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Stocks To Watch: Allahabad Bank, Canara Bank, HUL, Dena Bank, Sun TV

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Summary
  • Ashoka Buildcon unit executes concession agreement with NHAI for a Rs 1,687 crore project.
  • 5Paisa capital approves raising of FPI investment limit to 100 percent and NRI investment limit to 24 percent.
  • New India Assurance approves 1:1 bonus issue.

Asian stocks had a muted start to trading today after the biggest weekly advance since February last week.

Futures in Japan, Australia and Hong Kong all little changed. Focus in the region turns to Malaysia, where markets open for the first time since last week’s historic election. Emerging market shares posted their first weekly gain in four weeks.

The Singapore-traded SGX Nifty, an early indicator of NSE Nifty 50 Index’s performance in India, was little changed at 10,822.5 as of 8:00 a.m.

Stocks To Watch In Monday’s Trade

  • Nilkamal to enter foam manufacturing business this financial year
  • RBI bars Dena Bank from further lending
  • CBI will submit a chargesheet against Allahabad Bank CEO and MD Usha Ananthasubramanian and several others in the over Rs 13,000 crore PNB scam.
  • Sical approves buying L&T Infra’s stake in ore terminal unit
  • 5Paisa capital approves raising of FPI investment limit to 100 percent and NRI investment limit to 24 percent
  • New India Assurance approves 1:1 bonus issue
  • Federal Bank to sell 26 percent in unit FedFina to True North Enterprises. Also, receives RBI approval to acquire 19.90 percent in Equirus Capital
  • Ashoka Buildcon unit executes concession agreement with NHAI for a Rs 1,687 crore project
  • Aarti Industries board approves demerger of home and personal care segment and merger of manufacturing operations of Nascent Chemicals with the company
  • JSW Steel: Company’s big for Monnet Ispat cleared by CCI
  • Westlife Development: To add 25 stores in FY19

Bulk Deals

Rain Industries

  • BNP Paribas Arbitrage sold 18.90 lakh shares (0.6 percent) at Rs 277.43 each

NRB Bearings

  • UBS Principal Capital Asia bought 27.39 lakh shares (2.8 percent) at Rs 150 each
  • California State Teachers' Retirement System sold 28.03 lakh shares (2.9 percent) at Rs 150.02 each

Alok Industries

  • India Opportunities Growth Fund Ltd- Pinewood Strategy bought 3.6 crore shares (2.6 percent) at Rs 1.58 each
  • Catalyst Trusteeship Ltd sold 3.62 crore shares (2.6 percent) at Rs 1.58 each

Earnings To Watch

  • Hindustan Unilever
  • Abbott India
  • Blue Star
  • Bombay Dyeing & Mfg Company
  • Dr Lal Path Labs
  • Godrej Agrovet
  • Kec International
  • Polaris Consulting & Services
  • South Indian Bank

Earnings Reaction To Watch

Sun TV (Q4, YoY)

  • Revenue up 23 percent at Rs 717 crore
  • Net profit up 23 percent at Rs 290 crore
  • EBITDA up 33 percent at Rs 522.5 crore
  • Margin at 72.9 percent versus 67.6 percent

Solar Industries (Q4, YoY)

  • Revenue up 30 percent at Rs 575 crore
  • Net profit up 20 percent at Rs 66 crore
  • EBITDA up 29 percent at Rs 117 crore
  • Margin at 20.3 percent versus 20.6 percent

GlaxoSmithKline Consumer (Q4, YoY)

  • Revenue up 7 percent at Rs 1180 crore
  • Net profit up 20.5 percent at Rs 212 crore
  • EBITDA up 14 percent at Rs 250.5 crore
  • Margin at 21.2 percent versus 19.9 percent

Graphite India (Q4, YoY)

  • Revenue up 3 times at Rs 1212 crore
  • Net profit up 7 times at Rs 454 crore
  • EBITDA up 44.5 times at Rs 668 crore
  • Margin at 55.1 percent versus 4.0 percent

Relaxo Footwears (Q4, YoY)

  • Revenue up 18.5 percent at Rs 557 crore
  • Net profit up 67 percent at Rs 53.5 crore
  • EBITDA up 71 percent at Rs 98.5 crore
  • Margin at 17.7 percent versus 12.2 percent

VST Tillers (Q4, YoY)

  • Revenue up 25 percent at Rs 242 crore
  • Net profit up 62 percent at Rs 34 crore
  • EBITDA up 45 percent at Rs 42 crore
  • Margin at 17.4 percent versus 15.0 percent

Aarti Industries (Q4, YoY)

  • Revenue up 23 percent at  Rs 1029 crore
  • Net profit up 15 percent at  Rs 85 crore
  • EBITDA up 18 percent at  Rs 180 crore
  • Margin at 17.5 percent versus 18.3 percent

Nilkamal (Q4, YoY)

  • Revenue up 12 percent at Rs 596 crore
  • Net profit up 6.25 percent at Rs 34 crore
  • EBITDA up 9 percent at Rs 65 crore
  • Margin at 10.9 percent versus 11.2 percent

Canara Bank (Q4, YoY)

  • NII grew 10.3 percent to Rs 2,987 crore
  • Net loss of Rs 4,860 crore versus profit of Rs 214 crore
  • Provisions at Rs 8,762 crore versus Rs 1,900 crore (QoQ)
  • GNPA at 11.84 percent versus 10.38 percent (QoQ)
  • NNPA at 7.48 percent versus 6.78 percent (QoQ)

Sical Logistics (Q4, YoY)

  • Revenue up 42 percent at Rs 372 crore
  • Net profit down 50 percent at Rs 7 crore
  • EBITDA up 2 percent at Rs 48 crore
  • Margin at 12.9 percent versus 17.9 percent
  • Cost of services up 51 percent at Rs 281 crore

Allahabad Bank (Q4, YoY)

  • NII down 35 percent at Rs 888.5 crore
  • Net loss of Rs 3510 crore versus Net profit of Rs 111 crore
  • Provisions up 98 percent at Rs 4,783 crore (QoQ)
  • GNPA at 15.96 percent versus 14.38 percent (QoQ)
  • NPA at 8.04 percent versus 8.97 percent (QoQ)

Kesoram Industries (Q4, YoY)

  • Revenue up 2.5 percent at  Rs 985 crore
  • Net loss of Rs 158 crore versus Net loss of Rs 77 crore
  • EBITDA at Rs -39 crore versus Rs -33 crore
  • Margin at -4 percent versus -3.4 percent
  • Other income of Rs 52 crore in base quarter
  • High other expenditure of Rs 204 crore in current quarter

UCO Bank (Q4, YoY)

  • NII up 33 percent at  Rs 808 crore
  • Net loss of Rs 2,134 crore versus net loss of Rs 588 crore
  • Provisions up 62 percent at Rs 2,239 crore (QoQ)
  • GNPA at 24.64 percent versus 20.64 percent
  • NPA at 13.10 percent versus 10.90 percent

Puravankara (Q4, YoY)

  • Revenue down 36 percent at Rs 288
  • Net profit down 60 percent at Rs 25 crore
  • EBITDA down 53 percent at Rs 60 crore
  • Margin at 20.8 percent versus 28.6 percent

Gillette India (Q3, YoY)

  • Revenue down 14 percent at Rs 451.5 crore
  • Net profit down 33 percent at Rs 71 crore
  • EBITDA down 25.5 percent at Rs 118.5 crore
  • Margin at 26.2 percent versus 30.3 percent

Oracle Financial Services Software (Q4, QoQ)

  • Revenue up 1.5 percent at Rs 1075 crore
  • Net profit down 17 percent at Rs 24 crore
  • EBIT down 17 percent at Rs 337 crore
  • Margin at 31.3 percent versus 38.3 percent

Vinati Organics (Q4, YoY)

  • Revenue up 9 percent at Rs 213 crore
  • Net profit up 26 percent at Rs 51.9 crore
  • EBITDA up 5 percent at Rs 65.8 crore
  • Margin at 30.8 percent versus 32.1 percent

JK Cement (Q4, YoY)

  • Revenue up 28 percent at Rs 1,316 crore
  • Net profit up 126 percent at Rs 96.5 crore
  • EBITDA up down 5 percent at Rs 182 crore
  • Margin at 13.8 percent versus 18.5 percent
  • Tax rate at 21.6 percent versus 63.7 percent last year

OBC (Q4, YoY)

  • NII down 16 percent at Rs 1,095 crore
  • Net loss at Rs 1,650 crore versus net loss of Rs 1,218 crore
  • GNPA at 17.6 percent versus 13.7 percent
  • NNP at 10.5 percent versus 8.9 percent

Brokerage Radar

On Havells

Citi

  • Maintain Neutral, raise target to Rs 614 from 612.
  • Believe that revenue growth outlook still remains hazy
  • Operational improvements and growth initiatives continue
  • Maintain Neutral as valuation remains quite expensive

IDFC

  • Maintain Outperform, target price of Rs 590.
  • Robust margins across segments notably Lloyd was key positive.
  • Muted growth in switchgear was key negative.
  • Valuations are likely to remain rich at 33 times of financial year 2020 valuations.

Kotak

  • Maintain Sell; raise target to Rs 460 from Rs 450.
  • Strong results and encouraging outlook but valuations expensive.
  • Expect the company to deliver 21 percent compounded annual growth rate in earnings per share over March 2018-2021.

On Sun TV

IDFC

  • Maintain Outperform, target price of Rs 1,124.
  • Revival in ad revenue growth was key positive.
  • Market-share fall in Tamil Nadu was key negative.
  • Sun trading at discount to Zee because of lower and inconsistent growth.

Nomura

  • Upgrade to Buy from Neutral; raise target to Rs 1,105 from Rs 1,091.
  • Digitisation to drive subscription in near-term; ad industry growth picking up.
  • Maintain view that the ad industry outlook is buoyant with nearly 12-15 percent growth in financial year 2019.

CLSA

  • Maintain Buy, target price of Rs 1,250.
  • Ad growth strong while Tamil Nadu digitisation boosts subscriptions.
  • As per management, the recovery in ad revenue is sustaining.
  • Expect Sun TV to deliver 17 percent CAGR earnings over financial years 2018 to 2021.
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