Stocks Radar: Bajaj Auto, Biocon, Reliance Communications
Indian equity benchmarks extended declined for the fourth straight trading session and were set for their longest losing streak in two months.
The S&P BSE Sensex Index fell as much as 0.5 percent to trade below 35,000-mark, while the NSE Nifty 50 Index fell as much as 0.4 percent to 10,631.15.
The market breadth was tilted in favour of buyers. Nine out of 11 sectoral gauges compiled by NSE fell, led by the Nifty Pharma Index's 0.5 percent decline.
Here Are The Stocks Moving The Market This Morning
Biocon: FDA Publishes Concerns
Shares of the drug maker declined for the second day and fell as much as 1.87 percent to Rs 630 after the U.S. drug regulator published the inspection report of Biocon’s Bengaluru unit on its website.
The pharmaceutical company had received Form 483 with seven observations from U.S. health regulator after an inspection in the first week of this month. Form 483 is used by the FDA to document and communicate concerns discovered during plant inspections.
Biocon trades at 62 times its estimated earnings per share for the coming year, Bloomberg data showed.
Godrej Agrovet: Gains After Investment Plans
Shares of the agribusiness company rose as much as 1.5 percent to Rs 638.65.
The company’s unit plans plans to invest Rs 400 crore in three greenfield milk processing plants in different states over the next three years, according to its stock exchange filing.
The stock has returned 9.7 percent so far this year, compared to the 3.2 percent gain in the benchmark Sensex Index.
Reliance Communications: Jumps After Block Deal
Shares of the telecom operator rose as much as 30 percent to Rs 21.30.
About 12.1 lakh shares changed hands in a block deal, Bloomberg reported. Buyers and sellers were not known immediately.
Trading volume was 17 times its 30-day average. The stock rose nearly 80 percent in three days. The scrip is 52 percent below the Bloomberg consensus one-year target price.
Bajaj Auto: Gains Ahead Of Earnings
Shares of the two and three-wheeler maker rose as much as 2.5 percent to Rs 2,886.30, ahead of its results announcement.
The analysts surveyed by Bloomberg are forecasting the company's net profit to rise 21.5 percent on a yearly basis to Rs 1,047 crore.
The stock declined 14 percent so far this year and a loss of 1.5 percent in the past 12 months.
Stocks Reacting To Earnings
Taro Pharma (Sun Pharma's subsidiary) Q4 (YoY)
- Shares of Sun Pharma rose as much as 2.1 percent to Rs 489.70.
- Net sales down 11 percent at $175 million.
- Net profit up 4 percent at $86.3 million.
- Ebitda down 26 percent at $74.8 million.
- Margin at 42.7 percent versus 51.2 percent.
Bajaj Finserv (Q4, YoY)
- Stock rose as much as 1.8 percent to Rs 5,670.
- Net interest income up 42.5 percent at Rs 2,465 crore.
- Net profit up 28 percent at Rs 685.5 crore.
Coffee Day Enterprises (Q4, YoY)
- Stock rose as much as 1.5 percent to Rs 320.45.
- Revenue up 26 percent at Rs 1,130 crore.
- Net profit up 92 percent at Rs 25 crore.
- Ebitda up 18 percent at Rs 179 crore.
- Margin at 15.8 percent versus 16.9 percent.
Voltas (Q4, YoY)
- Stock fell as much as 7.7 percent to Rs 538.50.
- Revenue up 1 percent at Rs 2,048 crore.
- Net profit down 3 percent at Rs 193 crore.
- Ebitda up 14 percent at Rs 252 crore.
- Margin at 12.3 percent versus 10.9 percent.
Man Infraconstruction (Q4, YoY)
- Stock rose as much as 4.3 percent to Rs 55.
- Revenue up 35 percent at Rs 222 crore.
- Net profit up 21 percent at Rs 23 crore.
- Ebitda at Rs 87 crore versus Rs 51.5 crore.
- Margin at 39.2 percent versus 31.4 percent.
Max Ventures and Industries (Q4, YoY)
- Stock fell as much as 7.7 percent to Rs 70.60.
- Revenue down 8 percent at Rs 171 crore.
- Net loss of Rs 3 crore versus net loss of Rs 6 crore.
Balkrishna Industries (Q4, YoY)
- Stock fell as much as 4.2 percent to Rs 1,145.
- Revenue up 23 percent at Rs 1232 crore.
- Net profit up 41 percent at Rs 194 crore.
- Ebitda up 16 percent at Rs 295 crore.
- Margin at 23.9 percent versus 25.5 percent.
Central Bank of India (Q4, YoY)
- Stock fell as much as 6.4 percent to Rs 62.
- Net interest income down 13 percent at Rs 1,500 crore.
- Net loss of Rs 2,113.5 crore versus net loss of Rs 592 crore.
- Provisions up 16 percent at Rs 3971 crore (QoQ).
- GNPA at 21.48 percent versus 18.08 percent (QoQ).
- NPA at 11.10 percent versus 9.45 percent (QoQ).
JK Tyre & Industries (Q4, YoY)
- Stock rose as much as 7.8 percent to Rs 155.70.
- Revenue up 6 percent at Rs 2,284 crore.
- Net profit at Rs 145 crore versus Rs 89 crore.
- Ebitda up 65 percent at Rs 329.5 crore.
- Margin at 14.4 percent versus 9.3 percent.
KEI Industries (Q4, YoY)
- Stock fell as much as 2.5 percent to Rs 427.75.
- Revenue up 39.4 percent at Rs 1,030.41 crore.
- Net profit up 40.2 percent at Rs 49.5 crore.
- Ebitda up 38.6 percent at Rs 101.02 crore.
- Margin flat at 9.80 percent.
SRF (Q4, YoY)
- Stock fell as much as 7.7 percent to Rs 2,057.20.
- Revenue up 22 percent at Rs 1,612 crore.
- Net profit down 4 percent at Rs 124 crore.
- Ebitda up 19 percent at Rs 278.5 crore.
- Margin at 17.3 percent versus 17.7 percent.
Lux Industries (Q4, YoY)
- Stock rose as much as 4.7 percent to Rs 2,080.
- Revenue up 27 percent at Rs 354.5 crore.
- Net profit at Rs 32 crore versus Rs 19 crore.
- Ebitda at Rs 57.5 crore versus Rs 37.5 crore.
- Margin at 16.2 percent versus 13.5 percent.
MIRC Electronics (Q4, YoY)
- Stock fell as much as 18.4 percent to Rs 36.70.
- Revenue down 10 percent at Rs 188 crore.
- Net profit at Rs 4 crore versus Rs 14 crore.
- Ebitda at Rs 4.5 crore versus Rs 19 crore.
- Margin at 2.4 percent versus 9.1 percent.