Reliance Q2 Result
Energy major Reliance Industries posted record profit for the September quarter, beating estimates, bolstered by higher gas output from its field off India's east coast and improved refining margins.The conglomerate, India's largest listed company, has been investing overseas in shale gas assets and has been looking to widen its businesses beyond petrochemicals, refining, oil and natural gas exploration, and retail. "Improved refining margins and high operating rates at all our manufacturing facilities led to a record quarter," Chairman Mukesh Ambani said in a statement.
Total turnover increased to Rs 57,479 crore during the second quarter ended September 30, 2010 from Rs 46,848 crore in the same quarter ended September 30, 2009. As on September 30, 2010, the company has a strong cash position of Rs 13,636 crore. Mukesh Ambani-led Reliance Industries Ltd has reported a 27.8 per cent growth in its net profit at Rs 4,923 crore for the July-September quarter this fiscal.The net profit stood at Rs 3,852 crore in the corresponding period previous fiscal, RIL said in a filing to the Bombay Stock Exchange.
Mahindra & Mahindra
Rationale for call: Stock had generated trend line breakout on its daily chart. Oscillator on daily and weekly chart depicts bullishness with RSI and Stochastic generating bullish crossovers.
Buying is recommended at CMP of Rs 733.7 with target of Rs 780 and stop loss of Rs 700.
Oriental Bank Of Commerce
Rationale for call: Stock had been in continues uptrend since October 2010 which is depicted by higher top & higher bottom on its chart. It had bounced back multiple times from its 20 DEMA indicating strong support for short term. Further, it is forming triangle pattern on its daily chart and can witness breakout if it crosses Rs 509.Oscillator on weekly chart continue to trend upward after generating bullish cross which further support our view of possible triangle breakout mentioned above.
Buying is recommended at CMP of Rs 498.9 with target of Rs 550 and stop loss of Rs 475.
Bajaj Auto
Rationale for call: Stock broke the resistance of 1,510 with huge volumes as well as short term averages had given a buy signal. On the daily chart Oscillator had given a positive divergence, as well as ADX had given a buy signal, thus going forward this stock is looking strong and in the coming days we will witness further upside.
Buying is recommended at CMP 1,511 with target of Rs 1,615 and stop loss of Rs 1,470.
