Stocks Radar: Axis Bank, Cyient, Reliance Industries
Indian stock benchmarks gained for the third straight session led by Reliance Industries ahead of its quarterly earnings and Axis Bank after it signalled its bad loan cycle is "nearly complete".
The S&P BSE Sensex Index rose as much as 0.8 percent to 34,998.56, while the NSE Nifty 50 index climbed 0.8 percent to 10,701.70.
The market breadth was firmly tilted in favour of the buyers. Ten out of 11 sectoral gauges compiled by NSE advanced, led by NSE Nifty PSU Bank Index's 2.2 percent jump. The NSE Nifty IT Index was the top sectoral loser, down 0.3 percent.
Here Are The Stocks Moving The Market This Morning
Axis Bank: Rallies Despite Weak Earnings
Shares of the private sector lender rose as much as 5.9 percent, the most in nearly six months, to Rs 522.80 as an unprecedented recognition of bad loans prompted investors to overlook the Indian lender’s first-ever loss. (More details here).
Besides, about 10.2 lakh shares changed hands in a block deal, according to Bloomberg data. The buyers and sellers were not known immediately.
The stock was the best performer on both the Sensex and the Nifty. It trades at 29.1 times trailing 12-month earnings per share and 15 times its estimates for the coming year.
Reliance Industries: Surges To Record High
Shares of the Mukesh Ambani-led firm rose 3.1 percent to Rs 1,005.70 apiece, a new record high. The stock has risen for a fifth straight session, its longest rally in nearly three weeks.
The country’s second-largest firm by market value will announce its earnings for the March quarter later in the day.
The oil-to-telecom conglomerate is set to cross $100 billion in market value. It is currently trading at a market cap of over $94.46 billion. The stock returned 7.5 percent so far this year and a gain of 41 percent in the past 12 months.
Thermax: Gains After Order Win
Shares of the energy equipment maker snapped two-day decline and rose as much as 3.3 percent to Rs 1,169.45.
The company won Rs 279 crore order for a captive cogeneration power plant, according to its stock exchange notification.
The stock is testing resistance at 50-day moving average, Bloomberg data showed. It trades at 35.4 times estimated forward earnings per share compared to 33.2 times for its two-year historical average.
Cyient: Swings After Acquisition
Shares of the engineering company fluctuated between gains and losses. It was down 1.5 percent to 750.10 as of 9:35 a.m.
The company acquired semiconductor firm Ansem N.V. in an all-cash deal worth $17 million, according to its stock exchange filing.
The relative strength index was 79, indicating that the stock may be overbought. It has returned 45.9 times over the past year, compared to 17.5 percent gain in Sensex.
Other Stocks Reacting To Earnings
Biocon Q4 (YoY)
- Stock rose as much as 1.7 percent to Rs 674.40.
- Revenue up 26 percent at Rs 1,169.5 crore.
- Net profit up 2 percent at Rs 130 crore.
- Ebitda up 24 percent at Rs 232.5 crore.
- Margin at 19.9 percent versus 20.3 percent.
SBI Life Insurance FY18 (YoY)*
- Stock fell as much as 2.6 percent to Rs 742.80.
- Annualised premium equivalent up 27 percent at Rs 8,540 crore.
- Value of new business up 34 percent at Rs 1,390 crore.
- VNB Margin at 16.2 percent versus 15.4 percent.
- Solvency Ratio at 2.06 versus 2.04.
*Quarterly figures not given
Kirloskar Pneumatic Q4 (YoY)
- Stock locked at its daily upper limit of 20 percent at Rs 1,110.
- Revenue up 90 percent at Rs 309 crore.
- Net profit at Rs 48 crore versus Rs 18 crore.
- Ebitda at Rs 75 crore versus Rs 26 crore.
- Margin at 24.3 percent versus 16 percent.
AU Small Finance Bank Q4 (YoY)
- Stock fell as much as 3.7 percent.
- Net interest income up 30 percent at Rs 287 crore.
- Net profit up 6 percent at Rs 83 crore.
- Provisions down 9 percent at Rs 30 crore (QoQ).
- GNPA at 2.01 percent versus 2.83 percent (QoQ).
- NNPA at 1.27 percent versus 1.87 percent (QoQ).
Shriram City Union Q4 (YoY)
- Stock fell as much as 3.9 percent to Rs 2,400.
- Net interest income up 14 percent at Rs 812 crore.
- Net profit at Rs 47 crore versus Rs 12 crore.
Rallis India Q4 (YoY)
- Stock fell as much as 4.9 percent to Rs 222.60.
- Revenue up 7 percent at Rs 371 crore.
- Net profit down 35.5 percent at Rs 20 crore.
- Ebitda down 21 percent at Rs 33 crore.
- Margin at 8.9 percent versus 12.1 percent.
Jindal Stainless (Hisar) Q4 (YoY)
- Stock rose as much as 2.5 percent to Rs 190.45.
- Revenue up 10 percent at Rs 2,254 crore.
- Net profit up 60 percent at Rs 96 crore.
- Ebitda up 20 percent at Rs 286 crore.
- Margin at 12.7 percent versus 11.6 percent.
Reliance Capital Q4 (YoY)
- Stock rose as much as 3.89 percent to Rs 442.80.
- Revenue down 1 percent at Rs 5,000 crore.
- Net profit up 3 percent at Rs 428 crore.
Accelya Kale Q4 (YoY)
- Stock fell as much as 4.7 percent to Rs 1,395.
- Revenue down 2 percent at Rs 93 crore.
- Net profit down 15 percent at Rs 22 crore.
- Ebitda flat at Rs 37.5 crore.
- Margin at 40.3 percent versus 39.5 percent.
IEX Q4 (YoY)
- Stock fell as much as 2.5 percent to Rs 1,663.15.
- Revenue up 8 percent at Rs 55 crore.
- Net profit up 15 percent at Rs 31 crore.
- Ebitda up 23 percent at Rs 43 crore.
- Margin at 78 percent versus 69 percent.
Essel Propack Q4 (YoY)
- Stock rose as much as 10.4 percent to Rs 289.90.
- Revenue up 3 percent at Rs 628 crore.
- Net profit up 2 percent at Rs 45 crore.
- Ebitda down 3 percent at Rs 116 crore.
- Margin at 18.5 percent versus 19.6 percent.
Aditya Birla Money Q4 (YoY)
- Stock rose as much as 4.9 percent to Rs 75.70.
- Revenue up 28 percent at Rs 43.5 crore.
- Net profit up 7 percent at Rs 4 crore.
Tata Metaliks Q4 (YoY)
- Stock swung between gains and losses and traded at Rs 851.95 as of 9:40 a.m.
- Revenue up 36 percent at Rs 546 crore.
- Net profit up 37.5 percent at Rs 55 crore.
- Ebitda up 18 percent at Rs 88 crore.
- Margin at 16.1 percent versus 18.6 percent.