Share Market Trading

About Share Market Trading Training

Ad2Brand welcomes you to our share market trading training classes. We offer training courses in share market, US market, currency and commodity. We offer two different stock market courses in our classroom training.

  • We establish our course with a lifetime support facility for students in their trading journey so that they can never be lonely. Our mentor’s guidance will always be there with the students in a form of online video course update, online lesson updates, traders meet conference, online trade signal updates etc.
  • We train students during LIVE market so that they can understand all the concepts of trading practically. Our share market trading training course is suitable for housewives, students, investors, professionals, traders etc.
  •  

    Build a successful career and make a full time or part-time income in financial markets with the help of our teaching methods. We believe in making money consistently, So keeping that in mind, we have designed our trading strategies & concepts so that the money you have earned gets the value it deserves. Not only rookies but we also welcome struggling trades or investors who spent time in trading but still looking for a consistent profitable strategy to grow their money.

    You stepped into the right direction, Ad2brand will help you create your successful stock market trading journey. Have a look at some other training courses and services which might be useful for you.

     

    Target Audience for Stock market classes :

  • Student, professional
  • Traders, Bankers
  • Housewife
  • Pre-requisite to learn share market course :

  • No special Requirement is needed to take up our share market trading training course.

  •  

    Stock Market Trading Course

  • Introduction of stock market
  • Where and how to invest?
  • Important stock market
  • Learning of stock, indices, exchanges, brokerage accounts
  • Concepts of order types
  • What are bull & bear, primary & secondary?
  • Concepts of margins, shorting, stock pills
  • Deep learning of market capitalization, dividends, stock market psychology
  • Concepts of portfolio basics, risk &return, financial goal, stock news
  • What are mutual funds, money market?
  • Learning income statement
  • To create balance sheet for financial statement
  • Concepts of cash flow statement, ratios
  • Qualitative analysis vs. quantitative analysis
  • Technical Vs. fundamental analysis
  • Value Vs. growth investing-
  • What is ratio analysis?
  • Introduction to stock chart terminologies: trends, channel, volume
  • Concepts of Market bottoms, chart formation & consolidations
  • Learning market bottoms, climax tops, support breakdown
  •  

    Share Market Trading Course Price: 14999* INR


     

    Share Market Training – FAQ’s

    We have best trainers who are highly qualified and certified and have relevant industry exposure in their fields of expertise, capable of solving all your practical queries.
    We give you access to video lectures and recorded sessions with all the course content, you can cover up referring to these.
    You can attend a demo session to understand the subject, see the quality of training and interact with the trainer regarding queries to decide your career path. We at Ad2Brand ensure to give you the best training experience with top content and trainers, we also prepare you for interviews and resume preparation and equip you with the best skills in the subject of learning. However, getting the job will depend upon your presentation of skills at the time of interview.
    Doubt clearance and resolution of queries is given utmost importance at Ad2Brand. You can raise n number of queries until you get a clear answers for your questions. Our trainers make sure to give individual attention to all students and one-on-one sessions can be arranged with trainers during as well as after completion of the training to get help on the needed topic. Also we make sure to maintain a limited number of students per class to maintain the quality of training and knowledge imparted.
    Upon course completion, you can expect to gain a complete understanding of the dynamic share market along with the best practices to trade in the market profitably. You can start your trading journey and win in it by applying all the principles of predictions and acquired skill set during our training courses.

    Why is Ad2Brand the best Share Market Training Institute in Pune?

    Certified Trainers

    We at Ad2Brand have expert faculty having industry exposure imparting the best practical knowledge.

    Dedicated Training Cell

    We have a dedicated training cell with all facilities to deliver successful training programs

    Hands-on Practical Training

    Work on live projects and real time scenarios to understand sharemarket trading practices better.

    Certification Preparation

    Our training courses cover all areas to make you clear globally recognized certifications.

    6000+ Placements

    We provide full placement support right from interview preparation to sending your cv to the best companies as a kickstart to your career.

    Video Lectures

    We conduct quality and informative sessions with expert professionals, you also get a life time access to rich learning video lectures & content.

    Interactivity

    Our trainers make sure to engage students and make the sessions interesting as well as interactive for better knowledge transition and understanding.

    Doubt-Clearing

    Become successful traders in the share market. Learn best trading strategies. We also conduct regular doubt clearing sessions.

    Book Our Share Market Trading Training Program Today !

    Financial News

     News and Impact

       
    • Expect market to open on a flat note on account of global cues. US market 1.5% and European market surged nearly 2% yesterday. Reduced trade tension between US and China boosted the global market sentiment. Asian markets like Nikkei and Hong Kong Index open on a soft note after a gain over 2% yesterday. US Future slipped by 0.25% and SGX Nifty is down by around 30 points currently.
    • Yesterday market closed on a flat note despite a rally in the global market. Indian market has already gained over 7% in the previous month. Moreover, many important events overhang the market like RBI credit policy (Tomorrow) and exit poll openion of Assembly election (7th in the evening). Moreover, USDINR yesterday gained above 1% to close above $70/bbl which is also concern in the market.
    • Brent Crude surged 4% to above $62/bbl ahead of OPEC meeting on the 6th December.
    • Traders wait and watch in the next few days because Four Assembly Election results outcome will be important for the market (11th December announcement). RBI expected to keep unchanged interest rate but commentary by RBI governor will be important for the market.
    • Watch on Tata Motors – Company reported 19% jumped of US JLR sales – Positive for Tata Motor
    • Brokers Radar – Sun Pharma TGT 470 by Morgan Stanley, JP Morgan TGT 525 on Sun Pharma, Hindustan Unilever – CLSA TGT 2010, UBS TGT 1800,
    • Unilever to Buy GSK Health Food Drinks Portfolio for EU3.3b - Unilever to acquire the Health Food Drinks portfolio of GlaxoSmithKline in India, Bangladesh and 20 other predominantly Asian markets, company says in statement.   Acquisition of 82% stake in GSK Bangladesh and  Acquisition of certain other commercial operations, assets outside India -  stock yesterday closed on a all time high. News is positive. It will be strengthen after acquire GSK Horlisk unit.
    • Sun Pharma Con. Call - Sun Pharma highlighted that there was no wrong doing and gave clarity on the recent queries raised on the company. The company’s founder Dilip Shanghvi said that the points raised in the sales note pertained to information which was sourced from public domain. He added that while few of the issues were not related to the company, and some were factually incorrect and were 10-15 years. He also said that the company had not received any communication from the SEBI on reopening the insider trading case - Traders avoid on Sun Pharma till SEBI statement on Sun Pharma insider trading
    • GAIL said that it will challenge CESTAT Delhi’s order of demand notice of Rs 2,822 crore at a higher forum. The order had allowed the appeal filed by the Department and held that the product manufactured by GAIL at its Gas Processing Plants was 'Natural Gasoline Liquid ' and not Naphtha. This had attracted an additional Excise Duty of Rs.15 per liter – Avoid on GAIL
    • Axis Bank clarified the news on IT Department probing the company’s staff for alleged facilitation of benami deals. It said that the matter was reported in media in March and an internal inquiry had already been conducted by the bank.- It may negative sentiment on Axis Bank but not change its fundamental. We are positive on Axis Bank
    • Uflex’s global film manufacturing arm received an U.S. patent that covers the entire categories of BOPET films. The company got the exclusive rights of manufacturing of the special film in the U.S., Europe and India - Positive for Ulfex
    • NCC received two new orders worth Rs 2.20bn for November from state government agencies.
    • NMDC revised Lump Ore prices to Rs 3,550 per ton and Fines at Rs 3,110 per ton, effective December 1 - We are positive on NMDC - attractive valuation and dividend yield
    • Welspun Enterprises arm signed a concession agreement with NHAI for a four-laning construction project in Tamil Nadu. Bid project cost stood at Rs 2,004.51 crore
    • Omax Autos board approved the proposal of setting up new industrial unit for manufacture and supply of ‘Long Member’ in Uttar Pradesh. Project would cost Rs 165 crore and the proposed capacity addition will be 144 thousand Long Member - Positive for Omax Auto
    • VST Tillers Tractors’ Power Tillers sales were at 2108 units and Tractors sales at 628 units for November - Stock growth, We are positive on Escorts
    • Bulk Deals - BLS International Services -Taiyo Greater India Fund sold 11.6 lakh shares (1.13 percent) at Rs 109.24 each.
    • A merger between Rural Electrification Corporation Ltd. and Power Finance Corporation Ltd. will be beneficial for the shareholders of REC, its Chairman and Managing Director PV Ramesh said.- Both REC and PFC gained 10% yesterday after the news. – It will be positive for both REC and PFC.
    • Moody’s Says Outlook On Indian Banks Stable - Moody's Investors Service today said it has a stable outlook on the Indian banking system for the next 12-18 months as economic growth prospects remain healthy amid weak, but stabilising, asset quality.- We are positive on SBI, BoB and Indian Bank.
    • Surya Roshni wins contracts for LED lights, 3LPE coated pipes - Positive
    • PVR launches 7-screen multiplex in Hyderabad and "good box-office response" to 2.0 the robot movie, one of the biggest film release in India this year - Stock gained 4% yesterday - News is positive
    • Watch on Power stocks - Tata Power and Adani Power gained 9% and 4% respectively yesterday after the media news that the Gujarat government to hike power tariff  on account of increased coal price - It will be positive for power stocks. Expects other state may rise tariff - Positive for Tata Power
    • Yes Bank names T.S Vijayan as independent director - The board of directors of the bank have approved the appointment of Mr. T. S. Vijayan as an Additional Director (Independent) of the Bank with immediate effect and his appointment as Independent Director for a period of 5 years - Its a Positive development for Yes Bank
    • Maharashtra Seamless wins orders from ONGC valued Rs9.2bn - Positive
    • Rain Industries - Issues clarification on debt levels Sept 30 - Gross debt at $1.13bn, net leverage ratio 2.6x, Rain aims to repay total $1.07bn term debt by 2025 - We are long term positive on RAIN Industries
    • November manufacturing PMI 11-month high at 54 vs 53.1 previous month - Positive for economy
    • Broadcom, HCL Tech announce global preferred service partnership - Positive
    • L&T wins orders worth Rs11.27bn  - Company reported impressive Q2 result, strong order book and improve margin - BUY 
    • Adani Transmission gets LOI (Letter of Intent) for Uttar Pradesh projects  - Positive for Adani Transmission
    •  Nifty index opened positive and consolidated in a range of 10830-10930 zones for the 2nd  trading session. It has been making higher highs - higher lows from last 5 trading session on daily scale which indicates overall bullish momemtum
    • Now it has to continue to hold above 10777-10800 zones to extend its move towards 10929 then psychological 11000 zones while support is seen at 10777 then 10650
    • Max Put OI is at 10000 then 10500 strikes while Max Call OI is at 11000 then 11500 strikes. Call writing is seen at 11100 then 11500 strike while Put writing is seen at 10500 then 11000 strike. Option band signifies a broader trading range between 10750 - 11000
    • India VIX moved down by 4.89% at 18.22 levels. However it has to cool down below 17-16 zones to get the smooth ride to surpass psychological 11000 zones
    • Bank Nifty opened positive but follow up buying was missing and remained range bound for most part of the trading session and closed near 26850 marks
    • It got stuck in a higher trading range and now has to hold above 26666 zones to extend its move towards 27200 then 27500
    • Longs in JublFood, Tata Power, Bank India and KSCL
    • Shorts in SunPharma, Ashok Leyland, M&M and Indigo

    Economic Times
    Business Standard
    • Yes Bank into damage control mode, to meet on Dec 13
    • Foxconn aims to cut $2.9bn from expenses in 2019
    • Birla flags concerns on high spectrum payment to govt
    • Ramdev's Patanjali is losing the race to lead India's FMCG
    • Mobile component makers to invest up to $2-bln by Mar
    • IDBI Bank hopes to be back in black by first quarter
    • Panel proposals will help solve issues: Power Secy
    • NCLT could lose power to approve M&As in reform move
    • US court rules in favour of Dr Reddy's, allows sale of generic Suboxone
    • India poised to topple Brazil as the world's biggest sugar producer
    • IRDAI gives in-principle approval for IndiaFirst Life Insurance stake sale
    • FPIs pull out $900 mn from Indian market on widening CAD in Sept quarter
    • Crisil downgrades passenger vehicles' sales forecast to 7-9% for FY19
    Business Line
    Mint
    • Reliance Jio to be service provider for Railways from Jan 1
    • WGC, MMTC-PAMP set up gold assaying institute
    • Chinese market brightens prospects for mustard
    • Revenue shortfall may put pressure on the fisc
    • ONGC gas production at all-time high of 70 mmscmd
    • Vodafone Idea plans to invest Rs 27,000 crore in FY20
    • EU unveils policy paper on boosting ties with India
    • India liquidity crisis set to dent heavy truck sales
    • Bharat Gas, 2 others to invest ₹8,000 crore for CGD in Maharashtra
    • Global growth to slow to 3.5% in 2019: OECD
    • Shapoorji Pallonji Group plans $1 billion share sale of solar unit
    Financial Express
    Financial Chronicle
    • CGTMSE tweaks norms to improve credit guarantee process
    • Farm loan waivers lead to fewer crop insurance policies
    • Digital lending to MSMEs to grow up to $100 billion annually in 5 years
    • NET Telecom Secretary asks states to utilise Bharat Net infrastructure
    • UltraTech to incorporate Binani Cement as subsidiary
    • FinMin aims to rein in CAD at 2.2-2.3% with lower crude, higher rupee
    • Half of India’s ATMs may close down by Mar ‘19
    • Srei PAT at Rs 111 cr, Bhutoria new CEO

    National Updates:
    • After combining process of Jabong and Myntra, they may hire 200 staffs more in next three months.
    • Indian and Multinational back offices liable to pay 18% GST on revenues on providing services to MNCs.
    • Finance ministry proposed an acquisition between PFC and REC worth Rs. 14000 crores. Power ministry concerned about operational and fundamental issues in both the companies.
    • RBI has trained 11000 executives across 3000 different bank branches on lending to MSMEs.
    • HDFC disbursed over Rs. 1100 crores subsidy to more than 51000 customers under PM Awas Yojana.
    Global Scenario:
    • SGX Nifty: 10752 (+54 pts)

    • TVS Motors has launched ‘TVS Apache RTR’ in Bangladesh. A big positive for the company.
    •  Coal India’s bottom-line has jumped over eight-fold to Rs.3085 crore in Q2FY19. A huge jump in profitability may lead to another bumper dividend. Buy
    •  National Aluminium Company reported a much higher PAT at Rs.510 crore in Q2FY19 v/s Rs.234.6 crore in Q2FY18. Buy immediately.
    • Kiri Industries has once again reported excellent results for Q2. A big buy.
    • Tata Steel has reported 3 times higher consolidated PAT for Q2 after acquiring Bhushan Steel and is expected to fare equally well going forward. Buy.
    • Allahabad Bank has reported a net loss of Rs.1823 crore for Q2. Its NPA (non-performing assets) issues seem to persist. Stay away from this counter.
    •  Ashok Leyland reported a 37% jump in Q2 PAT on account of improved sales. Buy.
    •  Malaysian company IHH Healthcare has acquired a majority stake in Fortis Healthcare for ~Rs.4000 crore. Retail investors may gain as the minimum price of the open offer will be Rs.170/share. Buy
    • Sun Pharmaceutical Industries has unexpectedly reported a loss of Rs.219 crore in Q2 on account of a Rs.1214 crore provision for the settlement of its Modafinil antitrust case in the US. Stay away from this counter for some time.
    • Infibeam Avenues reported 48% higher sales of Rs.135 crore in Q2FY19. The recent meltdown in its share price was unwarranted. The stock is likely to rebound. Buy.
    • Polyplex Corporation has reported excellent results for Q2 and declared an interim dividend of Rs.10. Accumulate.
    • In spite of muted earnings for Q2, Deepak Fertilisers & Petrochemicals Corporation is a good buy at one-third its peak level. The management expects a good pick up in H2FY19. Buy.
    • Vodafone Idea has reported a consolidated net loss of Rs.4974 crore for Q2. It plans to raise another Rs.25000 crore via debt. A debt trap may be in the offing. Stay away.
    • IDBI Bank has reported a net loss for Q2 for the eighth consecutive quarter due to mounting provisions for bad debts. Sell and stay away.
    • Apollo Hospitals Enterprise is divesting its pharma business for ~Rs.528 crore as part of its restructuring exercise to pare its debt. Accumulate in small quantities.
    • Auto major Mahindra & Mahindra reported 24% higher PAT for Q2. Its long term prospects look good. Hold.
    • Future Retail reported 14% higher PAT of Rs.175.1 crore. Accumulate.
    • Talwalkars Lifestyles reported robust results for Q2 and may continue to do so in the next few quarters as well. Buy for the long term.
    • Motherson Sumi Systems posted muted results for Q2. The stock seems overpriced. Sell now and buy later at lower levels.
    • Va Tech Wabag, which recently obtained a ~Rs.600 crore order in Tunisia, may report good earnings in the next 1-2 years. Accumulate for good returns.
    • I G Petrochemicals reported 20% higher EPS of Rs.13 for Q2 and is likely to notch an EPS of Rs.52 for FY19. A very safe investment bet in the current turmoil.
    • Deep Industries is expected to notch an EPS of Rs.25 for FY19. The stock is heading towards the Rs.175 mark.
    • Yes Bank is down due to the sudden resignation of its Chairman. With strong fundamentals intact, the stock can be bought for decent gains.
    • Lincoln Pharmaceuticals has reported 33% higher PAT for Q2 and 91% higher PAT for H1FY19. With a likely FY19E EPS of Rs.30, the stock has the potential to cross Rs.300.
    • Some punters are betting big on Pokarna. Its expansion plans will boost its EPS substantially going forward. The stock has the potential to touch Rs.250.
    • After reporting an EPS of Rs.10 for Q2 and Rs.14 for H1FY19, BCL Industries is likely to notch an EPS of Rs.25 for FY19. A reasonable P/E of 8x will take its share price to Rs.200.
    • An Ahmedabad-based analyst recommends Banswara Syntex and IOL Chemicals & Pharmaceuticals. From his past recommendation -Balrampur Chini Mills appreciated 80% from Rs.66.4 on 25/06/18 to Rs.119.55 last week; Superhouse appreciated 25% from Rs.122.8 on 22/10/18 to Rs.154.1 last week; and Goldiam International appreciated 16% from Rs.70.1 on 8/10/18 to Rs.81 last week.

    • Nifty index failed to surpass previous day highs and consolidated for most part of the trading session. It formed an Inside Bar on daily scale which suggests follow up is missing on higher zones while decline is being bought
    • It has been consolidating in between 10450 to 10650 from last 9 trading sessions and requires a range breakout for the next leg of rally. Now it has to continue to hold above 10550 zones to witness an up move towards 10650 then 10750 zones while support exists at 10500 then 10450
    • Max Put OI is at 10000 then 10200 strikes while Max Call OI is at 11000 then10800 strike. Put writing is seen at 10400 and 10600 strike while minor Call writing is seen at 10700 and 10800 strike. Option band signifies an immediate trading range in between 10450 to 10700
    • India VIX fell down by 1.91% at 18.45 levels. However VIX has to cool down below 16 zones to get the next leg of smooth upside rally in the market
    • Bank Nifty surpassed and closed above its crucial hurdle of 200 DEMA after the consolidation of last 8 trading sessions. It outperformed the benchmark index and formed a Bullish candle on daily scale
    • Now till it holds above 25800 zones it can extend its move towards 26250 then 26500 zones while support is seen at 25800 - 25750
    • Longs in Apollohospital, Siemens, Lichsgfin and Eichermotor
    • Shorts in NBCC, Grasim, Idea, Yes Bank and Mothersumi

    Economic Times
    Business Standard
    • Tata board may decide Jet Airways takeover on Friday
    • Fitch keeps India's sovereign rating unchanged at 'BBB-'
    • October trade deficit widens to $ 17.13 billion
    • Trai floats paper on discontinuing printed phone bills
    • ITC looks to expand food portfolio to boost turnover
    • Sebi asks listed cos to disclose commodity risks in transparent, uniform manner
    • Centre looks to raise Rs 140 bn through basket share sale in 11 CPSEs
    • Rahul Bajaj lauds Urjit Patel for defending RBI, warns govt on Section 7
    • No takers for India's real estate bonds as IL&FS fuels worry of defaults
    • Rupee rallies to two-month high, jumps 34 paise to close below 72-mark
    • Walmart increases annual earnings estimate on higher quarterly revenue
    Business Line
    Mint
    • Mahindra to invest ₹1,000 cr in e-vehicles
    • ‘Over 10 lakh crore invested in telecom sector in 2 years’
    • Exports bounce back, grow 17.86% to $26.9 b in October
    • Post GST, pharma sector grew 6% till May this year: Minister
    • Bajaj Electricals expects 49% increase in turnover this year
    • Coal India Q2 profits boosted by higher selling prices
    • ITC eyes Rs1 trillion from FMCG, plans to expand food portfolio
    • Indian Hotels narrows Q2 loss to ₹5.21 crore
    • RInfra Q2 profit slips 49% to Rs277 crore
    • Uber posts $1 billion loss as growth in bookings slows
    Financial Express
    Financial Chronicle
    • India’s transition to low carbon economy still short, claims report
    • Demonetisation: 80,000 being chased by I-T for large cash deposits
    • RBI Board meet: Finance Ministry keen on boosting MSME credit, NBFC liquidity
    • NBFC debt crisis is starting to hit India’s consumers
    • CAR of Allahabad Bank, UCO, IDBI, CBI fall below 9%
    • BEL pays 40% final dividend to govt, total at 200%
    • Intel sets up Rs 1,100 crore design centre in Bangalore
    • ED probes FEMA violations by Amazon, Flipkart

    Economic Times
    Business Standard
    •  India, US to increase engagement in oil, energy sector
    • Vodafone Idea reports Q2 loss of Rs 4,974 crore
    • RBI imposes fine of Rs 3 cr on Deutsche, J&K Bank
    • Air India bailout plan not alt to divestment: CMD
    • Gautam Singhania quits Raymond Apparel as chairman
    • RBI, govt trying to reach consensus on some issues
    • Pfizer Q2 net profit falls 14% to Rs 95.8 crore
    • Moody's downgrades Tata Motors' outlook to negative on JLR woes
    • India to attract investments worth $80 bn in renewable energy: Report
    • NCLAT okays UltraTech bid for Binani Cement, says no to Dalmia Bharat
    • Nalco declares share buyback offer worth Rs 5.05 bn; date of closing Nov 28
    • M&As likely to gain traction as more bankruptcy cases go to NCLT
    Business Line
    Mint
    • Tata Global to invest ₹100 cr in tea packaging unit
    • Steel, Heavy Industry, Textile Ministries still apprehensive over RCEP pact
    • Govt mulls delinking investment from FTAs, seeks legal opinion
    • GVK to divest stake in airport holding biz
    • CESC Q2 profit up 20% at ₹975 cr
    • Motherson Sumi Q2 net down 10% at ₹426 cr
    • Jet Airways to sell six Boeing 777 planes to reduce debt
    • RBI, govt trying to reach common ground on some key issues
    • IDBI Bank posts eighth straight quarterly loss as provisions surge
    • NBFCs face unforgiving bond market as volumes plummet
    • Yes Bank chairman Ashok Chawla resigns over corruption charges
    • Q2 results: M&M profit rises 24%, beats estimates
    Financial Express
    Financial Chronicle
    • Rupee payment mechanism to bolster India’s trade with Iran, says TPCI
    • Samsung drugmaker fined for $4 billion accounts breach
    • India’s job outlook drops 3 percent to 92 percent in H2 of FY19: Report
    • CCI cotton procurement yet to pick up as prices above MSP
    • DoT explores single telecom fee, to define AGR to cut disputes
    • RBI, govt to accommodate each other by Nov 19 meet
    • Sundaram Fin to divest 40% stake in Royal Sundaram
    • JM Financial arm offers 10% interest on NCDs

    • Nifty index opened positive but failed to surpass immediate hurdle of 10650 and corrected towards 10450 zones. It has engulfed the consolidation move of last five trading sessions and closed with the loss of more than 100 points
    • It has been moving in between 10450 to 10650 zones from last six trading sessions and if it fails to hold 10450 then a breakdown could drag it towards next major support of 10333 zones while on the upside hurdles are seen at 10550 then 10650 zones
    • On option front, maximum Put OI is at 10000 followed by 9800 strikes while maximum Call OI is seen at 11000 followed by 10700 strikes. Fresh Call writing seen at 10600 followed by 10700 strike while Put unwinding is seen at immediate strikes which indicates limited upside in the market. Option band signifies an immediate range from 10400 to 10600 zones
    • India VIX move up sharply by 9.05% at 19.36 levels. Spurt in Volatility after the decline of last two weeks suggests that bears are putting pressure at higher zones. VIX has to cool down below 16 zones to get the next leg of smooth upside rally in the market
    • Bank Nifty failed to hold above its 50 and 200 DEMA and slipped sharply towards 25500 zones. It formed a Bearish Candle on daily scale. It has been consolidating in between 25500 to 25900 zones from last six trading sessions and now a decisive range breakout could see the fresh momentum. Now if it sustains below 25500 zones then profit booking could be seen towards next support of 25250 while on the upside hurdles are seen at 25800 then 25900
    • Longs in MGL, Repco Home, Tata Steel, NIIT Tech, Mcdowell, DHFL and Titan
    • Shorts in Tataelxsi, KSCL, Jindal steel, DCB Bank and Indian Bank

    News and Impact
    • Expect market to open on a weak note on account of global cues. Trade war, slowdown China economy have a negative impact in the global markets. Rising US Dollar Index of one year high at 97.5 and fall in Apple share which have pulled down US market over 2%. Asian markets open on a soft note like Nikkei and Hong Kong Index nosedive by 3% and 2% respectively. US Future declined 0.1% (22 points). SGX Nifty slipped half percent.
    • In India concern, traders watch on USDINR Trend, yesterday, USDINR gained over half percent and closed at 72.9. Today’s USDINR opening will be important for the market. Traders apply caution in the market because global market volatility, state election and quarterly results may keep the market volatile.
    • Positive factor in the market that the Brent Crude fell to 7-month low at $70/bbl and better than expected IIP growth. It means, Indian economy is back on track. Yesterday, Indian market declined one percent despite Asian and European markets rally. It may not be a major fall today compare to other Asian markets.
    • Major results today – Tata Steel, Sun Pharma, Glenmark Pharma, Mahanagar Gas, Grasim , Engineers India, Ashok Leyland, Apollo Tyres and Jindal Steel will be announce quarterly results today.
    • Nalco announced strong quarterly results. Attractive balance sheet and strong balance sheet. We have a buy rating on the stocks. Company reported Q2 net profit Rs5.11bn (up 117% YoY), EBITDA Rs8.53bn (up 153% YoY), EBITDA margin improve to 28% and income Rs30.4bn (up 24% YoY) – better than expectation
    • BUY Back news – NLC share buy-back of NLC India at Rs88 (closed Rs80), Oil India share buy-back to consider on 19th November.
    • Eicher Motor announced inline with street estimates. We have a long term buy. Company reported Q2 net profit Rs566bn (up 9.3% YoY), EBITDA Rs7.29bn (up 7% YoY), EBITDA margin 30.1% down 121bps and income Rs24.08bn (up 11% YoY).
    • Aurobindo Pharma reported good Q2 results and we have a buy rating on the stocks. Company reported Q2 net profit Rs6.11bn (down 21% YoY), EBITDA Rs9.86bn (down 12% YoY), EBITDA margin 21% down 441bps and income Rs47.51bn (up 7% YoY0 – better than expectation
    • Britannia reported inline with expected Q2 results and double digit volume growth. We have a buy rating on the stock. Company reported Q2 net profit Rs3bn (up 16% YoY) - expectation Rs3.15bn, EBITDA margin 15.8% - expectation 15.8% and sales Rs28.7bn (up 13% YoY) - expectation Rs28.7bn.
    • KNR Construction reported better than expected Q2 result. Company announced Q2 net profit Rs450mn (down 24% YoY) expectation Rs263mn and Revenue Rs4.16bn (up 6% YoY) - expectation Rs3.8bn.
    • Lupin Labs gets EIR from US FDA on its Nagpur facility – positive for Lupin, stock declined on account of poor Q2 results. Current valuation is attractive BUY.
    • Aurobindo Pharma entered into an agreement to purchase Research and Development assets from Australia based Advent Pharma, which deals in complex specialty generics. The total investment for this acquisition is pegged at $12.5 million – It is a small overseas deal, however – news is positive..
    • HCL Technologies announced partnership with NetBrain Technologies to offer network visibility and network automation capabilities for enterprise IT teams. - positive
    • NBCC received order for construction of Ayurveda Institute in Goa for Rs-2.6bn. The company also reported that it had secured a total business of Rs18.54bn for the month of October – positive, company has strong order book and one of the best cash rich PSUs.
    • Piramal Enterprises said it was considering raising capital via issue of non-convertible debentures on Nov. 15. – We are positive on the stocks for long term prospect. However, IL&FS incident dampen market sentiment.
    • TATA Motors: Global wholesales for October up 6 percent at 1,09,597 units on a YoY. Commercial Vehicles global wholesales rose by 19 percent to 44,380 units and passenger vehicles sales declined by 2 percent to 65,217 units. – Impressive long wholesale growth – we are long term positive
    • Lupin announced the launch of Atovane Oral Suspension USP launches in the U.S., after having received an approval from U.S. FDA earlier.- Positive
    • Shree Cements to add capacity in two plants located in Jharkhand and Odisha. The combined capacity addition will be 5.5 MTPA with a total investment of Rs9.03bn. - Positive
    • Cadila Healthcare clarified that on the news of “Kerala regulator finds three drugs of sub-standard quality” that Zipcet tablets were recalled by the company on June 29 and the batch was manufactured following current good manufacturing practices and released for sale only after batch meeting the pre-defined specifications, including dissolution. – Not any impact
    • TVS Motor launched Apache RTR 160 4V in Bangladesh – Positive
    • Ratnamani Metal wins contracts valued Rs1.65bn – Positive
    • Zydus gets nod for Nystatin & Triamcinolone Acetonide ointment – Positive for Cadila
    • PNB Housing gets Rs35bn refinance from National Housing Bank – Refinance will be positive for PMB Housing, company also reported good Q2 result.
    • Cipla gets final USFDA nod for Valganciclovir tablets 450 ml – Positive for Cipla, stock declined in the last few sessions due poor quarterly results.
    • SMS Pharma Q2 net profit Rs125.6mn (up 34% YoY) good Q2 result
    • SJVN Q2 net profit Rs4.3bn (down 1.2% YoY) and income Rs7.52bn (up 3% YoY) – inline with street estimates
    • HCC to issue 49 rights shares for every 100 held at Rs10 each – Avoid on the stock, poor balance sheet and huge debt.
    • Dredging Corporation Q2 loss Rs791.6mn vs profit Rs186mn and income Rs1.48bn (down 8% YoY). – Company announced weak set of Q2 result, however government stake sale will be positive
    • Jet Airways announced poor Q2 results. Avoid on the stock. Company announced Q2 net loss Rs13bn vs profit Rs496mn and income Rs61.6bn. Company has a negative net worth as at September 30.
    • Saksoft Q2 net profit Rs93.2mn (up 99% YoY) – reported good Q2 results
    • La Opala Q2 net profit Rs215.3mn (down 10% YoY), EBITDA Rs342mn (down 2.6% YoY), EBITDA Margin over 47% and sales Rs724mn (down 2% YoY) – inline with street estimates
    • Insecticides Q2 net profit Rs429.7mn (up 19% YoY) - inline with street estimates
    • NCL Industries Q2 net profit Rs77mn (down 21% YoY) - inline with street estimates
    • Mcleod Russel Q2 net profit Rs2.59bnn, exceptional gain Rs1.47bn and 4.46bn – AVOID
    • Prism Cement to acquire upto 30% stake in SPV with CSE development worth Rs100mn – Positive for Prism Cement
    • Bank of India reported poor Q2 results but GNPA reduced – Avoid. Company announced Q2 loss Rs11.6bn (Bloomberg estimates loss Rs4.56bn), GNPA 16.4% vs 16.6% (QoQ) and NII Rs29.7bn
    • Shree Cement reported good Q2 results after adjustment of one time loss. We have a buy rating on the stocks. Company reported Q2 net profit Rs493.3mn (down 76.7% YoY), profit include one time of Rs1.78bn (fail value loss related )- profit expectation 1.54bn and sales Rs25.78 (up 21% YoY).
    • HCL Tech ties up with Netbrain – Positive for HCL Tech, Rising USDINR will be positive for Tech stocks like HCL Tech, Infosys
    • Lumax Auto Q2 net profit Rs182.4mn (up 37% YoY) - inline with street estimates
    • Lupin introduces generic Atovaquone oral suspension in US - Positive
    • Dividends – Godrej Consumers, Gujarat Pipavav, Sonata Software
    • EGM – Central Bank of India
    • Results - 8K Miles, Abbott Labs, Allahabad Bank, Apollo Tyres, Ashok Leylands, Bombay Burmah Trading Corp, CG Power, Coporation Bank, Deepak Fertlizer, Dilip Buildcon, Engineers India, GE T&D India, Oriemtal Insurance, Glenmark Pharma, Grasim, Hindustan Copper, ISGEC Heavy Engineering, J Kumar Infra, Jindal Steel, KOICL, Mahanagar Gas, HCC, NMDC, PTC India, Sun Pharma, Sunteck Realty, Tata Steel and TVS Srichakar

    • Nifty index opened positive and remained range bound for the most part of the trading session
    • It formed a Hammer Candle on daily and a small bodied candle on weekly scale which implies that buying is visible on declines but follow up is missing as it has been consolidating between 10450-10650 for the past entire week
    • Now it has to continue to hold above 10450 to extend its up move towards 10650 -10750 zones while multiple supports are seen at 10450 then 10380
    • Max Put OI is at 10000 then 10200 strike while Max Call OI is at 11000 then 10800 strike. Call writing is seen at 10800 then 10700 strike which indicates limited upside while Put writing is seen at 10100 then 10500 strike. Option band signifies an immediate range from 10450 to 10650
    • India VIX fell down by 0.64% at 17.76. VIX needs to hold below 17-16 to get more upside momentum
    • Bank Nifty consolidated in a narrow trading range of 25550 - 25850 for the entire week. It formed an Indecisive candle on daily as well as weekly scale which implies that bulls are not loosening grip at lower levels where as bears are putting pressure at higher levels
    • It is hovering near its 50 and 200 DEMA from past one week and now needs to hold above 25800 to extend its up move towards 26250 levels while a hold below same could drag it towards 25400
    • Longs in Bank India, SRF, CEAT, Divislab and STAR
    • Shorts in Indian Bank, Repco Home, Cipla and Escort

    India Vix – Everything you should know
    India VIX
    • The Indian Stock Market is volatile right now. It is expected to be volatile throughout the year 2018. That leads to two different approaches. You can either cower in fear or you can be emboldened and invest anyway, believing that there is still potential on the horizon. No matter what approach you choose, India VIX is turning heads and making people talk.
    • So what is the India VIX? That is exactly what this article is going to explain. At the time of writing this, India VIX is hovering around 14.2. That means that people still have a lot of confidence in it. Should you? You will be sure about it after reading this article.What is India VIX?
    • This is the symbol for the India Volatility Index. It provides a quantitative value to the volatility anticipated in the Indian Stock Market in the short term. The short term assumed here is considering the next 30 days. Lower the India VIX values, lower the expected volatility and vice versa. Sounds interesting ? Lets explore it further.
    • So do you want to know where the term VIX came from? Chicago Board Options Exchange or in short CBOE invented it 1993. CBOE granted permission for its usage to the NSE, and there you have it. The India VIX came about only a few years ago. India VIX Calculation
    • The Black-Scholes Model is where the VIX calculation actually comes from. Now, not to confuse you, but there’s a serious amount of math involved in this calculation. Thankfully its not need as it is not the important part.
    • What is of interest to traders and investors is that the VIX can predict the volatility expected in the market.
    India VIX Example
    • For example, if India VIX is 14.2 , this depicts a probable annual variation of 14.2% in the Nifty over the next 30 days. So, the value of Nifty is expected to be in a range between +14.2% and -14.2% from the present price of Nifty for the next 1 year for the next 30 days. So if Nifty is presently at 10000 the expected range of Nifty for 1 year is between 10142 and 9858. Where 9858 is the lower end and 10142 is the upper end.
    • But thats not all, you also calculate the expected volatility of the Nifty for an even shorter time frame using the India Vix.
    • The formula for that is VIX divided by the square root of T. If you want the volatility for “x” days then T would be “365/x”. So for example if you want to calculate the expected range of Nifty for one month then T would be 365/30 which is approximately 12. Based on the value of India VIX which was taken above 14.2, the expected variation in Nifty for the month would be 14.2/Square Root(12) = 4.1 %.
    • This information is extremely valuable for Nifty Options traders as you can sell options above and below this range and make money. India VIX Calculation
    • The Black-Scholes Model is where the VIX calculation actually comes from. Now, not to confuse you, but there’s a serious amount of math involved in this calculation. Thankfully its not need as it is not the important part.
    • What is of interest to traders and investors is that the VIX can predict the volatility expected in the market.
    India VIX Example
    • For example, if India VIX is 14.2 , this depicts a probable annual variation of 14.2% in the Nifty over the next 30 days. So, the value of Nifty is expected to be in a range between +14.2% and -14.2% from the present price of Nifty for the next 1 year for the next 30 days. So if Nifty is presently at 10000 the expected range of Nifty for 1 year is between 10142 and 9858. Where 9858 is the lower end and 10142 is the upper end.
    • But thats not all, you also calculate the expected volatility of the Nifty for an even shorter time frame using the India Vix.
    • The formula for that is VIX divided by the square root of T. If you want the volatility for “x” days then T would be “365/x”. So for example if you want to calculate the expected range of Nifty for one month then T would be 365/30 which is approximately 12. Based on the value of India VIX which was taken above 14.2, the expected variation in Nifty for the month would be 14.2/Square Root(12) = 4.1 %.
    • This information is extremely valuable for Nifty Options traders as you can sell options above and below this range and make money Conclusion
    • Trading in India Vix Futures is out of favour of the traders and investors in the Indian Stock Market. It is not much popular among the retail investors especially because liquidity is a problem and a persistent trader can end up incurring impact cost (slippage)
    • What is of interest to traders and investors is that the India VIX can predict the volatility expected in the market. Ultimately, the VIX is going to tell you how much fear there is in the market, and also complacency. The India VIX is a good indication of when things are going to plummet or stay strong. Being able to see ahead to the next thirty days is a huge boost for traders. The VIX gives you an accurate indication of what’s going to happen in the Nifty50 this coming month. Keep in mind that the India VIX rating shows that it could move in either direction by that amount. If you know that that kind of move is not too serious at all you can trade confidently.
    • Not only does the VIX tell you a lot about what’s happening right now, it also lets you look at the past. You can compare the current value to the 52 week high and low of the values and then make your trading decision. If it is closer to the lower band then you can expect a huge rally coming up in Nifty soon and similarly you can exit your positions if the value is touching the upper band. You can form numerous trading strategies based on the India VIX, the sky is the limit here.
    • The India VIX is seriously benign in nature, and thats why you need to have it on your radar. What happens when traders are complacent for too long? Fear is on the horizon.
    • Checking the VIX is a great way to see the sentiment of the market and where things are inevitably headed. Do we have a choppy market on the horizon? The VIX is going to tell you just that. So in essence the VIX is great tool.
    India VIX Futures
    • Just like NIFTY, India VIX is an index and you can only use derivative (F&O) contracts to trade on them. So to trade in India VIX you need to trade in India VIX Futures. It can be mainly used to diversify your portfolio as well as for volatility trading.
    • Symbol of the Underlying- INDIAVIX
    • Expiry date – Every Tuesday of the Week.
    • Contract cycle- Weekly – 3 contracts per week.
    • India Vix Lot size – 550
    • Quotation Price- India VIX Index * 100
    • Price steps for contracts – 0.25
    • Base Price – Daily Settlement Price of the contract.
    • Settlement price: Closing Price of the underlying India VIX index
    • Settlement procedure: Cash
    • Normal Trading Hours – Mon-Fri 9:15 AM to 03:30 PM
    Economic Times
    Business Standard
    • Oil short-sellers are back as OPEC takes centrestage
    • Tech Mahindra looks at global 5G rollouts as opportunity
    • RBI seeks time till Nov 26 to respond to CIC notice
    • NBFCs push credit demand by 14.4% to a 5-year high
    • Exports: 16 out of 30 sectors in negative zone in Sept
    • India contracts 8 lakh tonnes of sugar exports so far
    • Disinvestment dept to fix rules for sale of enemy shares
    • Usha Martin gets nod from 99.99% shareholders for steel biz sale to Tatas
    • Cochin Shipyard on course to execute Rs 150 bn worth projects, says CMD
    • FinMin rejigs CPSE ETF, includes NTPC, 3 other PSUs; eyes Rs 80 bn via FPOs
    • Steel industry growth hikes India's coal imports by 8% to 134 mt in Apr-Oct
    • Sebi picks Wipro, L&T Infotech among 7 cos for market vigilance activities
    Business Line
    Mint
    • India, Russia banks to discuss rouble-rupee trade today
    • 'SEBI's decisions are for the benefit of the customer'
    • FinMin: RBI ‘must do more’ for financial sector
    • Puravankara sales up 23% in first half this fiscal
    • Bharti Airtel to pre-pay $1.5 billion debt with Netherlands arm
    • RCEP leaders to call for early conclusion of mega-trade pact
    • Volkswagen plans entry-level electric car to challenge Tesla
    • JPMorgan leads $283 billion Brexit shift to Frankfurt
    • Saudi Arabia to cut oil supply amid signs of new glut
    • India’s liquidity crisis set to rock RBI board meeting
    • Govt weighing sale of 149 ONGC fields to private companies
    • Alibaba Singles’ Day in China smashes $25 billion sales record
    Financial Express
    Financial Chronicle
    • GST a monumental reform, hit growth only for 2 quarters: Finance Minister Arun Jaitley
    • Arvind Pangariya cautions: Import duty hikes can be counter-productive
    • India’s coal imports rise 8 percent to 134 MT in the April-October
    • India witnesses over 4.36 lakh cyberattacks from Russia, US, others in January-June: F-Secure
    • RCom settles case of alleged failure to inform interest payment default on debentures: Sebi
    • RBI’s controls clash with govt’s ‘short-term goals’
    • 357 infrastructure projects show cost overruns of over Rs 3.39 lakh crore
    • GST compensation to states falls to Rs 11,900 crore in Aug-Sept

    Economic Times
    Business Standard
    • CIC issues show-cause notice to RBI Governor
    • FinMin likely to finalise capital infusion in PSBs
    • Adani Trans co to buy KEC's arm for Rs 227 cr
    • Liberty House misses deadline to pay Amtek lenders
    • End of NPA cycle near: P. K. Gupta, MD, SBI
    • AI’s Rs 29k cr capital debt to be moved to SPV
    • Mukesh Ambani sets up Estonian JV for e-governance
    • Deloitte, EY in shortlist to revamp online redressal, inspection: Sebi
    • AAI, secondary aluminium producers lock horns over import duty hike
    • Govt to levy anti-dumping duty on uncoated paper imports from 3 countries
    • RBI to set up registry to give authorities '360-degree' data on borrowers
    • L&T, BEL among 8 players in fray for advanced CCTVs at 6,000 rly stations
    Business Line
    Mint
    • US removal of trade sops to hit handloom exports
    • India, Iran put systems in place to continue crude shipments
    • Rupee may touch 76 levels against dollar in next 3 months: UBS
    • 75 lakh new tax filers added to IT net this fiscal
    • Marico PAT up 18% at Rs 214 crore on improved rural sales
    • Decorative paints likely to get costlier in December
    • Aircel-Maxis case: NSE chairman Ashok Chawla facing Sebi probe
    • SBI puts up 11 NPA accounts for sale to recover Rs1,019 crore dues
    • Singapore assessing 2019 GDP growth forecast as US-China trade war risks loom
    • Ex-RBI governor Bimal Jalan: Government is ultimately the highest authority
    • Bharti Airtel’s African safari takes a curious turn
    Financial Express
    Financial Chronicle
    • Modi government’s selloff push: Sale of 10% stakes in GIC, New India Assurance may fetch Rs 10,000 crore
    • Protecting depositors, taxpayers is public interest: RBI to Government
    • Trump-Xi trade deal likely to begin rather than end at G-20
    • RBI kick-starts process to set up PCR for capturing details of borrowers
    • PNB to step up disbursals to MSME, retail sectors
    • FPI outflow crosses Rs 1 lakh cr this year
    • $34b forex lost in 6 months, but no need to panic
    • Modi announces quick loans, relaxation in labour laws for MSMEs

    News and Impact
    • Expect market to open on a weak note after a smart rally in the last two days. Weak global cues may open negative impact in the market but stock specific actions expected on account of quarterly results and may be buying interest ahead of Diwali. India macro data is encouraging on account of fall in oil price, USDINR and 10-Year G-Sec Yield. USDINR yesterday fell nearly 100paisa to close 72.43. Moreover 10-Year G-Sec Yield fell to below 7.8% of 2-month low after a recent high of 8.21%. Brent Crude declined further to below $73/bbl. Moreover, good quarterly results also boosted the market sentiment..
    • US market declined 1% on account of poor quarterly reported by Apple and expectation of US wages hike to increase inflation. Asian markets like Nikkei and Hong Kong Index declined 1.5% and 2% respectively. SGX Nifty declined nearly half percent.
    • Positive for oil marketing companies (IOC, HPCL, BPCL and Aviation stocks – IndiGo) - Brent Crude continued to southbound journey on account of increased US inventory and USDINR fell to 1-month low. India will get exemption for oil import from Iran also positive for OMCs and Aviation stocks.
    • Brokers Radar - CLSA Buy Axis Bank TGT 750, Bhart Forge CLSA TGT 685
    • Among the quarterly results like Axis Bank, ONGC and SAIL (profit vs loss previous year) reported good quarterly results.
    • This week is important for the market despite a very short spun on account of long Diwali holiday (Wednesday and Thursday). US mid-term Election will be announce on 7th November which may impact global markets. However, street expectation that the ruling party may retain. FOMC interest rate decision will be announce on 9th November and any impact for sanction against Iran oil exports today (4th November).
    • Among the major results this week – Today results – SBI, Cipla, IGL, Exide, Power Grid, Fortis, Bosch will be announce quarterly results today. Voltas and Manpuram Finance on 6th Nov. MRF will be announce on 8th November and Amara raja Batteries , India Cement, Titan and Indian Bank on 9th Nov. Wockhardt, Nalco, Aventi Feed will be announce on 10th November.
    • Watch on Bosch – Company will be announce Q2 result today and also announce share buy-back.
    • Adani Gas will be listing today after de-merger of Adani Enterprises. Shareholders will get 1 share of Adani Gas for every 1 share held by Adani Enterprises.
    • The Finance Ministry is likely to finalise the second round of capital infusion for public sector banks towards the end of this month or early next month - media report. Fund infusion after on Nov. 2, Prime Minister Narendra Modi launched a slew of measures, including loan sanction of up to Rs 1 crore in less than an hour and relaxation in labour and environmental laws for MSMEs to give a boost to the sector. – Fund infusion will be positive for the PSU Banks to easy provide loan up Rs1cr.
    • Axis Bank reported better than expected Q2 results and fall in GNPA. We have a buy rating on the stocks. Company reported net profit INR7.9b [ vs. estimate of INR6.7b] (up 83%) . NII up 15% YoY to INR52.3b [ vs. estimate of INR48.8b]. NIM for Q2FY19 was 3.36%, up from 3.29% in Q1 (adjusting for recovery on an IBC list 1 account in Q1). Other income grew 4% to INR26.8b [ vs. estimate of INR30.1b] mainly due to lower trading profits during the quarter. PPP grew 8% to INR40.9b [ vs. estimate of INR42.1b]. Provisions came in at INR29.3b [ vs. estimate of INR31.1b and INR31.4b in 2QFY18]. GNPA stood at 5.96% vs 6.52% in the previous quarter [ vs. estimate of 6.8%]. Slippages declined to INR27.8b (INR43.4b in 1Q and INR89.4b in 2QFY18). Corporate slippages accounted for 40% of overall slippages. IL&FS – Total exposure of INR8.25b to the group (of which INR5.4b is part of the BB and below book). Made 20% provisioning on this exposure in 2Q.
    • Bhart Forge reported inline with expected Q2 results and EBITDA inline with expectation. We have a buy rating on the stock. Company reported Q2 net profit Rs2.27bn (up 11% YoY) - expectation Rs2.4bn, dividend Rs2.5 a share, EBITDA was up ~18% yoy (1% qoq) at Rs4.34bn - expectation Rs4.36bn- in-line with expectation at Rs436bn. EBITDA margin at 25.9% - expectation 28.8% and sales Rs16.8bn (up 33% YoY) - expectation Rs15.1bn.
    • Hindalco reported better than expected standalone profit and EBITDA margin due to strong performance from the copper business. We have a buy rating on Hindalco. EBITDA for the aluminum segment (including Utkal) beat expectations as well. EBITDA Rs12.92bn (down 7%) better than expectation and EBIDTA margin fell by 156bps yoy to 11.9% inline. Net Profit at Rs3.09bn inline. Hindalco repaid long term loans of Rs15.75bn in October .
    • BSE ltd’s reported lower than street estimates profit and margin. Company reported revenue Rs1.57bn (up 2.3% QoQ). EBITDA at Rs520mn, (down 7.9% qoq). EBITDA margin contracted by 1,533bps yoy and 369bps qoq to 33.23%. Company reported Net profit of Rs430mn(down19.1% qoq).
    • Mahindra Finance says 78000 vehicle finance in October.
    • Bata India reported better than expected Q2 results and EBITDA margin better than street estimates. Company reported Q2 net profit Rs556.6mn - Bloomberg expectation Rs530, EBITDA margin 13% and sales Rs6.73bn - Bloomberg expectation Rs6.60bn. EBITDA for the quarter at Rs870, up 35.5% yoy . EBITDA margin expanded 199bps to 12.98%.
    • Indian Oil Q2 net profit Rs32.5bn (down 12% YoY) - expectation Rs49.4bn, GRM $8.45/bbl vs $6.08/bbl and Income Rs1.52tn (up 14% YoY) - Expectation Rs1.37tn.
    • The U.S. has agreed to let eight countries - - including Japan, India and South Korea -- keep buying Iranian oil after it reimposes sanctions on the OPEC producer on Nov. 5, a senior administration official said. – it will be positive for India to import oil from Iran in rupee terms rather than dollar.
    • City Union Bank Q2 net profit Rs1.68bn (up 16% YoY) , GNPA 2.85%, provision Rs679.6mn, other income Rs1.19bn and NII Rs4bn (up 12%), stock is trading 2.5x P/B (Not our coverage) – We are positive on Federal Bank and DCB among the small cap banks.
    • Novelis tied up with banks for up to $775mn of term loan, Novelis to take up to $1.5bn in short term bridge loan
    • Future Supply Q2 net profit Rs212.7mn (up 5% YoY) and sales Rs2.76bn (up 31% YoY)
    • Government may infuse Rs200bn more in state banks this fiscal year – Positive for SBI CNBC
    • Ingersoll - Rand Q2 net profit Rs224.6mn, dividend Rs3 a share and sales 1.77bn.
    • PNB reported weak quarter as net loss came in at INR45.3b (significantly higher than our estimates). Avoid on the stock. NII stood at INR39.7b, down by 1% YoY (5% miss). PPOP at INR 28.4 Bn, -13% YoY. Asset quality improved with absolute GNPLs/NNPLs decreasing by 2%/13% QoQ respectively thus driving 110bp/168bp QoQ decline in GNPL/NNPL ratios. GNPL and NNPL ratio thus stood at 17.16%/8.9% respectively. Total Provisions elevated to INR97.6b (significantly above our estimates). Loan loss provisions stood at INR77.3b (+55% QoQ). As a result coverage ratio increased QoQ to 52.9% (PCR including TWO stood at 66.9%; +512bp QoQ). Bank has made a further provision of INR32.9b with respect to the fraud account (INR90.4b already provided till Jun’18). Remaining provision will be made during the next two quarters. As on 2QFY19 INR4.8b of MTM losses has been deferred which will be provided in the subsequent quarters. During the quarter Bank provided INR5.3b of MTM losses pertaining to 2QFY19. * During 2QFY19 the bank has made provision of INR 5.2b in respect of 24 borrowal accounts under the provisions of IBC. The total provision made in these accounts is INR107.4bn.
    • Petronet LNG reported inline with expected Q2 results. Expect volume growth will increase earning. We are positive on the stock. Company reported Q2 net profit Rs5.63bn (down 4% YoY) - expectation Rs5.75bn, other income Rs1.11bn - expectation Rs1bn, EBITDA came in line with estimates at INR8.8b (est 8.8b, -2% YoY, -5% QoQ) and sales Rs107.4bn (up 38% YoY) - expectation Rs102.8bn.
    • SUN TV reported better than expected Q2 results. We have a buy rating on the stocks. Sun TV reported Q2 net profit Rs3.51bn (up 23% YoY) – Expectation Rs3.2bn and income Rs7.5bn (up 11% YoY) – Expectation Rs7.7bn.
    • Gujarat State Petronet reported strong Q2 results. Company reported Q2 net profit Rs3.23bn (up 83% YoY), EBITDA margin 25% , up 125bps and EBITDA Rs4.73bn (up 44% YoY) and income Rs5.98bn (up 79% YoY).
    • Torrent Pharma reported better than street estimates of Q2 results on account of improved EBITDA margin. Company reported Q2 net profit Rs1.70bn (down 12% YoY), EBITDA margin 86% , up 101bps and EBITDA Rs5.16bn (up 81% YoY) and income Rs18.94bn (up 33% YoY).
    • Godrej Consumers reported lower than expected EBITDA but EBITDA margin better than expectation. EBITDA margin expanded 80bp YoY to 25.9%. There was 26% increase in A&P investments to support new product launches. We are positive on the stocks. Company reported Q2 Consol. EBITDA declined by 10.3% YoY to INR4.9b (est. INR5.96b) and Adj. PAT declined 13.3% YoY to INR3.2b (est. INR4.2b). and sales Rs26.6bn (up 6% YoY) - expectation Rs28.3bn, PAT is post adjusting for gain of divestment of UK business (INR696.6m) and also change in the earn out liability of a subsidiary (INR1,890.9m).
    • NTPC Q2 net profit Rs24.3bn (down 2.5% YoY) - expectation Rs27.9bn, other income Rs2.25bn vs Rs2.61bn (Expectation Rs2.31bn) and sales Rs222.6bn (up 12% YoY) - expectation Rs202bn.
    • Future Retail Q2 net profit Rs70mn vs loss Rs20mn and income Rs12.1bn (up 9% YoY). Alkem Labs Q2 net profit Rs2.60bn (down 21% YoY) - Bloomberg expectation Rs3.07bn and income Rs19.2bn (up 3% YoY) - Bloomberg estimates Rs20.22bn.
    • Tata Chemical reported inline with expected Q2 results. We have a buy rating on the stocks. Tata Chemicals consolidated revenue at Rs29.6bn(up by 10.1% yoy), Oerating profit Rs6.02bn 9down 5.6% YoY), EBITDA margin declined by ~338bps yoy to 20.3% in Q2FY19.Adjusted net profit at Rs3.22bn (up 24.6% yoy).
    • Dividend – Bharti Airtel, Colgate, Dish TV, Hedelberg Cement, Nilkamal Plastic, Shriram Transport Finance, Supreme Industries and Supreme Petrochem.
    • Results – Aegis Logistic, APL Apollo, Asashi India Glass, Balkrishna Industries, Bosch, Century Plyboards, Cipla, Eveready Industries, Exide Industries, Fortis, GAIL, Godrej Agrovet, Himatsingka Seide, IGL, Inox Wind, Minda Industries, Natco Pharma, Orient Cement, Phoeinx Mills, PNB Housing, Power Grid, Sheela Foams, SBI, Timken India, Venkys and Wabco India
    • The Energy Information Administration released revised monthly figures for U.S. oil production on Thursday. The headline is that production is up – way, way up. It reached 11.35 million barrels a day in August, fully 2.1 million barrels a day higher than a year before. That’s almost like adding a whole new Mexico in the space of 12 months.
    • For all the pipeline problems threatening the Permian tight-oil basin, production in Texas and New Mexico keeps pumping higher. The two states, which also include the Eagle Ford basin in southern Texas, accounted for more than two thirds of the increase.
    • Nifty index opened positive and consolidated for most part of the trading session. It formed a small bodied candle on daily scale and forming higher highs from last 4 consecutive sessions which indicates that buying interest is seen at lower levels
    • Now it has to continue to hold above 10333 to extend its up move towards 10450 -10480 then 10650 while multiple supports are seen at 10250 then 10180
    • Max Put OI is at 10000 then 10200 while maximum Call OI is seen at 10700 then 10800. Put writing is seen at 10400 then 10300 strike while Call writing is seen 10400 then 10700 strikes. Option band signifies a higher shift in trading band with immediate range of 10300 to 10600
    • India VIX fell down by 3.07% at 19.19 levels. Falling VIX from last two sessions suggests bullish price setup but VIX has to go down below 17-16 to confirm the short term reversal and a decent bounce back after the sharp cut of last two months
    • Bank Nifty managed to hold above 25000 zones and continued its positive momentum towards 25400. It formed a small bodied candle on daily scale which suggests that decline is being bought and follow up is required at higher levels
    • Now it has to continue to hold above 25000 to extend its up towards its crucial hurdle of 25500 and 25650 then fresh breakout while major support is seen at 24750
    • Longs in IGL, Bata India, Hindalco, Siemens and Indigo
    • Shorts in Exide, Godrej CP, Hexaware, CanBank and Ashok Leyland
    • China's central bank on Friday lifted its official yuan midpoint by the most in more than two months, to 6.9371 per dollar, after signs of easing tensions between the world's two largest economies.
    • The official yuan midpoint, the strongest since Oct. 24, was 299 pips, or 0.43 percent, firmer than the previous fix of 6.9670.
    • The move in Friday's official guidance rate was the biggest one-day strengthening in percentage terms since Aug. 28. And the guidance rate was 31 pips firmer than Reuters' estimate of 6.9402 per dollar.
    • U.S. President Donald Trump and Chinese President Xi Jinping both expressed optimism on Thursday about resolving their bitter trade disputes.
    • Separately, the dollar sagged against its peers, pulling away from a 16-month peak hit earlier this week as returning confidence in financial markets reduced the appeal for safe haven asset.
    • Nifty index had a volatile session but managed to recover by more than 300 points from its intraday low of 10100 and headed towards 10400
    • It surpassed immediate hurdle of 10280 and closed with the decent gains of 188 points. It formed a Bullish candle on daily scale and almost recovered all the losses made in the previous week
    • Recently it has taken support near to psychological 10000 zones and seen multiple positive divergences with Mechanical indicators as it is turning from its deep oversold territory which is giving a confirmation for a short term bottom formation
    • Now it has to continue to hold above 10280 to extend its move towards 10440-10480 then 10650 while multiple supports are seen at 10250 then 10180
    • Max Put OI is at 10000 then 10200 strikes while Max Call OI is at 10700 then 11000 strikes. Put writing seen at 10200 then 10300 strike while minor Call unwinding is seen at immediate strikes. Option band signifies a higher shift in trading band with immediate range of 10200 to 10600
    • India VIX fell down by 3.43% at 19.79. During the day VIX made a 7 months high of 22.82 and fell down sharply which could support the broader market but overall comparative higher volatility could continue to attract wider market swing. VIX has to go down below 17-16 to confirm the short term reversal and a decent bounce back after the sharp cut of last two months
    • Bank Nifty managed to respect its crucial support zone of 24500 mark and extended it gains towards 25200. It formed a Bullish candle on daily scale and managed to close above 25000
    • Now it has to hold above 25000 to move up towards its crucial hurdle of 25500 and 25650 while major support is seen at 24750 then 24500
    • Longs in Cummins Ind, IGL, IBullHsgfin and TechM
    • Shorts in Coal India, CESC, Vedanta and Amar Raja Battery

    News and Impact
    • Expect market to open on a positive note on account of global cues. US market surged 1-2% yesterday after announced good quarterly results by US corporate. Asian markets are witnessing mixed bag. Hong Kong Index and South Korea Index gained 1% each while Nikkei Index declined 0.4%. Reduce trade war tension between US and China and hope of positive outcome of G-20 meeting between US and China of trade related issue. European market gained yesterday over 1% each. Currently SGX Nifty gained 35 points.
    • Major events for the day – HDFC, HPCL will be announce Q2 results today. Other seven F&O Companies like DLF, Marico, Berger Paints will be announce Q2 results today and Auto monthly sales volumes today.
    • Among the yesterday results – L&T, Canara Bank, United Sprits, Tata Motors, Ajanata Pharma, Escorts, Castrol announced good quarterly results while Dabur India, Lupin Labs and Vedanta reported lower than expected Q2 net profit.
    • Yesterday, Sensex intra-day volatility was 800 points between intra-day high and intra-day low. Expect higher intra-day volatility in the market. Traders buy on dips in the market and avoid bargain hunting.
    • Positive factor in the market that the Brent Crude fell over % to $75/bbl and declined 11% during the month of October. Fall in oil price and impressive quarterly results will be positive for the market sentiment. Only concern in the market that the USDINR yesterday close nearly 74. Traders watch on today USDINR trend.
    • Watch on Auto stocks – Auto stocks expected to momentum today ahead of October monthly sales data announcement today. We are positive on Maruti, Bajaj Auto, Eicher Moter and Ashok Leyland.
    • Tata Motors reported better than expected EBITDA margin despite consolidated net loss. Standalone results turnaround after a strong growth in the domestic sales. However, JLR front, China growth is muted which is a concern. Highly beaten down stocks, current valuation is attractive - Buy. Company reported Q2 loss Rs10.5bn (expectation loss Rs4.57bn) vs profit Rs24.8bn, EBITDA margin 7.5%, JLR EBITDA margin 9.4% - ahead of expectation, EBITDA Rs67.57bn (expectation Rs60.2bn), consolidated EBITDA margin 7.4% - expectation of 8.8% and sales Rs721bn (up 2.5% YoY).
    • Brokers Radar – L&T CLSA TGT 1730, Morgan TGT 1788. Tatat Motors – CLSA SELL TGT 170, Macquary BUY, Vedanta – Macquary – Overweight TGT 325, Lupin CLSA SELL TGT 775 (MEDIA).
    • United Spirits reported better than expected Q2 results. Both NET profit and EBITDA margin above our estimates. Company reported net sales grew 14.2% to Rs22.3b - expectation Rs22.2bn. EBITDA margin expanded sharply (+540bp YoY to 19.4%) - expectation 14.5%. EBITDA grew 58.6% to Rs4.3bn (est. INR3.2b). Adjusted PAT grew 89.4% to Rs2.6b (estimates Rs1.8b).
    • L&T reported strong Q2 results both topline and bottoiline. EBITDA margin reported better than expectation. Strong order book - we have a buy rating on the stock. Company reported Q2 sales at Rs321b ( up 21% YoY) vs. our estimate of Rs290bn, EBITDA Rs37.8 b( up 27% YoY) - expectation Rs30.7bn and margins of 11.8% vs our estimate of 10.6% (Consensus 11.4%). PAT Rs19.4b( up 15% YoY) vs our estimate of INR16.3b despite a higher tax rate. Orders at Rs419b(up 46% YoY) vs. our estimate of Rs475b and order book at Rs2812b(up 9% YoY), 20% of the orders were from overseas.
    • The combined Index of Industrial Production (IIP) of the eight core industries stood at 127.2 in September 2018, 4.3% higher as compared to the index of September 2017.- inline with street estiamtes.
    • Vedanta announced lower than expected Q2 EBITDA - Vedanta reported EBITDA Rs53.42bn (down 6% YoY) - expectation Rs57bn and Adjusted Net profit Rs13.4bn (down 30% YoY) - expectation Rs13.4bn, announced dividend Rs17 a share - we have a buy rating on the stocks.
    • Jet Airways received notice for payment delays on current on payments to airport authority of India - news is negative - stocks declined 9% after the news ... news is negative, traders shift to IndiGo.
    • Ajanta Pharma reported better than expected Q2 results both topline and bottomline. We have a buy rating on the stock. Company reported Q2 net profit Rs1.25bn (down 5% YoY) - expectation Rs1.04bn and sales Rs5.44bn (up 1% YoY) - expectation Rs5bn.
    • MOIL reported good Q2 result after a increase price. Company reported Q2 net profit Rs1.1bn (up 18.7% YoY) and income Rs3.58bn.
    • Autonomy of RBI essential, nurtured by govt: - Amid reports of its mounting tension with the RBI, the Finance Ministry Wednesday said the government has "nurtured and respected" autonomy of the central bank and has been holding extensive consultations with it on many issues - Finance Minister - It will be positive for the market sentiment .
    • Castrol reported better than expected Q3 results, strong balance sheet ... BUY. Company reported Q3 net profit Rs1.5bn (down 16% YoY) - expectation Rs1.35bn and sales Rs9.27bn (up 7.3% YoY) - expectation Rs8.9bn.
    • Escorts reported strong Q2 results and better than expected EBITDA margin. Company reported Q2 net profit Rs1.03bn (up 25% YoY) expectation Rs851mn , EBITDA Rs1.58bn (up 11.7% YoY) - expectation Rs1.33bn and sales Rs14bn (up 16% YoY) - expectation Rs12.7bn.
    • Dewan Housing seeks to raise Rs7.5bn via debenture and debenture issue to Rs7.5bn green shoe options - It will be positive for Dewan housing. However, rate of interest on debenture will be important.
    • FDC gets EIR from US FDA for Waluj manufacturing facility- closure of US FDA inspection at company's manufacturing unit – Positive.
    • Strides Pharma reported lower than expected Q2 result. However, expected improved US sales after a recent US FDA approval - Buy. Company announced Q2 net loss Rs120mn (expectation Rs180mn profit) vs profit Rs140mn and sales Rs7.33bn (down 5% YoY) - expectation Rs6.61bn.
    • GE Power wins contract worth Rs17.8bn – Positive.
    • Prism Johnson Q2 net profit Rs70.4mn vs loss Rs238.7mn and income Rs13.3bn (up 14.6% YoY) - Reported good Q2 result.
    • Eicher Motors reported production loss of 25,000 units of motorcycle in September and October due to labour issues at its Chennai manufacturing facility. – Stock has already reacted, current valuation is attractive, BUY
    • Coal India offer for sale received demand at an indicative price of Rs 266.03 per share with non-retail category receiving a 106 percent demand bid at 15.84 crore shares versus 14.9 crore shares offered. – Poor response on its OFS, Retail segment OFS today and 5% discount on its OFS (266), - Retail (up to Rs2lkah) should buy on its OFS.
    • Fortis Healthcare: The Competition Commission of India approved acquisition of the company and Fortis Malar Hospital by Northen TK Venture. – We are long term positive on Fortis
    • Shriram EPC bagged order worth Rs 236 crore from Drinking Water and Sanitization Department of Jharkhand Government – Positive for Shriram EPC.
    • Lemon Tree Hotels signs license agreement for 27 room city hotel in Bhutan. The hotel is expected to be operational by March next year.- Positive
    • Tide Water Oil India to consider delisting proposals on November 12 board meetings - Positive, generally delisting price higher than the CMP.
    • Dabur India reported lower than expected Q2 results and EBITDA margin. Company reported Q2 net profit Rs3.77bn (up 4.6% YoY) - expectation Rs3.85bn, EBITDA margin down 20bp YoY to 21.2% (est. of 20.9%), EBITDA margin down 20bp YoY to 21.2% (est. of 20.9%) dividend Rs1.25 a share and sales Rs21.2bn (up 8.5%) - expectation Rs22.33bn.
    • BF Utilities Q2 net profit Rs15.2mn vs loss Rs2.4mn - Better than last year.
    • Srikalahasthi Pipes Q2 net profit Rs332.6mn (down 11% YoY) and sales RS4.38bn (21% YoY) - inline with street estimates.
    • TTK Healthcare Q2 net profit Rs66.6mn (down 41% YoY) and sales Rs1.66bn (up 6% YoY) - Poor Q2 results – Avoid.
    • PNB Housing raises Es24.5bn through commercial paper - It will be positive for PNB Housing, highly beaten down stocks – Buy.
    • Orient Paper Q2 net profit Rs297mn (up 101%) and sales Rs1.87bn (up 12% YoY) - Strong Q2 results - Buy - not our coverage.
    • Balrampur Chini Q2 net profit Rs909.2mn (up 10% YoY) - Good Q2 result.
    • Canara Bank reported profit on account of tax gained. However, positive factor that the improved asset quality. Both GNPA and NPA declined against the previous quarter. Company reported Q2 net profit Rs3bn (up 15% YoY), Tax Gain Rs8.07bn, provision Rs24bn, GNPA 10.6% vs 11.05%, NPA 6.54% vs 6.91% (QoQ) and NII Rs32.8bn (up 18% YoY).
    • Sanfoi India Q3 net profit Rs1.19bn - Bloomberg expectation Rs1.03bn and sales Rs7.44bn - expectation Rs6.81bn - reported good Q3 results.
    • HEG announced strong Q2 results. Company reported Q2 net profit Rs8.89bn (up 680% YoY) and sales Rs17.9bn (up 336% YoY) .
    • Dividends – Bharti Infratel, ICICI Prudential and L&T Technology.
    • Results - Aarti Indutries, Advance Enzyme, Apar Indutries, Arvind Ltd, Bajaj Electricals, Berger Paints, Cera Sanitaryware, DLF, eClerx Services, Essel Propack, Firstsource Solution, Glaxo Consumers, Godrej Properties, Greaves Cotton, Grindwell, Gujarat Narmada Valley Fertilizer, HCC, HPCL, HDFC, Inox Leisure, Johnson Controls, Laurus, Marico, Parag Milk, S H Kelkar, SRF, Tata Communication, Thomas Cook, Trent, Triveni Turbine and Welspun Corp.


    INDIA STRATEGY: 2QFY19 interim earnings review; Largely in-line so far; FY19 Nifty         earnings lowered by 2%
    • Our Nifty EPS estimates for FY19 have been cut by 2.1% to INR528 from INR539, primarily driven by Reliance Industries and Bharti Airtel. Our estimates for FY20 have been cut by 1.4% to INR665 from INR674. We are building in Nifty EPS growth of 16%/26% for FY19/20.
    • The performance of heavyweights (ITC, Maruti Suzuki, HDFC Bank, TCS, Infosys), barring Reliance, has been largely in line with our expectations. 10 of the 28 Nifty companies have reported numbers below our estimates.
    • Top companies that beat estimates: ICICI Bank (83% beat), Dr. Reddy’s (58%), Bajaj Finance (10%), JSW Steel (10%) and Bajaj Auto (8%).
    • Top companies that missed estimates: BPCL (26% miss), Ultratech Cement (25%), Yes Bank (18%), IndusInd Bank (13%), Asian Paints (7%), HCL Tech (7%) and Reliance Industries (5%).
    Earnings upgrades/downgrades (FY19E)
    •  Top FY19E upgrades: Bajaj Finance (8%), Dr. Reddy (4%) and HDFC Bank (2%).
    •  Top FY19E downgrades: Bharti Airtel (Loss), Ultratech Cement (22%), Yes Bank (11%), IndusInd Bank (10%), Reliance (8%), Wipro (4%), and Maruti Suzuki (4%).

    News and Impact  
    • Expect market to open on a strong note on account of global cues. US markets climbed up 2% and Asian markets like Nikkei, Hong Kong, China and Taiwan Index gained half to one percent. Impressive quarterly results announced by Goldman and hope of reduce trade war tension between US – China (Both US and China President will meet G-20 Meeting next week) boosted the global markets. Currently SGX Nifty gained by 75 points.
    • In India, good quarterly results, fall in USDINR, 10-Year G-Sec Yield and stable oil price will be positive for the markets. Yesterday Brent Crude declined 1.5% to $76/bbl.
    • Nifty declined half percent yesterday but market breath was positive. Nifty 500 stocks advance decline ratio was 2:1. It is expected that the mid-cap and small cap stocks may momentum on account of strong Q2 result.
      Major events today – Coal India non-retail OFS today of 3% equity at Rs266 a share, nine F&O corporates results (below mention). Watch for today on USDINR opening and 10-year G-Sec Yield trend.  Yesterday, USDINR gained 23 paisa to close at 73.67  
    • Major results will be announce today – Lupin, Tata Motors, Vedanta, L&T, Dabur India, Escorts.
    • PSU Banks expected to continue momentum after improved asset quality. Moreover, recently liquidity problem and higher interest rate may advantage of PSU and private banks. Implementation of NCLT have also encourage to improve recovery. Recently, Bhushan Steel, Essar Steel recovery will be positive for PSU Banks.
    • Bank of Baroda reported good quarterly results, slippage fell to 7-quarter low and fall in NPA. Bank of Baroda Q2FY19 standalone revenue Rs134.3bn (up 7.5% YoY),  NII at at Rs44.92bn (up 20.8%) and net profit at Rs4.25bn (up 10.5% YoY).  GNPA for Q2FY19 declined to 11.78% against 12.46%, qoq.  NNPA for the quarter came at 4.86% against 5.4% qoq declined by 54 bps. Provision Rs24.29bn (up 4.3% YoY)
    • Tech Mahindra reported inline with expected Dollar terms revenue but EBIT margin is better than expectation. We have a buy rating on the stock. Company reported Revenue in Dollar terms at USD1,218mn (up 0.5% QoQ) – Expectation $1226mn. EBIT came in at Rs1,324cr, up 23.1% qoq. EBIT margin expanded by 235bps qoq to 15.3% - expectation at 13.9% . PAT at Rs10.64bn (up 20% QoQ) – expectation Rs11.20bn.
    • Government to sell up to 11.5% stake in Coal India via OFS - In case of the offer being fully subscribed, the government could raise a total of Rs148.59bn. OFS may proceed may reduce fiscal deficit. Under the terms of the OFS, the government is offering 18.62cr shares (3% of outstanding equity) at a floor price of Rs266 per share. The OFS also has a greenshoe option offer of 37.24cr shares (6% of outstanding equity) in case of over-subscription.
    • Dr. Reddy’s Lab has said that USFDA has inspected its formulations manufacturing facility at Duvvada. At the end of the inspection, USFDA has issued eight observations at this facility. The facility has been under the warning letter since 2015.- News is negative .
    • IRB Infra reported lower than expected net profit but EBITDA ahead of expectation. Stock declined sharply, current risk reward favorable. Company reported Q2 net profit Rs1.73bn (up 15% YoY) Bloomberg expectation Rs2.08bn, EBITDA margin at 48.8% vs expectation 46.3% and Income Rs14.3bn (up 17% YoY) - Expectation Rs14.2bn.
    • Cholamandalam Investment better than expected Q2 result. We have a buy rating on the stock. The stock trades at 2.7x FY20E BVPS for a FY20E RoE of 19.9%. Company reported Q2 net profit Rs3.05bn (up 34% YoY) - expectation Rs2.90bn and Income Rs16.8bn (up 30% YoY) - inline with expectation Rs8.4bn.
    • Teamlease reported better than expected revenue growth and EBITDA margin. We have a buy rating on the stock. Revenue growth for TEAM at 25% YoY was ahead of expectations 22% YoY growth. Growth was strong across segments.  EBITDA margin at 2.2% was up 50bp YoY and 20bp QoQ – led higher by margin expansion in Other HR Services and operating leverage in General Staffing. Our expectations stood at 2.0%. PAT at Rs252m (+44% YoY) was 9% higher than expectations. The beat was led by a beat on both revenue and operating profit.
    • Pidilite reported lower than expected EBITDA margin on account of higher operating cost. Company reported consolidated Q2 revenue at Rs17.57bn (upy 14.9% yoy). The operating profit for Q2FY19 came in at Rs3.65bn,  decline by 3% yoy. The EBITDA margin contracted by 382bps yoy to 20.8% and PAT at Rs2.32bn ( down 8.1% in Q2FY19).
    • Tata Global reported better than expected Q2 result on account of higher other income. Company reported net profit Rs1.70bn while Bloomberg expectation Rs1.58bn and sales Rs17.6bn while Bloomberg expectation Rs17.92bn. Other income Rs707.9mn.
    • Emami reported flat growth both sales and profit.  Q2 net profit Rs826.7mn  (up 826mn) -  Bloomberg expectation Rs1.21bn, EBITDA at Rs1.9bn, down 6% YoY, Gross Margins at 68.5%,  down 50 bps YoY and sales Rs6.28bn - Bloomberg expectation Rs6.46bn
    • Shriram Transport Rs3bn NCD issue oversubscribed  - Positive for Shriram Transport Finance as current circumstance .
    • Jubliant says Pepsico to be beverage partner for Domino's Pizza - Positive for Jubliant.
    • Ramco Cement reported strong quarterly results, stock gained 6% yesterday after announcement of Q2 result. Company reported Q2 net profit Rs1.14bn  - expectation Rs918mn (down 32% YoY) and sales Rs11.80bn (up 11% YoY) - expectation Rs11.20bn.
    • InfoEdge reported lower than expected Q2 result but long term story continued. We are long term buy on the stock. Company reported  Q2 net profit Rs780.9mn  (down 1% QoQ) - expectation Rs771mn, EBITDA margin at 31.1% was down 830bp YoY – a miss of 130bp and sales Rs2.65bn (up 6% YoY) - expectation Rs2.75bn.
    • ITC introduces milk, curd products under Ashirvaad Svasti brand - Positive for ITC.
    • Delta Airlines may buy Goyal, Etihad stakes in Jet Airways -Jet Air is facing liquidity problem, huge debt is a concern, It will be positive for Jet Air if stake sell to Delta.
    • Page Industries to consider interim dividend and special dividend on November 14 - Company reported strong quarterly results in the last few quarters - special dividend announcement will be positive  for Page Industries .
    • Glenmark Pharma gets ANDA approval for Fluocinolone Acetonide  - Positive for Glenmark Pharma.  Pharma players reported good quarterly Q2 results like Divi;s Lab, Dr Reddy, Grnules.
    • Gujarat Borosil Q2 net profit Rs53.2mn (up 427% YoY) and sales Rs564.8mn  (up 15% YoY) - Good Q2 result.
    • Astra Micro reported poor Q2 result. Company reported Q2 loss Rs46.4mn vs profit Rs103.2mn and sales Rs444.3mn (down 18.4% YoY).
    • GDL Q2 net profit Rs173.9mn (down 2% YoY) - Poor Q2 result
    • Symphony Q2 net profit Rs310mn (down 38% YoY) and income Rs2.23bn (up 5.2% YoY) - reported poor Q2 results..
    ABB reported better than expected Q3 result and strong order book in hand, EBITDA margin above estimates. However, ABB is trading rich valuation (38x FY19E) – Avoid on ABB. Company reports  Q3 net profit  Rs1.1bn (up 32% YoY) - expectation Rs980mn, total order book Rs23.55bn end of Q3, up 16% YoY and sales Rs24.9bn (up 30% YoY)  - expectation Rs23.7bn, EBITDA of Rs1.94b(+45% YoY) and margin of 7.7% (+70bps YoY) vs. our estimate of 7.2% (Consensus 7.3%).  
    • Thyssenkrupp AG and India’s Tata Steel plans to set up a European steel company with equal shares of ownership face an in-depth European Union probe over concerns that the deal could reduce competition in the supply of various high-end steels. – News is positive for Tata Steel.
    • Punjab National Bank: Government got an exemption from the SEBI from making the bank’s open offer. The proposed acquisition by the government was 5.83 percent stake. The bank raised its MCLR by five basis points across various tenors. Overnight MCLR is now at 8.15 percent and one year MCLR at 8.5 percent. – Avoid, we are positive on SBI
    • Garden Reach Shipbuilders & Engineers entered into contract with Ministry of Defence for construction and delivery of four survey vessels for Rs24.35bn. The project is expected to be completed by April 2023.- Positive for Garden Reach
    • Blue Star board approved setting up of new manufacturing facility for water coolers and deep freezers in Maharashtra for Rs1.15bn – Positive for Blue Star.
    • IndusInd Bank said the deal to acquire 100 percent stake in IL&FS Securities and Services was progressing apace in its time period of three months for the completion of the acquisition. All regulatory approvals expect one are in place – Stock declined 3% yesterday – Buying opportunity.
    • GMR Infrastructure arm acquired 100 percent stake in Menzies Aviation Cargo for Rs598mn – Avoid GMR, huge debt and poor balance sheet is a concern
    • ONGC said it was considering interim dividend on Nov. 3 with record date fixed on Nov. 16 – We are positive on ONGC, Strong balance sheet and hope of to announce hefty dividend.
    • Welspun Enterprises Q2 net profit Rs309.70mn (up 80% YoY) and income Rs2.60bn (up 69% YoY) - Reported strong Q2 result (not our coverage).
    • Nocil Q2 net profit Rs528.4mn (up 39% YoY) and income Rs2.23bn (up 5.2% YoY) - Reported strong Q2 result (not our coverage).
    • Redington India Q2 income Rs1.05bn and income Rs111.1bn (up 8.7% YoY) – Good Q2 results.
      Bharat Gears Q2 net profit Rs40.1mn vs Rs15.6mn – Profit improved.   Dividends – Hindustan Zinc and L&T Infotech.   Results -   Adani Power, AIA Engineering, Ajanata Pharma, Balrampur Chini, Blue Dart, Canara Bank, Castrol, Cochin Shipyarad, Dabur India, Escorts, Future Lifetstyle, GHCL, Gujarat Pipavav, HEG, Heritage Foods, Honeywell Automation, Indiabull Venture, ITD Cementation, Jagran Prakashan, Kaplataure Power, KEI Industries, L&T, Lupin Labs, MOIL, Narayana Hrudayalaya, Navneet Education, Prism Johnson, Reliance Nippon, Sanfoi India, Schneider Electric, Syndicate Bank, Sharda Corp, Syndicate Bank, Tata Motors and Vedanta.
    Economic Times
    Business Standard
    • Govt very upset with RBI for making rift public: Sources
    • PNB scam: Nirav Modi opposes fugitive offender plea
    • SC allows renegotiation of power tariffs for 3 plants
    • Distressed asset sales 3% of overall M&A in 2017
    • Tata Capital plans infra debt fund for green projects
    • BPCL Q2 profit slips 48% at Rs 1,219 crore
    • Govt upset with RBI for being kept in the dark about PCA, NPA norms
    • Rupee fall puts Rs 280 bn solar power projects at viability risk: Crisil
    • LIC Housing Fin Q2 PAT up 12% to Rs 5.73 bn, loan portfolio up 10%
    • Japan backs India's membership bid to join Nuclear Suppliers Group
    • Tata Power Q2 net profit jumps 85% due to strong show by renewables Business Line
    Mint
    • Investors of scam-hit NSEL up in arms against SEBI
    • India’s crude steel output grows 2% to 8.5 MT in Sep: worldsteel
    • L&T JV to export missiles to Europe from Coimbatore SEZ
    • Century Textiles Q2 net jumps 3-fold to Rs 156 cr
    • Sterlite Copper accuses TNPCB of providing ‘flawed data’
    • IBM to buy Red Hat for $34 billion in cloud push
    • India, Japan sign $75 billion currency swap agreement
    • Jet Airways eyes help from Ratan Tata, Mukesh Ambani
    • Bharti Airtel is said to delay IPO of $8 billion Africa business
    • JSW Steel revamps production to meet steel demand
    • NSDL Payments Bank starts operations
    • Usha Martin promoters put aside differences over sale to Tata
    Financial Express
    Financial Chronicle
    • Vedanta wins 10-year extension for Rajasthan oil block
    • Bank of Japan seen standing pat amid growing focus on 10-year yield range
    • DoT to challenge TDSAT order allowing RCom to sell spectrum without bank guarantee
    • RBI employees association seek central bank’s autonomy
    • RBI okays Puri’s term as HDFC Bank chief till 2020
    • DoT to seek AG's views on new digital eKYC
    • Adani, Tata, Essar power plants get SC nod for tariff revision
    • Toxic IL&FS foreign arms to be shut under Kotak resolution
    ● Nifty index opened positive and witnessed sustain buying interest till the end of session towards 10275. It negated its formation of lower highs - lower lows of last 3 sessions and gained by around 220 points
    ● It formed a Bullish candle at its crucial support of psychological 10000 zones and managed to recover the losses made in last 3 sessions. It has seen a positive divergence with Mechanical indicators and turning from its deep oversold territory
    ● Now has to continue to hold above 10180-10200 to extend its bounce towards 10333 then 10450 - 10480 while support exists at 10180 then 10138
    ● Max Put OI is at 10000 then 10200 and 9500 strikes while Max Call OI is at 11000 then 10500 strikes. Put writing seen at 10200 then 10000 strike while minor Call writing is seen at 10400 then 10200 strikes
    ● India VIX moved up by 3.21% at 19.82 levels. Volatility is not cooling down further and that is the only concern for the market. VIX has to go down below 17-16 zones to confirm the short term reversal and a decent bounce back after the sharp cut of last two months
    ● Bank Nifty opened positive and witnessed buying interest throughout the session towards 25000. It formed a Bullish candle on a daily chart which implies that bulls are back to the market near to the major support zones
    ● Now it has to hold above 24650 to extend its gains towards 25250 then 25500 while major support is seen at 24500
    ● Longs in Divis Lab, Ambuja Cements, Canara Bank, Tata Power and ICICI Bank
    ● Shorts in Eicher Motors, BEL, Indusind Bank and Hexaware
    Nifty opened negative and remained under pressure for most part of the session, as every bounce was being sold. Index failed to surpass its previous support of 10,138 and corrected towards 10,000 zones by making fresh seven months low
    ● Now till it remains below 10,138 zones, weakness could continued towards 9,952 then 9,800 while on the upside, hurdle is shifting towards 10,250 and then 10,333
    ● Max Put OI is at 10,000 then 9,800 strike, while Max Call OI is at 10,500 then 10,800 strike. We have seen Call writing at 10,100 then 10,400 strike, while Put writing at 10,000 then 9,800 strike
    ● India VIX moved up by 3.21% to 19.57 level. Volatility is not cooling down further and it remains a concern for the market. It has to go down below 17-16 zone to rescue the bulls after the sharp cut of the last two months
    ● Nifty Bank breached its crucial support of 24,650 mark and slipped sharply in the last hour towards 24,350. It formed a Bearish candle on daily and weekly scales
    ● Now, till it holds below 24,650 it can slip towards 24,000, while hurdle is at 25,000 zones
    ● Longs in Bajaj Finance, KPIT, Ceat and Reliance
    ● Shorts in Exide, HDFC Bank, TCS and JSW Steel

    Nifty index opened negative and remained under pressure for most part of the session to hit a fresh seven months low of 10080. However it formed a small bodied candle as it recovered from its lows but follow up was missing at higher levels. Index has been trading at deep over sold territory with divergence of Mechanical indicators but bounce is being sold and trend is still intact to negative


    Now till it remains below 10200 zones, overall weakness could continue towards next major support of psychological 10000 and 52 weeks low at 9952 while on the upside needs to cross and hold above 10250 to get any sign of temporary relief or bounce back in the market


    Option data is scattered at all the immediate prices as it is the beginning of new Series. Max Put OI is at 10000 then 10200 strike while Call OI congestion is seen at 11000 then 10500 strikes. Call writing seen at 10300 followed by 10200 strike while Put writing is seen at 10000 followed by 10100 strike


    India VIX remained flattish with the marginal gains of 0.44% at 18.96. Volatility is not cooling down further and that is the concern for the market, it has to go down below 17-16 zones to rescue the bulls after the sharp cut of last 2 months


    Bank Nifty formed a Doji candle as it remained in a range of 200 points after its negative opening. It has been respecting to its major support of 24650 while on the upside multiple hurdles are restricting its momentum to surpass 25350-25500


    Now it has to cross and hold above 25000 to witness an up move towards 25250 then 25500 while support is seen at 24650 and below that fresh decline towards 24444 and lower levels could be seen.


    Most of the sectorial indices were in pressure and rollover data suggests that shorts are rolling to the next series

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