WEEKLY EQUITY NEWSLETTER
25TH OCT TO 1TH NOV 2019
*Tata Mutual Fund (MF) has moved the National Company Law Tribunal (NCLT) seeking repayment of over Rs 120 crore of dues from Dewan Housing Finance Corporation (DHFL).
*Piramal Enterprises Limited (PEL) said that its Board, at its meeting held today, has approved fresh capital raise of Rs 5,400 crore through a rights issue and preferential allotment of compulsory convertible debentures (CCDs).
*Apollo Hospital Enterprise is the largest private healthcare services provider in India. It completed a capacity expansion of Rs 3,000 crore. Its geographic footprint includes 70 hospitals across 55 specialties in India and overseas, with a capacity of 10,167 beds as on March 31, 2019.
*ICICI Lombard General Insurance Company
The company offers a range of insurances such as travel, motor, health and home insurance and other products.
Recent developments in regulations like compulsory third-party insurance for two-wheelers and cars for 5Y and 3Y respectively, allowing re-pricing of health insurance annually (3Y earlier), have also improved the prospects of the industry and ICICI Lombard being the industry leader stands to be one of the biggest beneficiaries.
The company exports products to 40 countries, which contributes to around 5% of the total revenue.
In April 2019, the company raised Rs 1,346 crore through an IPO. With IPO funds, improvement in margins and strong cash flow, the company expects to be debt-free in two or three years.
Expect the companys revenue growth to decline to 6% in an FY20E, impacted by the economic slowdown and restructuring of Lloyd business and bounce by 14% in an FY21E as the demand revives and the Lloyds business recovers post its structuring.
The company is trading at 38x its FY21E EPS, which is at 16% discount to its three-year historical average one-year forward PE.
*State Bank of India, the countrys largest lender, has reported a strong set of numbers for the quarter ended September 2019, backed by a substantial reduction in slippages. Its net interest income has also beaten market expectations. The banks profit before tax was up by as much as 179 percent, to Rs 5,059 crore from Rs 1,812 crore in the same quarter of 2018.
NIFTY TOP GAINERS/LOSERS
Recommendation: - NIFTY IS VOLATILE BREAK SUPPORT LEVEL AT.1500 PIVOT INDICATOR SHOW SELL SIGNAL. SO, TRADER CAN SELL BELOW 11500 TGT -11450 TG-11400 TG 11350-SL-11570
CNX BANK NIFTY
Recommendation: - NIFTY BANK UP PIVOT INDICATOR SHOWS SUPPORT REVERSAL BUY SINGLE. SO, TRADER CAN MAKE THEIR POSITION BUY ABOVE 29500 TGT-29600 TG-29700 TG-29800 SL-29350
CALL OF THE WEEK:-
RECOMMENDATION – AS YOU SEEN IN THE CHARTS THAT PIVOT SHOW BUY SIGNAL SO TRADER CAN MAKE THEIR POSITION BUY ABOVE 462 TGT 468 TGT 474 TG-880 SL 455
RECOMMENDATION – AS YOU SEEN IN THE CHARTS THAT PIVOT SHOWS BUY SIGNAL SO TRADER CAN MAKE THEIR POSITION BUY 908 TGT- 920 TG-935 TG- 950 SL 895
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