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25th Jan, 2019

Nifty settles below 10,800-mark; Zee Ent plunges 30%

Published on: 3:44 pm

  • Equity benchmark indices shrugged off its morning gains and ended Friday on a negative note amid the sharp selloff in media, realty, and auto stocks.
  • The Sensex slumped 170 points to 36,025 levels, while Nifty dropped 69 points to close at 10,780 levels, well below its key level of 10,800.
  • Among stocks, Zee Entertainment Enterprises was the biggest loser on the NSE, declining -30%, followed by Maruti, Ultratech Cement, and Hero MotoCrop also dropped 8%, 7%, and 4%, each. Conversely, Infratel, HCL Tech, Yes Bank, and Bharti Airtel gained the most.
  • Market breadth was negative on the NSE with 1,263 shares declining, 456 shares advancing, and 342 shares remaining unchanged.

Gujarat State Fertilizers and Chemicals tanks ~7% post disappointing Q3 numbers

Published on: 3:07 pm

  • Shares of Gujarat State Fertilizers and Chemicals tanked ~7% in intraday trade on Friday as the company reported a weak set of numbers for the quarter ended December 2018.
  • The Gujarat-based fertilizer maker missed street estimates on all fronts. 
  • The operating profit for the quarter came in at Rs152.4cr, down 5.6% yoy. The EBITDA margin contracted by ~287bps yoy to 7.6% in Q3FY19. Read more

Maruti Suzuki India Ltd's Q3FY19 standalone net profit declines 17% yoy to Rs1,489cr

Published on: 2:57 pm

  • India’s largest passenger car maker, Maruti Suzuki India Limited (MSIL), reported lower than expected numbers for Q3FY19.
  • Standalone revenue was 2% yoy higher (down 12% qoq) at Rs19,668cr.
  • EBITDA came in 36% yoy lower (44% qoq lower) at Rs1,931cr, while EBITDA margin contracted 594bps yoy (548bps qoq) to 9.8%. Read more

Zee Entertainment plunges 23% intraday

Published on: 2:19 pm

  • Shares of Zee Entertainment Enterprises plunged ~23% intraday on Friday on the NSE.
  • Zee Entertainment Enterprises Ltd’s share price is currently at Rs332.95, down by Rs101.15 or 23.3%, from its previous closing of Rs434.10 on the BSE.
  • The scrip opened at Rs438 and has touched a high and low of Rs439.70 and Rs326, respectively. So far, 3,40,72,795 (NSE+BSE) shares have been traded on the counter. The current market cap of the company is Rs41,693.85cr. Read more

Live share market update: Markets witness sharp correction, Zee Enterprises tanks ~22%

Published on: 2:15 pm

  • Indian equity markets are witnessing a sharp pullback from the high point of the day. The Nifty was trading 63 points lower at 10,788 after hitting an intraday high of 10,931, while Bank Nifty was down 108 points to 27,158 with broad-based selling pressure seen in the market.
  • Among the sectoral indices, Nifty Media and Nifty Realty were top losers down 6.87% and 2.29% lower, respectively. The former was dragged by Zee Entertainment, the top loser in the F&O segment, trading 22% lower.
  • On the options front, call writing was witnessed in ATM and OTM strikes with 10900CE and 11000CE witnessing an addition of ~4.9 lakh shares and ~3.2 lakh shares, respectively. Read more

Gujarat State Fertilizers & Chemicals Ltd's Q3FY19 standalone net profit declines 0.76% yoy to R

Published on: 1:59 pm

  • Gujarat State Fertilizers & Chemicals Limited's standalone revenue for the Q3FY19 came in at Rs1,994cr, up 29.7% yoy.
  • The operating profit for the quarter came in at Rs152.4cr, down 5.6% yoy.
  • The EBITDA margin contracted by ~287bps yoy to 7.6% in Q3FY19. Read more 

Nifty Realty index slips 2% led by DLF, Unitech, Oberoi Realty

Published on: 1:58 pm

  • The Nifty Realty index was trading 2% lower on heavy selling in DLF, Unitech, Oberoi Realty, Sobha, and Phoenix Mills.
  • Shares of DLF dropped 5% following a media report of the Central Bureau of Investigation (CBI) visiting the company’s Delhi office, leading the index’s fall.
  • Shares of Oberoi Realty and Unitech also contributed to the fall, declining 3% each. Sobha and Phoenix also fell 2% and 1%, respectively. Read more

CBI visits DLF offices for land acquisition issue: Media report

Published on: 1:40 pm

  • The Central Bureau of Investigation (CBI) visited DLF’s Delhi offices on Friday in connection with a land acquisition issue, a PTI report said.
  • Reacting to this, shares of the company slipped 5% on Friday. Read more. 

Nifty Media index drops 3% led by Dish TV, Zee Entertainment Enterprises, Eros Media

Published on: 12:29 pm

Deepak Fertilizers jumps 11.5% after clarification on repayment of CPs

Published on: 11:45 am

  • Shares of Deepak Fertilisers & Petrochemicals Corporation soared 11.5% on BSE after the company issued a clarification on certain rumors relating to repayment of commercial papers.
  • The company has been repaying commercial papers in accordance with the due dates and has repaid its last commercial papers on the due date in the current month, the company said in a BSE filing on Thursday post market hours. Read more.

Larsen & Toubro Limited - Consensus Expectations for Q3FY19E

Published on: 11:30 am

L&T Consensus estimates for Q3FY19E:
  • Revenue – Rs32,952cr, up 15% yoy, driven by strong execution mainly in infrastructure segment further supported by hydrocarbon business
  • EBITDA – Rs3,653cr, up 16% yoy, led by higher revenue amid stable operating expenses. Read more. 

CESC Ventures, Spencer's Retail fall 5% on listing day

Published on: 11:20 am

  • Shares of CESC Ventures got listed at Rs545 and Spencer’s Retail was listed at Rs225 and on the NSE, after their demerger from CESC Ltd. The two demerged entities of CESC fell up to 5% on their debut on bourses on Friday.
  • These two companies are non-power businesses in the power generation and distribution major CESC. The company had taken NCLT approval under the Companies Act for the demerger of all businesses except power. Read more.

Hindustan Food’s board approves acquisition of 40% stake in ATC Beverages; stock gains 1%

Published on: 11:04 am

  • Hindustan Food’s board approved a proposal for the acquisition of 40% stake in ATC Beverages. Reacting to this, shares of the company gained 1% on Friday.
  • Accordingly, the acquisition will be done in one tranche through the execution of the Share Purchase Agreement. The transaction is expected to be completed by end of February 2019. Read more.

CESC Ventures, Spencer's Retail fall 5% on listing day

Published on: 10:59 am

  • Shares of CESC Ventures got listed at Rs545 and Spencer’s Retail was listed at Rs225 and on the NSE, after their demerger from CESC Ltd.
  • The two demerged entities of CESC fell up to 5% on their debut on bourses on Friday. Read more. 

Biocon stock slips ~1% despite strong Q3 numbers

Published on: 10:50 am

  • Shares of Biocon slipped ~1% on the NSE in morning trade on Friday despite posting good Q3 numbers. The company’s revenue in Q3FY19 grew by 45.6% yoy to Rs1,540.8cr vs. Rs1,057.9cr in Q3FY18.
  • PAT increased by 136.3% yoy to Rs217.2cr in Q3FY19 vs. Rs91.9cr in Q3FY18.
  • Revenue from the small molecules segment grew 27.1% yoy to Rs468.9cr, while biologics revenue grew by 136.4% yoy to Rs448.6cr. Read more.

Yes Bank soars 5% after appointment of new CEO

Published on: 10:42 am

  • Shares of Yes Bank extended its gain for second consecutive on Friday’s trade and is trading higher by 5% currently. The bank has received RBI approval for its new MD & CEO, Ravneet Singh Gill to join on or before March 1, 2019.
  • Ravneet Gill, who is the CEO of Deutsche Bank’s India operations, will join the company on or before March 1, 2019. Read more.

Rupee breaches 71-mark; trades at 71.07/$

Published on: 10:30 am

  • The Indian rupee breached its key level of 71/$ and appreciated 12 paise to trade at 70.95 against the dollar. The currency opened 4 paise higher at 71.03/$ compared to its previous close of 71.07/$.
  • At 10:10AM IST, the domestic unit was trading at 71.07/$. On Thursday, the currency appreciated 26 paise. Read more.

Nifty reclaims 10,900 mark; Yes Bank, Reliance Industries stocks lead

Published on: 9:42 am

  • Equity benchmark indices opened higher on Friday tracking firm cues from Asian peers.
  • Reliance Industries, Yes Bank, TCS, HDFC, and ITC were among the major contributor in today’s session. Read more. 

Results to watch out for today - Maruti Suzuki, Larsen & Toubro, Gruh Finance, DHFL

Published on: 9:15 am

  • Quarterly results that are expected today include Maruti Suzuki India, Larsen & Toubro, Indian Bank, Indian Overseas Bank, Gruh Finance, DHFL, Nilkamal, CDSL, Jtekt India, Wonderla Holidays, Vakrangee, Rane Engine Valve, Astec LifeSciences, Sundaram Clayton, V2 Retail.
  • Poly Medicure, Kirloskar Oil Engines, Cantabil Retail India, Shriram City Union Finance, Kirloskar Brothers, Foseco India, Saregama India, Mahindra & Mahindra Financial Services, Gati, Swaraj Engines, Gujarat State Fertilizers & Chemicals, International Constructions, TECIL Chemicals and Hydro Power will be also announcing its results today. Read more. 

Deepak Fertilizers clarifies on rumours

Published on: 9:10 am

  • Deepak Fertilizers and Petrochemicals clarified their position on various rumours regarding repayment on commercial papers.
  • “The Company has been repaying commercial papers in accordance with the due dates and has repaid its last commercial papers on the due date in the current month”, mentioned the company in a BSE press release on Thursday evening, post market hours.Read more.

Spencers Retail, CESC Ventures to list today

Published on: 9:08 am

  • Spencers Retail and CESC Ventures are getting listed in the NSE and BSE on Friday. These two companies are non-power businesses in the power generation and distribution major CESC. The company had taken NCLT approval under the Companies Act for the demerger of all businesses except power.
  • Effective from Friday, January 25, 2019, the equity shares of CESC Ventures Limited shall be listed and admitted to dealings on the Bombay Stock Exchange in the list of T Group of Securities. Read more

Linde India’s delisting bid fails

Published on: 8:47 am

  • Linde India’s delisting plans failed as its promoter discovered that the company was worth nearly thrice its market capitalisation.
  • BOC Group Ltd. and Linde Holdings Netherlands B.V., the promoters of Linde India, informed the exchange after market on Thursday that the discovery price came to nearly Rs2,025 per share in the delisting process. Read more

UPL obtains regulatory approval for Arysta LifeScience acquisition

Published on: 8:38 am

  • UPL, in a press note to the exchanges, informed that the company has obtained all regulatory approvals for the acquisition of 100% stake of Arysta LifeScience.
  • Accordingly, the company is expected to complete the transaction with regards to acquisition by January 31, 2019, said UPL in a press release after market hours to the exchanges on Thursday. Read more

Asian stocks up led by tech companies

Published on: 8:35 am

  • Shares in Asian markets were trading in the green on Friday led by technology companies, which followed the strong US session for chipmakers. Shares in Japan, Hong Kong, and China gained.
  • However, investors are worried about the US-China trade conflicts especially after comments from US Secretary of Commerce Wilbur Ross. As per media reports, Ross said both the economies remain “miles and miles” apart on the trade deal. However, White House economic adviser Lawrence Kudlow later said President Donald Trump is optimistic about trade talks and the January jobs report will be up a significant amount. Read more

Larsen & Toubro Limited - Consensus Expectations for Q3FY19E

Published on: 8:26 am

Consensus estimates for Q3FY19E:
  • Revenue – Rs32,952cr, up 15% yoy, driven by strong execution mainly in infrastructure segment further supported by hydrocarbon business
  • EBITDA – Rs3,653cr, up 16% yoy, led by higher revenue amid stable operating expenses
  • EBITDA Margin – 11%, marginal expansion of 15bps yoy
  • PAT – Rs1,899cr, up 26% yoy

Maruti Suzuki Q3FY19E Result Expectation

Published on: 8:23 am

Consensus Expectations for Q3FY19E:
  • Revenue: Rs19,465cr (up 1% yoy, down 13% qoq); MSIL will report flat revenue yoy (down 13% qoq); the lowest in multiple quarters, due to weak volume in Q3FY19 (down 1% yoy, 12% qoq). The volume mix was favourable during the quarter; with lower proportion of Mini segment and higher proportion of compact segment, Ciaz and vans. However, realization growth will be restricted to 2% yoy (down 2% qoq) due to high year-end discounting.
  • EBITDA: Rs2,582cr (down 15% yoy, 25% qoq).
  • EBITDA margin: 13.3% (contraction of 249bps yoy, 203bps qoq); Weak volumes and higher commodity prices will reduce operating leverage, leading to 249bps yoy margin contraction (203bps qoq) in Q3FY19.
  • PAT: Rs1,907cr (up 6% yoy, down 15% qoq). Read more

FII and DII Data

Published on: 8:21 am

FII/DII Data: In yesterday’s trading session FIIs sold 94cr stock in the cash market whereas DIIs bought 389cr worth of stock. In the derivative market, FIIs sold 510cr of Index futures and bought 924cr worth of Index options. In the Stock futures segment, FIIs bought 571cr worth of stock futures and bought 53cr stock options.

FII View: FIIs reduced their bullish positions in the derivative segment which is deduced by the fact that they reduced 1,582 long contracts, while simultaneously adding 2538 short contracts in Index Futures. They also reduced 6,843 long contracts in Index Call Options.
FII OI
(in000's)		 % Chg % Chg
Since Expiry		 Long/
Short Ratio		 Long/Short
 Since Expiry
Index Long 217 (1) 47 0.8 0.8
Index Short 261 1 80
Index Call Long 220 (3) 66 2.6 0.6
Index Call Short 85 0 159
Index Put Long 429 (3) 91 2.1 0.6
Index Put Short 206 (1) 236

SGX Nifty indicates gap-up opening for Sensex, Nifty

Published on: 8:17 am

  • SGX Nifty is at 10,949, up 63 points. For today, expect broader gains as midcaps participate in the rally which started with heavyweights & could spread to the midcaps.
  • On Thursday, the Nifty saw a volatile session end with sharp gains in the last hour as Yes bank results saw huge bout of short covering as the stock jumped over 12%. There was also buying in heavyweights led by Reliance & TCS, as foreign investors bought stocks with the rupee getting stronger. Read more

Broker Radar for January 25

Published on: 8:10 am

CLSA maintained ‘Buy’ on Yes Bank; hiked TP to Rs280 from Rs260.
  • Steady operating results and IL&FS pushes-up NPLs.
  • New CEO comes with strong corporate banking experience.
  • Clarity on strategy and capital raise could drive a rerating. Read more. 

Bulk deal

Published on: 8:08 am

  • Jet Airways: Tower Research Capital Markets India traded 9.98 lakh shares at Rs269.38-269.48 apiece.
  • KPIT Cummins Infosystems: Crossland Trading traded 12.68 lakh shares at Rs135.57-135.60 per share.

Top stocks in focus: Yes Bank, L&T, Maruti Suzuki, Infratel

Published on: 8:02 am

  • Yes Bank has received RBI approval for its new MD & CEO, Ravneet Singh Gill to join on or before March 01, 2019. The bank has also appointed Maheswar Sahu and Anil Jaggia as independent directors and recommended Ashish Agarwal to the Reserve Bank of India for the post of executive director.
  • Bharti Infratel said it has reached a settlement with four operators, including Vodafone Idea, that exited from its cell sites before the expiry of their contracts at a payment of around Rs3,800cr. Read more

What not to miss today

Published on: 7:53 am

  • Markets to open gap up; Nifty support @10798, resistance 10940.
  • FIIs sold 94cr (cash), 510cr in Index Futures.
  • US market falls after official says US-China still far away on trade deal; Asian up.
  • Rupee gained 26 paise at 71.07/$.
  • InterGlobe Aviation appoints Ronojoy Dutta as CEO effective January 24, 2019. Read more.

Derivative Watch

Published on: 7:48 am

  • Markets ended a volatile trading session marginally in the green with strong buying seen in the final hour of trade.
  • Nifty Futures witnessed a marginal addition in open interest.
  • On the options front, short positions were built in out-of-the-money put option strikes with 10800PE witnessing an addition of ~4 lakh shares, also acting as the immediate support for the index.
  • The star performer in yesterday's trading session was Yes Bank which ended the day  ~14% higher on account of heavy short covering in ATM and OTM call options strikes, as traders reacted positively to the Q3 numbers as well as the appointment of Ravneet Gill as the new MD and CEO of the Bank.  The 210CE option of Yes Bank surged from Rs 4.8 to Rs28 before finally ending at Rs 20. 

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