Sensex, Nifty Fall; Rupee At Record Low As Turkey Rout Spreads

Indian equity benchmarks fell for second consecutive day, and the rupee slumped to an all-time low of 69.86 per dollar, as the ongoing economic crisis in Turkey bled into the global markets.

The S&P BSE Sensex fell 0.59 percent or 224 points to 37,645 and the NSE Nifty 50 index tumbled 0.65 percent or 74 points to 11,356.

Rupee was the worst Asian currency in today’s trade as it fell the most against the U.S. dollar after Turkish lira slumped for a fourth day to a new record low. The sell-off spilled over to other emerging-market currencies after the country’s president showed no signs of backing down in a standoff with the U.S.

Eight out of 11 sector gauges compiled by National Stock Exchange ended lower dragged by the Nifty PSU Bank index's 3.2 percent drop. On the flipside, the Nifty IT index was top gainer, up 1.4 percent.

The mid- and small-cap shares also ended lower as the Nifty Midcap 100 index fell 0.65 percent and the Nifty Smallcap 100 index declined 1 percent.

• Infosys has 12 lakh shares change hands in a block. Stock up 1.7 percent at record high of Rs 1,409.

Buyers and sellers were not immediately known

Source: Bloomberg

• The Indian rupee extended decline and fell to a fresh all-time low of 69.80 against the U.S. dollar.

Shares of the Thane-based pharma company rose as much as 7 percent to Rs 589.98 after its net profit doubled in June quarter.

Key earnings highlights:

• Net profit at Rs 23.37 crore versus Rs 11.38 crore (YoY)
• Revenue at Rs 374.29 crore versus 277.20 crore (YoY)

Shares of the Jalgaon-based micro-irrigation systems maker swung between gains and losses after it reported June quarter earnings.

Key earnings highlights:

• Net profit up at Rs 81.75 crore versus Rs 44.33 crore (YoY)
• Revenue up 21 percent at Rs 2,092 crore versus Rs 1,733 crore (YoY)

Shares of the Ahmedabad-based drugmaker fell as much as 4.89 percent to Rs 358.70 after it reported June quarter earnings.

Key earnings highlights:

• Net profit more than triples to Rs 460.5 crore versus Rs 138.4 crore (YoY)
• Revenue up 28 percent at Rs 2,769 crore versus Rs 2,155 crore (YoY)
• U.S. sales up 27 percent at Rs 1,230 crore

European equities extended last week’s retreat as banking shares tumbled amid concerns about the Turkish economic crisis affecting liabilities of the region’s lenders.

Shares of the Mumbai-based department store chain operator declined 1.5 percent to Rs 37.05 after it reported second quarterly loss.

Key earnings highlights:

• Net loss at Rs 30.35 crore versus loss of Rs 45.46 crore (YoY)
• Revenue at Rs 1,018 crore versus Rs 1,041 crore (YoY)

• Indian equity benchmarks trimmed losses after IT shares rose as rupee traded near record low levels.
• The S&P Sensex fell 0.3 percent to 37,760 and the NSE Nifty 50 index declined 0.3 percent to 11,399.
• Eight out of 11 sector gauges compiled by National Stock Exchange were trading lower led by the Nifty PSU Bank index 1.5 percent drop. On the other hand, the Nifty IT index was top gainer, up 1.3 percent.
• The overall market breadth was negative as 1,587 shares were declining while 1,027 were advancing on BSE.

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• 3M India: The Bengaluru-based container and packaging company rose as much as 3.87 percent to record high of Rs 25,400. Trading volume was 8.6 times its 20-day average.
• APL Apollo: The Delhi-based steel tubes and pipes maker fell as much as 2.7 percent to Rs 1,713. Trading volume was 17.1 times its 20-day average.
• Finolex Industries: The Pune-based PVC pipes maker rose as much as 19.56 percent to Rs 712.90. Trading volume was 9.7 times its 20-day average.
• Gujarat Mineral Development Corporation: The Ahmedabad-based mining company rose as much as 5 percent to Rs 123. Trading volume was 8 times its 20-day average.

Shares of the country's largest infrastructure construction company rose as much as 1.12 percent to Rs 1,287.80 after it won construction orders worth Rs 3,028 crore, the company said in an exchange filing.

Shares of the Chennai-based television channel operator fell as much as 6.2 percent to Rs 775.30 after it reported June quarter earnings.

Key earnings highlights:

• Revenue up 42.5 percent at Rs 1,120.4 crore.
• Net profit up 62.6 percent at Rs 409.2 crore.
• Ebitda up 63.9 percent at Rs 734.8 crore.
• Margin at 65.6 percent versus 57 percent.

Shares of the Chennai-based matrimony website operator fell as much as 4.8 percent to Rs 576 after Smaller Cap World Fund Inc. sold 3.43 lakh shares or 1.5 percent equity at Rs 666.98 each in Friday's session.

Shares of the information technology companies were trading higher after rupee fell to a record low of 69.61 per dollar as turmoil in Turkey sparked worries of potential market contagion.

A weak rupee augurs well for IT companies as they earn sizeable chunk of revenues in dollars.

Nifty IT index was the top sectoral gainer, the index rose as much as 0.95 percent to a record high of 14,819.

Shares of the Mumbai-based airline fell as much as 3.5 percent to Rs 266.35 on report that aviation regulator DGCA is set to conduct a financial audit of Jet Airways amid concerns over the financial health of the company, Press Trust of India reported citing a source.

Nifty 11,300 strike price put option was among the most active put option contracts on the National Stock Exchange.

Premium on the contract rose 31 percent to Rs 85.55. Over 2.6 lakh shares were reduces from the open interest which stood at over 38.45 lakh shares.

Click here to see the complete options chain

Shares of the Delhi-based jewellery retailer rose 5.88 percent to Rs 107 after it reported June quarter earnings.

Key earnings highlights:

• Revenue up 14.6 percent at Rs 2,423.2 crore.
• Net profit up 4.5 percent at Rs 141.9 crore.
• Ebitda up 5.5 percent at Rs 248.4 crore.
• Margin at 10.3 percent versus 11.1 percent.

Aditya Puri, managing director at HDFC Bank in an investor conference call said there was no acrimony with Paresh Sukthankar and it was a graceful exit for him.

Highlights from HDFC Bank conference call:

• Very sorry to see Paresh go; there is no acrimony and it is a graceful exit
• Paresh's exit is a shock to us and a loss to us
• Depth and size of the bank is not subject to any individual; not even to me
• Global tightening and trade uncertainties to result in volatile flows
• This will not affect normal functioning of the bank
• 75 percent of my transition has already been baked in
• Paresh was a contender for the position of the MD
• Paresh Sukthankar's resignation has nothing to do with who will be a successor at HDFC Bank
• Do not want to stretch and go in other geographies

We remain positive on private sector lenders and lending growth is likely to increase to 16 percent gradually, Dhananjay Sinha, head of research at Emkay Global told BloombergQuint in an interview.

Key highlights of the interview:

• Rising yields resulting in margin compression
• The pain with reference to credit cost is seen continuing
• From a longer-term perspective, private lenders to gain market share
• On a sequential basis, inflationary pressure to go up
• Yet to see the impact of MSP hike
• See the possibility of a rate hike or two in FY19
• Rupee depreciation neutralising higher costs for IT companies
• More inclined towards software-based IT companies like Intellect etc.
• Underweight on capital goods sector

Indian equity benchmarks declined, and the rupee hit an all-time low of 69.61 against the dollar, as turmoil in Turkey sparked worries of potential market contagion.

The S&P BSE Sensex fell 0.76 percent or 288 points to 37,581 and the NSE Nifty 50 index declined 0.74 percent or 85 points to 11,344.

Most global equities and currencies fell as Turkey’s lira extended its slide to record lows after the nation’s president showed no signs of backing down in a standoff with the U.S.

While the rupee seemed to be tracking losses in its emerging-market peers, Bhaskar Panda, senior vice president, and regional treasury advisory group, at HDFC Bank said the weakness is overdone. “The immediate support for the home unit stands around 69.60-70 levels.”

Sixteen out of the 19 sector gauges compiled by BSE Ltd. were trading lower led by the S&P BSE Metal index’s 1.4 percent drop. The S&P BSE IT index bucked the trend, rising 0.6 percent.

Rupee fell as much as 0.94 percent or 65 paise to an all-time low of 69.48 per dollar amid ongoing financial crisis in Turkey which has spooked investors from riskier assets.

It is a sea of red in the currency market as the probability of Turkey heading for a financial crisis and a tumbling lira has spooked investors from riskier assets.

The implied opening from forwards suggest the rupee may open sharply lower at 69.4875 a dollar. For the day, stocks and the risk appetite will determine the local unit's direction.

India's consumer prices likely rose 4.47 percent in July compared to 5 percent gain in June, according to a Bloomberg news survey.

This CPI data is the key data investors will be watching today. Yield on the 10-year benchmark fell one basis point, recording its sixth weekly decline - the longest stretch of weekly declines since June 2017. For today, it is likely to stay between 7.72-7.80 percent in the day.

CLSA on IPCA

• Maintained ‘Sell’; raised target price to Rs 600 from Rs 560
• Strong revenue, but weak margins in June quarter.
• Sales and margin guidance for the current financial year is achievable.
• Delay in resolution of U.S. sites not factored in current valuations.

Kotak on Union Bank

• Maintained ‘Add’; cut target price to Rs 120 from Rs 130.
• Drop in credit cost and improvement in NIM drive earnings.
• Lot more positive commentary; Likely to reflect in next few quarters.
• Earnings growth trends are likely to be volatile in the medium term.

Macquarie on NCC

• Maintained ‘Buy’ with a target price of Rs 177.
• Handsome beat all round.
• Current order book gives strong revenue visibility.
• Await revenue and margin guidance details.

Deutsche Bank on Aditya Birla Capital

• Maintained ‘Buy’; cut target price to Rs 190 from Rs 195.
• Growth mixed even as margins improve.
• Life Insurance continues to see strong improvement.
• NBFC, AMC growth slows but margins rally.
• One of the strong plays on India's financialisation and formalisation themes.

BofAML on Indian Oil Corp

• Maintained ‘Buy’ with a target price of Rs 210.
• June quarter was supported by massive inventory gains.
• Strong headline marketing Ebitda.
• Significant increase in core run rate needed.
• ONGC stake sale overhang receding; sale by Government of India could still happen in the current financial year.

IDBI Capital on PVR

• Maintained ‘Buy’ with a target price of Rs 1,406.
• PVR to acquire of SPI Cinemas to strengthens presence in Southern market.
• PVR has paid premium valuation, but EV/screen similar to DT Cinemas acquisition.
• SPI’s operating metrics and operating margin TDA margin better than that of PVR.
• Recent deals with Bookmyshow and PayTM to support internal accruals.
• PVR’s FY18 EPS to increase by 2.3 percent post deal.

Brokerages On SBI

Macquarie

• Maintained ‘Neutral’ with a target price of Rs 281.
• June quarter review: Loss again, but hope refuses to die.
• Key negative was large slippages outside the watchlist and weak loan growth.
• Sanctity of stressed asset guidance a big question mark.
• Key positive was improvement in the provision coverage ratio.

Deutsche Bank

• Maintained ‘Buy’; raised target price to Rs 365 from Rs 330.
• High MTM and credit provisioning impact earnings.
• Slippages still elevated, but strong recoveries aid NPL reduction.
• Expect earnings recovery from the current quarter.

Kotak

• Maintained ‘Buy’ with a target price of Rs 370.
• Several one-offs across various segments; High investment provisions drive loss.
• Much-awaited recovery in NPLs has begun to take shape.
• All conditions in place for re-rating as NPLs on positive downward trajectory.

Brokerages On Coal India

BofAML

• Maintained ‘Buy’ with a target price of Rs 335.
• Ebitda and net profit inline with estimates.
• Profitability rises despite sales mix deterioration.
• Strong volume outlook on power growth and restocking.
• Coal India’ coal is cheaper and preferred source vs imports.

Goldman Sachs

• Maintained ‘Neutral’; cut target price to Rs 290 from Rs 293.
• Net profit miss largely driven by lower revenues and higher employee costs.
• FSA volumes higher due to higher coal supply to power plants, leading to lower e-auction sales.
• Maintain Neutral as risk-reward for the stock to be balanced.

Brokerages On Hindalco

Deutsche Bank

• Maintained ‘Buy’ with a target price of Rs 280.
• June quarter’s operating performance in line.
• Higher realisation reduced by higher transfer prices for alumina.
• Improving product mix to drive earnings.

JPMorgan

• Maintained ‘Overweight’ with a target price of Rs 355.
• Combined with Utkal, a strong quarter.
• Copper volume down but strong by-product aid; volume ramp up to improve further.
• Remains well placed across the chain with attractive valuations.

Brokerages On GAIL

JPMorgan

• Maintained ‘Neutral’; raised target price to Rs 360 from Rs 330.
• Strong crude drove record marketing Ebitda.
• Petchem recovery a positive; key disappointment was in LPG segment.
• Potential near-term catalyst is tariff hikes.

CLSA

• Maintained ‘Buy’; raised target price to Rs 435 from Rs 405.
• June quarter beat on all fronts.
• U.S. LNG drives sharply higher gas trading profits and lower opex.
• All segments outperform other than gas transmission.
• Gas in GST, tariff hike, curb on petcoke use and more city gas wins are triggers in the second half of the current financial year.

Brokerages On On Sun TV

Axis Capital

• Maintained ‘Buy’ with a target price of Rs 1,200; implying a potential upside of 45 percent from the last regular trade.
• Earnings beat on IPL.
• Ad revenue growth remains strong; dependence on TN cluster has declined.
• Subscription revenue growth trend – full benefits from Arasu yet to come in.
• Sun TV intends to increase the payout going ahead.

IDFC Securities

• Maintained ‘Outperform’; cut target price to Rs 979 from Rs 1,124.
• June quarter beat on all fronts.
• Strong IPL performance; promoters capping their salary at 2017-18 levels.
• Cut estimates to factor in entry in new markets and launch of flanking channels.

Brokerages On Voltas

Deutsche Bank

• Maintained ‘Hold’; raised target price to Rs 500 from Rs 490.
• Strong outcome in a tough environment.
• Projects business strong.
• Worst not over for cooling business; expect margin decline.
• Cooling business valuations look high, but at discount to peers.

CLSA

• Maintained ‘Sell’; raised target price to Rs 480 from Rs 460.
• Weak June quarter: AC disappoint; hope shifts to festive season.
• AC market shift on faster move towards inverter ACs.
• With AC business trading at high valuation, stock not ready for any negative surprises.

Brokerages On Indraprastha Gas

Deutsche Bank

• Maintained ‘Buy’ with a target price of Rs 320.
• Strong June quarter results driven by robust volume growth.
• Fuel oil ban in NCR to revive PNG growth.
• Margins to improve on price hike taken in May.

CLSA

• Maintain Buy.
• Miss on margins offset by much stronger volume growth.
• Strong growth across segments; Industrial/commercial segment surprises.
• Margins to improve further after recent out-of-turn hike in end-May’18.

Brokerages On Aurobindo Pharma

Kotak

• Maintained ‘Neutral’ with a target price of Rs 640.
• Strong on revenues; one-off provisions impact profitability.
• Strong pipeline for 2018-19 positions Aurobindo for growth.
• Believe Aurobindo is well positioned to gain volumes in the U.S.

CLSA

• Maintained ‘Underperform’; raised target price to Rs 640 from Rs 630.
• June quarter’s net profit missed estimate due to weak margins.
• Margins impacted by provisioning for product recalls and higher input costs.
• U.S. still has high base challenge.

Brokerages On Dr Lal PathLabs

CLSA

• Maintained ‘Buy’ with a target price of Rs 1,320.
• In-line sales; 50 basis points beat on Ebitda margin.
• Third-consecutive quarter of above 25 percent volume growth.
• Competitive intensity remains stable.
• Volumes likely to continue moving from unorganised to organised.

Kotak

• Maintained ‘Reduce’; raised target price to Rs 900 from Rs 865.
• Strong start to the year; increased focus on wellness and bundled packages encouraging.
• Believe structural trends remain favourable.
• Rich valuations adequately price in growth narrative.

Who’s Meeting Whom

• Graphite India to meet investors from Aug. 13-14.
• Mahindra Logistics to meet Edelweiss Securities on Aug. 13.
• Mahanagar Gas to meet investors from Aug. 13-17.
• Sharda Cropchem to meet investors on Aug 13.

Insider Trades

• JSW Steel promoter acquired 5.50 lakh shares from Aug. 7-8.
• Raymond promoter acquired 25,000 shares from Aug. 8-9.
• NOCIL promoter Mafatlal Industries sold 31,000 shares from Aug. 8-9.
• Ultramarine & Pigments acquired 78,200 shares on Aug. 10.
• Srikalahasthi Pipes promoters acquired 28,200 shares from Aug 8-9.
• Menon Bearings promoters acquired 46,000 shares on Aug. 8.
• Manpasand Beverages promoter acquired 10,000 shares on Aug 9.

(As reported on Aug. 10)

Bulk Deals

• Matrimony.com: Smaller Cap World Fund Inc. sold 3.43 lakh shares or 1.5 percent equity at Rs 666.98 each.
• Laurus Labs: Promoter Nagarani Chava bought 5.70 lakh shares or 0.5 percent equity at Rs 444.99 each.

AU Small Finance Bank

• Redwood Investment Ltd. sold 2.40 crore shares or 8.3 percent equity at Rs 638 each.
• Ourea Holdings Limited sold 28.79 lakh shares or 1 percent equity at Rs 638 each.
• Nomura India Investment Fund Mother Fund bought 1.14 crore shares or 4 percent equity at Rs 638 each.
• Kotak Mahindra Mutual Fund bought 23.50 lakh shares or 0.8 percent equity at Rs 638 each.

F&O Cues

• Nifty August futures ended at 11,439.2, with a premium of 9.7 points versus 16.8 points.
• August series- Nifty open interest up 0.6 percent and Bank Nifty OI down 5.4 percent.
• India VIX ended at 12.8, up 1.3 percent.
• Max OI for August series call at 11,500 strike price call option, OI at 41.5 lakh shares, up 12 percent.
• Max OI for August series put at 11,000 strike price put option, OI at 50.7 lakh shares, down 3 percent.

Nifty Earnings To Watch

• Tata Steel

Other Earnings To Watch

• Abbott India
• Apex Frozen Foods
• Ashoka Buildcon
• AstraZeneca Pharma
• Cadila Healthcare
• CARE Ratings
• Cochin Shipyard
• Dewan Housing
• Dredging Corp. of India
• Finolex Cables
• Godrej Industries
• Greaves Cotton
• Himadri Speciality Chemical
• Hindustan Aeronautics
• IL&FS Transportation
• India Tourism Development
• Jai Corp
• Jain Irrigation
• Oil India
• Oracle Financial
• Repco Home Finance
• Sadbhav Engineering
• Shilpa Medicare
• Sonata Software
• Sunteck Realty
• Tata Chemicals
• Vardhman Textiles

Earnings Reaction To Watch

Sun TV Network (Q1, YoY)

• Revenue up 42.5 percent at Rs 1,120.4 crore.
• Net profit up 62.6 percent at Rs 409.2 crore.
• Ebitda up 63.9 percent at Rs 734.8 crore.
• Margin at 65.6 percent versus 57 percent.

Sheela Foam (Q1, YoY)

• Revenue up 19.6 percent at Rs 502 crore.
• Net profit up 15.6 percent at Rs 32.6 crore.
• Ebitda up 13 percent at Rs 50.5 crore.
• Margin at 10.1 percent versus 10.7 percent.

Lux Industries (Q1, YoY)

• Revenue up 6.5 percent at Rs 262.3 crore.
• Net profit up 19.7 percent at Rs 18.8 crore.
• Ebitda up 15.4 percent at Rs 37.4 crore.
• Margin at 14.3 percent versus 13.2 percent.

Endurance Technologies (Q1, YoY)

• Revenue up 23.6 percent at Rs 1,860.4 crore.
• Net profit up 29.1 percent at Rs 124.6 crore.
• Ebitda up 26.9 percent at Rs 271.4 crore.
• Margin at 14.6 percent versus 14.2 percent.

Puravankara (Q1, YoY)

• Revenue up 13 percent at Rs 382 crore.
• Net profit up 32.5 percent at Rs 26.5 crore.
• Ebitda up 15 percent at Rs 95 crore.
• Margin at 24.9 percent versus 24.4 percent.

Thyrocare Technologies (Q1, YoY)

• Revenue up 10.7 percent at Rs 97.2 crore.
• Net profit up 6.4 percent at Rs 23.4 crore.
• Ebitda up 13.2 percent at Rs 41.3 crore.
• Margin at 42.5 percent versus 41.6 percent.

Ambika Cotton Mills (Q1, YoY)

• Revenue up 18.4 percent at Rs 163.1 crore.
• Net profit up 16.6 percent at Rs 16.8 crore.
• Ebitda up 18.8 percent at Rs 32.3 crore.
• Margin flat at a 19.8 percent.

IFGL Refractories (Q1, YoY)

• Revenue up 19.8 percent at Rs 236.9 crore.
• Net profit up 38.4 percent at Rs 15.5 crore.
• Ebitda up 20.7 percent at Rs 29.7 crore.
• Margin at 12.5 percent versus 12.4 percent.

Corporation Bank (Q1, YoY)

• Net interest income up 51 percent at Rs 1,564.2 crore.
• Net profit at Rs 84.9 crore.
• Provisions at Rs 1,612 crore (QoQ).
• GNPA at 17.44 percent versus 17.35 percent (QoQ).
• NNPA at 11.46 percent versus 11.74 percent (QoQ).

IOCL (Q1, YoY)

• Revenue up 10.3 percent to Rs 1.29 lakh crore.
• Ebitda up 14.1 percent to Rs 12,576 crore.
• Margin at 9.7 percent versus 9.4 percent.
• Net profit up 31 percent at Rs 6,831 crore.

Union Bank of India (Q1, YoY)

• Net interest income rose 17 percent to Rs 2,626.2 crore.
• Net profit up 11.1 percent at Rs 129.5 crore.
• Provisions at Rs 1,803 crore versus Rs 5,638 crore (QoQ).
• Gross NPA at 16 percent versus 15.73 percent (QoQ).
• Net NPA At 8.70 percent versus 8.42 percent (QoQ).

PC Jeweller (Q1, YoY)

• Revenue up 14.6 percent at Rs 2,423.2 crore.
• Net profit up 4.5 percent at Rs 141.9 crore.
• Ebitda up 5.5 percent at Rs 248.4 crore.
• Margin at 10.3 percent versus 11.1 percent.

Matrimony (Q1, YoY)

• Revenue up 6.8 percent at Rs 89.5 crore.
• Net profit up 4.7 percent at Rs 15.6 crore.
• Ebitda up 7.1 percent at Rs 21.1 crore.
• Margin at 23.6 percent versus 23.5 percent.

Uflex (Q1, YoY)

• Revenue up 17.4 percent at Rs 1,904.9 crore.
• Net profit up 1.1 percent at Rs 94.1 crore.
• Ebitda up 6.9 percent at Rs 247.8 crore.
• Margin at 13 percent versus 14.3 percent.

Coal India (Q1, YoY)

• Revenue up by 22.8 percent to Rs 22,598 crore.
• Net profit up 61 percent at Rs 3,784.3 crore.
• Ebitda up 62.8 percent to Rs 5,732.5 crore.
• Margin at 23.63 percent versus 18.4 percent.

NHPC (Q1, YoY)

• Revenue down 8.5 percent at Rs 2,129 crore.
• Net profit down 14.5 percent at Rs 737.6 crore.
• Ebitda down 7 percent at Rs 1,290.5 crore.
• Margin at 60.6 percent versus 59.6 percent.

Glenmark Pharmaceuticals (Q1, YoY)

• Revenue down 8 percent at Rs 2,166 crore.
• Net profit down 30 percent at Rs 233 crore.
• Ebitda down 40 percent at Rs 347 crore.
• Margins at 16.0 percent versus 24.5 percent.

Balaji Telefilms (Q1, YoY)

• Revenue down 14.7 percent at Rs 123.4 crore.
• Net loss at Rs 27 crore versus net loss at Rs 23.2 crore.
• Ebitda loss at Rs 28 crore versus Ebidta loss at Rs 14.9 crore.

Andhra Bank (Q1, YoY)

• Net interest income up 1.3 percent at Rs 1,460.1 crore.
• Net loss at Rs 539.8 crore versus net profit at Rs 40.4 crore.
• Provisions at Rs 1,707.5 crore versus Rs 5,429.3 crore (QoQ).
• GNPA at 16.69 percent versus 17.09 percent (QoQ).
• NNPA at 7.96 percent versus 8.48 percent (QoQ).

DLF (Q1, YoY)

• Revenue down 26 percent at Rs 1,507 crore.
• Net profit up 56 percent at Rs 173 crore.
• Share of profit in associates and JV at Rs 241.5 crore in current quarter.
• Ebitda down 66 percent at Rs 307.5 crore.
• Finance cost down 61 percent at Rs 497.5 crore.
• Margin at 20.4 percent versus 44.1 percent.

• CreditAccess Grameen IPO subscribed 2.2 times on final day.
• Nihilent Ltd. files for IPO; seeks to sell Rs 250 crore.

• HDFC Bank: Paresh Sukthankar, deputy MD and founding member resigned.
• BEML said FY19 revenue targeted at Rs 3,300 crore. Order book position as on June 20, 2018 at Rs 6,765 crore.
• Ashok Leyland subsidiary Optare bagged Electric Double Decker order.
• NBCC has received an order worth Rs 150 crore for construction of CBSE HQ.
• Universal Cables signed pact with NKT, Germany for 400kV Extra high voltage XLPE underground cable.
• Cipla partnered with MSN Laboratories for marketing and distribution of generic Xeloda.
• Hinduja Global Solutions arm bagged a new two-year contract from Money Advice Service.
• Cipla received a final approval for Generic Reyataz.
• Welspun Corp bagged pipe supply order worth $51 million.
• PVR plans to acquire south India-based multiplex chain SPI Cinemas Private Ltd. for Rs 633 crore
• Jet Airways plans $400 million stake sale to PEs; approaches have been made to Blackstone, TPG, Indigo Capital Partners (Economic Times).
• Future Retail may soon join hands with a foreign investor; Group said to be in talks with Amazon (Economic Times).

• India gears up to tackle hate speech in world’s biggest election
• Turkey crisis worse than Lehman, similar to 1998
• PM Modi condoles demise of Nobel prize-winning author VS Naipaul
• Reliance says Rafale contract received from Dassault, not Defence Ministry
• Modi may push for financial inclusion on Independence Day
• Saudi fund in talks to invest in Tesla buyout deal
• DGCA to conduct financial audit of turbulence-hit Jet Airways
• Pakistan’s Imran Khan leads 1-0 as Modi re-nationalises companies
• PM Modi counters opposition on unemployment, economy, GST and NRC
• Leo Puri doesn’t want an extension under current circumstances
• NASA probe takes off for closest-ever journey to the Sun
• China-U.S. trade spat is just a start to the economic cold war