Brexit Deal; Key Q2FY19 Results & Top Stocks in Focus Today

Fri, 16 Nov Pre-Open

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On Thursday, Indian share markets ended marginally higher led by bank stocks and finance stocks. At the closing bell, the BSE Sensex ended up by 119 points, while the Nifty settled at 10,617, up 40 points.

The rupee traded on a firm note yesterday, having risen to a near two-month high of 71.86 against the dollar in intra-day trade, up from its previous close of 72.31 against the greenback.

Top Stocks in Focus

Indian Hotels Co will be in focus today after it was reported that the company is eyeing to sell around 10 properties in the coming three years, in a bid to bring down its debt and fund its future growth. The company is aiming to cut down its consolidated debt by 30% in the next 18 months, mainly through asset monetization.

Lupin has received approval for its Decitabine for Injection from the United States Food and Drug Administration (USFDA) to market a generic version of Otsuka Pharmaceutical Company's Injection. The stock will be watched out for today.

Yes Bank will be in news after Ashok Chawla, the bank's non-executive chairman, stepped down with immediate effect, following his name appearing in Aircel-Maxis controversy.

Vodafone Idea, in its Q2FY19 results, reported a net loss of Rs 49.7 billion on a revenue of Rs 120.2 billion.

Cox & Kings share price will be in focus today after the company reported a fall of 9.1% in its net profit at Rs 402.7 million for the second quarter ending September 2018 as compared to Rs 442.8 million for the same quarter in the previous year.

JK Lakshmi Cement also reported its Q2FY19 earnings. The company reported 41% fall in its net profit at Rs 78.1 million for the quarter as compared to Rs 132.3 million for the same quarter in the previous year.

By the way, you can read our recently released Q2FY19 result analysis of the following companies: Asian Paints, TVS Motors, Wipro, Ambuja Cement, HDFC Bank, Infosys and more.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

Global Stock Market Drivers

On Thursday, Asian stocks rose, cheered by a bounce in Chinese equities on signs China and the United States may be taking steps to de-escalate their bitter trade dispute.

Meanwhile, the pound slumped and British bonds jumped as the UK Brexit Secretary resigned in protest at Prime Minister Theresa May's deal to exit the European Union. US equity futures pared a gain while European shares dropped after an early advance.

Oil Prices Fall

On Thursday, oil prices slipped, weighed down by rising supply going into a market in which consumption is expected to slow down amid a glum economic outlook.

Brent crude oil futures were trading at US$65.88 per barrel, down 0.4%, from their last close.

US West Texas Intermediate (WTI) crude futures were at US$55.96 a barrel, down 0.5%.

Since early October, oil prices have lost around a quarter of their value as supply soars just as demand is expected to slow down along with an economic downturn.

Bulk & Block Deals

Kotak Mahindra Bank will be in focus after a block deal on the NSE.

About 12.7 billion shares (or 0.7% equity) changed hands in pre-open trading yesterday at Rs 1,130 apiece, according to the reports. The total value of the block is more than Rs 14 billion.

Speaking of bulk & block deals, our team of Equitymaster analysts have been working on a project to track the smartest minds in value investing. They have compiled a special report on them, called The Superinvestors of India.

Now, because of insights from these interactions, the team has glued their eyes on insider activity and bulk and block deals...

As per them...

• "The three approaches - tracking superinvestor shareholdings, catching these moves early through bulk and block deal disclosures, and keeping tabs on changes in promoter holdings - have unveiled some critical smart money secrets..."

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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