Employees are reflected in a glass panel as they use desktop computers while monitoring data at a securities brokerage in Mumbai. (Photographer: Dhiraj Singh/Bloomberg)

Sensex, Nifty Post Longest Losing Streak In Over Two Months

Closing Bell

Indian equity benchmarks fell for fifth day in a row, posting their longest losing streak in over two months, amid concerns that rising crude oil prices will hurt economic and profit growth.

The S&P BSE Sensex fell 0.67 percent or 232 points to 34,616 and the NSE Nifty 50 index tumbled 0.75 percent or 80 points to 10,517.

The mid- and small-cap shares underperformed their larger peers as the S&P BSE MidCap index plunged 1.6 percent and the S&P BSE SmallCap index dived 2.2 percent.

Sixteen out of 19 sector gauges compiled by BSE ended lower led by the S&P BSE Realty index's 3.1 percent drop. On the other hand, the S&P BSE IT index was the top gainer, up 0.14 percent.

Find Out All That You Missed During The Day In Countdown

DB Corp Gains On Share Buyback Proposal

Shares of the Gujarat-based newspaper publishing company rose 3 percent to Rs 258.60.

The company's board will meet on May 26 to consider a proposal to buy-back shares of the company, DB Corp said in an exchange filing.

Petronet LNG Extends Losses After March Quarter Profit Misses Estimates

Shares of the Delhi-based LNG terminal operator extended losses after its profit missed Bloomberg consensus estimates in March quarter.

The stock fell as much as 7.2 percent to Rs 203.

Key earnings highlights:

  • Net profit at Rs 523 crore versus estimate of Rs 542 crore
  • Revenue at Rs 8,640 crore versus estimate of Rs 8,160 crore

CCL Products Falls After March Quarter Earnings

Shares of the Andhra-based coffee exporter fell as much as 7 percent to Rs 296 after it reported March quarter earnings.

Key earnings highlights:

  • Margin at 22.2 percent versus 21.5 percent (YoY)
  • Consolidated EBITDA up 10.9 percent at Rs 71.1 crore versus Rs 64.1 crore (YoY)
  • Consolidated revenue up 7.4 percent at Rs 320.9 crore versus Rs 298.8 crore (YoY)
  • Consolidated net profit up 32.6 percent at Rs 47.2 crore versus Rs 35.6 crore (YoY)

Fab Four Stocks Of The Day

Sheela Foam: The Ghaziabad-based mattress maker rose as much as 13 percent, the most in over six months, to Rs 1,467 after its net profit nearly doubled in March quarter.

CMI: The Delhi-based electrical components maker rose as much as 7 percent, the most in a month, to Rs 312.80 after it emerged as HDFC Securities’ pick of the week for target price of Rs 361.

Investment rationale:

  • Higher infra spends
  • Make in India and GST to push organised domestic players
  • Recent acquisition could lead to margin expansion

Indoco Remedies: The Mumbai-based drugmaker rose as much as 8.4 percent to Rs 191.80 after it received three observations under Form 483 for API plant at Patalganga. None of the observations was critical or pertaining to data integrity.

AU Small Finance Bank: The Jaipur-based private sector lender rose as much as 4.34 percent to Rs 720.70 as it plans to raise Rs 1,000 crore from Temasek unit via share sale.

Colgate Erases Gains After Q4 Revenue Misses Estimate

Shares of the oral care consumer products maker erased gains and fell as much as 4.6 percent to Rs 1,166.20. The company's revenue during January-March quarter fell short of analyst estimates tracked by Bloomberg.

Key earnings highlights (Q4, YoY):

  • Net profit up 32.3 percent to Rs 188.8 crore (est. Rs 180 crore).
  • Revenue up 5.3 percent to Rs 1,091.7 corre (Est. Rs 1,148 crore).
  • Ebitda p 27 percent to Rs 307.6 crore.
  • Margin at 28.2 percent versus 23.4 percent.
  • One-time loss at Rs 11.65 crore.

Liquid Milk, Curd, Cheese May Drive Overall Growth: Vivek Nirmal

Vivek Nirmal, joint MD and CEO at Prabhat Dairy told BloombergQuint that the company is implementing new strategies and developing new channels for greater reach.

Key highlights from the conversation:

  • Planning to reach Rs 2,000 crore by 2020; on track to meet 2019-2020 targets.
  • Liquid milk, curd, cheese may drive overall growth.
  • Implementing new strategies, developing new channels for greater reach.
  • Have three packing stations in Maharashtra, aim to become larger player in the state.
  • Currently spending Rs 30 crore for marketing and distribution.
  • Do not expect margins to fall going further.

Equity Markets Will Remain Choppy For Sometime: Daniel Morris

Daniel Morris, senior investment strategist, BNP Paribas Asset Management in an interview to BloombergQuint said equity markets will continue to be choppy for sometime.

Key highlights from the conversation:

  • Equity markets will continue to be choppy for sometime.
  • Dollar strengthening will continue to impact emerging markets.
  • Markets believing that dollar is not going to strengthen in medium-term.
  • Latin America has benefited with surprise rally in oil prices.
  • Lower oil price at the end of this year will take away investors from Latin America.
  • Trade tensions will be a drag in these markets .
  • India valuations seems to be overstated, but hope fundamentals and brighter earnings outlook to bring back the investors.

European Stocks Inch Higher As U.S.-China Trade Dispute On Hold

European equities edge higher as traders assess a newly-declared economic truce between the U.S. and China and await details on a new government in Italy.

BEML Plunges On Heavy Volumes

Shares of the Bengaluru-based earthmoving and defence equipment maker fell as much as 8 percent, the most in over two months, to Rs 944.50 as trading volumes surged.

Trading volume was twice its 20-day average, according to Bloomberg.

Market Check: Sensex, Nifty Struggle; Broader Markets Underperform

  • Indian equity benchmarks extended losses dragged by HDFC twins, Reliance Industries and Maruti Suzuki.
  • The S&P BSE Sensex fell 0.46 percent or 161 points to 34,686 and the NSE Nifty 50 index declined 0.6 percent or 62 points to 10,534.
  • The broader markets were underperforming the benchmarks as the S&P BSE MidCap index declined 1.3 percent and the S&P BSE SmallCap index plunged 2.1 percent.
  • Fifteen out of 19 sector gauges compiled by BSE were trading lower led by the S&P BSE Realty index's 2 percent drop. On the flipside, the S&P BSE Telecom index was the top gainer, up 0.5 percent.

Top Nifty losers

  • UPL down 4 percent
  • Dr. Reddy's Labs down 3.7 percent
  • Vedanta down 2.9 percent
  • Bajaj Finance down 2.8 percent
  • Yes Bank down 2.5 percent

Top Nifty gainers

  • TCS up 2 percent
  • Bharti Infratel down 1.9 percent
  • State Bank of India down 1.5 percent
  • Coal India down 1.5 percent
  • BPCL down 1.4 percent

Click here for more stock market statistics

Reliance Communications Drops On Heavy Volumes

Shares of the Anil Ambani-led debt-laden company fell as much as 14.38 percent to Rs 13.10 on the back of heavy volumes.

Trading volume was 2.9 times its 20-day average.

Is Correction In SRF An Opportunity To Buy? Find Out On Hot Money

Tata Motors Breaks Below Rs 300 For First Time In Over Two Years

Shares of the Mumbai-based auto maker fell as much as 1.82 percent to Rs 299.05, its lowest level since Feb. 2016.

Bhushan Steel Locked In 5% Upper Circuit; NCLAT Refuses Interim Stay On Bhushan Takeover By Tata

Shares of the Delhi-based debt-ridden steel maker were locked in a five percent upper circuit at Rs 29 after National Companies Law Appellate Tribunal (NCLAT) refused interim stay on Bhushan takeover by Tata.

  • NCLAT to hear Neeraj Singal plea against Tata's Bhushan buy
  • NCLAT refuses interim stay on Bhushan takeover by Tata
  • NCLAT says Tata takeover of Bhushan subject of case outcome
  • NCLAT to hear Neeraj Singal plea on Bhushan Steel on May 30

Indiabulls Real Estate Falls After Board Approves Rs 624 Crore Buyback Proposal

Shares of the Delhi-based real estate developer fell as much as 6.51 percent to Rs 192.30.

The board of Indiabulls Real Estate Ltd today approved a buy-back plan for up to 2.6 crore fully paid-up equity shares, amounting to Rs 624 crore.

"The board of directors of the company, at its meeting held on May 18, 2018, has approved the proposal of buy-back of up to 2.6 crore fully paid-up equity shares of Rs 2 each of the company, being approx. 5.45 per cent of existing paid-up share capital of the company," Indiabulls Real Estate said in a BSE filing.

Kitex Garments Declines After Profit Drops Over 60% In Q4

Shares of the Kochi-based garment manufacturer and exporter slumped as much as 18.79 percent, the most in nearly three years, to Rs 183.50 after its profit dropped by over 60 percent in March quarter.

Key earnings highlights:

  • Revenue down 26 percent at Rs 131 crore.
  • Net profit down 63 percent at Rs 10 crore.
  • Ebitda down 62 percent at Rs 18 crore.
  • Margin at 13.7 percent versus 26.8 percent.

Jaiprakash Associates Plunges 30% On Heavy Volumes

Shares of the Noida-based construction power and cement company fell as much as 29.51 percent, the most in nearly three years, to Rs 12.30 on the back of heavy volumes.

Trading volume was 4.9 times 8its 20-day average.

Crisis-ridden Jaiprakash Associates Ltd. has decided to appeal against the National Company Law Tribunal order that directed the company to return nearly 760-acre land to its subsidiary Jaypee Infratech, while declaring the transfer of the land as "fraudulent" and "undervalued".

The order came over a petition filed by Jaypee Infratech’s resolution professional Anuj Jain in the NCLT seeking direction over the transactions entered by the company's promoters, creating mortgage on its 858 acres to secure debt for Jaiprakash Associates.

Alembic Pharma Drops On Receiving Form 483 With One Observation

Shares of the Vadodara-based drugmaker fell as much as 7.2 percent, the most in over three months, to Rs 431.85 after it received a Form 483 from U.S. FDA.

Alembic Pharma received the Form 483 with one observation for its Karkhadi manufacturing facility for inspection conducted between May 14-18, the company said in an exchange filing.

Ashok Leyland Tumbles After Reporting Weak Margins In Q4

Shares of the Chennai-based commercial vehicle maker fell as much as 6.57, the most in over three months, to Rs 138.65.

Ashok Leyland's profit met analyst estimates in March quarter but reported weak operating margins which led to sharp fall in Ashok Leyland's shares in today's session.

The operating income or the earnings before interest, tax, depreciation and amortisation rose 41.5 percent to Rs 1,032.6 crore as compared to the same quarter last year while the operating margin expanded 80 basis points to 11.8 percent versus estimate of 12 percent.

Find Out About Outlook On Demand For White Goods & More

Indostar Capital Lists At 5% Premium Over Issue Price

Non-banking finance company Indostar Capital Finance Ltd. listed at a premium of 4.9 percent at Rs 600 per share on the BSE, compared with its issue price of Rs 572. The stock rose as much as 6.08 percent to Rs 606.8 in early trades.

The Rs 1,844-crore initial public offering was subscribed 6.8 times during May 9-11. A combination of fresh issue and offer for sale, the IPO would see Everstone Capital-led promoter group IndoStar sell 1.85 crore equity worth Rs 1,058 crore at the upper end of the price band. The price band for the offer had been fixed at Rs 570-Rs 572.

Kalyani Steels Falls After Profit Declines In Q4

Shares of the Pune-based steel maker fell as much as 5 percent to Rs 280.05 after its profit declined in March quarter.

Key earnings highlights:

  • Revenues up 12 percent at Rs 356 crore.
  • Net profit down 21 percent at Rs 30 crore.
  • Ebitda down 10 percent at Rs 55 crore.
  • Margin at 15.4 percent versus 19.2 percent.

Sheela Foam Rises After March Quarter Profit Jumps 88%

Shares of the Ghaziabad-based mattress maker rose as much as 3.81 percent, the most since April 2, to Rs 1,349 after its net profit nearly doubled in March quarter.

Key earnings highlights:

  • Revenue up 15 percent at Rs 528 crore.
  • Net profit up 88 percent at Rs 32 crore.
  • Ebitda up 121 percent at Rs 53 crore.
  • Margin at 10 percent versus 5.2 percent.

Karnataka Verdict Could Result In More Populist Moves: Mizuho Bank

Karnataka verdict will not work in favour of BJP could it be a road block for the markets, Tirthankar Patnaik of Mizuho Bank told BloombergQuint in an interview.

Key conversation highlights:

  • Karnataka election showed PM's presence has a significant impact
  • Karnataka verdict could result in more populist moves by the government
  • Would not be surprised if consensus earnings estimates are revised downward
  • If crude stays above $75 a barrel government’s fiscal math can change
  • Clearly there is a cap on upside for markets from here on
  • Fiscal deficit could shoot to 3 percent in next fiscal
  • Macro overhang is back to haunt Indian markets after 2013
  • Central bank will look at rate hike which will hurt equity markets
  • Rupee depreciation should help earnings of IT, pharma and metal companies

Sugar Stocks Surge In An Otherwise Subdued Session

Shares of sugar manufacturers were trading higher in an otherwise weak session led by strong gains in Dwarikesh Sugar and Dhampur Sugar Mills.

F&O Check: Nifty 10,700 Call Drops Over 40%, OIL Rises 18.6%

Nifty 10,700 strike price call was among the most active option contracts on the National Stock Exchange.

The premium on the contract fell 41 percent to Rs 28.40. Over 6.24 lakh shares were added to the open interest which stood at over 39.87 lakh shares.

The F&O Show: Find out Is Put Strike Unwinding Paving Way For Further Fall In Nifty?

Click here for complete options chain

Do Not See Clear Majority In Upcoming General Elections: Rahul Chadha

India’s valuations are not cheap compared to China and South Korea and there will not be clear majority in the upcoming general elections, Rahul Chadha, co-chief investment officer at Mirae Asset Global Investments told BloombergQuint in an interview.

Key conversation highlights:

  • Macro picture neutralising micro scenario in India
  • India valuations not cheap compared to China and South Korea
  • Financial services a good way to play the consumption story
  • Auto valuations look reasonable at current levels
  • Technology may outperform due to currency depreciation but may not last

Century Textiles Falls, UltraTech Gains After Century Agrees To Merge Cement Business

Shares of Century Textile fell as much as 9 percent while UltraTech Cement surged as much as 4 percent after the former decided to carve out its cement business and merge it with India’s largest cement maker as it looks to pare debt and focus on its real estate business.

Ultratech will get three integrated cement units of Century Textiles in Madhya Pradesh, Chhattisgarh and Maharashtra with a total capacity of 11.4 million tonnes per annum and a grinding unit in West Bengal of 2 mtpa. The transaction is subject to necessary approvals and is likely to be completed within 6-9 months.

  • Enterprise value of the grinding unit stands at Rs 536 crore or $40 per tonne.
  • Enterprise value of its cement plants stands at Rs 8,085 crore or $106 per tonne.
  • The deal does not consider the upcoming 1.2 mtpa cement plant and 0.7 mtpa clinker.

Also Read: Century Textiles To Spin Off Cement Business, Merge It With UltraTech

Opening Bell

Indian equity benchmarks were trading on a subdued note as gains in State Bank of India, ICICI Bank and Tata Steel were offset by losses in Maruti Suziki, Infosys and Sun Pharma.

The S&P BSE Sensex fell 0.22 percent or 78 points to 34,770 and the NSE Nifty 50 index declined 0.21 percent or 21 points to 10,575.

Sixteen out of 19 sector gauges compiled by BSE were trading lower led by the S&P BSE Auto index's 0.74 percent drop. On the flipside, the S&P Basic Materials index was the top gainer, up 0.14 percent.

The mid- and small-cap shares were underperforming their larger peers as the S&P BSE MidCap index declined 0.6 percent and the S&P BSE SmallCap index fell 0.4 percent.

Rupee Opens Lower Against U.S. Dollar

  • Rupee opened lower at 68.08 per U.S. dollar against Friday's close of 68.00.

Money Market Heads Up: Rupee Seen Opening Lower Against Dollar

Indian rupee is likely to remain under pressure in today's session as surging oil prices weigh on the nation’s economy after Prime Minister Narendra Modi’s Bharatiya Janata Party failed to form a government in Karnataka.

Developments in Karnataka may adversely impact rupee as it adds to political risk premia in a pre-election year, Kotak Securities said in a note. However, it being a state election, the impact may not last beyond a couple of a trading sessions, Kotak said, expecting the rupee to trade in a range of 67.70 and 68.50 levels on spot for this week.

Bond markets faces another heavy supply week with states to sell Rs 8,750 crore of bonds Tuesday, central government to sell Rs 15,000 crore of T-bills on Wednesday and Rs 12,000 crore of bonds on Friday.

Brokerage Radar: Macquarie Maintains Underperform On Bajaj Auto

Macquarie On Strides Shasun

  • Downgraded to ‘Neutral’ and cut target price to Rs 398.
  • Fourth quarter performance was a huge dampener.
  • U.S.-partnered portfolio shrunk significantly from nearly $25 million in the third quarter to $7 million in fourth quarter.
  • Business in Australia is on track and will grow in early double digits in 2018-19.
  • Cut financial year 2018-19’s EPS estimates sharply by 52 percent and by 50 percent for the next financial year to reflect structural issues.

Macquarie On Bajaj Auto

  • Maintained ‘Underperform’ with a target price of Rs 2,800.
  • Downside risk to the street’s expectations for Bajaj Auto’s operating margin.
  • Domestic motorcycle market share is running hard to stand still.
  • Expect Bajaj’s exports to grow 12 percent by March 2019.

Macquarie On Ashok Leyland

  • Maintained ‘Underperform’ with a target price of Rs 113.
  • Volume growth drives margin improvement in the fourth quarter.
  • Decline in the market share of the medium and heavy commercial vehicles segment in the fourth quarter.
  • Commercial vehicles demand likely to remain strong in the ongoing and next financial year.
  • Stock is trading at a 30 percent premium to its historical average valuation.

Nomura On Bajaj Auto

  • Maintained ‘Neutral’ with a target price of Rs 3,252.
  • Domestic two-wheeler performance remains weak due to high competition.
  • Three-wheeler exports benefitted from a recovery in Egypt and new markets.

Nomura On Amara Raja

  • Maintained ‘Buy’ with a target price of Rs 1,046.
  • Fourth quarter results below Nomura’s consensus estimates.
  • Management indicated that telecom demand remained muted.
  • Lead prices have started coming down, which should support margins.
  • Operating margin came at 13.3 percent, below their estimate of 16 percent.

Investec On Bajaj Finserv

  • Maintained ‘Buy’ and raised the target price to Rs 6,510 from Rs 5,615.
  • Turnaround was sustained in life insurance.
  • Life insurance capital utilisation to improve.

Who's Meeting Whom

  • PNB Housing Finance to participate in non-deal roadshow organised by Credit Suisse from May 22 – May 24.
  • Newgen Software to participate in non-deal roadshow organized by ICICI Securities from May 21 – 23.
  • Majesco to meet several fund houses from May 21 – June 6.
  • Endurance Tech to meet Wasatch Advisors on May 21.
  • Cholamandalam Investment & Co to meet several fund houses including Axis Capital, Spark Capital and KR Choksey from May 21 – 25.

Bulk Deals, F&O Cues And Listing To Watch!

Bulk Deals

  • Welspun Enterprises: Promoter Balkrishan Goenka Welspun Group Master Trust bought 14.11 lakh shares or 1 percent equity at Rs 178.5 each.
  • Manali Petrochemicals: KIFS Enterprises bought 10 lakh shares or 0.6 percent equity at Rs 44.69 each.
  • Max Ventures: Indgrowth Capital Fund I bought 5.37 lakh shares or 0.7 percent equity at Rs 74.7 each.
  • Kaveri Seeds: Ashoka PTE sold 6.60 lakh shares or 1 percent equity at Rs 500.13 each.

ADF Foods

  • Alpana S Dangi bought 5.75 lakh shares or 2.7 percent equity at Rs 270 each
  • Promoter Bhavesh Ramesh Thakkar HUF sold 5.24 lakh shares or 2.5 percent equity at Rs 270 each

Balrampur Chini Mills

  • California Public Employees' Retirement System bought 12.85 lakh shares or 0.6 percent equity at Rs 62.27 each.
  • Morgan Stanley France SAS sold 11.45 lakh shares or 0.5 percent equity at Rs 62.66 each.

F&O Cues: 11,000 May Series Call OI Rises 2%

  • Nifty May Futures closed trading at 10,597 with premium of 0.6 points versus 13.5 points
  • All series-Nifty open interest (OI) up 2 percent & Bank Nifty OI down 6 percent
  • India VIX ended at 14.1, up 5.5 percent
  • Max OI for May series call at 11,000 strike price call option, OI at 58.4 lakh, up 2 percent
  • Max OI for May series put at 10,500 strike price put option, OI at 53.7 lakh, up 1 percent

Active Stock Futures

Listing Today

  • Indostar Capital Finance to list on exchanges today. IPO price at Rs 572/share.

Earnings Today: Just Dial, Petronet, DLF And More!

  • Aster DM Healthcare
  • Astrazeneca Pharma
  • Colgate Palmolive
  • DLF
  • Future Retail
  • Just Dial
  • Mahanagar Gas
  • Motilal Oswal Financial Services
  • Petronet LNG
  • Timken India
  • TTK Prestige

Earnings Reaction To Watch

Bajaj Holdings & Investment (Q4, YoY)

  • Revenue up 23 percent at Rs 221 crore.
  • Net profit up 42 percent at Rs 801 crore.
  • Share of profit after tax of associates up 38 percent at Rs 599 crore versus Rs 432.5 crore

Prabhat Dairy (Q4, YoY)

  • Revenue up 7 percent at Rs 405 crore.
  • Net profit at Rs 18 crore versus net loss of Rs 2 crore.
  • Tax credit of Rs 0.3 crore in current quarter versus tax outgo of Rs 14 crore in base quarter.
  • Ebitda up 37 percent at Rs 41 crore.
  • Margins at 10.1 percent versus 8 percent.

Sheela Foam (Q4, YoY)

  • Revenue up 15 percent at Rs 528 crore.
  • Net profit up 88 percent at Rs 32 crore.
  • Ebitda up 121 percent at Rs 53 crore.
  • Margin at 10 percent versus 5.2 percent.

Tata Chemicals (Q4, YoY)

  • Revenue up 2 percent at Rs 2,555 crore.
  • Net profit up 4 times at Rs 1,169 crore.
  • Exceptional gain of Rs 1,267 crore in current quarter from sale of fertilizer business.
  • Ebitda up 8 percent at Rs 512.5 crore.
  • Margin at 20.1 percent versus 18.9 percent.

Asian Granito India (Q4, YoY)

  • Revenue up 18 percent at Rs 392 crore.
  • Net profit up 6 percent at Rs 17 crore.
  • Ebitda up 3 percent at Rs 36 crore.
  • Margin at 9.2 percent versus 10.5 percent

Den Networks (Q4, YoY)

  • Revenue down 1 percent at Rs 315 crore.
  • Net loss of Rs 10 crore versus net loss of Rs 60 crore.
  • Exceptional loss of Rs 31 crore.
  • Ebitda flat at Rs 56 crore.
  • Margin at 17.8 percent versus 17.7 percent.

Inox Wind (Q4, YoY)

  • Revenue down 80 percent at Rs 203 crore.
  • Net profit down 56 percent at Rs 56 crore.
  • Ebitda loss of at Rs 30 crore versus Ebitda profit of Rs 229 crore.
  • Margins at -14.8 percent versus 22.5 percent.

Manappuram Finance (Q4, YoY)

  • Net interest income up 2 percent at Rs 622 crore versus Rs 609 crore.
  • Net profit down 9.5 percent at Rs 182 crore versus Rs 201 crore.

Thermax (Q4, YoY)

  • Revenue down 3 percent at Rs 1443 crore.
  • Net profit at Rs 76 crore; one-time loss of Rs 65 crore in base quarter.
  • Ebitda down 20 percent at Rs 138.5 crore.
  • Margin at 9.6 percent versus 11.6 percent.

Kalyani Steels (Q4, YoY)

  • Revenues up 12 percent at Rs 356 crore.
  • Net profit down 21 percent at Rs 30 crore.
  • Ebitda down 10 percent at Rs 55 crore.
  • Margin at 15.4 percent versus 19.2 percent.

Future Lifestyle Fashions (Q4, YoY)

  • Revenue down 1 percent at Rs 977 crore.
  • Net profit down 64 percent at Rs 26 crore.
  • Exceptional gain of Rs 13 crore and tax credit of Rs 11 crore in base quarter.
  • Ebitda down 5 percent at Rs 88 crore versus Rs 93 crore.
  • Margin at 9.0 percent versus 9.4 percent.

Kitex Garments (Q4, YoY)

  • Revenue down 26 percent at Rs 131 crore.
  • Net profit down 63 percent at Rs 10 crore.
  • Ebitda down 62 percent at Rs 18 crore.
  • Margin at 13.7 percent versus 26.8 percent.

Sobha (Q4 Consolidated, YoY)

  • Revenue up 31.8 percent at Rs 769.6 crore.
  • Net Profit up 39.1 percent at Rs 65.4 crore.
  • EBITDA up 23.8 percent at Rs 136.4 crore.
  • EBITDA margin at 17.7 percent vs 18.9 percent.

Stocks To Watch: Century Textiles, Alembic Pharma, Tata Steel And More!

  • Century Textiles to demerge cement division and merges it with UltraTech Cement.
  • Endurance Tech says entitled for Rs 283 crore industrial promotion subsidy.
  • Alembic Pharma gets one Form 483 observation on Karkhadi API unit.
  • Strides Shasun board approved merger of Arrow Remedies and Fargis Medica with self.
  • Indoco Remedies received three observations under Form 483 for API plant at Patalganga.
  • Indiabulls Real Estate to buy back 2.6 crore equity shares (5.45 percent) at Rs 240 each.
  • RBI imposed monetary penalty of Rs 5 crore on South Indian Bank: Bloomberg.
  • Tata steel completed acquisition of 72.65 percent in Bhushan Steel.
  • AU Small Finance Bank to raise Rs 1,000 crore from Temasek via share sale.

Talking Points

Good Morning!

The Singapore-traded SGX Nifty, an early indicator of NSE Nifty 50 Index’s performance in India rose 0.18 percent to 10,633 as of 8:05 a.m.

Asian stocks fluctuated at the open on Monday even as U.S. equity futures jumped in the wake of news that the Sino-American trade war is on hold for now. Treasury yields nudged higher, taking the up dollar with them.

Commodities

  • West Texas Intermediate crude rose 0.5 percent to $71.62 a barrel Monday.
  • Gold lost 0.2 percent to $1,290.80 an ounce.
  • Copper futures fell 0.1 percent to $6,847.50 a metric ton.

Here are some key events to watch this week:

  • On Monday, Philadelphia Fed President Patrick Harker, Atlanta Fed President Raphael Bostic and Minneapolis Fed President Neel Kashkari speak at various events.
  • Brexit negotiations resume in Brussels Tuesday, and South Korea’s president visits Washington to discuss North Korea
  • Also Tuesday, Facebook founder and CEO Mark Zuckerberg will appear before the European Parliament on his company’s use of personal data.
  • Federal Reserve releases minutes of policy makers’ May 1-2 meeting on Wednesday; U.S. new home sales will also be released as will the euro-area and Japan PMIs.
  • Thursday sees the Bank of England Markets Forum at Bloomberg London. Speakers include BOE Governor Mark Carney and New York Fed President William Dudley.
  • At the St. Petersburg Forum Friday, Presidents Putin and Emmanuel Macron, IMF Managing Director Christine Lagarde, and Japan Prime Minister Shinzo Abe participate on a panel moderated by Bloomberg News editor-in-chief John Micklethwait.
  • Also Friday, European Union finance ministers discuss the latest on Brexit talks, in Brussels.
BloombergQuint
Stay Updated With Stock Market News on BloombergQuint