Latest news and updates

31st Jan, 2019

Emami Ltd's Q3FY19 consolidated net profit declines 6.5% yoy to Rs137.5cr

Published on: 3:40 pm

  • Emami reported another weak quarter; though revenue met the estimate, EBITDA and PAT missed expectations.
  • Company’s revenue grew by 7.1% yoy to Rs810.9cr, broadly in-line with the estimates. Gross margin for the quarter contracted by 380bps yoy to 67%.
  • EBITDA for the quarter was flat on yoy basis to Rs266.6cr, ~8% below estimates. EBITDA margin contracted by 209bps yoy to 32.9% (against estimate of 34.8%).
  • Interest outgo declined by 32.6% yoy. PAT for the quarter stood at Rs137.5cr, down 6.5% yoy and significantly below the estimate of Rs205cr. Read more.

Shrimp stocks rally on heavy volume; Apex Frozen Foods jumps 17.5%

Published on: 3:37 pm

Nifty settles above 10,800 led by HDFC twins, Infosys, Reliance

Published on: 3:34 pm

  • Equity benchmark indices ended higher on Thursday’s session on the F&O expiry day and ahead of Budget, which to be announced on February 1.
  • The Sensex soared 665 points at 36,257, while Nifty jumped 179 points at 10,831. Around 998 shares have advanced, while 742 shares declined, and 318 shares are remained unchanged.
  • Axis Bank, GAIL, Infosys, and Titan Company are among major gainers on the Nifty, Yes Bank, Zee Entertainment, and Bajaj Finserv were the top losers.

Bank Nifty soars over 450 points led by Axis Bank

Published on: 3:33 pm

  • Equity markets gained momentum in the afternoon session on Thursday tracking strong global cues and the expiry of the January F&O series contracts ahead of the interim budget on Friday. Bank Nifty climbed over 456 points to trade at 27,282.
  • Maximum gains were seen in Axis BankKotak Mahindra Bank, and HDFC Bank, which rose between 4-3% each.
  • Heavyweight Axis Bank was the biggest contributor towards the gain in the index and rose for the third consecutive session.
  • The bank’s net profit for the quarter was 43% above the consensus estimates at Rs1,681cr against Rs726cr yoy. Its net profit in the quarter is up ~131.4% yoy. Read more.

Bank Nifty soars over 450 points led by Axis Bank

Published on: 3:23 pm

  • Equity markets gained momentum in afternoon session on Thursday tracking strong global cues and the expiry of the January F&O series cntracts ahead of the interim budget on Friday. Bank Nifty climbed over 456 points to trade at 27,282.
  • Maximum gains were seen in Axis BankKotak Mahindra Bank, and HDFC Bank, which rose between 4-3% each. Heavyweight Axis Bank was the biggest contributor towards the gain in the index and rose for the third consecutive session. Read more

Dabur India climbs 3% post Q3FY19 numbers

Published on: 3:11 pm

  • Shares of Dabur India were trading 3% higher on Thursday after the company reported a decent set of numbers for the quarter, which were broadly in line with the estimates.
  • The company’s revenue grew 11.8% yoy to Rs2,199.2cr, in-line with estimates. EBITDA for the quarter was up 10.4% yoy to Rs445.4cr. High raw material cost (as a percent of net sales) was offset by lower advertisement and other expenses. Thus, EBITDA margin contracted 26bps yoy to 20.3% for the quarter. PAT was up 10.3% yoy to Rs367.2cr, also in line with estimates. Read more

Dabur India Ltd's Q3FY19 consolidated net profit rises 10.3% yoy to Rs367.2cr

Published on: 2:53 pm

  • Dabur India (DIL) reported decent set of numbers for the quarter; broadly in-line with estimates.
  • Reported revenue grew by 11.8% yoy to Rs2,199.2cr, in-line with estimates.
  • EBITDA for the quarter was up 10.4% yoy to Rs445.4cr. Read more

Liquor stocks decline on reports of Kerala hiking alcohol tax

Published on: 2:53 pm

eClerx Services Ltd's Q3FY19 consolidated net profit declines 44.3% qoq to Rs39cr : Misses Estimates

Published on: 2:52 pm

  • eClerx Services reported numbers for Q3FY19 came in below consensus estimates on all fronts. Top-line grew by 0.5% qoq to Rs358cr, against median consensus estimates of Rs368cr.
  • Revenue in USD terms grew by 0.3% qoq to USD50.2mn.
  • EBIT came in at Rs54cr, down 25.4% qoq against median consensus estimate of Rs77cr.
  • EBIT margin contracted by 529bps qoq to 15.2%. Read more

Jamna Auto Industries Ltd's Q3FY19 consolidated net profit declines 10% yoy to Rs29cr

Published on: 2:30 pm

  • Jamna Auto Industries Limited (JAI) reported numbers below street expectations in Q3FY19. However, it managed to tide over raw material cost increase and maintained EBITDA margin on yoy basis.
  • Consolidated revenue was Rs486cr in Q3FY19, up ~3% yoy (down 11% qoq). It missed consensus estimate of Rs520cr.
  • EBITDA was 3% yoy higher (7% qoq lower) at Rs64cr, marginally missing consensus estimate of Rs66cr.
  • EBITDA margin stayed flat on yoy basis (expanded 66bps qoq) to 13.1%. We view this trend in margin positively. Read more

Nifty reclaim 10,800 mark; HDFC twins, Infosys stocks gain

Published on: 2:07 pm

  • Equity benchmark indices extended gain in the afternoon trade on strong global cues. Nifty is up 153 points at 10,804, while Bank Nifty is up 344 points at 27,170.
  • Broad based buying seen in the market with Nifty IT and Nifty Financial services being the top performer. 
  • The Sensex rose 545 points to 36,136 led by HDFC twins, Infosys, and RIL.
  • The market breadth was positive with 974 shares advancing, 714 shares declining, and 368 remaining unchanged.

Rupee appreciates 26 paise to 70.86/$

Published on: 12:29 pm

  • The Indian rupee appreciated 26 paise to 70.86 against the US dollar in intraday trade on Thursday compared to its previous close of 71.12/$.
  • At 12:30 PM, the Indian rupee was trading at 70.99/$ after ending on a flat note on Wednesday. Read more

Nifty above 10,700 mark; DHFL stock falls 13.5%

Published on: 11:07 am

  • Equity benchmark indices extended gain in the morning trade on strong global cues after dovish comments by the US Federal Reserve as it left key policy rates unchanged.
  • The Sensex rose 348 points to 35,940, while Nifty rose 85 points to 10,736. The market breadth was narrow with 861 shares advancing, 771 shares declining, and 418 remaining unchanged.

Qatar Investment Authority to invest $200mn in Airtel Africa; stock up 1%

Published on: 11:06 am

  • Airtel Africa Ltd, a subsidiary of Bharti Airtel Ltd, a leading global telecommunications company with operations in 18 countries across Asia and Africa, today announced that Qatar Investment Authority (QIA), the sovereign wealth fund of the State of Qatar has agreed to invest $200mn through a primary equity issuance in the company. The proceeds will be used to further reduce Airtel Africa's existing net debt.
  • "We are excited to welcome Qatar Investment Authority as a long term strategic equity partner. QIA is a respected global institution with a distinctive lineage and a robust global portfolio. We look forward to a long and fruitful partnership with QIA," Airtel Africa said. Read more.

L&T’s arm bags two orders from IOC

Published on: 10:52 am

  • Larsen & Toubro’s arm L&T Hydrocarbon Engineering has bagged two orders from Indian Oil Corporation (IOC) for Ethylene Glycol Project.
  • "The engineering, procurement, construction and commissioning (EPCC) contracts are for setting up Mono Ethylene Glycol (MEG) Plant and Ethylene Recovery Unit (ERU) under LSTK-1 Package, associated Offsite and Utilities under LSTK-2 Package at IOCL Paradip Refinery (Odisha)," the company said in a press note to the exchanges on Thursday. Read more.

Sensex rallies over 250 points ahead of Jan F&O expiry

Published on: 10:45 am

  • Equity benchmark indices opened higher on Thursday tracking strong global cues, the expiry of January F&O series contracts, and ahead of the interim budget on Friday.
  • The Sensex rose 285 points to 35,876, while Nifty rose 68 points to 10,720. The market breadth was narrow with 881 shares advancing, 773 shares declining, and 435 remaining unchanged.
  • Tech Mahindra, GAIL, ICICI Bank, SBI, and RIL are trading higher on the NSE, while Zee, Bajaj Finance, Bajaj Finserv, Indiabulls HF, and Yes Bank are trading lower. Read more.

Asian stock markets trade higher as Fed turns more dovish

Published on: 10:31 am

  • Asian stock markets were trading higher on Thursday after the Federal Reserve signaled that it is putting further interest-rate increases on hold, boosting emerging-market equities and currencies.
  • The Shanghai composite advanced more than 0.4% and the Shenzhen component gained 0.25%. Meanwhile, Hong Kong's Hang Seng index climbed higher by 0.8%. Read more.

Federal Reserve keeps interest rate unchanged

Published on: 10:15 am

  • The Federal Reserve signaled it’s done raising interest rates for at least a while and will be flexible in reducing its bond holdings, a sweeping pivot from its bias toward tighter monetary policy just last month.
  • The Federal Open Market Committee “will be patient as it determines what future adjustments to the target range for the federal funds rate may be appropriate,” the central bank said in a statement Wednesday following a two-day meeting in Washington, opening the door for the next move to also be a cut. In a separate special statement, the Fed said it’s “prepared to adjust any of the details for completing balance sheet normalization in light of economic and financial developments.” Read more.

Torrent Pharmaceuticals Ltd's Q3FY19 consolidated net profit rises 324.14% yoy to Rs246cr

Published on: 10:10 am

  • Torrent Pharma’s Q3FY19 revenue grew by 34.6% yoy to Rs1,988cr.
  • EBITDA grew by 50.4% yoy to Rs540cr in Q3FY19. EBITDA margins in Q3FY19 stood at 27.2% vs 26.3% in Q2FY19 and 24.3% in Q3FY18.
  • PAT grew by 324.1% yoy to Rs246cr vs. Rs58cr in Q3FY18.
  • The large part of Unichem synergies have been accrued but we expect further scope of margin expansion going forward. The results are above our expectation and we maintain positive view on the stock. Read more.

LIC Housing Finance Ltd's Q3FY19 standalone net profit rises 25.54% yoy to Rs596.30cr

Published on: 9:55 am

  • For Q3FY19, LIC Housing Finance's NII grew by 41.4% yoy to Rs1,042cr against Rs737cr in Q3FY18.
  • The housing finance company’s standalone net profit came in-line with estimates, which has increased by 25.5% yoy to Rs596.3cr against Rs475cr.
  • Its GNPA for Q3FY19 stood at 1.26%, up 39bps yoy. Its NNPA for Q3FY19 stood at 0.85%, up 36bps yoy. Read more.

Dredging Corp to pay 25% of arbitration claimed by Mercator

Published on: 9:51 am

  • Shares of Dredging Corporation India (DCI) gained 4% on Thursday after the company said in a press note that it has to pay only 25% of the total arbitration claimed by Mercator with reference to the Sethusamudram Ship Channel project. 
  • The company further informed that Mercator referred the matter to arbitration claiming an amount of Rs141.08cr on wrong allegations with regard to the deduction made by DCI from bills submitted by Mercator. Read more.

Important results today: Airtel, Hero MotoCorp, Vedanta, Power Grid

Published on: 9:25 am

Quarterly results that are expected today include Bharti AirtelHero MotoCorpVedantaDabur IndiaUPLPower Grid Corporation of India, eClerx Services, Creditaccess GrameenNMDC, Laurus Labs, Apollo Micro Systems.

Here is the street expectation for the companies:

Hero MotoCorp (HMCL) Q3FY19E result expectation:
  • Revenue: Rs7,663cr; (up 5% yoy, down 16% qoq). HMCL will report revenue growth of 5% yoy (down 16% qoq), led almost entirely by volume growth (up 5% yoy, down 16% qoq). Read more.

Nifty near 10,700 mark ahead of Jan F&O expiry; ICICI Bank up 2%

Published on: 9:19 am

  • Equity benchmark indices opened higher on Thursday. The Sensex gained 205 points at 35,796, while Nifty rose 44 points at 10,696.20.
  • Tata Steel, RIL, Grasim, Vedanta, and ICICI Bank are trading higher on NSE, while BPCL, IOC, HPCL, Bharti Infratel, Adani Port, HDFC, and Zee are among losers.
  • Shares of ICICI Bank extended gains for the third session and rose 2% post Q3 numbers.
  • The Indian rupee appreciated by 0.33% to 70.89 against the greenback. 

Zydus Wellness acquires 100% shares of Heinz India

Published on: 8:48 am

  • Zydus Wellness along with its subsidiary Zydus Wellness-Sikkim acquired 100% equity share capital of Heinz India. The announcement was made after market hours on Wednesday.
  • The company has paid a considerable amount of Rs4,667.36cr, which includes payment towards cash and bank balance of Rs125cr for acquisition, Zydus said in a press note. Read more.

Broker Radar for January 31

Published on: 8:42 am

CLSA maintained ‘Buy’ on NTPC with a TP of Rs180.
  • Marked improvement in operations and availability.
  • Management guided for a much better December quarter on lower under-recoveries.
  • Enough steam left in its lofty December quarter project starts.

CLSA maintained ‘Buy on ICICI Bank and hiked TP to Rs470 from Rs450.
  • Lower slippages and rise in coverage increases the visibility of earnings turnaround. December quarter’s top-line included some one-offs.
  • CASA growth key to market-share gains. Watch out for investigations on conflict of interest. Read more.

Ajanta Pharma approved buyback of up to 7.69 lakh shares

Published on: 8:37 am

  • Ajanta Pharma in its press note to the exchanges informed that its board of directors approved a proposal to buyback up to 7.69 lakh shares of its total paid-up equity share capital at Rs1,300/share.
  • Accordingly, the board approved the proposed buyback from all equity shareholders of the company, including promoters and members of the promoter group, as on the record date, through a tender offer on a proportionate basis, the company said in a press note after market hours to the exchanges on Wednesday. Read more.

Top stocks in focus: ICICI Bank, Airtel, Hero MotoCorp, Jet Airways

Published on: 8:32 am

  • ICICI Bank inquiry committee headed by former Supreme Court judge BN Srikrishna found Chanda Kochhar was in violation of bank’s code of conduct for conflict of interest.
  • Qatar Investment Authority to infuse $200mn in Bharti Airtel’s Africa unit. The investment authority will own less than 4% stake in African unit.
  • Castrol’s board approved a proposal for capacity expansion of its Gujarat’s production facility from 100mn liters to 140mn liters with an investment of Rs138cr. Read more.

Current FII data

Published on: 8:24 am

FII/DII Data:  In yesterday’s trading session, FIIs bought 130cr stock in the cash market, whereas DIIs bought 502cr worth of stock. In the derivative market, FIIs sold 1667cr of Index futures and bought 274cr worth of Index options. In the Stock futures segment, FIIs bought 863cr worth of stock futures and bought 73cr stock options.

FII View: FIIs created their bearish positions in the derivative segment, which is deduced by the fact that they created 21972 short contracts in Index Futures, while simultaneously creating 4232 short contracts in Index Call options. The long-short ratio in Index Futures currently stands at 0.8x.

FII OI
(in000's)
% Chg % Chg
Since Expiry
Long/
Short Ratio
Long/Short
 Since Expiry
Index Long 241 (1) 63 0.9 0.8
Index Short 283 8 96
Index Call Long 235 3 77 1.8 0.4
Index Call Short 132 9 301
Index Put Long 459 (0) 104 2.2 0.6
Index Put Short 206 (4) 237

SGX Nifty indicates positive opening for markets ahead of Jan F&O expiry

Published on: 8:23 am

  • SGX Nifty is at 10704, up 68 points.
  • For today, we expect another volatile session with rollover seeing pressure on mid-caps and selected NBFCs as we end the January series of derivative contracts today. 
  • On Wednesday, Nifty saw a very volatile session with expiry related pressure seeing Nifty oscillate almost 100 points from morning highs to mid-afternoon lows. Banks led the gainers after stellar results from Axis Bank saw massive short covering in Bank Nifty. Read more.

Bulk deal

Published on: 8:04 am

  • Geojit Financial Services: Copthall Mauritius Investment acquired 22.5 lakh shares or 0.95% equity at Rs 35.5 each.
  • Geojit Financial Services: HSBC Global Investment Funds sold 24.8 lakh shares or 1.04% equity at Rs 35.59 each.

What not to miss today

Published on: 7:47 am

  • Markets to open higher ahead of Jan F&O expiry; Nifty support @10600, resistance 10740.
  • FIIs bought 130cr (cash), sold 1667cr in Index Futures.
  • US, Asian markets up on Fed’s comments of being patient with future rate hikes.
  • Srikrishna Panel indicts Chanda Kochhar; ICICI Bank to retrieve bonuses from ex-CEO. Read more.

Derivative watch

Published on: 7:33 am

  • Ahead of today's F&O expiry, Nifty future ended on a negative note with the cost-of-carry entering into the discount territory.
  • Nifty E-1 day rollovers are 19.3% lower in comparison with its previous series, indicating a lack of participation ahead of the Union budget. On the options front, Nifty 10,700CE has added writing positions since the start of the current week, hinting a possible expiry below the 10,700 level for the index.
  • KSCL & Wipro added fresh long positions.
  • Tata Steel 460CE gained 6.5x during the day backed by massive short covering.

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