Live market updates

12th Aug, 2020

Muthoot Finance's Q1 result announcement nears; eyes borrowing limit at Rs 75,000cr ahead

Published on: 4:50 pm

  • Muthoot Finance, one of the largest gold loan NBFCs, on Wednesday witnessed huge selling pressure as the company announced the record date for presenting its June 2020 (Q1FY21) result. Also, the NBFC seeks approval for increasing its borrowing limit.
  • On Sensex, Muthoot Finance stock has plunged by as much as 6.97% and even witnessed an intraday low of Rs1092 per piece. However, by end of market hours, the stock settled at Rs1147.80 down 2.22%.
  • The stock had opened lower at Rs1165 per piece on Sensex compared to the previous closing of Rs1173.85 per piece.
  • On Tuesday, Muthoot Finance intimated exchanges that the board of directors are scheduled to meet on August 19, 2020, for the following: Read More

Muthoot Finance's Q1 result announcement nears; eyes borrowing limit at Rs 75,000cr ahead

Published on: 4:50 pm

  • Muthoot Finance, one of the largest gold loan NBFCs, on Wednesday witnessed huge selling pressure as the company announced the record date for presenting its June 2020 (Q1FY21) result. Also, the NBFC seeks approval for increasing its borrowing limit.
  • On Sensex, Muthoot Finance stock has plunged by as much as 6.97% and even witnessed an intraday low of Rs1092 per piece. However, by end of market hours, the stock settled at Rs1147.80 down 2.22%.
  • The stock had opened lower at Rs1165 per piece on Sensex compared to the previous closing of Rs1173.85 per piece.
  • On Tuesday, Muthoot Finance intimated exchanges that the board of directors are scheduled to meet on August 19, 2020, for the following: Read More

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Man Industries registers PAT at Rs17.4cr in Q1FY21

Published on: 4:43 pm

  • Man Industries (India) Limited, one of the leading Large Diameter Pipe manufacturing company reported total revenue of Rs410.4cr, up by 68% in Q1FY21 vs. Rs244.7cr in the same period last year.
  • PAT jumped by 549% yoy at Rs17.4cr in Q1FY21 as against Rs2.7cr as on Q1FY20 and EBITDA for the period stands at Rs.55.5cr, up by 97% yoy in Q1FY21. EBITDA Margin stands at 13.5% as compared to 11.5% yoy up by 200 bps and PAT Margin Stands at 4.2% as compared to 1.1% yoy up by 314 bps.
  • Commenting upon the performance and future outlook of the Company, Dr. R.C. Mansukhani, Chairman said “All our plant operations have resumed successfully and we are back on track in terms of order execution. We are seeing good traction from domestic as well as international market on the back of revival of demand from key geographies and domestic sector already doing well with ample opportunities from several upcoming oil and gas and water projects like Nal se Jal and river linking. We expect good order Inflows from both domestic as well as international market in the near term”. Read More

Lenders invite expression of interest (EOI) for CG Power via ‘Swiss Challenge’ process; stock ends h

Published on: 4:39 pm

  • CG Power & Industrial Solutions who have defaulted in debt against a consortium of lenders, has launched the 'Swiss Challenge' process under the RBI framework, allowing eligible bidders to submit their expression of interest (EOI) as part of the resolution plan.
  • On Tuesday, CG Power in an advertisement which is intimated to exchanges, said, "the Lenders of the Company have formed a joint lenders’ forum, with State Bank of India (“SBI”) acting as the Lead Bank for the process." While SBI Capital Markets has been appointed by the lenders as process advisors for the Resolution Process.
  • Such comes after when the Murugappa Group-backed  Tube Investments of India, showed its interest in CG Power with a proposal to invest Rs700cr for acquiring 56% stake. However, the lenders have defined Tube Investments as 'Primary Bidder' and it's offer as 'Primary Proposal. Further, the lenders have decided to continue looking for eligible bidders ahead. Read More

Graphite India records a consolidated loss of ~Rs78cr in Q1FY21

Published on: 4:37 pm

  • Graphite India limited announced its Q1FY21 results on Aug 12, 2020.  Consolidated net revenue of Graphite India limited in Q1FY21 stood at Rs409cr, which declined by 57.7% yoy from Rs967cr in Q1FY20.
  • The company posted negative EBITDA of Rs131cr in Q1FY21 that decreased by 144.41% yoy. For Q1FY20, it had posted positive EBITDA of Rs295cr. EBITDA margin as of Q1FY21 was at negative 32.03% that declined by 62.54% yoy against the same quarter, the previous year.
  • The consolidated net loss in Q1FY21 came in at Rs78cr which declined by 135.45%, as compared to Q1FY20, when it reported profit of Rs220cr. The net profit margin in Q1FY21 came in at negative 19.07% which declined by 41.82% yoy. The net profit margin for Q1FY20 was at 22.75%.
  • Share price of company closed at Rs186.65 down by 1.11% on BSE. Read More

Tata Power Q1FY21; consolidated net profit rises by ~11% yoy

Published on: 4:33 pm

  • Tata Power Ltd. announced its quarterly results on August 12, 2020. Consolidated net revenue in Q1FY21 stood at Rs6,452.99cr, which declined by 16.91% yoy from Rs7,766.72cr in Q1FY20.     
  • EBITDA stood at Rs1,731.28cr in Q1FY21 that decreased by 24.79% yoy. For Q1FY20, it had posted EBITDA of Rs2,302.06cr. EBITDA margin as of Q1FY21 was at 26.83% that declined by 2.81% yoy against the same quarter, previous year.     
  • The consolidated net profit in Q1FY21 came in at Rs290.88cr that increased by 10.93% yoy, as compared to Q1FY20, when it reported Rs262.22cr. The net profit margin in Q1FY21 came in at 4.51% that increased by 1.13% yoy. The net profit margin for Q1FY20 was at 3.38%.
  • The share closed at Rs52.95 with gains of 1.92% in today’s session on BSE. Read More

CARE Ratings enters into MoU with Tresata

Published on: 4:22 pm

  • CARE Ratings has signed a Memorandum of Understanding (MoU) with Tresata Inc., a global leader in AI and predictive analytics software, on the August 8, 2020 to join forces to launch predictive intelligence business solutions in India.
  • Tresata’s Analytics Operating System will allow CARE Ratings to deliver superior products and services that manage risk and identify opportunities by leveraging the latest advances in Artificial Intelligence and Data Science.
  • CARE Ratings will implement Tresata’s proprietary state of the art, cloud-based, analytics software to help transform CARE Ratings’ data management, data validation, analytical modelling and risk intelligence capabilities. Read More

Thermax records a consolidated loss of ~Rs15cr in Q1FY21

Published on: 4:18 pm

  • Thermax Ltd. announced its quarterly results on August 12, 2020. Consolidated net revenue in Q1FY21 stood at Rs664.94cr, which declined by 52.25% yoy from Rs1,392.45cr in Q1FY20.     
  • EBITDA stood at negative Rs11.39cr in Q1FY21 that decreased by 111.49% yoy. For Q1FY20, it posted EBITDA of Rs99.09cr. EBITDA margin as of Q1FY21 was at negative 1.71% that declined by 8.83% yoy against the same quarter, previous year.     
  • The consolidated net loss in Q1FY21 came in at Rs15.27cr that declined by 124.33% yoy, as compared to Q1FY20, when it reported consolidated net profit of Rs62.76cr. The net profit margin in Q1FY21 came in at negative 2.3% that declined by 6.81% yoy. The net profit margin for Q1FY20 was at 4.51%.
  • The share closed at Rs749 with gains of 1.7% in today's session on BSE. Read More

NCC Q1FY21; consolidated net profit falls by ~76% yoy

Published on: 4:07 pm

  • NCC Limited  announced its Q1FY21 results on Aug 12, 2020. Consolidated net revenue of NCC Limited  in Q1FY21 stood at Rs1,297.6cr, which declined by 44.71% yoy from Rs2,346.98cr in Q1FY20.
  • EBITDA stood at Rs124.82cr in Q1FY21 that decreased by 55.32% yoy. For Q1FY20, it had posted EBITDA of Rs279.36cr. EBITDA margin as of Q1FY21 was at 9.62% that declined by 2.28% yoy against the same quarter, the previous year.
  • The consolidated net profit in Q1FY21 came in at Rs17.01cr which declined by 76.46%, as compared to Q1FY20, when it reported Rs72.27cr. The net profit margin in Q1FY21 came in at 1.31% which declined by 1.77% yoy. The net profit margin for Q1FY20 was at 3.08%.
  • Share price of company closed at Rs31.15 down by 1.74% on BSE. Read More

Refinancing needs could rise as NBFCs roll out restructuring plans: Ind-Ra

Published on: 4:05 pm

  • India Ratings and Research (Ind-Ra) opines the Reserve Bank of India’s decision allowing lenders to restructure loans would increase their refinancing requirements, especially for non-banking banking companies (NBFCs). This is in view of their large contractual debt repayments, as scheduled cash inflow gets deferred, though the severity of the same would depend upon the proportion of loan portfolio restructured and terms of restructuring (i.e., complete moratorium vs partial payments). While restructuring would relieve the repayment pressure on borrowers and can help them to overcome any short-term stress, it would require sound guardrails and critical assessment of viability so that it is not used as an instrument to postpone the problems, as seen previously.
  • Credit cost pressure gets alleviated since lenders have to provide 10% on the restructured debt However, this may prove to be inadequate in case the slippages were to be elevated. A higher quantum of restructured assets would clearly reflect higher asset quality challenges for NBFCs and can restrict their ability to mobilise funds from banks ad capital markets. Read More

Aster DM Healthcare records a consolidated loss of ~Rs89cr in Q1FY21

Published on: 3:58 pm

  • Aster DM Healthcare Limited announced its quarterly results on August 12, 2020. Consolidated net revenue in Q1FY21 stood at Rs1,760.63cr, which  declined by 13.21% yoy from Rs2,028.59cr in Q1FY20.     
  • EBITDA stood at Rs142.73cr in Q1FY21 that decreased by 36.2% yoy. For Q1FY20, it posted EBITDA of Rs223.7cr. EBITDA margin as of Q1FY21 was at 8.11% that declined by 2.92% yoy against the same quarter, previous year.     
  • The consolidated net loss in Q1FY21 came in at Rs88.59cr that declined by 981.49% yoy, as compared to Q1FY20, when it reported consolidated net profit of Rs10.05cr. The net profit margin in Q1FY21 came in at negative 5.03% that declined by 5.53bps yoy. The net profit margin for Q1FY20 was at 0.5%. The loss attributable to equity shareholders in Q1FY21 is at Rs82.93cr as against profit of Rs3.26cr for the same quarter, previous year. Read More

NMDC hikes iron ore rates; stock ends 1% higher

Published on: 3:51 pm

  • Shares of NMDC ended higher on the BSE after the company has set lump ore and fines prices for the month of August.
  • NMDC said in the filing that it has hiked rates of the mineral by Rs300 to Rs2,950 a ton with immediate effect.
  • The company said it has increased the price of lumps or high-grade iron ore by Rs300 to Rs2,950 per ton, and that of iron ore fines or inferior grade ore by Rs300 to Rs2,660 a ton.
  • It has revised the prices of iron ore with effect from August 12, 2020.
  • The stock ended at Rs94.10, up by Rs0.85 or 0.91% from its previous closing of Rs93.25 on the BSE. Read More

Sensex ends flat; PSU Bank, auto stocks shine

Published on: 3:35 pm

  • Indian stock markets ended flat on Wednesday ahead of the weekly options expiry on Thursday. The S&P BSE Sensex slipped 37 points or 0.10% to settle at 38,370 levels, while Nifty ended at 11,308, down 14 points.
  • The India Volatility index ended lower for the seventh straight day, down 2.2% to 20.89. The market breadth ended in favour of the advances with 1,002 stocks ending with gains and 847 ending with a decline on the NSE.
  • On the sectoral front, the Nifty Pharma was down for the second straight day and also the top sectoral laggard led by Biocon, Cadila, Sun Pharma and Torrent Pharma.
  • Major gains were seen in PSU Banks, media and auto stocks in today's session. The PSU Bank index ended with gains of 2.6%, media and auto index gained 2.5% and 2%, respectively. Read More

Kirloskar Electric extends lay off of workmen at three units, stock jumps 7%

Published on: 3:28 pm

  • Kirloskar Electric Company Limited has extended the partial lay off of workmen of the company’s units located at Hirehalli, Tumkur and Budihyal for further 30 days with effect from August 11, 2020. 
  • This is the second time the company has extended the partial lay off of workmen at these three units. The company had partially laid of the workmen first from June 13, 2020, due to Covid-19 impact and extended it further for 30 days in July.
  • Last month also, it had partially laid-off of the workmen of the company’s Unit located at Govenahalli (Unit-1), Bangalore for a period of 60 days.
  • Kirloskar Electric Company Ltd is currently trading at Rs11.90 up by Rs0.79 or 7.11% from its previous closing of Rs11.11 on the BSE. Read More

Investors cautious in Sensex, Nifty - Top bulls and bears of Wednesday

Published on: 3:25 pm

  • Investors maintained a cautious tone in Wednesday's trading session as the benchmark indices Sensex and Nifty are performing on a flat note. IT, FMCG, metal, pharma, realty and financial stocks saw selling bias, while auto and banking stocks continued to keep exchanges mellow. At around 3.15 pm, the Sensex was performing at 38,370.03, down 36.98 points or 0.10%; whereas, Nifty 50 was trading at 11,312.10, lower by 10.40 points or 0.09%.
  • Here is the list of gainers and losers of the day on Nifty.
  • Gainers:
  • HCL Technologies: The stock was performing at Rs711.85 per piece, up 4.10%. The company reported a consolidated net profit of Rs2,925cr rising by 31.7% compared to Rs2,220cr in the corresponding period of the previous year. Similarly, consolidated revenue jumped by 8.6% to Rs17,841cr as against Rs16,425cr a year ago same period, while revenue dropped by 4% from Rs18,590cr of Q4FY20. In the quarter, EBITDA was at Rs4,566cr increasing by 34.3% from Rs3,401cr of the same quarter a year ago. Read More

Fine Organic Industries Q1FY21; consolidated net profit falls by ~27% yoy

Published on: 3:23 pm

  • Fine Organic Industries Limited  announced its Q1FY21 results on Aug 12, 2020. Consolidated net revenue of Fine Organic Industries Limited  in Q1FY21 stood at Rs240.01cr, which declined by 4.22% yoy from Rs250.59cr in Q1FY20.
  • EBITDA stood at Rs52.46cr in Q1FY21 that decreased by 18.82% yoy. For Q1FY20, it had posted EBITDA of Rs64.62cr. EBITDA margin as of Q1FY21 was at 21.86% that declined by 3.93% yoy against the same quarter, the previous year.
  • The consolidated net profit in Q1FY21came in at Rs29.16cr which declined by 26.86%, as compared to Q1FY20, when it had reported Rs39.87cr. The net profit margin in Q1FY21 came in at 12.15% which declined by 3.76% yoy. The net profit margin for Q1FY20 was at 15.91%. Read More

Central Bank of India trades flat post Q1FY21 numbers

Published on: 3:14 pm

  • Shares of Central Bank of India is trading flat in the afternoon session after hitting high in the morning trade post Q1 numbers.
  • The Bank posted a net profit of Rs135cr, up 14.41% yoy during Q1FY21 as against a net profit of Rs118cr in Q1 FY20 and a net loss of Rs. 1529 crore in Q4 FY20. Share of CASA Deposits to Total deposits increased to 47.30% in Q1FY21 as compared to 45.77% as at Q1FY20. Read More

Prataap Snacks plunges 5.5% on weak Q1 earnings; to launch 'Omega fortified Potato Chips' soon

Published on: 2:58 pm

  • Indore-based Prataap Snacks registered a consolidated net loss of Rs5.96cr during June 2020 (Q1FY21) quarter compared to a profit of Rs9.65cr recorded in the same period of last year. Consolidated net sales declined by 41% to Rs194.45cr in the quarter under review, as against Rs329cr a year ago similar period.
  • Meanwhile, operating EBITDA of Rs8.24cr, translating to a margin of 4.2% was impacted by operating deleverage. Read More

K.P.R. Mill Q1FY21; consolidated net profit falls by ~35% yoy

Published on: 2:53 pm

  • K.P.R. Mill Ltd. announced its quarterly results on August 12, 2020. Consolidated revenue from operations in Q1FY21 stood at Rs540.68cr, which declined by 39.99% yoy from Rs900.94cr in Q1FY20.     
  • EBITDA stood at Rs120.1cr in Q1FY21 that decreased by 31.96% yoy. For Q1FY20, it had posted EBITDA of Rs176.51cr. EBITDA margin as of Q1FY21 was at 22.21% that increased by 2.62% yoy against the same quarter, the previous year.  Read More

Schneider Electric Infrastructure records a consolidated loss of ~Rs29cr in Q1FY21

Published on: 2:50 pm

  • Schneider Electric Infrastructure Limited announced its Q1FY21 results on Aug 12, 2020. Consolidated net revenue of Schneider Electric Infrastructure Limited in Q1FY21 stood at Rs208.03cr, which declined by 41.81% yoy from Rs357.51cr in Q1FY20.
  • The company posted negative EBITDA of Rs12.67cr in Q1FY21 that decreased by 335.5% yoy. For Q1FY20, it had posted positive EBITDA of Rs5.38cr. EBITDA margin as of Q1FY21 was at negative 6.09% that declined by 7.59% yoy against the same quarter, the previous year. Read More

Regulations support Adani Transmission's EBITDA, collection delays: Fitch

Published on: 2:48 pm

  • The operating profit of Adani Transmission Limited's (ATL, BBB-/Negative) electricity transmission and distribution business is largely immune to lower volume caused by the coronavirus pandemic, as it benefits from a favourable regulatory framework, says Fitch Ratings. However, the group faces cash-collection delays from both state-owned power-distribution utilities and retail customers in Mumbai due to logistical challenges in collections, lower demand and payment concessions amid the pandemic. Read More

Eicher zooms 4% after board nods stock split; re-appoints two Independent Directors

Published on: 2:47 pm

  • Eicher Motors took a host of actions during its 38th annual general meeting (AGM). The Royal Enfield-manufacturer, in a major development, received approval for a stock split in 1:10 ratio for facilitating larger shareholder base and aid liquidity. Additionally, the company has re-appointed two Independent Directors.
  • On Sensex, Eicher stock has gained over 4% with an intraday high of Rs22,343.45 per piece before correcting. At around 2.39 pm, Eicher stock was performing at Rs22,264.10 per piece, zooming by Rs828.35 or 3.86% on the same index. Read More

Natco Pharma Q1FY21; consolidated net profit falls by ~14% yoy

Published on: 2:33 pm

  • Natco Pharma Limited announced its Q1FY21 results on Aug 12, 2020. Consolidated net revenue of Natco Pharma Limited in Q1FY21 stood at Rs563.4cr, which rose by 14.44% yoy from Rs492.3cr in Q1FY20.
  • EBITDA stood at Rs171.1cr in Q1FY21 that decreased by 10.56% yoy. For Q1FY20, it had posted EBITDA of Rs191.3cr. EBITDA margin as of Q1FY21 was at 30.37% that declined by 8.49% yoy against the same quarter, the previous year. Read More

Hot Stock alert! Inox Leisure jumps 9% after INOX Benefit Trust offloads 4.23% stake for Rs101cr

Published on: 2:32 pm

  • Inox Leisure, one of the largest multiplex chains, on Wednesday skyrocketed by whopping 9.44% on Sensex with an intraday high of Rs257.85 per piece. Investors cheered Inox Leisure after  INOX Benefit Trust has sold 43,50,092 equity shares held by it in the company.
  • In its regulatory filing, Inox Leisure on Tuesday said, "we would like to inform you that INOX Benefit Trust has sold 43,50,092 equity shares held by it in the Company. The beneficiary of the entire proceeds of the aforesaid sale is INOX Leisure Limited." Read More

Nifty IT index trades lower; Wipro completes acquisition of 4C

Published on: 2:21 pm

  • Benchmark indices erased morning losses and trading flat in the afternoon trade supported by auto and PSU banking stocks, while pharma and IT stocks remained under pressure.
  • The Nifty IT index is trading lower by 59 points at 17,997.75 levels. Major selling pressure in Info Edge (India) and Mphasis slipped over 4% each, followed by Wipro, TCS and LTI slipped 1% each on the IT index, while Infosys is trading in the flat zone. Read More

Walchandnagar Industries soars 5% despite negative Covid-19 impact on operating results

Published on: 2:10 pm

  • Walchandnagar Industries Limited informed the exchanges Wednesday that due to lockdown from March 23, 2020 and its several extensions, there being no production and sale in the month of March 2020 (last week), April 2020 and limited sale in May, 2020 the profitability is impacted for the relevant period. Read More

Market pulse at 2 PM today

Published on: 2:00 pm

  • BSE Sensex is trading at 38,316.77, down 90.24 points or 0.23% while Nifty50 is trading at 11,295.15, down 27.35 points or 0.24%. Read More

Oil India snaps one of the Bull Lines of Athay Wagon at Well site and repairs it

Published on: 1:47 pm

  • Oil India Limited updated the exchanges Wednesday about preparation for capping the Blowout Well at Baghjan in Tinsukia district of Assam. The company said, following the snapping of one of the Bull Lines of the Athey Wagon, the Bull Lines were removed and sent to Oil’s Engineering Workshop for repairing job. Read More

Galaxy Surfactants Q1 PAT rises 7.5% to Rs56cr; stock dips 2%

Published on: 1:36 pm

  • Galaxy Surfactants Limited, a leading manufacturer of performance surfactants and specialty care products with over 205 product grades used in Home and Personal Care industry, has announced its unaudited financial results for the Quarter ended 30th June 2020.
  • PAT stood at Rs56.5cr yoy growth of 7.5% on the back of savings on account of reduction in corporate tax rate. Total volume de-grew by 5.2% yoy for Q1FY21. Read More

Over 9% gain in 1 day! Investors cheer PVR after Rs300cr 'Rights Issue' oversubscribes by 2.24 times

Published on: 1:23 pm

  • The Gurugram-headquartered PVR witnessed huge buying sentiment on Wednesday after its rights issue oversubscribed by 2.24 times. On Sensex, PVR stock has advanced by over 9% with an intraday high of Rs1228.70 per piece in early deals.
  • PVR's rights issue size involved 38.23 lakh shares aggregating to Rs300cr. The company launched the issue for subscription on July 17 and was available till July 31, 2020. Read More

RattanIndia Infra committee recommends to explore business opportunities in fin-tech

Published on: 1:18 pm

  • RattanIndia Infrastructure Limited informed the exchanges Wednesday that the two-member committee constituted by Board of Directors on July 21, 2020, for the purpose of exploring new avenues of business has recommended exploring business opportunities in new-age technologies including fin-techs.
  • It has also suggested to the Board that the thrust should be on getting into business sectors which are light on debt or preferably do not need any debt. Any debt-heavy business should be avoided. Read More

Market pulse at 1 PM today

Published on: 1:00 pm

  • Benchmark indices are trading flat in the afternoon after a bearish start.
  • BSE Sensex is trading at 38,396.49, down 10.52 points or 0.03% while Nifty50 is trading at 11,315.90 down 6.60 points or 0.06%. Read More

Airtel to TRAI: Launched premium plans in July, while Vodafone Idea offered same for months; stock g

Published on: 12:53 pm

  • The Sunil Mittal-backed Bharti Airtel has responded to the Telecom Regulatory Authority of India (Trai) over its platinum plans which have come under the radar of the latter. On Wednesday, Airtel stock has recovered earlier losses and gained by nearly 2% with an intraday of Rs560.80 on Sensex in early deals.
  • In the latest development, Airtel told the telecom regulator that the telco offered its premium Platinum plan only from last month, while TRAI had raised no concerns on Vodafone Idea's similar premium plan named RedX which was being offered for the past 8-9 months. Read More

Sundaram Finance upbeat about future after improvement in business from June

Published on: 12:36 pm

  • Sundaram Finance Limited informed the exchanges Wednesday that Covid-19 has affected all the NBFCS. The company feels it is very difficult to exactly estimate the impact on profitability in view the various uncertain factors that determine the future impact.
  • The company’s liquidity position is comfortable and has paid all the maturities of deposits/ debentures and other borrowings on date of maturity or in some instances much earlier. All interest commitments met either on the due date or well before that.
  • The business was in low key in the month of April and May. However, it picked up in June 2020, in line with the sale of the auto sector. We have seen around 40% regular trend in June. It has seen further improvement in July 20. Read More

Advanced Enzyme Technologies Q1FY21; consolidated net profit rises by ~2% yoy

Published on: 12:32 pm

  • Advanced Enzyme Technologies Limited announced its Q1FY21 results on Aug 12, 2020. Consolidated net revenue of Advanced Enzyme Technologies Limited in Q1FY21 stood at Rs110.5cr, which rose  by 0.15% yoy from Rs110.33cr in Q1FY20.
  • EBITDA stood at Rs51.73cr in Q1FY21 that decreased by 3.29% yoy. For Q1FY20, it had posted EBITDA of Rs53.49cr. EBITDA margin as of Q1FY21 was at 46.81% that declined by 1.67% yoy against the same quarter, the previous year. Read More

Rakesh Jhunjhunwala eyes clarity from Titan over its hedging account; stock slips 2nd straight day

Published on: 12:25 pm

  • Tata Group-backed Titan which reported a net loss of Rs270cr during June 2020 (Q1FY21), has bagged attention of the Dalal Street-king Rakesh Jhunjhunwala. The investor has reportedly sought clarification from Titan over large hedges which impacted the company's bottom line. Titan had recorded a net profit of Rs371cr in the same quarter last year. Since Q1 announcement, Titan is trading in red for the second consecutive day.
  • According to the Economic Times, Jhunjhunwala requested the Titan management to send a note on the accounting procedure. Adding he said, "When you unwind that hedge, would you provide a profit and loss account? Would you also raise the value of the gold? You do not keep anything unhedged, all your gold is hedged."
  • Titan has cited hedging losses, even though they were offset partly by inventory gains as the reason behind deceleration in the bottom-line front. Read More

Rupee slips 7 paise to 74.83 against US Dollar tracking negative domestic markets

Published on: 12:24 pm

  • The Indian rupee opened lower against the US dollar on Wednesday tracking negative domestic markets, strengthening American currency and weak Index of Industrial Production (IIP) data.
  • The local unit opened at 74.78 at the interbank forex market, then lost ground and touched 74.83 against the US dollar, down 7 paise over its las close of 74.78/$.
  • On the economy front, the IIP contracted 16.6% yoy in June. Though there has been a sequential i.e. month on month pick up in industrial output, the pace of recovery from year-ago levels seems to quash any hopes of a V-shaped recovery.
  • The ministry in its notification on Tuesday said, "It may not be appropriate to compare the IIP in the post-pandemic months with the IIP for months preceding the COVID-19 pandemic." Read More

Covid-19 affects Toll revenue of Bharat Road Network owned SPV’s

Published on: 12:20 pm

  • Bharat Road Network Limited informed the exchanges on Tuesday that the impact of Covid-19 was felt through downward traffic count through all the stretches of the Toll Roads, which in turn has negatively impacted the Toll revenue of all the SPV’s (Special Purpose Vehicle) owned by the company.
  • A continuous loss of toll during the complete lockdown all across India, followed by intermittent lockdowns at local levels in all the stretches, has resulted in stressed cash flows, thus affecting the overall liquidity. With Toll Collections not reaching at the normal levels till now, the future impact on the cash flows of the company is yet to be ascertained.
  • Covid-19 has a low impact on the company’s ability to service debt and other financing arrangements. While some of the SPVs of the company were able to service their debt obligations on time, others have applied for and availed RBI Moratorium on term loans availed by these SPVs in order to deal with Covid-induced financial crisis. Read more

Nifty PSU Bank index gains over 3%; SBI, Bank of Baroda among top gainers

Published on: 12:11 pm

  • The Nifty PSU Bank index gained over 3% in the late noon trade in an otherwise weak market. The index gained 3% at 1,483.85 levels. The index opened at 1,455.35 and touched at 1,495.35 levels.
  • Shares of Bank of Baroda surged over 4.5% on the PSU Bank index, followed J&K Bank, Maharashtra Bank, Canara Bank and Indian Bank were up over 2% each.
  • Central Bank also climbed by 2%, UCO Bank, IOB, Bank of India and PNB jumped 3%, while SBI soared 4%.
  • Shares of SBI are trading at day's high, gaining as much as 4.05% to Rs202.95 on the NSE and among top gainer on the Nifty index. The stock has the biggest single-day gain in two months. Read More

Market pulse at 12 noon today

Published on: 12:00 pm

  • After a bearish trade in the morning, the equity benchmark indices are rallying.
  • BSE Sensex is trading at 38,323.66 down 83.35 or 0.22% while Nifty50 is trading at 11,294.10 down 28.40 or 0.25%.
  • The Nifty Bank is trading down 0.15% at 22,194.25 while Mid-cap Index is up by 0.34%.
  • State Bank of India, ZEEL, Adani Ports, Eicher Motors and HCL Technologies are the top gainers. Hindalco, Cipla, Dr Reddy, Britannia and Wipro are the top losers.
  • Nifty PSU Bank (above 3%) is leading the trade while Media and Auto also continue to be in a positive zone. Banking and Financial Services are making a recovery.
  • Out of 50 stocks traded on the NSE, 20 advanced, 28 declined and 2 remain unchanged. Read More

Tata Motors seeks approval to ratify minimum remuneration of CEO and MD Guenter Butschek in AGM ahea

Published on: 11:51 am

  • Tata Motors has informed exchanges that the company will further clarify on ratification for payment of Minimum Remuneration to  Guenter Butschek, CEO and MD for FY20. Also, the same will be discussed in the case of no/inadequacy of profits during FY21. The automaker during the announcement of Q1FY21 result had already intimated its plan to ratify the CEO's salary.
  • The resolution will be discussed and considered during the company's 75th Annual General Meeting (AGM) which is scheduled on August 25, 2020.
  • In its exchange filing on Tuesday, Tata Motors said, "As per the said contract with Butschek, there is no provision for an increase in fixed pay during the 5-year tenure and accordingly the same has remained constant from the date of his appointment." Read More

Tata Motors seeks approval to ratify minimum remuneration of CEO and MD Guenter Butschek in AGM ahea

Published on: 11:51 am

  • Tata Motors has informed exchanges that the company will further clarify on ratification for payment of Minimum Remuneration to  Guenter Butschek, CEO and MD for FY20. Also, the same will be discussed in the case of no/inadequacy of profits during FY21. The automaker during the announcement of Q1FY21 result had already intimated its plan to ratify the CEO's salary.
  • The resolution will be discussed and considered during the company's 75th Annual General Meeting (AGM) which is scheduled on August 25, 2020.
  • In its exchange filing on Tuesday, Tata Motors said, "As per the said contract with Butschek, there is no provision for an increase in fixed pay during the 5-year tenure and accordingly the same has remained constant from the date of his appointment." Read More

Coal India stock slips ~1% despite withdrawal of strike from trade unions

Published on: 11:40 am

  • Coal India Limited (CIL) trade unions have withdrawn their strike call. Five trade unions of CIL had served notice of a one-day strike in CIL and its subsidiaries on August 18, 2020, vide their letter dated August 1, 2020. The company has been successful in its efforts to avert the strike.
  • “Five trade unions of CIL who had served notice of one-day strike in CIL and its subsidiaries on August 18, 2020, vide their letter dated August 1, 2020, had withdrawn their strike as per the information received on a date,” CIL updated the exchanges on Tuesday.
  • Coal India Ltd is currently trading at Rs128.80, down by Rs1.25 or 0.96% from its previous closing of Rs130.05 on the BSE. Read More

SRS on recovery path from cyber-attack on data server

Published on: 11:21 am

  • SRS Limited informed the exchanges on Tuesday that during the lockdown period of Covid-19 on June 23, 2020, there has been a cyber-attack/virus attack at the data server of SRS Ltd and all the data was encrypted by doing in ransomware. The company had filed a complaint at the cyber cell, Faridabad on June 27, 2020.
  • The matter is being investigated and a team of the liquidator as well as the company has been regularly following up at the Cyber cell.
  • “Due to the said reason the company is unable to finalize its Quarterly and Annual Compliances for the March, 2020 as well as June, 2020 as required under SEBI (LODR), 2015. We would like to inform you that the company is taking necessary steps to recover the data so that necessary compliances can be done as soon as possible,” company said. Read More

Shriram City Union Finance spurts 3.5% despite of Q1 net profit declines

Published on: 11:16 am

  • Leading Small Business financier Shriram City Union Finance Limited (Shriram City) has declared its results for the first quarter of Financial Year 2021.
  • In a quarter affected by the Covid-19 pandemic, there was only a relatively slower decline in Assets under Management (lower by 6% annually and 2% sequentially). The Two Wheeler loan book grew 10% higher year-on-year.
  • The company standalone net profit was down by 24% yoy and up 26% sequentially. Operating Expenses were substantially reduced (lower by 18% annually and 20% sequentially), and accordingly, Operating Profit was higher 10% qoq. Read More

HDFC sees a volatile session after raising Rs10,000cr through QIP, warrants, bonds

Published on: 11:07 am

  • NBFC-major HDFC witnessed a volatile session during Wednesday's trading session after a series of fundraising through various capital market instruments. At around 10.51 am, HDFC stock was performing at Rs1814.35 per piece down 0.60%.
  • The stock opened flat at Rs1825.35 per piece compared to the previous closing and even clocked an intraday low of Rs1802.15 per piece.
  • According to the regulatory filing on Tuesday, HDFC announced the successful completion of its qualified institutions' placement (QIP) equity shares, non-convertible debentures and simultaneously with warrants.
  • Proceeds will be used for general corporate purposes and financing organic and inorganic business opportunities that may arise including funding expansion plans of subsidiary and associate companies of HDFC. Read More

MPS stock zooms 5% after board approves buyback

Published on: 10:44 am

  • Shares of MPS Ltd hit an upper circuit in the morning trade after the company’s board approved buyback of fully paid-up equity shares of the face value of Rs10 each not exceeding 56.6 lakh equity shares at a price of Rs600 per equity share payable in cash for an aggregate amount not exceeding Rs34cr.
  • The company said in the filing that the buyback price of Rs600 per share is a 51.1% premium to Tuesday's closing price. The buyback will be for a total of Rs34cr, which amounts to 9.95% and 9.5% of the fully paid-up equity share capital and free reserves and the promoters of the company will participate in the buyback. Read More

Morarjee Textiles estimates adverse Covid-19 impact on profitability and liquidity

Published on: 10:41 am

  • Morarjee Textiles Limited informed the exchanges on Tuesday that the company’s capital and sanctioned financial facilities remain intact. However, the profitability of the company has been adversely affected due to continued fixed costs and loan servicing costs with very low levels of sales.
  • The long term impact on profitability will depend on the nature and time taken for recovery of business. The company is facing liquidity concerns owing to delay in receivable collections. It has been focusing on collections of the receivables to meet the operating payments. The company has implemented very strict cost control measures to conserve liquidity.
  • The moratorium period of six months on servicing of loans, enabled by RBI has greatly helped the company in managing the liquidity situation. The existing financing arrangements may need to be reworked based on evolving business situation to support liquidity needs. Read More

Asian markets trade lower; Chinese stocks slip

Published on: 10:21 am

  • Asian stock markets opened in the red as overnight US stocks snapped their 8-days winning streak on Tuesday. Thailand stock markets are closed for a holiday.
  • Mainland Chinese stocks deepened their losses with the Shanghai Composite falling nearly 2%, while the Shenzhen Composite was down 2.69%. Hong Kong’s Hang Seng index dropped 0.19%. Read More.

Gujarat Mineral Development gains ~3% on expectations of short-term impact of Covid-19

Published on: 10:15 am

  • Gujarat Mineral Development Corporation Limited (GMDC) informed the exchanges on Tuesday that the company believes the impact on its business in general and financial risks on account of Covid-19 is likely to be short-term in nature.
  • GMDC stock is currently trading at Rs43.10, up by Rs1.15 or 2.74% from its previous closing of Rs41.95 on the BSE. Read More.

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