KEY HIGHLIGHTS
Closing Bell: Sensex, Nifty End Marginally Lower As Infosys’ Decline Offsets RIL’s Gain
Indian equity benchmarks ended marginally lower as the gains in Reliance Industries Ltd. were offset by the losses in Infosys Ltd.
The S&P BSE Sensex fell 0.1 percent to close and 39,020 and the NSE Nifty 50 declined 0.19 percent to end at 11,582. The boarder markets represented by the NSE Nifty 500 Index fell 0.22 percent.
The market breadth was tilted in favour of sellers. About 1,008 stocks declined and 753 shares advanced on National Stock Exchange.
Ten out of 11 sectoral gauges compiled by NSE ended lower, led by the NSE Nifty PSU Bank Index’s 3.5 percent fall. On the flipside, the NSE Nifty Realty Index was the top sectoral gainer, up 0.9 percent.
Bloomberg Exclusive: Government Said To Mull Personal Income Tax Relief; Scrap Exemptions
The government is considering tax relief for individuals as it looks at measures to accelerate consumer demand and boost economic growth, Bloomberg reported quoting people with direct knowledge of the matter.
“Prime Minister Narendra Modi’s government is mulling a proposal to hike the taxable income limits, especially the Rs 10 lakh slab, which attracts a 30 percent rate at present,” the people told Bloomberg, asking not to be identified as the discussions are private.
Fab Four Stocks Of The Day
Polycab
- Stock rose as 7.2 percent to Rs 837.
- Strong Performance seen in wire, cables and FMEG segment
- Revenues up 23.7 percent to Rs 2,241.9 crore.
- Net profit up 2.2 times to Rs 191.8 crore.
- Ebitda up 25.5 percent to Rs 271.6 crore.
- Wires & cables segment revenue up 21 percent to Rs 1,922 crore.
- FMEG segment revenue up 42 percent to Rs 195.6 crore.
PVR
- Stock rose as much as 4.9 percent to Rs 1,858.15.
- Shares snap three-day losing streak
- The company may launch a qualified institutional placement within two weeks to raise nearly Rs 700 crore, or $100 million, two people aware of the development told BloombergQuint.
MTNL
- Stock extended gains for the fourth consecutive trading session and rose as much as 4.3 percent to Rs 6.10.
- The Narendra Modi government has given its in-principle approval to merger of two state-run telecom companies Bharat Sanchar Nigam Ltd. and Mahanagar Telephone Nigam Ltd. as part of a revival plan.
Torrent Pharma
- Stock rose as much as 1.8 percent to Rs 1,709.
- Revenue up 5.9 percent to Rs 2,005 crore.
- Net profit up 36.3 percent to Rs 244 crore.
- Ebitda up 14.4 percent to Rs 541 crore.
- Margin at 27 percent versus 25 percent.
- Other income up 3.4 times to Rs 34 crore.
- India revenue up 10 percent to Rs 899 crore.
- U.S. revenue down 3 percent to Rs 380 crore.
- Gross margin at 73 percent.
Market Check: Sensex, Nifty Head For A Volatile Close
Indian equity indices are set for a volatile close as gains in Reliance Industries Ltd. were offset by the losses in Infosys Ltd.
The S&P BSE Sensex and the NSE Nifty 50 traded little changed at 39,041 and 11,587 respectively as of 3 p.m. The broader markets represented by the NSE Nifty 500 Index fell 0.2 percent.
Bharti Airtel Recovers After 10% Fall
Shares of Bharti Airtel recovered after falling as much as 10 percent. The stock traded 2 percent higher at Rs 368.20.
The Supreme Court rules in favour of the government in definition of adjusted gross revenue.
- Supreme Court upholds government's Rs 92,000 crore demand from telcos.
- The apex court says most of the things will come under definition of adjusted gross revenue (AGR) as argued by government.
- Penalty and interest on penalty has to be paid.
Stocks Moving On Heavy Volumes
Blue Dart Express
- Stock fell as much as 2.3 percent to Rs 2,288.
- Trading volume more than 20 times its 20-day average.
Repro India
- Stock rose as much as 11.1 percent to Rs 634.80.
- Trading volume was 20 times its 20-day average.
Accelya Solutions
- Stock rose as much as 12.8 percent to Rs 949.
- Trading volume was almost 17 times its 20-day average.
GNA Axles
- Stock rose as much as 14.1 percent to Rs 274.
- Trading volume was almost 15 times its 20-day average.
Large Trade Alert: AU Small Finance, Bharti Infratel
- AU Small Finance: About 29.9 lakh shares changed hands in a large trade.
- Bharti Infratel: About 12 lakh shares changed hands in a large trade.
Buyers and sellers were not known immediately.
Source: Bloomberg
Market Check: Sensex, Nifty At Day’s Low
Indian equity benchmarks were trading at day’s low, led by the declines in State Bank of India and Infosys Ltd.
The S&P BSE Sensex fell 0.35 percent to 38,922 as of 2:20 p.m. and the NSE Nifty 50 fell 0.48 percent to 11,550. The broader markets represented by the NSE Nifty 500 Index fell 0.46 percent.
The market breadth was tilted in favour of sellers. About 999 shares declined and 735 stocks declined on National Stock Exchange.
Maruti Suzuki Falls After Q2 Results
Shares of Maruti Suzuki fell as much as 1.5 percent to Rs 7,325 after the company announced its quarterly results.
Key Earnings Highlights (Q2, YoY)
- Revenue down 24.3 percent to Rs 16,985 crore.
- Net profit down 39.3 percent to Rs 1,359 crore.
- Ebitda down 53.2 percent to Rs 1,606 crore.
- Margin at 9.5 percent versus 15.3 percent.
NIIT Q2 Profit Slumps 80%
Shares of NIT Technologies fell as much as 2.9 percent to Rs 1,425 after the company announced quarterly results.
Key Earnings Highlights (Q2, QoQ)
- Revenue up 13.7 percent to Rs 236.5 crore.
- Net profit down 80.8 percent to Rs 209.3 crore.
- Ebitda up 14.6 percent to Rs 24.4 crore.
- Margin at 10.3 percent versus 10.2 percent.
- Exceptional gain of Rs 1300 crore in the base quarter.
- Tax reversal of Rs 174 crore in the current quarter.
Bharti Airtel, Vodafone Idea Decline After Supreme Court Order On Government Dues
Shares of Bharti Airtel fell as much as 4.9 percent to Rs 4.9 percent to Rs 342.55, while shares of Vodafone Idea fell as much as 13.3 percent to Rs 4.90.
That comes after Supreme Court rules in favour of the government in definition of adjusted gross revenue.
- Supreme Court upholds government's Rs 92,000 crore demand from telcos.
- The apex court says most of the things will come under definition of adjusted gross revenue (AGR) as argued by government.
- Penalty and interest on penalty has to be paid.
MTNL Gains After BSNL Merger Nod
Shares of MTNL extended gains for the fourth consecutive trading session and rose as much as 4.3 percent to Rs 6.10.
The Narendra Modi government has given its in-principle approval to merger of two state-run telecom companies Bharat Sanchar Nigam Ltd. and Mahanagar Telephone Nigam Ltd. as part of a revival plan.
The merger will not happen immediately, Telecom Minister Ravi Shankar Prasad said in a press briefing in New Delhi, without specifying a time frame. Since MTNL is a listed company, due process will have to be followed, he said.
Cummins India Q2 Profit Falls 11%
Cummins India Ltd.’s profit during the quarter ended September fell 10.6 percent on a yearly basis to Rs 182.93 crore, according to its stock exchange filing.
The company’s revenue from operators declined 11.8 percent year-on-year to Rs 1,320 crore.
Shares of Cummins India fell as much as 5.4 percent to Rs 548.
Bandhan Bank Gains After Q2 Results
Shares of Bandhan Bank rose as much as 3.9 percent after the lender announced its September quarter results.
Key Earnings Highlights (Q2, YoY)
- Net interest income up 42 percent to Rs 1,529 crore.
- Net profit up 99 percent to Rs 971.8 crore.
- Gross NPAs at 1.76 percent versus 1.70 percent (QoQ).
- Net NPAs at 0.56 percent versus 0.59 percent (QoQ).
- Other income up 56 percent to Rs 360 crore.
- PPoP up 50 percent to Rs 1,306 crore.
Market Check: Sensex, Nifty Fluctuate
Indian equity benchmarks fluctuated between gains and losses.
The S&P BSE Sensex and the NSE Nifty 50 traded little changed at 39,065 and 11,598 respectively. The broader markets represented by the NSE Nifty 500 Index also traded flat.
Large Trade Alert: TV18 Broadcast, Varun Beverages
- Varun Beverages: About 10 lakh shares of the company changed hands in a large trade.
- TV18 Broadcast: About 21 lakh shares changed hands in a large trade.
Buyers and sellers were not known immediately.
Source: Bloomberg
Large Trade Alert: Ambuja Cements
About 14.4 lakh shares of Ambuja Cement changed hands in a large trade, Bloomberg data showed. Buyers and sellers were not known immediately.
Infosys Worst Performer On Sensex, Nifty After SEC Initiates Probe On Whistleblower Complaints
Shares of Infosys fell as much as 1.9 percent to Rs 1.9 percent to Rs 638.
The Bengaluru-based software developer said that the U.S. market regulator Security Exchange Commission has initiated a probe on anonymous whistleblower letter which alleged that its Chief Executive Officer Salil Parekh dressed up the company’s books.
Besides, India’s market regulator Securities and Exchange Board of India is said to have also initiated a probe on the whistleblower complaint, officials told PTI on the condition of anonymity.
The stock was the worst performer on Sensex and Nifty.
Market Check: Sensex, Nifty Erase Gains
Indian equity indices erased opening gains, led by the declines in Infosys Ltd.
The S&P BSE Sensex rose 0.18 percent to 39,129 as of 10:05 a.m. after gaining 0.7 percent intraday. The NSE Nifty 50 rose 0.15 percent to 11,621 after gaining as much as 0.65 percent. The broader markets represented by the NSE Nifty 500 Index rose 0.18 percent.
The market breadth was tilted in favour of buyers. About 977 stocks advanced and 626 shares declined on National Stock Exchange.
All the 11 sectoral gauges compiled by NSE traded higher, led by the NSE Nifty Media Index’s 1.4 percent gain.
Stocks Reacting To Results Announcements
L&T (Q2, YoY)
- Stock rose as much as 2.5 percent to Rs 1,467.
- Revenue up 15 percent to Rs 35,328 crore (Estimate: Rs 35,357 crore)
- Net profit up 13 percent to Rs 2,528 crore versus Rs 2230 crore (Estimate: 2,144 crore)
- Ebitda up 13 percent to Rs 4,021 crore versus Rs 3,541 crore (Estimate: Rs 4,071crore)
- Margin at 11.4 percent versus 11.5 percent (Estimate: 11.5 percent)
Hero MotoCorp (Q2, YoY)
- Stock rose as much as 1.4 percent to Rs 2,749.
- Revenue down 16.7 percent to Rs 7,571 crore (Estimate: Rs 7,560 crore)
- Net profit down 10.3 percent to Rs 875 crore (Estimate: Rs 775 crore)
- Ebitda down 20.2 percent to Rs 1,101 crore (Estimate: Rs 1,025 crore)
- Margin at 14.5 percent versus 15.2 percent
- Exceptional expense of Rs 60 crore on VRS Scheme
Biocon (Q2, YoY)
- Stock fell as much as 5.4 percent to Rs 250.90.
- Revenue up 19 percent to Rs 1,572.2 crore (Estimate: Rs 1,557 crore)
- Net profit down 39.2 percent to Rs 215.7 crore (Estimate: Rs 220 crore)
- Ebitda up 18.6 percent to Rs 402.8 crore (Estimate: Rs 438 crore)
- Margin at 25.6 percent versus 25.7 percent (Estimate: 28.1 percent)
- Exceptional gain of Rs 67.5 crore versus Rs 188.8 crore
NIIT Technologies (Q2, QoQ)
- Stock fell as much as 2.7 percent to Rs 1,430.
- Revenue up 7.9 percent to Rs 1,038.5 crore.
- Net profit up 36.4 percent to Rs 119.5 crore.
- EBIT up 49.3 percent to Rs 146.9 crore.
- Margin at 14.1 percent versus 10.2 percent
- Deferred tax reversal of Rs 147 crore in the current quarter
Hexaware Technologies (Q3CY19, QoQ)
- Stock fell as much as 5.4 percent to Rs 346.55.
- Revenue up 13.2 percent to Rs 1,481.3 crore.
- Net profit up 21.3 percent to Rs 183.7 crore.
- EBIT up 6.1 percent to Rs 201.9 crore versus Rs 190.3 crore
- Margin at 13.6 percent versus 14.5 percent.
- Exceptional Loss of Rs 170 crore in base quarter.
- Exchange rate difference (gain) of Rs 198 crore in current quarter.
Shoppers Stop (Q2, YoY)
- Stock fell as much as 2 percent to Rs 386.40.
- Revenue down 2.6 percent to Rs 866.5 crore.
- Net loss at Rs 8.2 crore versus net profit at Rs 11.8 crore
- Ebitda up 2.6 times at Rs 137.7 crore.
- Margin at 15.9 percent vs 6 percent.
- Lease rent down 84 percent at Rs 16.2 crore.
JK Paper (Q2, YoY)
- Stock rose as much as 2.1 percent to Rs 127.55.
- Revenue up 0.7 percent to Rs 790.6 crore.
- Net profit up 14.2 percent to Rs 120.4 crore.
- Ebitda up 11.5 percent to Rs 227.1 crore.
- Margin at 28.7 percent versus 25.9 percent.
Torrent Pharma (Q2, YoY)
- Stock rose as much as 1.8 percent to Rs 1,709.
- Revenue up 5.9 percent to Rs 2,005 crore.
- Net profit up 36.3 percent to Rs 244 crore.
- Ebitda up 14.4 percent to Rs 541 crore.
- Margin at 27 percent versus 25 percent.
- Other income up 3.4 times to Rs 34 crore.
- India revenue up 10 percent to Rs 899 crore.
- U.S. revenue down 3 percent to Rs 380 crore.
- Gross margin at 73 percent.
Castrol (Q3CY19, YoY)
- Stock rose as much as 3.9 percent to Rs 139.20.
- Revenue down 8.4 percent to Rs 849.2 crore.
- Net profit up 25.3 percent to Rs 188.4 crore.
- Ebitda up 7.5 percent to Rs 244.5 crore.
- Margin at 28.8 percent versus 24.5 percent.
- Raw material costs as percent of sales at 45 percent versus 51.1 percent.
PI Industries (Q2, YoY)
- Stock rose as much as 1.9 percent to Rs 1,350.
- Revenue up 25.5 percent to Rs 907.4 crore.
- Net profit up 30.2 percent to Rs 123.2 crore.
- Ebitda up 42.7 percent to Rs 192.5 crore.
- Margin at 21.2 percent versus 18.7 percent.
CG Consumer Electricals (Q2, YoY)
- Stock fell as much as 1.3 percent to Rs 259.30.
- Revenue up 3.7 percent to Rs 1,075.8 crore (Estimate: Rs 1,144.8 crore).
- Net profit up 44.7 percent to Rs 111.3 crore (Estimate: Rs 110 crore).
- Ebitda up 4.6 percent to Rs 129.5 crore (Estimate: Rs 141.8 crore).
- Margin at 12 percent versus 11.9 percent (Estimate: 12.3 percent).
Everest Industries (Q2, YoY)
- Stock fell as much as 12.6 percent to Rs 286.35.
- Revenue down 8.8 percent to Rs 286.2 crore
- Net loss at Rs 6.6 crore versus net profit of Rs 8.1 crore
- Ebitda loss at Rs 2.3 crore versus Ebitda profit of Rs 17.7 crore
Polycab India (Q2, YoY)
- Stock rose as much as 6.9 percent to Rs 834.90.
- Revenue up 23.7 percent to Rs 2,241.9 crore.
- Net profit up 2.2 times to Rs 191.8 crore.
- Ebitda up 25.5 percent to Rs 271.6 crore.
- Margin at 12.2 percent versus 11.9 percent.
PVR Halts Three-Day Fall On Report Of QIP Issue
Shares of the multi-screen operator rose as much as 4.9 percent to Rs 1,858.15.
The company may launch a qualified institutional placement within two weeks to raise nearly Rs 700 crore, or $100 million, two people aware of the development told BloombergQuint.
The QIP, at the current market price, will lead to a 7-8 percent dilution of PVR Ltd.’s equity, BloombergQuint’s calculations showed.
HCL Tech Top Performer On Sensex Nifty After Q2 Results
Shares of HCL Technologies rose as much as 5.8 percent, the most in nearly three months, to Rs 1,159 after the company announced its September quarter results.
Key Earnings Highlights (Q2, QoQ)
- Dollar revenue up 5.2 percent to $2,486 million (Estimate: $2,469 million)
- Revenue up 6.7 percent to Rs 17,527 crore (Estimate: Rs 17,575 crore)
- Net profit up 21.6 percent to Rs 2,711 crore versus Rs 2,230 crore (Estimate: Rs 2,546 crore)
- EBIT up 23.9 percent to Rs 3,512 crore (Estimate: Rs 3,244 crore)
- Margin at 20 percent versus 17.3 percent (Estimate: 18.5 percent)
Here’s what brokerages had to say about the company after announcing September quarter results:
Macquarie
- Maintained ‘Outperform’ with a price target of Rs 1,340.
- Revenue growth inline led by mode three services.
- EBIT margin improvement ahead of street estimates.
- Raising of revenue growth guidance for 2019-20 reflects strong execution.
Emkay
- Maintained ‘Buy’; hiked price target to Rs 1,350 from Rs 1,300.
- In-line revenues; margin surprise helped by growth leverage.
- Raised organic revenue growth outlook yet again.
- Remains the lone buy in IT space.
Opening Bell: Sensex, Nifty Open Higher
Indian equity benchmarks opened higher, extending gains for the second consecutive trading session.
The S&P BSE Sensex rose 0.6 percent to 39,300 and the NSE Nifty 50 rose 0.57 percent to 11,671. The broader markets represented by the NSE Nifty 500 Index rose 0.54 percent.
The market breadth was tilted in favour of buyers. About 918 stocks advanced and 411 shares declined on National Stock Exchange.
All the 11 sectoral gauges compiled by NSE traded higher, led by the NSE Nifty Media Index’s 1 percent gain.
Your Complete F&O Trade Setup
Futures
- Nifty October futures closed at 11,624.7, a premium of 20.6 points versus 36 points
- Nifty October futures down 2 percent, sheds 3.3 lakh shares in open interest
- Nifty Bank October futures closed at 29,494.5, a premium of 34.9 points versus 81 points
- Nifty Bank October futures open interest down 4 percent, sheds 55,000 shares in open interest
Options
- Nifty PCR at 1.18 versus 1.20 (across all series)
Nifty Weekly Expiry: Oct 24
- Max open interest on call side at 11,800 (26 lakh shares)
- Max open interest on put side at 11,600 (18.4 lakh shares)
- Open interest addition has seen at 11,800C (8 lakh shares), 11,550P (3.9 lakh shares), 11,600P (3.4 lakh shares)
Nifty Monthly Expiry: Oct 31
- Max open interest on call side at 12,000 (26.2 lakh shares)
- Max open interest on put side at 11,000 (27.7 lakh shares)
BQ Heads-Up: Who’s Meeting Whom
- Mahindra Lifespace Developers to meet Unifi Capital on Oct. 24
- Affle to meet Arohi Asset Management on Oct. 24
BQ Heads-Up: Trading Tweaks
- Artemis Global Life Sciences ex-date for amalgamation
- Bharat Wire Ropes, Simplex Infrastructures, Reliance Power price band revised to 10 percent
- Reliance Infrastructure, Camlin Fine Sciences, Ramky Infrastructure price band revised to 5 percent
- Ludlow Jute & Specialities price band revised to 2 percent
- Bharat Wire Ropes, Bliss GVS Pharma, Edelweiss Financial Services, Reliance Power, Zee Learn, Shemaroo Entertainment to move into short term ASM Framework
- FCS Software Solutions, Wendt, Kwality to move out of short term ASM Framework
BQ Heads-Up: Bulk Deals
- GTPL Hathway: Ashish Kacholia sold 21.64 lakh shares or 1.92 percent equity at Rs 72 each.
Money Market Update: Rupee Opens Higher
The Indian rupee opened higher against the U.S. dollar. The home currency appreciated as much as 0.2 percent to 70.77 against the greenback.
Pre-Market Check: Sensex, Nifty Set To Open Higher
Indian equity indices are set to open higher.
The S&P BSE Sensex rose 00.2 percent 39,146 during the pre-market trade and the NSE Nifty 50 rose 0.6 percent to 11,672.
Infosys Says In Touch With SEC On Whistleblower Complaints
Infosys says:
- In touch with U.S. Securities and Exchange Commission on whistleblower complaints
- Will cooperate with the SEC investigation.
- Aware of a securities class action lawsuit by a U.S. law firm.
- Intend to defend itself vigorously in lawsuit.
- SEBI sought more information on anonymous complaints.
Q2 Earnings Corner: Biocon, Maruti Suzuki, ITC, IndiGo
Nifty Earnings To Watch
- ITC
- Maruti Suzuki India
Other Earnings To Watch
- InterGlobe Aviation
- Jubilant Industries
- NIIT
- IDFC First Bank
- Reliance Nippon Life Asset Management
- Colgate Palmolive
- Raymond
- Deepak Nitrite
- Gujarat State Fertilizers & Chemicals
- PNB Housing Finance
- Cummins India
- Kaya
- Sterlite Technologies
- United Spirits
- Tata Steel BSL
- Parag Milk Foods
- Westlife Development
- Dalmia Bharat Sugar and Industries
- Alembic Pharmaceuticals
- Mold-Tek Packaging
- Motilal Oswal Financial Services
- Oriental Carbon & Chemicals
- Shriram Transport Finance
- Bandhan Bank
- Astral Poly Technik
- Johnson Controls - Hitachi Air Conditioning
- ICRA
- DFM Foods
- Gujarat Pipavav Port
- DCM Shriram
- Aptech
- Arvind SmartSpaces
- Kirloskar Oil Engines
- Balkrishna Paper Mills
- Jayant Agro Organics
- Reliance Naval and Engineering
- Responsive Industries
- Security and Intelligence Services
- Anup Engineering
- Vascon Engineers
Earnings Reaction To Watch
L&T (Q2, YoY)
- Revenue up 15 percent to Rs 35,328 crore (Estimate: Rs 35,357 crore)
- Net profit up 13 percent to Rs 2,528 crore versus Rs 2230 crore (Estimate: 2,144 crore)
- Ebitda up 13 percent to Rs 4,021 crore versus Rs 3,541 crore (Estimate: Rs 4,071crore)
- Margin at 11.4 percent versus 11.5 percent (Estimate: 11.5 percent)
HCL Tech (Q2, QoQ)
- Dollar revenue up 5.2 percent to $2,486 million (Estimate: $2,469 million)
- Revenue up 6.7 percent to Rs 17,527 crore (Estimate: Rs 17,575 crore)
- Net profit up 21.6 percent to Rs 2,711 crore versus Rs 2,230 crore (Estimate: Rs 2,546 crore)
- EBIT up 23.9 percent to Rs 3,512 crore (Estimate: Rs 3,244 crore)
- Margin at 20 percent versus 17.3 percent (Estimate: 18.5 percent)
Hero MotoCorp (Q2, YoY)
- Revenue down 16.7 percent to Rs 7,571 crore (Estimate: Rs 7,560 crore)
- Net profit down 10.3 percent to Rs 875 crore (Estimate: Rs 775 crore)
- Ebitda down 20.2 percent to Rs 1,101 crore (Estimate: Rs 1,025 crore)
- Margin at 14.5 percent versus 15.2 percent
- Exceptional expense of Rs 60 crore on VRS Scheme
Biocon (Q2, YoY)
- Revenue up 19 percent to Rs 1,572.2 crore (Estimate: Rs 1,557 crore)
- Net profit down 39.2 percent to Rs 215.7 crore (Estimate: Rs 220 crore)
- Ebitda up 18.6 percent to Rs 402.8 crore (Estimate: Rs 438 crore)
- Margin at 25.6 percent versus 25.7 percent (Estimate: 28.1 percent)
- Exceptional gain of Rs 67.5 crore versus Rs 188.8 crore
NIIT Technologies (Q2, QoQ)
- Revenue up 7.9 percent to Rs 1,038.5 crore.
- Net profit up 36.4 percent to Rs 119.5 crore.
- EBIT up 49.3 percent to Rs 146.9 crore.
- Margin at 14.1 percent versus 10.2 percent
- Deferred tax reversal of Rs 147 crore in the current quarter
Hexaware Technologies (Q3CY19, QoQ)
- Revenue up 13.2 percent to Rs 1,481.3 crore.
- Net profit up 21.3 percent to Rs 183.7 crore.
- EBIT up 6.1 percent to Rs 201.9 crore versus Rs 190.3 crore
- Margin at 13.6 percent versus 14.5 percent.
- Exceptional Loss of Rs 170 crore in base quarter.
- Exchange rate difference (gain) of Rs 198 crore in current quarter.
Shoppers Stop (Q2, YoY)
- Revenue down 2.6 percent to Rs 866.5 crore.
- Net loss at Rs 8.2 crore versus net profit at Rs 11.8 crore
- Ebitda up 2.6 times at Rs 137.7 crore.
- Margin at 15.9 percent vs 6 percent.
- Lease rent down 84 percent at Rs 16.2 crore.
JK Paper (Q2, YoY)
- Revenue up 0.7 percent to Rs 790.6 crore.
- Net profit up 14.2 percent to Rs 120.4 crore.
- Ebitda up 11.5 percent to Rs 227.1 crore.
- Margin at 28.7 percent versus 25.9 percent.
Torrent Pharma (Q2, YoY)
- Revenue up 5.9 percent to Rs 2,005 crore.
- Net profit up 36.3 percent to Rs 244 crore.
- Ebitda up 14.4 percent to Rs 541 crore.
- Margin at 27 percent versus 25 percent.
- Other income up 3.4 times to Rs 34 crore.
- India revenue up 10 percent to Rs 899 crore.
- U.S. revenue down 3 percent to Rs 380 crore.
- Gross margin at 73 percent.
Castrol (Q3CY19, YoY)
- Revenue down 8.4 percent to Rs 849.2 crore.
- Net profit up 25.3 percent to Rs 188.4 crore.
- Ebitda up 7.5 percent to Rs 244.5 crore.
- Margin at 28.8 percent versus 24.5 percent.
- Raw material costs as percent of sales at 45 percent versus 51.1 percent.
PI Industries (Q2, YoY)
- Revenue up 25.5 percent to Rs 907.4 crore.
- Net profit up 30.2 percent to Rs 123.2 crore.
- Ebitda up 42.7 percent to Rs 192.5 crore.
- Margin at 21.2 percent versus 18.7 percent.
CG Consumer Electricals (Q2, YoY)
- Revenue up 3.7 percent to Rs 1,075.8 crore (Estimate: Rs 1,144.8 crore).
- Net profit up 44.7 percent to Rs 111.3 crore (Estimate: Rs 110 crore).
- Ebitda up 4.6 percent to Rs 129.5 crore (Estimate: Rs 141.8 crore).
- Margin at 12 percent versus 11.9 percent (Estimate: 12.3 percent).
Everest Industries (Q2, YoY)
- Revenue down 8.8 percent to Rs 286.2 crore
- Net loss at Rs 6.6 crore versus net profit of Rs 8.1 crore
- Ebitda loss at Rs 2.3 crore versus Ebitda profit of Rs 17.7 crore
Polycab India (Q2, YoY)
- Revenue up 23.7 percent to Rs 2,241.9 crore.
- Net profit up 2.2 times to Rs 191.8 crore.
- Ebitda up 25.5 percent to Rs 271.6 crore.
- Margin at 12.2 percent versus 11.9 percent.
Stocks To Watch: Bharti Airtel, HCL Tech, HAL, PVR, Yes Bank
- Telecom stocks—Bharti Airtel and Vodafone Idea—will be in focus as the long pending judgement related to the AGR case is expected to pronounce verdict today at around 1 p.m. If the judgement is against the telecom operators then Airtel would have to pay dues worth Rs 21,682 crore, while Vodafone Idea would have to pay around Rs 28,309 crore.
- HCL Tech announced 1:1 bonus share issue. The board of Directors increased the authorised share capital to Rs 600 crore from Rs 300 crore.
- Hindustan Aeronautics said that workers unions in Kanpur, Barrackpore, and Korwa have called off their strike. The strike, however, will continue by the unions at Nasik, Hyderabad, Lucknow, and Koraput.
- IDBI Bank allotted shares worth Rs 4,743 crore to LIC and Rs 4,557 crore to the Government of India through Preferential Issue on Oct. 23.
- MTNL to be merged with BSNL. MTNL to act as subsidiary of BSNL till merger is completed.
- PVR has set QIP Floor Price at Rs 1,809.53 each, which is at a premium of 2 percent to the closing prices of Oct. 23.
- Jindal Stainless signed MoU with Braithwaite & Co to develop stainless bridges on the sidelines of ongoing International Railway Equipment Exhibition in New Delhi.
- Yes Bank clarified on the news of borrower failing to pay Rs 480 crore dues stating that taking possession of mortgaged property has been done in the usual and ordinary course of business.
- Sadbhav Engineering’s arm Sadbhav Infra Project has received approval from various authorities for the transfer of its 100 percent stake in 7 special purpose vehicles to Indinfravit Trust. The authority approval for balance 2 projects is under process and at an advanced stage.
- Mishra Dhatu Nigam: LIC reduced stake in the company from 6.72 percent to 4.66 percent from June 15-Oct. 18.
- Dewan Housing Finance has taken cognisance of key observations made by KPMG in its draft report of special audit of the troubled shadow lender’s books of accounts.
- GMR Infra clarified the news of CCI probe on Hyderabad International Airport business’ stating that it is not material in nature and there is no impact on the company.
- Prism Johnson: Board approved demerger or retail business in its 4 arms and amalgamation of its two arms Milano and Silica with self.
- Biocon: Dr. Arun Suresh Chandavarkar’s tenure as CEO and Joint MD to end on Nov. 20. The current CFO Siddharth Mittal will be the new CEO and Joint MD with effect from Jan. 1.
- Reliance Capital has defaulted on NCDs interest/principal which were due on Oct. 22.
Maharashtra, Haryana Election Results Day Guide
Back home, the results for Maharashtra and Haryna will be pronounced today as counting begins at 8 a.m.
In Maharashtra, most expect a one-sided victory for the ruling Bharatiya Janata Party and Shiv Sena alliance banking on the popularity of Chief Minister Devendra Fadnavis and Prime Minister Narendra Modi while Haryana is poised for a four-way contest between the BJP, Congress, Indian National Lok Dal, and the Jannayak Janta Party.
Catch all the live updates on election results here:
Global Cues: U.S. Stocks End Higher
- U.S. stocks rose as investors sifted through a batch of earnings reports.
- Oil touched $56 a barrel for the first time in almost a month after a surprise drop in U.S. crude supplies signaled strengthening demand.
- The pound weakened against all its major peers as U.K. lawmakers rejected Prime Minister Boris Johnson’s plan to fast-track his Brexit accord through parliament.
Get your daily fix of global markets here.
SGX Nifty Suggests Positive Start; Asian Stocks Trade Higher
Good Morning!
The Singapore-traded SGX Nifty, an early indicator of NSE Nifty 50 Index’s performance in India, rose 0.26 percent to 11,669 as of 8 a.m.
Stocks in Asia gained, following an advance in U.S. equities, with investors taking solace from a raft of earnings that provided some optimism against a background of concern that global economic growth lacks momentum. Shares opened higher in Sydney, Seoul and Tokyo.
Short on time? Well, then listen to this podcast for a quick summary of All You Need To Know before the opening bell.
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