The Indian stock market is projected to open in the green, with the SGX Nifty indicating a favorable start for the index in India with a 36-point gain.
On November 4, the BSE Sensex rose 295.70 points to 60,067.62, while the Nifty50 rose 87.60 points to 17,916.80 and produced a bearish candle that resembled a Doji pattern formation on the daily charts. On a weekly basis, the index increased by 1.4% and formed a bullish candle pattern.
According to pivot charts, the Nifty’s major support levels are 17,895.73, followed by 17,874.67. If the index continues to rise, the major resistance levels to monitor are 17,942.73 and 17,968.67.
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Top stocks in focus today:
Suven Pharmaceuticals
In Q2FY22, the firm recorded a greater consolidated profit of Rs 96.98 crore compared to Rs 74.08 crore in Q2FY2. The pharmaceutical company’s income climbed from Rs 237.38 crore to Rs 300.98 crore year over year.
GAIL (India)
The National Company Law Tribunal (NCLT) has approved Gail (India) acquisition of 26% ownership investment in Infrastructure Leasing & Financial Services (IL&FS) Group in ONGC Tripura Power Company (OTPC).
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Results on November 8
Britannia Industries, Aurobindo Pharma, Sobha, Shankara Building Products, Ujjivan Small Finance Bank, Wockhardt, Action Construction Equipment, Balrampur Chini Mills, Elgi Equipements, GVK power, HG Infra Engineering, KRBL, MM Forgings, Pricol, PTC India Financial Services, Talbros Automotive Components, and Vijaya Diagnostic Centre will release their September quarter earnings on November 8.
Dhanlaxmi Bank
The bank recorded a lower net profit of Rs3.66 crore in Q2FY22 compared to Rs14.01 crore in Q2FY21, while net interest income climbed to Rs90.66 crore from Rs88.66 crore year on year.
Grasim Industries
The company has successfully completed a Chloromethane (CMS) project with a capacity of 150 tons per day (TPD) or 50,000 tons per year at its Vilayat Unit in Gujarat (TPA). This would generate an additional Rs400cr in yearly revenue.
NMDC
Iron ore prices are set by NMDC. The price of lump ore is Rs5,950 per ton, while the price of fines is Rs4,760 per ton.
SJVN
The company has won a 100 MW grid-connected solar PV power project from Punjab State Power Corporation (PSPCL) through a tariff-based competitive bidding process (BOO). This project’s estimated construction cost is Rs545 crore.
Sun TV Network
The company recorded a greater consolidated profit of Rs395.55cr in Q2FY22 compared to Rs335.02cr in Q2FY21, while revenue increased to Rs848.67cr from Rs768.69cr year on year.
