KEY HIGHLIGHTS
Closing Bell: Lenders Help Sensex, Nifty Rebound From Over Five-Month Low
Indian equity benchmarks rebounded from more than five-month low, led by the gains in HDFC Ltd. and ICICI Bank Ltd.
The S&P BSE Sensex ended 277 points or 0.75 percent higher at 36,976.85 and the NSE Nifty 50 ended at 10,948.25, up 0.79 percent. The broader market represented by the NSE Nifty 500 Index rose 0.98 percent.
The market breadth was tilted in favour of buyers. About 1,284 stocks advanced and 499 shares declined on National Stock Exchange.
Nine out of 11 sectoral gauges compiled by National Stock Exchange ended higher, led by the NSE Nifty Financial Services Index’s 1.56 percent gain. On the flipside, the NSE Nifty Media Index was the top sectoral loser, down 1.18 percent.
IRB Infra Jumps On Stake Sale Plans, Q1 Results
Shares of Mumbai-based company extended gains for the second consecutive trading session and rose as much as 10.6 percent to Rs 105.80.
The construction firm said it will sell stake in its road business to the Government of Singapore for Rs 4,400 crore, according its stock exchange filing. The company will transfer nine of its build–operate–transfer assets into a private Infrastructure Investment Trust in, which IRB will hold a 51 percent controlling stake.
Besides, the company announced its June quarter results.
Key Earnings Highlights (Q1, YoY)
- Revenue rose 15.3 percent to Rs 1,773 crore. (estimate Rs 1,844 crore)
- Net profit fell 17.4 percent to Rs 206.6 crore. (estimate Rs 211 crore)
- Ebitda rose 14.6 percent to Rs 855.3 crore. (estimate Rs 768 crore)
- Margin at 48.2 percent versus 48.5 percent.
- Finance cost jumped 46 percent to Rs 362.2 crore.
The trading volume was more than 50 times its 20-day average for this time of the day, Bloomberg data showed.
Fab Four Stocks Of The Day
Pidilite Industries
- Stock rose as much as 3.3 percent to Rs 1,314.40
- Revenue up 10.0 percent to Rs 2016.81 crore
- Net Profit up 23 percent to Rs 292.89 crore
- Ebitda up 17 percent to Rs 443.73 crore
- Margin at 22.0 percent versus 20.8 percent
L&T Infotech
- Stock rose as much as 3.6 percent to Rs 1,594.40.
- Morgan Stanley Initiate coverage on the stock
- Initiated ‘Overweight’ with a price target of Rs 1,780.
- Expect core business growth to outpace that of most peers.
- L&T's purchase of Mindtree could suggest an opportunity to benefit from synergies.
- Valuation is attractive; preferred mid-cap pick.
Torrent Power
- Stock rose as much as 7.3 percent to Rs 304.80.
- High OI build up of 32 percent
Oil India
- Stock rose as much as 2.9 percent to Rs 155.45.
- This after Brent crude fell 1.24 percent intraday to 59.07 a barrel.
Titan Q1 Profit Misses Estimates
Shares of Titan pared losses and rose as much as 2.6 percent to Rs 1,063.60 after the company announced its quarterly results.
Key Earnings Highlights (Q1, YoY)
- Revenue up 14.4 percent to Rs 4,939 crore.
- Net profit up 6.2 percent to Rs 371 crore.
- Ebitda up 13.8 percent to Rs 564 crore.
- Margin at 11.4 percent versus 11.5 percent.
Market Commentary: Expect Nifty To Trade Between 10,600-11,150 Levels, Kotak Securities Says
The Nifty is likely to trade between 10,600 and 11,150 for now, said Rusmik Oza of Kotak Securities. He advised investors to take fresh look only if these levels are decisively broken on either sides.
He said the index can head towards 11,688 if it scales 11,150. On the flipside, a break below 10,600 may take it back to the 10,000-mark. “Currently, the Nifty is in oversold territory. A pull-back is imminent either from 10,850-10,600 levels.”
It is ideal for investors to spread across the buying or accumulation over the next three-to-four months as any material recovery in the economy could only happen from December quarter. The base effect will also start playing out positively in many sectors from December quarter, he said.
Stocks Reacting To Results Announcement
Kolte-Patil (Q1, YoY)
- Stock rose as much as 16.1 percent to Rs 242.30.
- Revenue up 50.0 percent to Rs 585.68 crore
- Net Profit up 206 percent to Rs 115.88 crore
- Ebitda up 44 percent to Rs 195.07 crore
- Margin at 33.3 percent versus 34.7 percent
Minda Industries (Q1, YoY)
- Stock rose as much as 3.3 percent to Rs 300.
- Revenue up 0.7 percent to Rs 1439.75 crore
- Net Profit down 24 percent to Rs 53.48 crore
- Ebitda up 6 percent to Rs 172.2 crore
- Margin at 12.0 percent versus 11.3 percent
Aditya Birla Fashion and Retail (Q1, YoY)
- Stock rose as much as 5.6 percent to Rs 198.50.
- Revenue up 7.9 percent to Rs 2,065.46 crore
- Net Profit up 285 percent to Rs 21.56 crore
- Ebitda up 176 percent to Rs 314.22 crore
- Margin at 15.2 percent versus 5.9 percent
Hawkins (Q1, YoY)
- Stock rose as much as 7.9 percent to Rs 2,980.
- Revenue up 17.7 percent to Rs 142.1 crore
- Net Profit up 28 percent to Rs 13.68 crore
- Ebitda up 32 percent to Rs 22.1 crore
- Margin at 15.6 percent versus 13.9 percent
Arvind (Q1, YoY)
- Stock fell as much as 6.1 percent to Rs 52.45.
- Revenue up 4.8 percent to Rs 1896.45 crore
- Net Profit down 61 percent to Rs 24.1 crore
- Ebitda down 23 percent to Rs 154.4 crore
- Margin at 8.1 percent versus 11.1 percent
Pidilite Industries (Q1, YoY)
- Stock rose as much as 3.3 percent to Rs 1,314.40
- Revenue up 10.0 percent to Rs 2016.81 crore
- Net Profit up 23 percent to Rs 292.89 crore
- Ebitda up 17 percent to Rs 443.73 crore
- Margin at 22.0 percent versus 20.8 percent
JSW Energy (Q1, YoY)
- Stock swung between gains and losses to trade 0.3 percent lower at Rs 67.05
- Revenue up 2.2 percent to Rs 2,412 crore.
- Net profit up 6.6 percent to Rs 244 crore
- Ebitda up 4.3 percent to Rs 809 crore
- Margin at 33.5 percent versus 32.9 percent
Market Check: Sensex Jumps Nearly 400 Points; Nifty Near 11,000
Indian equity benchmarks were trading at day’s high.
The S&P BSE Sensex rose as much as 393 points to 37,092.34 and the NSE Nifty 50 rose as much as 1.03 percent to 10,975. The broader markets represented by the NSE Nifty 500 Index rose as much as 1.1 percent.
The market breadth was tilted in favour of buyers. About 1,264 stocks advanced and 474 shares declined on National Stock Exchange
Europe Market Check: Equities Gain
Losses in European stocks slowed, with investors weighing the biggest back-to-back decline in equities since 2016 as they awaited fresh developments in the U.S.-China trade conflict.
Market Check: Sensex Jumps Over 300 Points; Nifty Tests 10,950
Indian equity benchmarks were trading at day’s high.
The S&P BSE Sensex rose over 300 points to trade above 37,000 as of 12:55 p.m. and the NSE Nifty 50 rose 0.86 percent to 10,954. The broader market represented by the NSE Nifty 500 rose 0.96 percent.
DHFL Jumps 11% After Company Releases Details Of Draft Resolution Plan
Shares of Dewan Housing Finance Corporation rose as much as 11.1 percent to 46.60.
The company’s special panel has approved a draft proposal on resolution of the Mumbai-based non-banking lender’s debts after holding consultations with financial adviser Ernst & Young, according to an exchange filing.
DHFL said:
- Special committee for resolution plan took on record the draft resolution plan formulated by the company in consultation with the committee and its financial advisors - EY
- Special committee also approved submission of the resolution plan to the lenders.
Block Deal Alert: Indian Hotels
About 20 lakh shares of Indian Hotels changed hands in a block deal, Bloomberg data showed. Buyers and sellers were not known immediately.
Zee Entertainment Falls 8%
Shares of Zee Entertainment Enterprises fell as much as 7.9 percent to Rs 304.70.
The stock extended declined for the seventh consecutive trading session, their longest losing streak since October 2018.
Trading volume was double its 20-day average, Bloomberg data showed. Of the shares traded, 38 percent were at the ask price and 47 percent were at the bid.
The stock has declined 13.5 percent since July 31—when Subhash Chandra’s Essel Group agreed to sell stake in Zee Entertainment Enterprises Ltd. to Invesco Oppenheimer.
Most analysts said the deal announced is far from sufficient and very different from what was envisaged earlier in the year, adding the overhang on the stock remains.
Here is what brokerages made of the deal.
Market Check: Sensex, Nifty Hold Gains
Indian equity benchmarks continued to trade higher.
The S&P BSE Sensex rose 0.45 percent or 170 points to 36,870 as of and the NSE Nifty 50 rose 0.45 percent to 10,912. The broader market represented by the NSE Nifty 50 rose 0.57 percent
Credit Suisse Upgrades India To Small Overweight From Market Weight
Research firm Credit Suisse has upgraded India from ‘Small Overweight’ from ‘Market Weight’.
“We keep our Overweight small. However, in recognition of the worsened non-bank financial company liquidity crunch and continued deterioration in the economy, It could take 6-12 months before rate cuts have an impact on growth,” Credit Suisse said.
In addition to India’s improved valuations relative to the rest of the region, the country has high real rates, a negative correlation with global bond yields and low sensitivity to the dollar and renminbi. Falling inflation opens ample policy space for rate cuts and EPS is proving more resilient than for the region as a whole.Credit Suisse
IndiGo Chairman Responds To Co-Founder’s Letter
IndiGo Chairman M Damodaran said:
- Fear that IGE Group will push questionable decisions does no credit to Independent Directors
- To schedule board meeting of Audit Committee, the NRC and the board after the AGM
- RPT policy to be cleared at the board meeting following meeting of Audit Committee post AGM
- The NRC Meeting post AGM to select Woman Independent Director
Bond Market Update: 10-Year Yield Falls 4 Basis Points
The yield on the 10-year benchmark fell 4 basis points to 6.35 percent.
Traders will focus on the sale of Rs 14,500 crore of debt by the state governments.
The yields have declined 51 basis points in July as traders boosted bets for further RBI easing and government said it’s selling $10 billion of offshore bonds. The RBI will announce its rate decision on Wednesday and is widely expected to deliver its fourth straight quarter-point rate cut.
Market Commentary: Nifty Sees Crucial Interim Support Near 10,730, Geojit Financial Services Says
The crucial interim support for the Nifty is seen close to 10,730, which is expected to bring in a mild positive push, according to Geojit Financial Services.
The Index might extend fall towards 10,600 if it falls below 10,730, the homegrown research firm said in a report.
Stocks Reacting To Results Announcement
Berger Paints (Q1, YoY)
- Stock rose as much as 5.2 percent to Rs 351.65.
- Revenue rose 15.7 percent to Rs 1,716.5 crore. (estimate Rs 1,646.3 crore)
- Net profit jumped 32 percent to Rs 176.8 crore. (estimate Rs 150 crore)
- Ebitda was up 27.4 percent to Rs 305.1 crore. (estimate Rs 258 crore)
- Margin at 17.8 percent versus 16.1 percent.
Entertainment Network (Q1, YoY)
- Stock fell as much as 5.4 percent to Rs 387.90.
- Revenue rose 8.9 percent to Rs 132.4 crore. (estimate Rs 131.6 crore)
- Net profit fell 58.1 percent to Rs 3.9 crore. (estimate Rs 11 crore)
- Ebitda was up 17 percent to Rs 33.1 crore. (estimate Rs 30.9 crore)
- Margin at 25 percent versus 23.3 percent.
- Depreciation jumped 64 percent to Rs 25 crore, finance cost was up 5.4 times to Rs 4.9 crore.
- Production expenses rose 41 percent to Rs 28.8 crore.
Dilip Buildcon (Q1, YoY)
- Stock fell as much as 6.1 percent to Rs 367.
- Revenue fell 6.1 percent to Rs 2,288 crore. (estimate Rs 2,506 crore)
- Net profit was down 50.9 percent to Rs 125.2 crore. (estimate Rs 150 crore)
- Ebitda was down 4.7 percent to Rs 412.1 crore. (estimate Rs 448.5 crore)
- Margin at 18 percent versus 17.8 percent.
- Depreciation surged 39 percent, finance cost rose 31 percent.
Indian Hotels (Q1, YoY)
- Stock rose as much as 3.9 percent to Rs 140.65.
- Revenue rose 4.1 percent to Rs 1,020 crore.
- Net profit was down 62.7 percent to Rs 5.7 crore.
- Ebitda jumped 56.9 percent to Rs 173.5 crore.
- Margin at 17 percent versus 11.3 percent.
- Finance cost surged 81 percent to Rs 84.7 crore, depreciation rose 28 percent to Rs 100.4 crore.
KEI Industries (Q1, YoY)
- Stock rose as much as 4.2 percent to Rs 428.40.
- Revenue rose 22.3 percent to Rs 1,081.4 crore. (estimate Rs 1,052.2 crore)
- Net profit was up 42.3 percent to Rs 45.8 crore. (estimate Rs 40.5 crore)
- Ebitda was up 32.4 percent to Rs 114.1 crore. (estimate Rs 109.5 crore)
- Margin at 10.6 percent versus 9.8 percent.
Torrent Power (Q1, YoY)
- Stock rose as much as 7.3 percent to Rs 304.80.
- Revenue rose 5.9 percent to Rs 3,736.1 crore.
- Net profit was up 21.9 percent to Rs 275.3 crore.
- Ebitda rose 8.8 percent to Rs 833.7 crore.
- Margin at 22.3 percent versus 21.7 percent.
Mangalam Cement (Q1, YoY)
- Stock rose as much as 14.1 percent to Rs 254.
- Revenue rose 30.9 percent to Rs 333.2 crore.
- Net profit was at Rs 33.2 crore versus net loss of Rs 15.3 crore.
- Ebitda was up 14 times to Rs 68 crore.
- Margin at 20.41 percent versus 1.9 percent.
PNB Gilts (Q1, YoY)
- Stock rose as much as 4.6 percent to Rs 39.45.
- Revenue jumped 93.7 percent to Rs 193.5 crore.
- Net profit stood at Rs 45.2 crore versus net loss of Rs 44.2 crore.
F&O Check: Nifty 11,000 Call Option Jumps 36%
Nifty’s 11,000 call option contract was among the most active Nifty option contracts on National Stock Exchange.
Premium on the weekly contract which is set to expire on Thursday fell 36.62 percent to Rs 50.55. Over 5.83 lakh shares were added to the open interest which stood at over 28.17 lakh shares.
Market Check: Sensex, Nifty Gain Momentum After Shaky Start
Indian equity benchmarks traded higher after a shaky start.
The S&P BSE Sensex rose 130 points or 0.35 percent to 36,824 as of 10 a.m. and the NSE Nifty 50 rose 0.38 percent to trade above 10,900.
Sterling & Wilson Solar's Rs 3,125-Crore IPO Opens
Sterling & Wilson Solar Ltd. will launch its three-day initial public offering on Tuesday as the chairman and promoter plan to pare their holdings in the Shapoorji Pallonji Group’s solar engineering, procurement and construction company.
The Sterling & Wilson Solar plans to raise close to Rs 3,125 crore by selling four crore equity shares at Rs 775-780 apiece via IPO, according to the solar firms’s red herring prospectus. The issue is a pure offer-for-sale by the promoter—Shapoorji Pallonji & Co. Pvt. Ltd—and Chairman Khurshed Daruvala.
Should you subscribe? Here's All you need to know:
IndiGo Falls After Co-Founder Puts Out New Letter
Shares of the budget carrier fell as much as 2.6 percent to Rs 1,452.
The company’s co-founder Rakesh Gangwal, will not vote to change the company’s articles of association at an annual general meeting scheduled for Aug. 27, according to his letter to the board.
Gangwal said:
- Proposed Indigo board change gives Rahul Bhatia extra powers
- The move based on "serious unresolved issues"
- Will not vote to change AOA under current terms
Indiabulls Group Stocks Advance
Shares of Indiabulls Housing Finance rose ahead of results announcement.
Meanwhile, shares of Indiabulls Ventures and Indiabulls Real Estate advanced 4-5 percent to Rs 207 and Rs 84.55 respectively.
SRF Jumps 7% After Q1 Profit Beats Estimates
Shares of SRF rose as much as 13.4 percent, the most in over five years, to Rs 2,924 after the company announced its June quarter results.
Key Earnings Highlights (Q1, YoY)
- Revenue rose 9.1 percent to Rs 1,828.4 crore. (estimate Rs 1,913 crore)
- Net profit was up 41.4 percent to Rs 189.2 crore. (estimate Rs 146 crore)
- Ebitda was up 9.9 percent to Rs 350.1 crore. (estimate Rs 326.8 crore)
- Margin at 19.1 percent versus 19 percent.
- Other income of Rs 15 crore and tax reversal of Rs 13.2 crore in current quarter.
- Declared dividend of Rs 7 per share.
Besides, the board approved setting of an integrated facility for development of PTFE at an estimated cost of Rs. 424 crore, which will add 5,000 MTPA of capacity addition. The company stated that it will enter into fluoropolymers segment of fluorocarbons to derive cost advantage from the integrated chain.
Opening Bell: Sensex, Nifty Swing In Open
Indian equity benchmarks fluctuated between gains and losses in the opening trade.
The S&P BSE Sensex and the NSE Nifty 50 traded little changed at 36,764 and 10,886 respectively. The broader market represented by the NSE Nifty 500 Index rose 0.2 percent.
The market breadth was tilted in favour of sellers. About 877 shares declined and 414 stocks adanced on National Stock Exchange.
Ten out of 11 sectoral gauges compiled by NSE traded higher, led by the NSE Nifty PSU Bank Index’s 0.79 percent gain. On the flipside, the NSE Nifty Media Index was the top sectoral loser, down 0.18 percent.
Market Commentary: Valuations Of Nifty Expensive, Motilal Oswal Says
The sharp underperformance of mid caps compared with the Nifty has further widened their valuations discount to the benchmark, Motilal Oswal said.
“We believe that the Nifty is still expensive at 18.8 times 2019-20 estimated earnings,” the homegrown brokerage said in a report.
“The Nifty and the broader markets have corrected substantially from the recent highs, led by deepening economic pressures, weak earnings growth and certain policy decisions in the Budget on taxation. Also, tepid commentaries from corporates suggest more legs to earnings downgrades,” it said.
Motilal Oswal, however, continues to prefer large caps. “The mid caps are more vulnerable to the ongoing liquidity and credit availability pressures in the economy.”
Your Complete F&O Trade Setup
August Futures
- Nifty futures closed at 10,896.8, premium of 34 points Versus 26.7 points
- Nifty futures OI up 4 percent, adds 7.2 lakh shares in OI
- Bank Nifty futures closed at 27,795.7, premium of 147.7 points Versus 122 points
- Bank Nifty futures OI up 12 percent, adds 2 lakh shares in OI
Options
- Nifty PCR at 1.01 versus 1.18 (across all series)
Nifty Weekly Expiry Aug 8
- Max OI on call side at 11,200 (24.8 lakh shares)
- Max OI on put side at 10,500 (12.8 lakh shares)
- Max OI addition seen in 10,900C (+10.6 lakh shares), 11,000C (+9.3 lakh shares)
- OI shedding seen in 11,000P (-8.8 lakh shares), 10,900P (-5.5 lakh shares)
Nifty Monthly Expiry Aug 29
- Max OI on call side at 11,500 (22.1 lakh shares)
- Max OI on put side at 11,000 (29.9 lakh shares)
IndiGo Co-Founder Gangwal Says Proposed Board Strengthens Rahul Bhatia’s Power
Rakesh Gangwal said:
- Proposed Indigo board change gives Rahul Bhatia extra powers
- The move based on "serious unresolved issues"
- Will not vote to change AOA under current terms
Source: Bloomberg
Money Market Update: Rupee Swings In Open
The Indian rupee fluctuated between gains and losses against the U.S. dollar. The home currency traded little changed at 70.69 against the greenback.
The after a sliding yuan roiled the Asian markets and amid concerns about unrest in the troubled state of Jammu and Kashmir.
With China fixing the yuan at a stronger than expected level on Tuesday, chances are that the Indian rupee could find a floor in later trade.
Pre-Market Check: Sensex, Nifty Set To Open Lower
Indian equity benchmarks are set to open lower.
The S&P BSE Sensex traded little changed at 36,750 during the pre-market and the NSE Nifty 50 fell 0.63 percent to 10,797.
Trading Tweaks: Coffee Day Enterprises, Sical Logistics, SPML Infra
- GFL ex-date for demerger.
- Coffee Day Enterprises, Sical Logistics, SPML Infra to move into ASM Framework.
- Alphageo, Bliss GVS Pharma, CARE Ratings to move into short term ASM Framework.
- Gati price band revised to 10 percent.
- Coffee Day Enterprises, Sical Logistics price band revised to 5 percent.
Offerings: Sterling & Wilson, Spandana Sphoorty
- Sterling and Wilson allocated 1.8 crore shares to anchor investors at Rs 780 per share, aggregating to Rs 1,406 crore. Investors include Nomura India, Schroder International and Reliance Capital.
- Spandana Sphoorty Financial IPO gets 6 percent demand on first day sale; offer to close Aug. 7.
Q1 Earnings Corner: Arvind, Berger Paints, Dilip Buidcon, Indiabulls Housing Finance, Shriram EPC, Titan
Nifty Earnings To Watch
- Indiabulls Housing Finance
- Titan
Other Earnings To Watch
- JSW Energy
- Arvind
- Pidilite Industries
- REC
- Thomas Cook
- Aditya Birla Fashion and Retail
- Fortis Healthcare
- JK Lakshmi Cement
- Sheela Foam
- Gujarat State Fertilizers & Chemicals
- Hawkins Cookers
- Alkyl Amines Chemicals
- Asahi India Glass
- Asian Granito
- BASF India
- Bharat Gears
- Borosil Glass Works
- Khadim
- KIOCL
- Kolte-Patil Developers
- Lakshmi Vilas Bank
- Linc Pen & Plastics
- Lux Industries
- Manali Petrochemicals
- Max Financial Services
- Metropolis Healthcare
- Minda Industries
- National Peroxide
- Central Bank of India
- Deccan Cements
- Excel Crop Care
- HSIL
- Indo Rama Synthetics (India)
- IRB Infrastructure Developers
- JHS Svendgaard Laboratories
- Nilkamal
- NLC India
- Shemaroo Entertainment
- Shree Renuka Sugars
- Shriram EPC
- Sundaram Finance
- Investment Trust Of India
- Xelpmoc Design And Tech
- Zensar Technologies
Earnings Reaction To Watch
Berger Paints (Q1, YoY)
- Revenue rose 15.7 percent to Rs 1,716.5 crore. (estimate Rs 1,646.3 crore)
- Net profit jumped 32 percent to Rs 176.8 crore. (estimate Rs 150 crore)
- Ebitda was up 27.4 percent to Rs 305.1 crore. (estimate Rs 258 crore)
- Margin at 17.8 percent versus 16.1 percent.
Entertainment Network (Q1, YoY)
- Revenue rose 8.9 percent to Rs 132.4 crore. (estimate Rs 131.6 crore)
- Net profit fell 58.1 percent to Rs 3.9 crore. (estimate Rs 11 crore)
- Ebitda was up 17 percent to Rs 33.1 crore. (estimate Rs 30.9 crore)
- Margin at 25 percent versus 23.3 percent.
- Depreciation jumped 64 percent to Rs 25 crore, finance cost was up 5.4 times to Rs 4.9 crore.
- Production expenses rose 41 percent to Rs 28.8 crore.
Dilip Buildcon (Q1, YoY)
- Revenue fell 6.1 percent to Rs 2,288 crore. (estimate Rs 2,506 crore)
- Net profit was down 50.9 percent to Rs 125.2 crore. (estimate Rs 150 crore)
- Ebitda was down 4.7 percent to Rs 412.1 crore. (estimate Rs 448.5 crore)
- Margin at 18 percent versus 17.8 percent.
- Depreciation surged 39 percent, finance cost rose 31 percent.
SRF (Q1, YoY)
- Revenue rose 9.1 1 percent to Rs 1,828.4 crore. (estimate Rs 1,913 crore)
- Net profit was up 41.4 percent to Rs 189.2 crore. (estimate Rs 146 crore)
- Ebitda was up 9.9 percent to Rs 350.1 crore. (estimate Rs 326.8 crore)
- Margin at 19.1 percent versus 19 percent.
- Other income of Rs 15 crore and tax reversal of Rs 13.2 crore in current quarter.
- Declared dividend of Rs 7 per share.
Indian Hotels (Q1, YoY)
- Revenue rose 4.1 percent to Rs 1,020 crore.
- Net profit was down 62.7 percent to Rs 5.7 crore.
- Ebitda jumped 56.9 percent to Rs 173.5 crore.
- Margin at 17 percent versus 11.3 percent.
- Finance cost surged 81 percent to Rs 84.7 crore, depreciation rose 28 percent to Rs 100.4 crore.
KEI Industries (Q1, YoY)
- Revenue rose 22.3 percent to Rs 1,081.4 crore. (estimate Rs 1,052.2 crore)
- Net profit was up 42.3 percent to Rs 45.8 crore. (estimate Rs 40.5 crore)
- Ebitda was up 32.4 percent to Rs 114.1 crore. (estimate Rs 109.5 crore)
- Margin at 10.6 percent versus 9.8 percent.
Torrent Power (Q1, YoY)
- Revenue rose 5.9 percent to Rs 3,736.1 crore.
- Net profit was up 21.9 percent to Rs 275.3 crore.
- Ebitda rose 8.8 percent to Rs 833.7 crore.
- Margin at 22.3 percent versus 21.7 percent.
Mangalam Cement (Q1, YoY)
- Revenue rose 30.9 percent to Rs 333.2 crore.
- Net profit was at Rs 33.2 crore versus net loss of Rs 15.3 crore.
- Ebitda was up 14 times to Rs 68 crore.
- Margin at 20.41 percent versus 1.9 percent.
PNB Gilts (Q1, YoY)
- Revenue jumped 93.7 percent to Rs 193.5 crore.
- Net profit stood at Rs 45.2 crore versus net loss of Rs 44.2 crore.
Stocks To Watch: Bank Of Baroda, Cox & Kings, SRF, Yes Bank
- Bank of Baroda reduced MCLR rates by 15 basis points across various tenors with effect from Aug. 7. One month MCLR is at 8.15 percent versus one-year MCLR at 8.45 percent.
- SRF board approved setting of an integrated facility for development of PTFE at an estimated cost of Rs. 424 crore, which will add 5,000 MTPA of capacity addition. The company stated that it will enter into fluoropolymers segment of fluorocarbons to derive cost advantage from the integrated chain.
- Yes Bank: Moody's Investors Service extended its review for downgrade of the bank’s ‘Ba1’ long-term foreign-currency issuer rating. Moody's also extended its review for downgrade of the bank’s long-term foreign and local-currency bank deposit ratings of ‘Ba1’, foreign-currency senior unsecured MTN program rating of ‘(P)Ba1’, and Baseline Credit Assessment and adjusted BCA of ‘ba2’.
- Cox & Kings defaulted on payment of commercial papers worth Rs 5 crore which was due on Aug. 5.
- Tata Motors: ICRA downgraded long-term facilities to ‘AA-’ from ‘AA’, with outlook remaining negative due weakening of financial profile at Jaguar Land Rover Business.
- Wabco to close operations in five of its plants for three-17 days in August in view of weak demand and customer schedules.
- Music Broadcast acquired commercial rights to sell advertising space at Lucknow metro stations and play curated content for three years.
- IL&FS Transportation Networks defaulted on non-convertible debentures interest payment worth Rs 14.7 crore which was due on Aug. 5.
- Tata Power’s arm commissioned 70 KW solar roof top installation at Delhi’s India International Centre.
- HCL Tech and Oracle Health Services to collaborate to life science companies for generation of digital clinical trials.
- Minda Corporation: The National Company Law Tribunal approved amalgamation of five domestic arms with self.
- Wipro’s arm opened a new strategic design studio in Sydney.
- Muthoot Finance to consider raising funds on Aug. 12.
- IOL Chemicals & Pharma stated that they have made pre-payment of term loan of Rs 14 crore due to banks in addition to regular repayment schedule. Till date the company has prepaid Rs 98.18 crore of pre-payments to reduce debt.
(Corrects an earlier version that misstated Tata Motors' rating.)
Here’s a quick look at all that could influence equities today.
- More than $700 billion was wiped from the of U.S. equities on Monday, with all but 11 members of the S&P 500 Index falling.
- The rally in sovereign bonds continued, sending 10-year Treasury yields to the lowest since October 2016, Australian ones to record levels and Japanese rates below the central bank’s target range.
- The international oil benchmark closed below $60 dollars a barrel for the first time in almost two months.
- Investors are starting to grasp the potential for a protracted conflict between the two nations, with a Treasury-market recession indicator hitting the highest alert since 2007.
- As demand for haven assets spiked, gold made a run toward $1,500 an ounce.
SGX Nifty Drops Nearly 1%; Asian Equities Decline
Good Morning!
The Singapore-traded SGX Nifty, an early indicator of NSE Nifty 50 Index’s performance in India, fell 0.86 percent to 10,775.50 as of 8:15 a.m.
U.S. stocks clocked their biggest drop of the year on Monday. Asian stocks plunged again today and American futures slumped after the U.S. slapped the currency-manipulator tag on China, further escalating the trade war tension between the world’s two largest economies.
The MSCI Asia Pacific Index dropped more than 1 percent, bringing its selloff over the past week to about 6 percent.
Short on time? Well, then listen to this podcast for a quick summary of All You Need To Know before the opening bell.
Source: Bloomberg
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