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Thursday, July 9, 2020

Stocks to track in trade today: Glenmark, Cipla, LIC Housing, ICICI Lombard

Pharma stocks in focus as Glenmark gets regulatory approval for selling Favipiravir for treatment of Covid-19. Cipla to launch of its generic version of remdesivir.
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Glenmark Pharmaceuticals

Drugs Controller General of India (DCGI), approved Favipiravir for the treatment of mild to moderate COVID-19 in India. Glenmark launches new coronavirus medicine at Rs 103 per tablet and it is a prescription based medicine.

Cipla 

The company announced the launch of its generic version of remdesivir, which has been authorised for emergency use in the treatment of COVID-19 patients by the USFDA. The USFDA had issued an Emergency Use Authorization (EUA) to Gilead Sciences Inc for emergency use of remdesivir for the treatment of COVID-19 patients.

Novartis

Novartis reported a 65 per cent decline in its net profit to Rs 6.8 crore for the quarter ended March 2020. Revenue from operations declined by 15.13 per cent and stood at Rs 93.70 crore for the quarter. It was Rs 110.38 crore for the same period a year ago. 

Greenlam Industries

Greenlam Industries’ consolidated net profit declined by 8.82 per cent to Rs 21.7 crore versus Rs 23.8 crore for the same period a year ago. The sales slipped by 10 per cent to Rs 324.02 crore in Q4 March 2020 over Rs 360 crore in Q4 March 2019.

LIC Housing  

The company reported a de-growth of 39.2% in its profit to Rs 421.4 crore for the quarter ended 31 March 2020. The net interest income declined by 7.2 per cent to Rs 1,134.2 crore versus Rs 1,222.5 crore in Q4FY19. The company provision declined to Rs 27.25 crore versus  Rs 390.7 crore in the December quarter.

ICICI Lombard 

ICICI Bank sold 1.8 crore shares at Rs 1250.6/sh which represents 3.96 per cent of its equity share capital at 31 March 2020, 

Bajaj Corp  

Investor Porinju Veliyath’s firm Equity Intelligence India has acquired 8.63 lakh shares at Rs 146.7/sh.

Expert views

Stock recommendation from CK Narayan
1. Buy Apollo Tyre stop loss 105, target 115
2. Buy Century Text stop loss 310, target 330
3. Buy Federal Bank stop loss 49, target 56

Stock recommendation from Kunal Bothra
1. Buy Godrej Consumer target 675, stop loss 643 
2. Buy Bajaj Finance target 2800, stop loss 2620
3. Buy BEL target 87, stop loss 77

(Consult your financial advisor before making any trading decision)

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