Share price of PNB Housing Finance was up nearly 3 percent - 26 Oct 2017

Share price of PNB Housing Finance was up nearly 3 percent after the company reported strong Q2 number for the quarter ended September 2017.

Its net profit rose 51 percent to Rs 208 crore while the company's total income for the quarter stood at Rs 1,316 crore, up from Rs 970 crore in the year-ago period.

Research and broking firm Kotak Securities has retained its sell rating on PNB Housing Finance but has increased its target price to Rs 1,250 from Rs 1,170 per share.

The research firm believes that the company continued strong growth traction despite headwinds during GST and RERA. It believes that the decline in borrowing costs and support margin is likely to lead to strong earnings growth.

Nifty Bank index turned positive, backed by PNB, Yes Bank, IndusInd Bank, Federal Bank, Axis Bank, Kotak Mahindra Bank and HDFC Bank that gained 0.4-3 percent.

ICICI Bank, Bank of Baroda, SBI and Canara Bank fell 1-3 percent on profit booking.

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EQUITY WEEKLY REPORT 12 SEP - 17 SEP 2016

DALAL STREET
face Indian shares were volatile throughout the week after the sentiments got disappointment from ECB meet. The Sensex and Nifty rose 0.92%-0.64% each for the week ended September 09, 2016.

GLOBAL MARKET chase 
U.S. STOCK INDEX futures poised for a lower opening at the Wall Street on Friday. EUROPEAN STOCK markets fell on Friday, weighed down by a drop in the shares of healthcare companies, while the latest nuclear test conducted by North Korea also rattled markets. ASIAN SHARES ended mixed as a fifth nuclear test by North Korea spurred geopolitical worries and as traders weighed the prospects over further policy easing in Japan and Europe after the ECB refrained from a boost in its QE plan. SHANGHAI COMPOSITE fell as China’s factory-gate prices fell 0.8 per cent in August 2016, year-on-year while consumer inflation at 1.3 per cent was subdued. HANG SENG rose and Japan’s NIKKEI 225 ended flat.

Week ahead 
In the coming Week, macroeconomic data, progress of monsoon rains, trend in global markets, investment by foreign portfolio investors (FPIs) and domestic institutional investors (DIIs), the movement of rupee against the dollar and crude oil price movement will dictate trend on the bourses in a truncated week ahead. The stock market will remain close on Tuesday, 13 September 2016 on account of Bakri Id. On macro front, the stock market on Monday, 12 September 2016, will react to the industrial output data for July 2016, which is scheduled for announcement after market hours on Friday, 9 September 2016. Industrial production expanded 2.1% in June 2016 over June 2015. The government will announce monthly inflation data based on consumer price index (CPI) for August 2016 on Tuesday, 13 September 2016, when stock market remains closed for a holiday. Among corporate news, on Monday, 12 September 2016, shares of state-run coal mining giant Coal India will react to its Q1 results, scheduled for announcement on Sunday, 11 September 2016. PSU OMCs will be in focus as these companies will undertake next fuel price revision during the middle of this month. PSU OMCs undertake fuel price review during the middle and at the end of every month based on the trend in international oil market in the previous fortnight. Meanwhile, the initial public offer (IPO) of L&T Technology Services opens for bidding on Monday, 12 September 2016 and closes on Thursday, 15 September 2016. The price band for the IPO has been fixed at Rs 850-860 per share. The IPO comprises of an offer for sale of 1.04 crore shares by engineering and construction major L&T. L&T Technology Services will not receive any funds from the IPO. L&T currently owns 100% stake in L&T Technology Services. Its holding will fall to 89.77% after the IPO. The offer would constitute 10.2% of post offer paid-up equity share capital of the company. 

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CS CALL: BUY MUTHOOTFIN 16 SEP 2016

CS CALL: BUY MUTHOOTFIN ABOVE 355 

TG :-358.70/361.60/365 

SL:- 350

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CS CALL: BUY KIRLOSBROS 14 SEP 2016

CS CALL: BUY KIRLOSBROS ABOVE 160.60 

TG :-162.20/163.70/165.20 

SL :- 158.10 

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CS CALL: SELL L&T - 26 AUG 2016

CS  CALL:  SELL L&T IN THE RANG OF 1429 TO 1428


TG-1417,1405,1395


SL-1445

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Two events created volatility in the financial markets last week. The first was the release of the U.S. Federal Reserve minutes for its July meeting. The second was the release of a weak report on Chinese manufacturing data.

CRUDE OIL:

Crude oil broke the psychological $40 level plunging $1.23 in the morning session with WTI touching 39.22 getting no support on from the declining US dollar. 

CHINA ECONOMY:

To bolster the Chinese economy, the People's Bank of China is preparing to flood the banking system with liquidity to boost lending, the Wall Street Journal reported, citing officials and advisers to the central bank it didn't identify.

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