Traders work on the trading floor of the Motilal Oswal Financial Services office in Mumbai. (Photographer: Vivek Prakash/Bloomberg)

Nifty Halts Three-Day Loss Led By ICICI Bank

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Indian equity benchmarks rebounded from three days of losses led by ICICI Bank, which rose ahead of its March quarter earnings. Reliance Industries, ITC and Mahindra & Mahindra also aided the gains in today’s session.

The S&P BSE Sensex rose 0.84 percent or 292.76 points to 35,208.14 and the NSE Nifty 50 index climbed 0.92 percent or 97.25 points to 10,715.50.

Nine out of 11 sector gauges compiled by the National Stock Exchange ended higher led by the Nifty PSU Bank index’s 2 percent gain. On the flipside, the Nifty Pharma index was the top sectoral loser, down 0.5 percent.

The mid- and small-cap indices underperformed their larger counterparts as the S&P BSE MidCap and S&P BSE SmallCap indices rose 0.5 percent each.

Nifty Halts Three-Day Loss Led By ICICI Bank

Inox Leisure Surges As March Quarter Beats Estimates

Shares of the Vadodara-based movie theatre operator rose as much as 8.57 percent to Rs 290 after its March quarter net profit came in better than Bloomberg consensus estimates.

Key earnings highlights:

  • Consolidated net profit at Rs 57.6 crore versus Bloomberg estimate Of Rs 7.3 crore
  • Consolidated Revenue at Rs 323.6 crore versus Bloomberg estimate Of Rs 318 crore
  • Consolidated EBITDA at Rs 42.1 crore versus Bloomberg estimate Of Rs 36.5 crore
  • Consolidated margin at 13 percent versus Bloomberg estimate Of 11.5 percent
  • Consolidated net profit at Rs 57.6 crore versus Rs 34 Lk (YoY)
  • Consolidated one-time tax gain of Rs 53.7 crore
  • Consolidated Revenue up 12.2 percent at Rs 323.6 crore versus Rs 288.4 crore (YoY)
  • Consolidated EBITDA up 77.2 percent at Rs 42.1 crore versus Rs 23.7 crore (YoY)
  • Consolidated Margin at 13 percent versus 8.2 percent (YoY)

Exide Industries Surges As Q4 Net Profit Beats Estimates

Shares of the Kolkata-based battery maker rose as much as 4.91 percent to Rs 260.80 after it reported better-than-estimates net profit in March quarter.

Key earnings highlights:

  • Revenue up 11.57 percent at Rs 2,459 crore versus Rs 2,204.33 crore (YoY)
  • Rvenue at Rs 2,459 crore versus Bloomberg estimate of Rs 2,440 crore
  • Net profit up 15.85 percent at Rs 190 crore versus Rs 164.26 crore (YoY)
  • Net profit at Rs 190 crore versus Bloomberg estimate of Rs 185 crore
  • EBITDA up 34.4 percent at Rs 338 crore versus Rs 251.6 crore (YoY)
  • Margin at 13.7 percent versus 12.9 percent (YoY)

Fab Four Stocks Of The Day

  • SQS India BFSI: The Chennai-based software developer rose as much as 11.37 percent to Rs 556.50 after its profit in March quarter more than doubled.
  • Taj GVK Hotels: The Hyderabad-based hospitality chain operator rose as much as 15.3 percent to Rs 244.80. The stock is HDFC Securities' pick of the week and it sees potential upside of 25.5 percent.
  • Reliance Infrastructure: The Anil Ambani-led company rose as much as 7.85 percent to Rs 456.60 after its joint venture with Italy's Astaldi won contract for Rs 7,000 crore Versova-Bandra sea link project in Mumbai.
  • Suven Life Sciences: The Hyderabad-based drug maker rose as much as 5.8 percent to Rs 192 after its Pashamylaram's unit successfully completed U.S. FDA Inspection.

India Will Give Positive Returns But Will Lag Asian Peers: UBS

Maximilian Kunkel, investment strategist at UBS Global Wealth Management spoke to BloombergQuint and said emerging markets will continue to grow due to global expansion and benign liquidity and China would be the key market.

Key conversation highlights:

  • Trade war will lead to higher prices, preparing portfolios for that probability
  • 20-30 percent probability on an outright trade war in the next 12 months
  • Seeing a trend of re-allocation of funds across the globe
  • Clients are moving towards diversification of portfolio
  • Inflationary pressure not too high for Fed to be restrictive
  • Last week's wage growth positive for equity investors
  • Nobody knows what full employment in the U.S. is
  • See 11 percent earnings growth this year; 15 percent growth next year
  • We Were 'overweight' on Indian equities at the start of last year
  • Election uncertainty may bring valuations in India down next year
  • Neutral on Indian equities at the moment
  • Above trend growth this year coupled with normal levels of volatility