, action can be seen in these stocks today on the basis of news, which has been told by CNBC-Awaaz Managing Editor Anuj Singhal. Let’s take a look at this.
Tata Elxsi in focus
Revenue and margins have disappointed for 4 consecutive quarters. Profit came in at Rs 144 crore against estimate of Rs 163 crore. Revenue came in at Rs 892 crore against estimate of Rs 908 crore. CC revenue declined 3.9% quarterly. QOQ profit slipped 21% and revenue slipped 2%. EBITDA margin slipped by around 9% in the last 6 quarters. Healthcare segment performed poorly, QOQ revenue fell 7.6%. There is a challenge in the healthcare segment regarding 2 clients. Management is hopeful about future growth.
BPCL, HPCL, IOC (GREEN)
OMCs will benefit from the softening of crude. Hopes of reimbursement of LPG losses have increased soon. Brent fell below $69 due to fears of falling demand.
Glenmark Pharma (GREEN) in focus
It was done with American pharmaceutical company ABB-VIE. A licensing agreement of 700 million dollars was signed. The news is good, but yesterday the stock ran up a lot. Yesterday the entire pharma sector was down, Glenmark was up. The big players probably knew that the position has been taken. But the size of the payment is more than anyone expected. Don’t buy at the gap up, buy only when you get it at the bottom.
ZEEL (RED) in focus
Shareholders rejected the promoters’ proposal. Uncertainty will now return to ZEEL. The proposal for funding through warrant issue was rejected. 40.5% shareholders voted against the proposal.
COFORGE
The stock has been under pressure for the last few sessions. After the fall, it reached an important support level. The stock reached the important support level of 20 DEMA. On relative strength, it is one of the strongest stocks in the IT sector. Yesterday the delivery volume was almost double. In the last 7 out of 8 weeks, long build up or short covering was seen in futures.
MPHASIS
This stock is also trading at the important support of 20 DEMA. The company is doing big business in the BFSI sector. Positive signs are seen on the BSFI sector in the results of TCS. Delivery volumes have been good. Long build up or short covering was seen in 4 out of the last 5 days.
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