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Axis Bank Q2FY11 result estimates
Expect strong growth in NII driven by high advances growth. The impact of higher cost of funds to be offset by improving CDR. High trading gains of Q2FY10 to hurt. Credit costs or provisions to be key thing to watch out as the slippages have risen over last two years.
LIC Housing Finance Q2FY11 result estimates
LICHF’s net income is likely to grow by 47%yoy to Rs3.6bn for Q2FY10 driven by strong loan growth. Disbursement likely to grow by 30% during the quarter. With very negligible NPAs and provisions, the net profit would also grow by 50.2%.
Rallis India Q2FY11 Results Expectation : Net Sales Rs 4.0 bn, PAT Rs 626 mn
Rallis India is expected to report their Q2FY11 results today i.e. October 14, 2010.
Higher sale volumes driven by a strong monsoon this quarter is expected to result in 25% YoY growth in revenues to Rs 4.0 bn. We estimate EBITDA margins to remain flat at 23% while overall EBITDA is likely to expand by 24% YoY to Rs 922 mn. Strong operational performance is expected to result in a 31% growth in APAT to Rs 626 mn resulting in adjusted EPS of Rs 32.2 as against Rs 23.6 in Q2FY10
n Dealer Comments
The markets started the day’s session on a very quite note with almost 40 odd point’s upward gap mirroring positive weak to subdued cues from the global markets. It was the day after so many quiet sessions for the bulls to take charge and settle the score leading to huge gains for the day. Further huge buying in Nifty stocks by the Offshore ETF throughout the day led the day’s momentum and continued till the closing bell. IT space also saw extremely good buying action in anticipation of good set of Q2 numbers from the entire sector as a whole. Finally after a subdued opening the markets closed the day on a extremely positive note towards the end at almost day’s highs with Sensex gaining 485 points or 2.4% higher to settle at 20688 levels while Nifty jumped 143 points or 2.35% higher to settle at 6234 levels. This is the highest closing levels for both the indices since January 14, 2008 The overall market breadth indicating the strength of the market also remained positive as broader markets witnessed good buying action with Midcap index and Smallcap gaining almost 1% each and was at 2 x. The overall traded volumes were quite higher compared to the earlier by almost 34% and were at Rs 1827 bn. While delivery based volumes were also quite higher compared to the earlier day at 41% of the total traded turnover. Among the Fund activities FII’s were net buyers to the tune of Rs 5.74 bn while Domestic Funds were net sellers to the tune of Rs 3.37 bn respectively on 12th October 2010. While on 13th October 2010, FII’s bought shares worth Rs. 21.03 bn in cash segment (provisional) while in the F&O segment they were net sellers to the tune of Rs 13.17 bn whereas Domestic Funds sold shares worth Rs. 13.55 bn (provisional).
n Technical Comments
Bulls wake up after a short nap
Bulls seem to have taken control of the Indian market, after a consolidation for previous four days. It also seemed like Nifty has given a signal to cross the all-time high soon; it closed at 32-month high today on broadbased buying across the sectors and stayed above 6200 level. Moreover, Nifty bounced back sharply from the support of 20-daily simple moving average and resumed its uptrend, holding the higher top higher bottom formation. Hence this turns out to be a good risk-reward for medium term players to go long with a reversal of 6057 for the channel target of 6500, as a new leg of impulse in the northward direction has just begun.
BSE IT:
Today BSE IT index showed phenomenal strength with a gain of more than three percent in a single trading session. Moreover, still the technical indicators are in the favour of the bulls and we feel that if the resistance of 6300 is taken out, then this index can amplify upto 6500 level in the coming days.
n Results Today
Axis Bank | Infotech Enterp. | LIC Housing Fin. | Mastek | Rallis India | UTV Software |
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