Shares in focus: SBI Playing cards, TechMahindra, SpiceJet, Sure Financial institution, Bajaj Auto shares in motion at present


With Nifty trading range-bound, analysts advice stock specific action.

After snapping their 4-day winning streak, Sensex and Nifty stare at a flat to positive start on Friday. SGX Nifty was trading with a positive bias after initially trading with losses on Friday morning. “A small positive candle was formed with upper and lower shadow, which indicate a formation of high wave type candle pattern. Having formed this high wave pattern beside the long range candle of Wednesday could indicate a sideways range movement in the market,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.

The 50-stock benchmark has not dipped below the 11,661 levels in the last five trading sessions, which Shetti says  could be a positive signal for the bulls to maintain upper levels. “The short term trend of Nifty is range bound with minor weak bias. There is a possibility of continuation of range bound action around 11850-11950 levels by next session. Immediate supports to be watched at 11800 and a crucial upside hurdle is placed at 12025,” he added. 

Stocks in focus:

SpiceJet: Shares of the private carrier could see movement after Kalanithi Maran of the Sun Group along with his company KAL Airways moved the Delhi High Court seeking attachment of SpiceJet promoter Ajay Singh’s shareholding and taking over the management. The development comes after the airline failed to deposit Rs 243 crore in favour of the Sun Group chairman.

TechMahindra: The wholly-owned US subsidiary of the IT major has agreed to acquire 6.03% equity shares in VitalTech Holdings, Inc. The entity is engaged in the business of cloud-based Telehealth and remote patient monitoring platform development and services. The US subsidiary which goes by the name Tech Mahindra (Americas), Inc.

Pharma stocks: The US FDA has approved Gilead’s Remdesivir as coronavirus treatment which could bring the focus on pharmaceuticals today.

SBI Cards: SBI Cards and Payment Services on Thursday reported a 46% fall in net profit to Rs 206 crore for the second quarter ended September 30. Total income rose 6% during the quarter to Rs 2,513 crore as against Rs 2,376 crore in the year-ago period. 

Bajaj Auto: A 19% on-year fall in net profit was reported by Bajaj Auto in the July-September quarter. EBITDA margins improved 17.7% as against 16.6% during the same quarter last year. Revenue, however, slipped 8% from the previous year. 

HDFC AMC: The asset manager reported an 8% net profit when compared to the year-ago period. Quarterly Average Asset Under Management (QAAUM) was at 3.75 lakh crore which was slightly lower than the previous year. “HDFC AMC also appointed KPMG as the internal auditor of the company with immediate effect on the resignation of the company’s Internal audit head – Gautam Chandra,” IIFL Securities said. 

Results today: Tech Mahindra, Nestle India, Yes Bank, ICICI Lombard General Insurance Company, IDBI Bank, JSW Steel, Aarti Drugs, Atul, Genus Power Infrastructures, Persistent Systems, Premier Explosives, Rane Engine Valve, Sudarshan Chemical Industries, and Supreme Petrochem are some of the companies set to announce their quarterly results today.

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Steven Gregory