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Today, Markets opened in green, but closed almost flat. Banking and Pharma sectors were in red, while all other sectoral indices inched little forward. Top loser in Pharma was Aurobindo Pharma which was down by 5.63% despite reporting 22.81 % YOY rise in net consolidated profit in June quarter.
Three of the Tata stocks viz. Tata Consumer products, Tata Power and Titan gained substantially in today’s market. Packaged consumer goods company Tata Consumer Products touched 52-week high today and closed at Rs. 541. Tata Power based on strong Q1 results gained 5.67% & closed at Rs. 55.95. Fashion & Jewellery brand TITAN gained 3.92% and closed at Rs. 1097.75. We are maintaining our Buy rating on TITAN for a Long term with 1010 Positional Stop loss, Target 1120 1300 in Short term target. (Please review yellow highlighted lines & make necessary changes).
Eicher Motors on missing the Q1 street estimates, fell by 2.06%. While L&T ltd was in the news for bagging a big sewage treatment plant contract from Chandigarh Smart City, thus getting uplift of 4.39% in today’s session.
FII/DII data for 13th August as per NSE website:
| CATEGORY | DATE | BUY VALUE (₹ Crores) |
SELL VALUE (₹ Crores) |
NET VALUE (₹ Crores) |
| DII | 13-Aug-20 | 3,693.86 | 4,457.40 | -763.54 |
| FII/FPI | 13-Aug-20 | 4,569.17 | 4,152.89 | 416.28 |
InterGlobe Aviation (Indigo) on a bull run:
Based on airliner’s announcement of raising Rs. 4000 crores through QIP and acquisition of 1.41% stake in the company at Rs. 559 crores by private equity firm Westbridge Capital, investors got an eye towards the India’s largest airline (by market share) Indigo. Stock witnessed windfall gains in last two market sessions (10% and 12.32% respectively) and closed today at Rs. 1162 on NSE.
Key highlights of PM Modi’s speech today (13 August) on Tax Reform:
- Faceless Income Tax Scrutiny – Now, Income tax assessment shall be done completely faceless. No local officer shall be involved in the process. Such process shall be secretive to tax payer as well as tax officers.
- Seamless, faceless and tireless process now.
- Faceless Income Tax Appeals
- No issue on transfer posting of Income tax officers
- Only 1.5 Crores Indian pays Income Tax out of 130 Crores. Hence should come forward to pay their taxes properly.
- In last 6 year, about 1500 law have been abolished by Modi’s Govt. for ease of business in India.
- Introduced TaxPayer’s Charter, wherein the commitment of Income tax department and expectations of the TaxPayers have been set.
Hope, this will improve the quality of assessments, evenif there would be more litigation at ITAT/HC/ SC level due to difference of opinion of Tax Payers and Income Tax Department.
Our last week call Adani port at 305 today made a high of 350. It’s a massive 17% return in a week. As expected it’s heading towards our final target of 370.
We are initiating buy call in Biocon at 395 level for an immediate target of 440. For detailed trade set up you are requested to take our premium subscription where you will be getting personalized help from Sebi Registered RA Mr. Somnath Dey.
Regards,
StocktradingF&O