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NIFTY analysis with experts, Q2 result of DHFL, Indian markets bleed for the second consecutive day…. Market updates for 21/11/18

PurpleTrades - stock market courses > News > NIFTY analysis with experts, Q2 result of DHFL, Indian markets bleed for the second consecutive day…. Market updates for 21/11/18

Report by- Sabyasachi Bhattacharya

 

DHFL announced their Q2 results; Profit jumps 53% to Rs 439 crores-

Dewan Housing Finance Corporation has reported a massive 52.55 percent year-on-year growth in second quarter profit to Rs 438.7 crore despite sharp rise in provisions and liquidity crisis. The stock crashed 65 percent in last three months especially after IL&FS-led liquidity crisis in non-banking finance companies including housing finance companies. Consistent default of interest payment by IL&FS to bondholders forced DSP Mutual Fund, which has a significant amount of IL&FS’ debt on its books, to sell DHFL’s AAA rated commercial papers at a steep discount to maintain cash levels. Let us take a look at the key highlights of their report-

  • The housing finance company had posted profit at Rs 287.8 crore in same period last year.
  • Revenue from operations during the quarter grew by 33.8 percent to Rs 3,515.7 crore compared to Rs 2,627.9 crore in corresponding period last fiscal.
  • Revenue from operations during the quarter grew by 33.8 percent to Rs 3,515.7 crore compared to Rs 2,627.9 crore in corresponding period last fiscal.
  • Gross non-performing assets as a percentage of gross advances increased to 0.96 percent in Q2FY19 against 0.93 percent in previous quarter.
  • Net interest margin in second quarter contracted to 3.15 percent against 3.44 percent reported in June quarter.
  • Assets under management at the end of September quarter stood at Rs 1.3 lakh crore, which increased 38 percent year-on-year and 7.6 percent sequentially.
  • Company’s disbursements at Rs 13,870 crore increased 39 percent compared to year-ago and 2.1 percent quarter-on-quarter.
  • Tax expenses during the quarter increased sharply by 83 percent to Rs 194.1 crore compared to year-ago.
  • DHFL said the company has secured non-convertible debentures (NCDs) worth Rs 219 crore which are due for payment of principal on November 21, 2018 and NCDs worth Rs 511 crore are due on November 25.
  • Secured NCDs worth Rs 9 crore are due on January 14, 2019 and NCDs worth Rs 16.5 crore due on March 19, 2019, it added.

 

 

 

 

Let us take a look at their report-

Source- MoneyControl, Purple Trades Research Department   

 

 

 

Indian Indices bleed on Dalal street as Nifty closes just above 10,600-

Chart source- ChartInk

Indian markets had a downfall today as major Indices were gripped by the BEARS today. In the chart you’ll see that Nifty had a OPEN=HIGH opening today after which the BULLS were nowhere to be seen. The BEARS dominated almost all the sessions and managed to pull Nifty near 10,600. Our experts in Purple Trades predicted yesterday that if Nifty crosses the 10,635 mark then it has the potential to go down further to 10,580 or below. At the end it was a negative end for the market on Wednesday, failing to cash in on the positive start it had at the start of this week. A global sell-off mirrored in the Indian markets as well, while a recovery in crude oil prices weighed on benchmarks. The Nifty IT index was the big loser along with energy stocks as well. Meanwhile, pharmaceuticals and PSU banks were the big gainers. In the broader markets, Nifty Midcap index rose over half a percent. At the close of market hours, the Sensex was down 274.71 points or 0.77% at 35199.80, while the Nifty ended down 56.20 points or 0.53% at 10600.00. The market breadth was negative as 1,256 shares advanced, against a decline of 1,305 shares, while 136 shares were unchanged. Yes Bank, Axis Bank, and Dr Reddy’s were the big gainers, while TCS and Infosys lost the most.

 

 

Let’s take a look at the performance of major Indices-

US markets and European markets were seen in the GREEN as NASDAQ, CAC, DAX and FTSE ended up moving forward. Only Japan’s Nikkei was seen in the RED which also impacted Indian index Nifty.

Source- MoneyControl, Purple Trades Research Department   

 

 

Key Points for Traders to watch out for while trading Nifty tomorrow-

  • 10,560 is a short term support for Nifty.
  • If Nifty breaks 10,560 then it has the potential to go down to the next support at around 10,480 or 10,500.
  • 10,633 is a short term resistance for Nifty.
  • If Nifty breaks 10,633 then it has the potential to go up to the next resistance at around 10,680.

 

Top sectors that moved the market today-                            Data source- Moneycontrol

 

 

Top Gainers for today-                                                                                        Data source- Moneycontrol

 

 

Top losers for today-                                                               Data source- Moneycontrol

 

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