Latest news and update

05th Feb, 2019

GAIL (India) Ltd's Q3FY19 standalone net profit rises 33.2% yoy to Rs1,681.23cr: Beats Estimates

Published on: 3:36 pm

  • GAIL India Ltd.'s Q3FY19 results beat consensus estimates.
  • Revenue grew by 37.3% yoy to Rs19,788.98cr against Rs14,414.34cr in Q3FY18, beating the estimate of Rs18,985cr. Read more. 

Sensex, Nifty end flat in lacklustre trade

Published on: 3:31 pm

  • Equity benchmark indices ended higher for fourth consecutive session.
  • The Sensex ended higher by 34 points at 36,617, and the Nifty rose 22 points at 10,934. The market breadth was negative as 548 shares advanced, while 1,213 shares declined and 297 shares remained unchanged.
  • Zee, Titan, and UPL were the top gainers, while Coal India, Tata Motors, and Tata Steel lost the most on the NSE.

JSW Steel Q3FY19E Result Expectation

Published on: 3:26 pm

JSW Steel Consensus expectations for Q3FY19E:
  • Revenue – Rs21,268cr, up 19.1% yoy
  • EBITDA – Rs4,438cr, up 15.2% yoy
  • EBITDA Margin – 20.9%, a contraction of 69bps yoy
  • PAT – Rs1,802cr, down 7.9% yoy Read more

Sensex, Nifty trade flat; ZEE, Titan stocks gain

Published on: 3:22 pm

  • The Sensex rose 70 points to 36,653, while the Nifty gained 27 points to 10,939. The market breadth was negative with 507 shares advancing, 1,238 shares declining, and 312 remaining unchanged.
  • Titan Company gained 4% on the NSE. It has also touched its 52-week high today. 

Nifty Realty slips 2% led by Indiabulls Real Estate, Godrej Properties

Published on: 3:05 pm

  • The Nifty Realty index slipped 2% on Tuesday amid heavy selling in stocks of Indiabulls Real Estate, Unitech, DLF, and Phoenix Mills.
  • Shares of Indiabulls Real Estate slipped 5%, while those of Godrej Properties and Phoenix Mills dropped 4% each and were the major losers on the index. Read more. 

Power stocks decline; Suzlon, BHEL plunge

Published on: 3:04 pm

  • The BSE Power index is trading lower by 1% at 1,827.02 in the last hour of trading session. BHEL is the contributing majorly to the index's losses, down 9% in Tuesday’s trade.
  • Further, Suzlon was the top loser in the F&O segment, down 24%. The company has clarified that rumours about the company's debt default were baseless. The company said in the regulatory filing that, "We wish to clarify that the company is regular in servicing its debt obligations including servicing obligations towards banks and others for the month of January 2019." Read more

Lupin Q3FY19E Result Expectation

Published on: 2:45 pm

  • Lupin to report 3.3% yoy and 4% qoq growth in its revenue over ramp-up of Solosec, however, the generic business is expected to continue its decline as the Metformin franchisee continues to erode.
  • EBITDA is expected to decline 17.2% yoy to Rs570cr, while the EBITDA margin is expected to be at 13.9% in Q3FY19E vs. 17.3% in Q3FY18 due to higher marketing and employee costs associated with Solosec. We look forward to the management's commentary on the Solosec ramp-up and launch plans of Enbrel biosimilar. 
  • PAT is expected to grow 34.3% yoy and 11% qoq. Read more

Bharat Heavy Electricals Ltd's Q3FY19 standalone net profit rises 23.1% yoy to Rs192cr

Published on: 2:43 pm

  • BHEL Ltd's results for Q3FY19 missed the consensus expectations on the EBITDA and net profit fronts. Revenue in the quarter rose 10.1% yoy to Rs7,336cr (expectation Rs7,258cr).
  • EBITDA stood at Rs219cr, down 17.5% yoy against the estimates of Rs458cr. EBIDTA margin fell 100bps yoy to 3%.
  • Net profit in the quarter ended December 2018 stood at Rs192cr (up 23.1% yoy) against an estimate of Rs257cr. Read more

Sadbhav Engineering’s arm wins arbitration award from NHAI

Published on: 2:39 pm

  • Sadbhav Engineering in its press note to the exchanges on Tuesday informed that the company’s arm on Mumbai Nasik Expressway has won an arbitration award unanimously on February 2, 2019, against NHAI.
  • The arbitration amount is worth Rs192.2cr including interest up to the date of award amounting to Rs24.79cr. From the date of award till the final payment, MNEL shall receive interest at the rate of 12% per year, the company added in a press note. Read more

CESC gains ~1% as Q3FY19 net profit beats estimates

Published on: 2:38 pm

  • CESC shares gained ~1% in intraday trade on Tuesday. Share prices rose to a high of Rs699.70 as against the previous closing of Rs681.75 on the BSE.
  • CESC Ltd results for Q3FY19 missed expectations on the revenue and EBITDA fronts. Revenue fell by 0.4% yoy to Rs1,707cr (expectation Rs1,829cr). EBITDA stood at Rs202cr, down 35.7% yoy against estimates of Rs388cr. Read more

BHEL plunges ~12% despite strong Q3 numbers

Published on: 2:09 pm

  • Shares of BHEL dropped significantly in intraday trade on Tuesday despite the company reporting a strong performance in Q3FY19. BHEL shares plunged to a low of Rs56.80, a drop of nearly ~12% from its previous closing on the BSE.
  • The state-run engineering company posted profits of Rs192cr in Q3FY19 as against 153cr last year, a jump of 25% yoy. Revenues soared over 10% to Rs7,336cr for the quarter under review against Rs6,666cr last year. Read more

Punjab National Bank shines after posting strong Q3 numbers

Published on: 1:40 pm

  • Shares of Punjab National Bank (PNB) gained in the afternoon session after reporting profit in Q3FY19. The bank posted a net profit of Rs246.5cr for the December quarter. The bank reported a net loss of Rs5,225.8cr for the nine months ended December 31, 2018.
  • The bank’s NII rose ~8% at Rs4,290cr against Rs3,989cr that the lender reported for the same quarter last year. Provisions stood at Rs2,754cr against Rs9,758cr yoy.Read more

BSE Telecom index falls led by Infratel, Airtel

Published on: 1:34 pm

  • The BSE Telecom index was trading lower by 1.3% at 952.35 levels in Tuesday’s session. The index came under pressure after Moody’s Investor Service downgraded Bharti Airtel to junk on concerns that cash-flow generation at India’s second largest telecom operator will remain weak for several quarters to come.
  • Bharti Infratel was contributing majorly to the index's losses, followed by Bharti Airtel, RCom, and Tata Comm, which were also in the negative zone on the BSE. Read more

Markets trade rangebound

Published on: 1:25 pm

  • Indian equity markets are trading rangebound with a positive bias on Tuesday. The Nifty was trading 25 points higher at 10,937, while Bank Nifty was up 101 points at 27,285.
  •  Among the sectoral indices, Nifty Media was the top performer, up 1.68%.
  • ADAG stocks continued to bleed with Reliance Power and RCOM down ~24% and ~21%, respectively. Read more

CESC Ltd's Q3FY19 standalone net profit rises 13.1% yoy to Rs173cr

Published on: 1:07 pm

  • CESC Ltd results for Q3FY19 missed expectations on the revenue and EBITDA front.
  • Revenue fell by 0.4% yoy to Rs1,707cr (expectation Rs1,829cr). EBITDA stood at Rs202cr, down 35.7% yoy against estimates of Rs388cr.
  • EBIDTA margin fell by 650bps yoy to 11.8%. Net Profit stood at Rs173cr (up 13.1% yoy) against an estimate of Rs161cr. Read more

Nifty near 10,950 mark; Auto, media stocks lead

Published on: 12:18 pm

  • Equity benchmark indices were trading in the positive territory on Tuesday ahead of the three-day central bank policy meet. On the sectoral front, auto, media and banking stocks gained while, realty, FMCG, telecom and metal stocks declined.
  • The Sensex rose 92 points to 36,675, while the Nifty gained 33 points to 10,945. The market breadth was negative with 655 shares advancing, 1,018 shares declining, and 383 remaining unchanged.

Nifty Media gains 2%, Zee Media, Zee Entertainment lead rally

Published on: 12:09 pm

  • The Nifty Media index gained 2% on Tuesday amid heavy buying in stocks of Zee MediaZee EntertainmentPVR, and INOX Leisure.
  • Shares of Zee Media and Zee Entertainment, which gained 5% and 3%, respectively, led the gains on the index.
  • Shares of PVR and INOX Leisure also rose 1% each. Read more

Nifty PSU Bank index gains led by Punjab National Bank

Published on: 11:26 am

  • The Nifty PSU Bank index gained in morning trade on Tuesday amid heavy buying in stocks of Punjab National BankJ&K Bank, and SBI. Investors will watch out for overnight and seven-day reverse-repo auctions by the RBI and 13-day term repo auction today.
  • Shares of Punjab National Bank rose 3% ahead of their Q3FY19 numbers. Read more

R Systems acquires Innovizant LLC; stocks gain 3%

Published on: 11:23 am

  • Shares of R Systems gained 3% on Tuesday after the company acquired 100% stake in Innovizant LLC, a Chicago-based company.
  • "Innovizant is engaged in digital transformation services, including advanced analytics, data engineering, and digital connected systems. The acquisition was completed through the company’s wholly-owned subsidiary R Systems, Inc., USA," the company said in a press note to the exchanges on Tuesday. Read more

India Nikkei services PMI at 52.2 in January

Published on: 11:08 am

  • The seasonally adjusted Nikkei India Services Business Activity Index fell for the second straight month in January, from 53.2 in December to 52.2, indicating a softer expansion in output. Companies mentioned that growth was supported by favourable public policies, enhanced capacities and greater demand, with the upturn curbed by competitive pressures and election uncertainty.
  • A sharp and accelerated rise in manufacturing production counteracted the slowdown in activity growth across the service economy. Read more

Q3FY19 result reaction: Godrej Agrovet, Greaves Cotton down; Bayer CropScience up

Published on: 10:51 am

  • Shares of Godrej Agrovet and Greaves Cotton declined 3% and 2%, respectively, while those of Bayer CropScience rose 1% on Tuesday post their respective earnings numbers for the third quarter of FY19.
  • Godrej Agrovet Ltd's consolidated revenue for Q3FY19 was reported at Rs1,454.1cr, up 19.1% yoy. The operating EBITDA for the quarter came in at ~Rs100.98cr, a marginal increase of 4.2% yoy. The consolidated revenue is in-line with the consensus estimates. However, EBITDA and PAT missed the consensus estimates of Rs117cr and Rs59cr by 14% and 31%, respectively. Read more

Whirlpool skids after foreign brokerage downgrade

Published on: 10:44 am

  • Home appliances maker Whirlpool of India's stock slipped 4.5% on the BSE in the morning session. The stock dropped after foreign brokerage firm Jefferies downgraded the stock to ‘Hold’ from 'Buy’ and cut its price target to Rs1,625 from Rs1,690, implying a potential upside of 7% from the current market price.
  • The company has reported 14% increase in net profit at Rs60.6cr in the third quarter ended December 31, 2018. Read more

IDBI Bank to become LIC IDBI Bank or LIC Bank

Published on: 10:27 am

  • Insurance giant LIC entered the banking arena last month by purchasing 51% stake in IDBI bank. 
  • Post the acquisition, a proposal has been made to change the name of the PSU to either LIC IDBI Bank which is the first preference or LIC Bank - the second preference. The IDBI board has finally approved the proposal to change the bank’s name. Read more

IRB Infrastructure Developers Ltd's Q3FY19 consolidated net profit rises 5.6% yoy to Rs218.9cr: Beat

Published on: 10:21 am

  • IRB Infrastructure Developers Ltd's Q3FY19 results beat estimates on revenue and EBITDA fronts.
  • Revenue grew by 38% yoy to Rs1,788.51cr against Rs1,296.19cr in Q3FY18, beating the estimate of Rs1,561cr. Read more. 

IDBI Bank to become LIC IDBI Bank or LIC Bank

Published on: 10:20 am

  • Insurance giant LIC entered the banking arena last month by purchasing 51% stake in IDBI bank.
  • Post the acquisition, a proposal has been made to change the name of the PSU to either LIC IDBI Bank which is the first preference or LIC Bank - the second preference. Read more. 

Jubilant FoodWorks falls 5% on reports of not passing GST benefits on sale of some products

Published on: 10:01 am

  • Shares of Jubilant FoodWorks slipped 5% in Tuesday’s morning trade after a PTI report suggested that the company was found guilty of not passing on the goods and services tax cut benefit of Rs41.42cr on sale of some products and has been directed to deposit the illegal gains with the government.
  • As per the report, the National Anti-Profiteering Authority passed the order on an email complaint filed by a customer that Jubilant FoodWorks had not reduced the prices of 'Domino’s Stuffed Garlic Bread' and ‘Medium Veg Pizza' despite a cut in GST rate from 18% to 5%. Read more. 

Rupee appreciates 7 paise to 71.67/$

Published on: 10:00 am

  • The Indian rupee appreciated 7 paise in Tuesday’s morning session to 71.67 against the dollar. The domestic unit opened marginally higher at 71.72/$ compared to its previous close of 71.74/$.
  • At 9:35AM IST, the currency was trading at 71.78/$. On Monday, the domestic unit depreciated 56 paise to 71.74/$.
  • The rupee was under pressure as investors are cautious ahead of the Reserve Bank of India’s monetary policy outcome due on February 7. Read more.

Sensex, Nifty trade flat; Bharti Airtel stock drops 4%

Published on: 9:40 am

  • Equity benchmark indices opened on a flat note in Tuesday’s trade. Investors will watch out for overnight and seven-day reverse-repo auctions by the RBI today and 13-day term repo auction.
  • HDFC twins, Infosys, Reliance Industries, and Bharti Airtel were among the top losers on the Sensex. Read more. 

Bayer CropScience Ltd's Q3FY19 standalone net profit rises 157% yoy to Rs27.5cr: Beats Estimates

Published on: 9:30 am

  • Bayer CropScience Ltd's revenue for Q3FY19 came in at Rs621cr, up 29.5% yoy.
  • The EBITDA for the quarter stood at Rs46.6cr as against Rs22.6cr in Q3FY18, an increase of 106.2%. Read more. 

Nifty above 10,900 mark; Airtel, Vedanta stock slips

Published on: 9:17 am

  • Equity benchmark indices opened on a flat note, with the Nifty is currently trading 11 points lower at 10,900, while Bank Nifty down by 5 points lower at 27,181.
  • Dr. Reddy’s, Indiabulls HF, Hero MotoCorp, Tech Mahindra, and Eicher are trading higher on the NSE, while Bharti Airtel, Vedanta, Zee, Yes Bank, and HPCL are trading lower.
  • Volatility index India VIX gained 3.81% to 16.32.
  • The most active stocks were SRF, Bharti Airtel, Jubilant Food, Infosys, and Dr. Reddy’s.

Future Retail Ltd's Q3FY19 standalone net profit rises 10% yoy to Rs201cr: Beats Estimates

Published on: 9:16 am

  • Future Retail Ltd’s revenue grew by 13% yoy and 7.6% qoq to Rs5,301cr.
  • EBITDA came in at ~Rs278cr, up 29.3% yoy and 12.2% qoq. Read more. 

NCLAT rejects Tata Steel’s plea for Bhusan Power & Steel: Media reports

Published on: 9:15 am

  • Tata Steel’s request to consider its bid as the 'most legitimate" one for Bhushan Power & Steel was rejected by the National Company Law Appellate Tribunal (NCLAT) on February 4, media reports said.
  • The tribunal is now favoring JSW Steel to bag the insolvent company. As per media reports, JSW Steel has a capacity to produce 19mn tons of steel a year as compared to Tata Steel's 18mn tons, in India. Bhushan Power has a capacity to make 3.5mn tons of steel a year. Read more.

Ashok Leyland acquires remaining 11% stake in AAL

Published on: 9:11 am

  • Ashok Leyland announced in an exchange filing on Monday evening that it has acquired 100% holdings in Ashley Aviation Limited (AAL). 
  • The company has acquired 4,50,005 shares of Rs10 each constituting 11.25% in the paid-up share capital of AAL. 
  • Prior to the acquisition, Ashok Leyland’s share in AAL was 88.75% of the paid-up share capital of AAL. Now, the company acquired the balance 11.25% of AAL thus making it a 100% wholly owned subsidiary of the company. Read more.

HPCL Q3FY19 Result Expectation

Published on: 9:04 am

HPCL Consensus estimates for Q3FY19:
  • Net Revenue: Rs67,592cr, up 18% yoy supported by higher realizations and stable throughput
  • EBITDA: Rs839cr, down 73% yoy
  • PAT: Rs270cr, down by 86% yoy Read more

Tech Mahindra Q3FY19E Result Expectation

Published on: 9:04 am

Tech Mahindra Consensus expectations for Q3FY19E:
  • Revenue – Rs 8,956cr, up by 3.8% qoq aided by a pick-up in telecom verticl on the back of recent deal wins. Enterprise vertical is expected to bounce back after HCI dragged down revenues in Q2. Enterprise growth is expected to be restricted on account of furloughs.
  • The street is building in USD revenue growth of ~2.3% qoq with cross currency impact of 60-70bps.
  • EBIT – Rs1,391cr, up by 5% qoq.
  • EBIT margin – 15.5%, expansion of ~18bps aided operational efficiencies. The company is aiming for steady improvement in margins.
  • PAT – Rs1,107cr, up by 4.0% qoq. Read more

GAIL Q3FY19 Result Expectation

Published on: 9:02 am

GAIL Consensus estimates for Q3FY19E:
  • Net Revenue – Rs18,985cr, up 32% yoy
  • EBITDA – Rs2,476cr, up by 9% yoy
  • PAT – Rs1,578cr, up by 25% yoy Read more

Moody's downgrades Bharti's senior unsecured notes to Ba1 and assigns a Ba1 CFR

Published on: 8:53 am

  • Moody's Investors Service (Moody's) has downgraded to Ba1 from Baa3 the senior unsecured rating for Bharti Airtel Ltd. (Bharti) as well as the backed senior unsecured notes issued by Bharti's wholly owned subsidiary, Bharti Airtel Int'l (Netherlands) B.V.
  • At the same time, Moody's has assigned a Ba1 corporate family rating (CFR) to Bharti and withdrawn the company's Baa3 issuer rating.
  • The ratings outlook is negative. Read more

Tribunal exempts RCom for OTCS; asks DoT to return bank guarantee to company

Published on: 8:45 am

  • Reliance Communications (RCom), in its filing to the exchanges informed that The Telecom Disputes Settlement and Appellate Tribunal (TDSAT) has exempted a one-time spectrum charge (OTSC) on the debt-laden telecom company's spectrum holdings in CDMA and GSM bands.
  • Tribunal has also directed the Department of Telecommunications (DoT) to return Reliance Communications’ (RCom) bank guarantee worth Rs2,000cr. Read more

Moody's changes Vedanta's outlook to negative

Published on: 8:38 am

  • Moody's Investors Service (Moody's) has changed the outlook on Vedanta Resources Ltd’s(Vedanta) ratings to negative from stable.
  • At the same time, Moody's has affirmed the company's Ba3 corporate family rating (CFR) and the B2 rating on the senior unsecured notes. Read more

Essel promoter entities sell shares worth ~Rs1,050cr in 6 listed firms: Media reports

Published on: 8:31 am

  • Essel group's promoter entities sold shares worth ~Rs 1,050cr in six listed group firms in the open market between January 25 and February 01, 2019. As per PTI report, the selling was to paying off lenders who were not part of an agreement to prevent a declaration of default on loans against pledged shares.
  • As per media reports, multiple regulatory filings by different promoter group entities of Essel group showed that shares of Zee Entertainment EnterprisesDish TVZee Media CorporationSiti Networks Ltd, and Zee Learn were sold in open market. Read more

Coal India to buyback up to 4.47cr shares at Rs235 each

Published on: 8:25 am

  • The board of Coal India (CIL) on Monday has approved to buyback 4.47cr of its equity shares, or 0.72% of its total outstanding shares, at Rs235 per share to raise Rs1,050cr.
  • The record date for transaction has been decided to be February 15.
  • This is the second buyback by the Maharatna company in two years. Read more

Current FII data

Published on: 8:18 am

FII/DII Data:  In yesterday’s trading session FIIs sold 112 crores stock in the cash market whereas DIIs sold 65 crores worth of stock. In the derivative market, FIIs sold 184 crores of Index futures and bought 1186 crores worth of Index options. In the Stock futures segment, FIIs bought 110 crores worth of stock futures and bought 133 crores stock options.

FII View: FIIs created marginal bearish positions in the derivative segment which is deduced by the fact that they created 2,718 net short contracts in Index Futures while simultaneously creating 17,325 net long contracts in Index Put options. The long-short ratio in Index Futures currently stands at 1.2x.

FII OI
(in000's)
% Chg % Chg
Since Expiry
Long/
Short Ratio
Long/Short
 Since Expiry
Index Long 131 1 21 0.8 1.2
Index Short 162 3 3
Index Call Long 200 1 11 2.7 0.9
Index Call Short 74 4 29
Index Put Long 323 9 14 1.9 1.0
Index Put Short 166 7 15

SGX Nifty indicating a flat opening for the Indian markets, focus to remain on Q3 earnings

Published on: 8:17 am

  • SGX Nifty is at 10963, up 15.50 points. Nifty saw a very strong come back in the last hour of trade as heavyweights led by Reliance & HDFC twins saw the index bounce back over 100 points down to close in the green.
  • This came in even as mid-caps were decimated by the ADAG group, which saw cuts from 15-35% as RCOM filed for NCLAT. The breadth remained a cause of concern as investors sat out the pullback. Read more.

Important results today: Tech Mahindra, PNB, HPCL, GAIL

Published on: 8:10 am

Broker Radar for February 5

Published on: 8:05 am

Morgan Stanley maintained 'Overweight' on Future Retail; cut TP to Rs660 from Rs745.
  • December quarter results: Another steady quarter for the core business.
  • Cut estimates to reflect lower operating margins.
  • Negatives: longer-than-expected integration of Hypercity acquisition and weak performance of small-format stores in South.
  • Promoter equity infusion to fund buyout
CLSA maintained ‘Buy’ on Future Lifestyle; hiked TP to Rs560 from Rs470.
  • Robust same-store sales growth drives earnings beat.
  • Aggressive expansion in brand factory continues. Read more

What not to miss today

Published on: 7:58 am

  • Markets to open flat; focus on Q3 earnings; Nifty support 10873, resistance 11000.
  • FIIs sold 112cr (cash), 184cr in Index Futures.
  • US markets surge led by tech stocks; Asian up.
  • Rupee depreciates 56 paise to 71.74/$. Read more.

Top stocks in focus: Dr. Reddy’s, RCom, Coal India, Tech Mahindra

Published on: 7:53 am

  • Dr. Reddy’s Laboratories stock in focus as Indivior loses bid for rehearing in Suboxone Patent Case. Indivior Plc was rejected by a US appeals court in its effort to prevent Dr. Reddy’s from selling a generic version of Suboxone Film opioid addiction treatment.
  • The Telecom Tribunal cancelled a Rs2,000cr demand on Reliance Communications, upholding the company’s petition against Telecom Department on one-time spectrum charge issue.
  • Coal India approved a buyback of 4.46cr equity shares or 0.72% of outstanding equity shares at Rs235 per share aggregating up to Rs1,050cr. Read more

Derivative watch

Published on: 7:50 am

  • Nifty Futures and Bank Nifty Futures added fresh long positions.
  • On the options front put writing was witnessed in out-of-the-money put options strikes with 10800PE witnessing an addition of ~5.35 lakh shares.
  • Fresh long position buildup was seen in Divi's Lab and Reliance Industries.
  • India Vix ended the session 0.02% higher at 15.7.

Editors Choice

 

Blogs & Personal Finance

More