Sensex Clocks Longest Losing Streak In Nearly Five Months; Nifty Ends Below 10,800

Indian equity benchmarks ended lower after a topsy-turvy trade.

The S&P BSE Sensex Index registered its longest losing streak since Sept. 24, 2018. The 31-share index closed at 36,034.11, down 0.33 percent. The NSE Nifty 50 Index ended below 10,800, declining 0.35 percent.

The market breadth was tilted in favour of sellers. About 1,094 stocks declined and 643 shares advanced on National Stock Exchange.

Eight out of 11 sectoral gauges compiled by NSE fell, led by the NSE Nifty PSU Bank Index’s 2.1 percent decline. On the flipside, the NSE Nifty IT Index was the top sectoral gainer, up 0.65 percent.

Shares of CG Power and Industrial Solutions fell as much as 30.9 percent, its worst ever intraday fall to Rs 23.20.

The Mumbai-based company’s losses expanded to Rs 150 crore due to an exceptional loss of Rs 117 crore during October-December period.

Most of the exceptional loss was related to write-offs against receivables worth Rs 108 crore, where the management believes that the recoveries were uncertain.

Besides, the company expects further potential write-offs of about Rs 35-50 crore in coming quarters.

Adani Transmission (Q3, YoY)

• Stock rose as much as Rs 2.9 percent to Rs 217.85.
• Net profit down 78 percent to Rs 189.22 crore.
• Revenue up 67.9 percent to Rs 2,583.67 crore.

Take Solutions (Q3, YoY)

• Stock fell as much as 4.7 percent to Rs 120.
• Net profit at Rs 35.76 crore versus Rs 41.11 crore.
• Revenue at Rs 521.64 crore versus Rs 408.02 crore.

Adani Gas (Q3, YoY)

• Stock rose as much as 5.4 percent to Rs 99.05 crore.
• Net profit up 12.9 percent to Rs 47.21 crore.
• Revenue up 39 percent to Rs 484.84 crore.

Greenlam Industries (Q3, YoY)

• Stock fell as much as 4.3 percent to Rs 495.45.
• Net profit up 14 percent to Rs 20 crore.
• Revenue up 12 percent to Rs 314 crore.

Goodyear India (Q3, YoY)

• Stock fell as much as 5.3 percent to Rs 5.3 percent.
• Net profit down 42.3 percent to Rs 21.7 crore.
• Revenue up 16.3 percent to Rs 464 crore.

Force Motors (Q3, YoY)

• Stock rose as much as 5.1 percent to Rs 1,420.
• Net profit at Rs 27.34 crore versus Rs 14.65 crore.
• Revenue at Rs 826 crore versus Rs 749.5 crore.

Shares of Adani Group companies rally. Adani Power jumped over 8 percent and Adani Enterprises gained over 6 percent.

• Indian equity benchmarks held gains, but were trading off opening highs.
• The S&P BSE Sensex Index rose 0.25 percent to 36,243.20 and the NSE Nifty 50 Index traded slightly above 10,850, up 0.24 percent.
• About 853 stocks advanced and 803 shares declined on NSE.

Shares of Bosch Ltd. fell as much as 4.1 percent to Rs 17,828.95, the lowest since Oct. 24, 2018 after reporting its December quarter earnings.

Key Earnings Highlights (Q3, YoY)

• Revenue up 0.8 percent at Rs 3095.5 crore
• Net profit up 19.3 percent at Rs 335.4 crore
• Ebitda down 5.6 percent at Rs 422.7 crore.
• Margin at 13.7 percent versus 14.6 percent.

Bharat Forge Ltd. reported a net profit of Rs 309.8 crore, an increase of 35.8 percent during October-December period. from the year-ago period, according to its stock exchange filing.

Shares of the company rose as much as 3.7 percent to Rs 501.50. after the results announcement.

Key Earnings Highlights (Q3, YoY)

• Revenue up 21.7 percent to Rs 1692.5 crore.
• Ebitda up 26.3 percent to Rs 525.8 crore.
• Margin at 31.1 percent versus 29.9 percent.

Shares of Dilip Buildcon extended gains for the sixth day and rose as much as 12.9 percent, the most since Oct. 26, 2017 on NSE, to Rs 414.90.

The stock is set for its best six-day rally in nearly seven months. Trading volume was nine times its 20-day average, Bloomberg data showed.

About 10 lakh shares of Tata Motors-DVR changed hands in a block deal, according to Bloomberg. Buyers and sellers were not known immeidately.

The stock traded 0.75 percent higher at Rs 80.95. The scrip had declined 12 percent in the last five days and fell 15 percent in the past 30 days.

Shares of Transport Corporation of India erased opening gains and fell over 2 percent intraday.

The company has finalised the agreement to hive off its cold chain unit into TCI Cold Chain Solutions for a consideration of Rs 63.6 crore, according to its filing on the exchanges. The deal is expected to be completed by Feb. 28.

The stock traded 15 times its estimated earnings per share for the coming year, Bloomberg data showed.

The NSE Nifty Realty Index rallied after declining in the last two trading sessions, led by the gains in Godrej Properties and Sobha.

Nifty’s 10,900 option contract was among the most active Nifty option contracts on National Stock Exchange.

Premium on the contract fell 4.15 percent to Rs 36.55. Over 4.54 lakh shares were added to the open interest which stood at over 18.13 lakh shares.

Shares of the oil marketing companies fall as brent crude extended gains for the second day. The Asian crude benchmark rose 1.07 percent today to trade above $63 a barrel.

Prestige Estates Projects (Q3, YoY)

• Stock fell as much as 1.4 percent to Rs 198.15.
• Revenue down 15.3 percent to Rs 1,077.6 crore.
• Net profit down 35 percent to Rs 58.1 crore.
• Ebitda up 13.2 percent to Rs 343.7 crore.
• Margin at 31.9 percent versus 23.9 percent.
• Decrease in inventory worth Rs 318.3 crore.

Jain Irrigation Systems (Q3, YoY)

• Stock fell as much as 10.1 percent to Rs 48.80.
• Revenue up 9.2 percent to Rs 2,037.7 crore.
• Net profit up 23 percent to Rs 82.4 crore.
• Ebitda up 12.2 percent to Rs 222.2 crore.
• Margin at 10.9 percent versus 10.6 percent.
• Other income up 47 percent to Rs 91.7 crore.

Man Industries (Q3, YoY)

• Stock rose as much as 2.5 percent to Rs 57.80.
• Revenue up 7.3 percent to Rs 515.6 crore.
• Net profit down 8.8 percent to Rs 15.5 crore.
• Ebitda flat to Rs 21.6 crore.
• Margin at 4.2 percent versus 4.5 percent.
• Inventory loss of Rs 58.3 crore.

JK Paper (Q3, YoY)

• Stock rose as much as 4.9 percent to Rs 140.50.
• Revenue up 10.8 percent to Rs 869.5 crore.
• Net profit up 9.8 percent to Rs 120.3 crore.
• Ebitda up 21 percent to Rs 247.6 crore.
• Margin at 28.5 percent versus 26.1 percent.

Matrimony.com (Q3, YoY)

• Stock fell as much as 6.1 percent to Rs 375.50.
• Revenue up 1.9 percent to Rs 85.3 crore.
• Net profit down 70.4 percent to Rs 6.8 crore.
• Ebitda down 44.8 percent to Rs 9.6 crore.
• Margin at 11.3 percent versus 20.8 percent.
• Exceptional gain of Rs 12.8 crore.
• Advertisement expenses up 51 percent to Rs 22.2 crore.

Natco Pharma (Q3, YoY)

• Stock fell as much as 4.6 percent to Rs 636.05.
• Revenue down 1 percent to Rs 556.7 crore.
• Net profit down 26.7 percent to Rs 159.5 crore.
• Ebitda down 27.3 percent to Rs 208.4 crore.
• Margin at 37.4 percent versus 51 percent.
• Raw material cost as percent of sales to 14.9 percent.
• Declares dividend of Rs 3.5 apiece.

Bata India (Q3, YoY)

• Stock rose as much as 3.7 percent to Rs 1,235.
• Revenue up 15.5 percent to Rs 778.7 crore.
• Net profit up 51.5 percent to Rs 103.2 crore.
• Ebitda up 46.7 percent to Rs 163.6 crore.
• Margin at 21 percent versus 16.5 percent.

IOL Chemicals and Pharma (Q3, YoY)

• Stock rose as much as 12.6 percent to Rs 223.80.
• Revenue up 82.1 percent to Rs 478.3 crore.
• Net profit up 9.3 times to Rs 82.2 crore.
• Ebitda up 4.3 times to Rs 135.6 crore.
• Margin at 28.4 percent versus 12.1 percent.

Oil India (Q3, QoQ)

• Stock rose as much as 4.5 percent to Rs 177.45.
• Revenue down 6.1 percent to Rs 3,514 crore.
• Net profit up 43.1 percent to Rs 1,233.5 crore.
• Ebitda up 3.2 percent to Rs 1,521.5 crore.
• Margin at 43.3 percent versus 39.4 percent.
• Other Income up 2.1 times to Rs 601.2 crore.
• Declares interim dividend of Rs 8.5 apiece.

Indian Hotels (Q3, YoY)

• Stock rose as much as 4.5 percent to Rs 141.95.
• Revenue up 10.5 percent to Rs 1,323.5 crore.
• Net profit up 50 percent to Rs 161.8 crore.
• Ebitda up 19.6 percent to Rs 335.6 crore.
• Margin at 25.4 percent versus 23.4 percent.
• Exceptional gain to Rs 41 crore.

Container Corporation of India (Q3, YoY)

• Stock fell as much as 6.9 percent to Rs 477.
• Revenue up 3.2 percent to Rs 1,657.1 crore.
• Net profit down 0.9 percent to Rs 274.7 crore.
• Ebitda down 2.3 percent to Rs 418.4 crore.
• Margin at 25.2 percent versus 26.7 percent.
• Deferred tax credit reversal of Rs 44.7 crore.

Manpasand Beverages (Q3, YoY)

• Stock rose as much as 4.1 percent to Rs 84.60.
• Revenue up 14.3 percent to Rs 163.5 crore.
• Net profit down 18.3 percent to Rs 9.8 crore.
• Ebitda up 38.2 percent to Rs 36.9 crore.
• Margin at 22.6 percent versus 18.7 percent.
• Depreciation expenses up 47 percent to Rs 25.7 crore.
• Other income of Rs 5.3 crore.

Balaji Telefilms (Q3, YoY)

• Stock fell as much as 3.1 percent to Rs 80.45.
• Revenue up 48.8 percent to Rs 96.3 crore.
• Net loss of Rs 27.3 crore versus net profit of Rs 24.8 crore.
• Ebitda loss to Rs 26.2 crore versus Ebitda loss to Rs 7.5 crore.
• Inventory loss of Rs 29.5 crore in base quarter.
• Deferred Tax reversal of Rs 20.1 crore in the base quarter.

Automotive Axles (Q3, YoY)

• Stock rose as much as 4.8 percent to Rs 1,168.90.
• Revenue up 19.1 percent to Rs 485.8 crore.
• Net profit up 36.8 percent to Rs 30.5 crore.
• Ebitda up 26.8 percent to Rs 55.8 crore.
• Margin at 11.5 percent versus 10.8 percent.

Water Base (Q3, YoY)

• Stock fell as much as 4.8 percent to Rs 122.35.
• Revenue up 7.2 percent to Rs 64.3 crore.
• Net profit down 12.1 percent to Rs 2.9 crore.
• Ebitda down 11.3 percent to Rs 6.3 crore.
• Margin at 9.8 percent versus 11.8 percent.
• RM cost as percent of sales to 58.5 percent.

CG Power and Industrial (Q3, YoY)

• Stock fell as much as 1.8 percent to Rs 28.05.
• Revenue up 12 percent to Rs 1,720 crore.
• Ebitda up 14 percent to Rs 148.5 crore.
• Margin at 8.6 percent versus 5.5 percent.
• Net loss of Rs 150 crore versus net loss of Rs 28 crore.
• Exceptional loss of Rs 116 crore due to foreign exchange loss and write-off of debtors (Rs 108 crore).

Larsen & Toubro Ltd.’s construction unit wins order for construction of hospitals from a private developer, according to its statement on the exchanges.

The order is valued at the range of Rs 2,500-5,000 crore as per the company’s classification of project.

Shares of the company fluctuated between gains and losses to trade a little changed at Rs 1,247.80.

Shares of the autoparts maker halted its three-day losing streak and rose as much as 4 percent to Rs 143.80.

The company said that it has started the commercial production in Aurangabad unit in Maharashtra to supply auto parts to Bajaj Auto Ltd., according to its notification to the stock exchanges. The unit will have a capacity of 7 lakh units annually and will manufacture and supply chassis frame, swing arm and trail arm to Bajaj Auto.

The relative strength index on the stock was below 30 indicating the it may be oversold.

Shares of the country’s largest pharmaceutical company extended gains for the second day and rose as much as 4.2 percent to Rs 455. The stock was the best performer on Sensex and Nifty.

The drugmaker’s quarterly profit beat estimates on a higher margin, providing relief to India’s largest drugmaker as it grapples with corporate governance concerns.

Key Earnings Highlights (Q3, YoY)

• Revenue up 16.3 percent to Rs 7,740.2 crore.
• Net profit up 3.9 times to Rs 1,241.9 crore.
• Ebitda up 48.1 percent to Rs 2,153 crore.
• Margin at 27.8 percent versus 21.8 percent.

Here’s what analysts had to say after the company’s quarterly earnings announcement:

CLSA

• Maintained ‘Buy’ with a price target of Rs 560.
• Good December quarter even after the adjustments.
• Specialty pipeline execution will be the key focus area for the next financial year.
• Current valuations attractive and stronger specialty portfolio ramp-up could drive rerating.

Macquarie

• Maintained ‘Neutral’ with a price target of Rs 450.
• Forex adjusted Ebitda marginally ahead due to lower R&D.
• Continue to await signs of specialty ramp-up and increased generic traction from Halol.
• Investor concerns on governance unlikely to completely dissipate until clarity on SEBI’s investigation.

Citi

• Maintained ‘Buy’ with a price target of Rs 540.
• Low R&D and forex gain drive quarterly beat.
• Management commentary was optimistic on specialty, steady on generics and hinted at better disclosures going forward.

Indian equity benchmarks opened higher after declining for three consecutive trading sessions.

The S&P BSE Sensex Index rose as much as 0.6 percent to 36,375.80 and the NSE Nifty 50 Index rose as much as 0.56 percent to 10,891.65.

The market breadth was tilted in favour of buyers. About 952 stocks advanced and 492 shares declined on National Stock Exchange.

Nine out of 11 sectoral gauges compiled by NSE advanced, led by the NSE Nifty FMCG Index’s 1.23 percent gain. On the flispde, the NSE Nifty Media Index was the top sectoral loser, down 0.35 percent.

The Indian rupee strengthened for the seventh day in a row against the U.S. dollar and is set for its longest gaining streak since Nov. 22, 2018.

The home currency appreciated as much as 0.43 percent to 70.40 against the greenback.

F&O Cues

• Nifty February futures closed trading at 10860, premium of 29 points
• Max open interest for February series at 10,900 call (open interest at 13.6 lakh shares)
• Max open interest for February series at 10,800 put (open interest at 7.4 lakh shares)

Stocks In F&O Ban

• IDBI
• Adani Enterprises
• DHFL
• Jet Airways
• Reliance Capital
• Reliance Power

On Sun Pharma

CLSA

• Maintained ‘Buy’ with a price target of Rs 560.
• Good December quarter even after the adjustments.
• Specialty pipeline execution will be the key focus area for the next financial year.
• Current valuations attractive and stronger specialty portfolio ramp-up could drive rerating.

Macquarie

• Maintained ‘Neutral’ with a price target of Rs 450.
• Forex adjusted Ebitda marginally ahead due to lower R&D.
• Continue to await signs of specialty ramp-up and increased generic traction from Halol.
• Investor concerns on governance unlikely to completely dissipate until clarity on SEBI’s investigation.

Citi

• Maintained ‘Buy’ with a price target of Rs 540.
• Low R&D and forex gain drive quarterly beat.
• Management commentary was optimistic on specialty, steady on generics and hinted at better disclosures going forward.

On Coal India

CLSA

• Maintained ‘Buy’; cut price target to Rs 275 from Rs 310.
• Ebitda and net profit improved on higher realisation.
• Earnings growth to taper off sharply from the March quarter unless company takes a price hike.
• Muted earnings outlook, but reasonable valuations and high dividend yield.

Macquarie

• Maintained ‘Outperform’; cut price target to Rs 270 from Rs 335.
• December quarter’s profit ahead led by higher realisation reflecting grade consistency and market tightness.
• Divestment led to stock underperformance; Expect re-rating ahead.
• Attractive risk reward; cut price target on lower volumes and valuation multiple.

On Hindalco

CLSA

• Maintained ‘Sell’; cut price target to Rs 195 from Rs 210.
• Decent December quarter, but muted earnings profile over next two years.
• Cut FY20-21 EPS estimates by 1-9 percent on lower aluminium prices and slightly lower Novelis margins.
• Valuation not cheap given the contraction in valuations for global metal companies.

Macquarie

• Maintained ‘Outperform’; cut price target to Rs 260 from Rs 301.
• December quarter was in line; Volume recovery in copper; Aluminum margins impacted by lower prices.
• Cut EPS estimates by 1-5 percent for FY19-20 factoring lower margins at Novelis.
• To maintain stake in Vodafone Idea suggesting investment of Rs 650 crore in rights issue.

On Oil India

CLSA

• Maintained ‘Buy’; hiked price target to Rs 230 from Rs 225.
• Net profit higher due to significantly lower depreciation and higher other income.
• Despite exemption from oil subsidy burden stock is only pricing $50 per barrel of realisation.
• Clarity on subsidy burden by May 2019 be a key trigger for the stock.

Emkay

• Resumed coverage with ‘Buy’ and a price target of Rs 245.
• Earnings grow sequentially on lower expenses despite oil price decline.
• Cost trends to be broadly similar to the current levels .
• Buy on attractive valuations.

More Calls

Macquarie on HEG

• Maintained ‘Outperform’; cut price target to Rs 3,026 from Rs 4,390.
• Strong December quarter, but sharp margin contraction is likely ahead.
• Cut EPS estimates for the next two financial years by 31 percent and 27 percent respectively on higher costs and lower prices.
• Stock may remain under pressure until margins stabilise.

Nomura on Graphite Electrodes

• Graphite electrode supply-demand weakens a bit.
• US graphite electrode producer Graftech discusses recent decline in spot prices.
• Steel prices will warrant attention

Jefferies on Voltas

• Maintained ‘Buy’ with a price target of Rs 715.
• Energy consumption impacted given a delayed summer.
• Believe December quarter results and weather patterns in the next two weeks will be critical for Voltas.
• Channel inventory has reduced in past six months with Blue Star confirming this.

JPMorgan on Indian Hotels

• Maintained ‘Overweight’ with a price target of Rs 160.
• Domestic revenue per available room growth was subdued; expect tariffs to move up in December quarter.
• Subsidiary contribution continues to improve on margin.
• Last saw favorable demand supply dynamics which is expected to continue.

CLSA on NCC

• Maintained ‘Buy’; hiked price target to Rs 140 from Rs 135.
• Higher revenue and well-priced orders drive Ebitda margin.
• Orders driven by urban infrastructure and rural electrification.
• Buy on improving state Capex visibility and asset-light model.

• G Petrochemicals, Capital India Finance to move into short term ASM Framework.

InfoBeans Technology

• Kuber India Fund sold 1.62 lakh shares at Rs 75 per share (Company is listed in NSE Emerge)

• Aster DM Healthcare
• Bharat Forge
• Bosch
• Prabhat Dairy
• Lemon Tree Hotels
• Oracle Financial Services Software
• Quick Heal Technologies
• Godrej Industries
• Adani Gas
• Adani Transmission
• Mercator
• A2Z Infra Engineering
• 8K Miles Software Services
• Cosmo Films
• Force Motors
• Fortis Healthcare
• Goodyear India
• GPT Infraprojects
• Greenlam Industries
• Gufic Biosciences
• Gujarat Fluorochemicals
• Gulf Oil Lubricants
• Harrisons Malayalam
• Hindusthan National Glass & Industries
• Hubtown
• Indo Rama Synthetics
• Jindal Worldwide
• KDDL
• Kiri Industries
• Kirloskar Electric Company
• Mcnally Bharat Engineering
• NBCC
• PNC Infratech
• Reliance Capital
• RSWM
• Schneider Electric
• Take Solutions
• Talwalkars Better Value Fitness
• Tamil Nadu Newsprint & Papers
• Triveni Engineering & Industries

Earnings Reaction To Watch

Sun Pharma (Q3, YoY)

• Revenue up 16.3 percent to Rs 7,740.2 crore.
• Net profit up 3.9 times to Rs 1,241.9 crore.
• Ebitda up 48.1 percent to Rs 2,153 crore.
• Margin at 27.8 percent versus 21.8 percent.

Coal India (Q3, YoY)

• Revenue up 15.4 percent to Rs 25,045.8 crore.
• Net profit up 50.1 percent to Rs 4,566.7 crore.
• Ebitda up 55 percent to Rs 6,787.8 crore.
• Margin at 27.1 percent versus 20.2 percent.

Prestige Estates Projects (Q3, YoY)

• Revenue down 15.3 percent to Rs 1,077.6 crore.
• Net profit down 35 percent to Rs 58.1 crore.
• Ebitda up 13.2 percent to Rs 343.7 crore.
• Margin at 31.9 percent versus 23.9 percent.
• Decrease in inventory worth Rs 318.3 crore.

Jain Irrigation Systems (Q3, YoY)

• Revenue up 9.2 percent to Rs 2,037.7 crore.
• Net profit up 23 percent to Rs 82.4 crore.
• Ebitda up 12.2 percent to Rs 222.2 crore.
• Margin at 10.9 percent versus 10.6 percent.
• Other income up 47 percent to Rs 91.7 crore.

Man Industries (Q3, YoY)

• Revenue up 7.3 percent to Rs 515.6 crore.
• Net profit down 8.8 percent to Rs 15.5 crore.
• Ebitda flat to Rs 21.6 crore.
• Margin at 4.2 percent versus 4.5 percent.
• Inventory loss of Rs 58.3 crore.

JK Paper (Q3, YoY)

• Revenue up 10.8 percent to Rs 869.5 crore.
• Net profit up 9.8 percent to Rs 120.3 crore.
• Ebitda up 21 percent to Rs 247.6 crore.
• Margin at 28.5 percent versus 26.1 percent.

Matrimony.com (Q3, YoY)

• Revenue up 1.9 percent to Rs 85.3 crore.
• Net profit down 70.4 percent to Rs 6.8 crore.
• Ebitda down 44.8 percent to Rs 9.6 crore.
• Margin at 11.3 percent versus 20.8 percent.
• Exceptional gain of Rs 12.8 crore.
• Advertisement expenses up 51 percent to Rs 22.2 crore.

Natco Pharma (Q3, YoY)

• Revenue down 1 percent to Rs 556.7 crore.
• Net profit down 26.7 percent to Rs 159.5 crore.
• Ebitda down 27.3 percent to Rs 208.4 crore.
• Margin at 37.4 percent versus 51 percent.
• Raw material cost as percent of sales to 14.9 percent.
• Declares dividend of Rs 3.5 apiece.

Bata India (Q3, YoY)

• Revenue up 15.5 percent to Rs 778.7 crore.
• Net profit up 51.5 percent to Rs 103.2 crore.
• Ebitda up 46.7 percent to Rs 163.6 crore.
• Margin at 21 percent versus 16.5 percent.

IOL Chemicals and Pharma (Q3, YoY)

• Revenue up 82.1 percent to Rs 478.3 crore.
• Net profit up 9.3 times to Rs 82.2 crore.
• Ebitda up 4.3 times to Rs 135.6 crore.
• Margin at 28.4 percent versus 12.1 percent.

Oil India (Q3, QoQ)

• Revenue down 6.1 percent to Rs 3,514 crore.
• Net profit up 43.1 percent to Rs 1,233.5 crore.
• Ebitda up 3.2 percent to Rs 1,521.5 crore.
• Margin at 43.3 percent versus 39.4 percent.
• Other Income up 2.1 times to Rs 601.2 crore.
• Declares interim dividend of Rs 8.5 apiece.

Indian Hotels (Q3, YoY)

• Revenue up 10.5 percent to Rs 1,323.5 crore.
• Net profit up 50 percent to Rs 161.8 crore.
• Ebitda up 19.6 percent to Rs 335.6 crore.
• Margin at 25.4 percent versus 23.4 percent.
• Exceptional gain to Rs 41 crore.

Container Corporation of India (Q3, YoY)

• Revenue up 3.2 percent to Rs 1,657.1 crore.
• Net profit down 0.9 percent to Rs 274.7 crore.
• Ebitda down 2.3 percent to Rs 418.4 crore.
• Margin at 25.2 percent versus 26.7 percent.
• Deferred tax credit reversal of Rs 44.7 crore.

Manpasand Beverages (Q3, YoY)

• Revenue up 14.3 percent to Rs 163.5 crore.
• Net profit down 18.3 percent to Rs 9.8 crore.
• Ebitda up 38.2 percent to Rs 36.9 crore.
• Margin at 22.6 percent versus 18.7 percent.
• Depreciation expenses up 47 percent to Rs 25.7 crore.
• Other income of Rs 5.3 crore.

Balaji Telefilms (Q3, YoY)

• Revenue up 48.8 percent to Rs 96.3 crore.
• Net loss of Rs 27.3 crore versus net profit of Rs 24.8 crore.
• Ebitda loss to Rs 26.2 crore versus Ebitda loss to Rs 7.5 crore.
• Inventory loss of Rs 29.5 crore in base quarter.

Automotive Axles (Q3, YoY)

• Revenue up 19.1 percent to Rs 485.8 crore.
• Net profit up 36.8 percent to Rs 30.5 crore.
• Ebitda up 26.8 percent to Rs 55.8 crore.
• Margin at 11.5 percent versus 10.8 percent.

Water Base (Q3, YoY)

• Revenue up 7.2 percent to Rs 64.3 crore.
• Net profit down 12.1 percent to Rs 2.9 crore.
• Ebitda down 11.3 percent to Rs 6.3 crore.
• Margin at 9.8 percent versus 11.8 percent.
• RM cost as percent of sales to 58.5 percent.

CG Power and Industrial (Q3, YoY)

• Revenue up 12 percent to Rs 1,720 crore.
• Ebitda up 14 percent to Rs 148.5 crore.
• Margin at 8.6 percent versus 5.5 percent.
• Net loss of Rs 150 crore versus net loss of Rs 28 crore.
• Exceptional loss of Rs 116 crore due to foreign exchange loss and write-off of debtors (Rs 108 crore).
• Losses from discontinued operations stood at Rs 81 crore versus Rs 109 crore.

• 9:15am: Axis bank shares offer-for-sale at minimum price of Rs 689.52 each to retail investors open; OFS for non-retail investors gets 256 percent demand & clearing price of Rs 695 per share fixed for non retail bidding.
• Additional fund offer of Bharat 22 ETF on Feb. 14.

• Dewan Housing Finance Corporation’s Vijaya Sampath resigned as the Independent director with effect from Feb.12.
• The Reserve Bank of India imposed a penalty on Oriental Bank of Commerce, Allahabad Bank, Bank of Maharashtra and Indian Overseas Bank for not monitoring end use of funds. While they have to pay the central lender Rs 1.5 crore, Andhra Bank has been fined Rs 1 crore.
• Alembic Pharma’s arm received ANDA approval from the U.S. FDA for Fenofibrate Tablets which are used for treating cardiovascular diseases.
• Rico Auto Industries board approved acquisition of Magna Rico Powertrain (a joint venture company), which will then become wholly owned arm of the company. The board also agreed to set up a new manufacturing plant in Gujarat for two-wheeler and four-wheeler components which will be operational by May with an investment of Rs 1.1 crore.
• Lumax Auto Technology said that commercial production in Maharashtra unit to supply auto parts to Bajaj Auto has started. The unit will have a capacity of 700,000 units annually and will manufacture and supply chassis frame, swing arm and trail arm to Bajaj Auto.
• HUDCO said that achieved loan sanctions of Rs 15,581.2 crore and loan releases of Rs 15,534.4 crore as on Jan 31, for the financial year 2019.
• Laxmi Machine Works said it expects to commence assembly of machines tools to Japan’s DMG Mori in financial year 2020. The company stated that activity will not involve any capital expenditure.
• L&T Technology Services said that a client in the telecom and hitech reporting segment has decided to assume ownership of engineering for their core product. The company said that other engagements with the aforesaid client will continue as is and the annualised revenue will be impacted by around 4 percent starting from March 2019.
• Tata Power’s solar arm launched residential rooftop solution in Chandigarh.
• Transport Corporation of India finalised the agreement to hive off its cold chain unit into TCI Cold Chain Solutions for a consideration of Rs 63.6 crore, with the sale expected to be completed by Feb. 28.

• Chinese Vice Premier Liu He was expected to join U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin in high-level trade talks Thursday and Friday.
• New Zealand’s central bank will set policy Wednesday, as will Sweden’s Riksbank, which is expected to keep interest rates at minus 0.25 percent after the first increase in more than seven years in December.
• Data Wednesday is expected to show U.S. consumer prices rose 0.1 percent in January, after falling 0.1 percent in December.

• Brent crude ended 1.48 percent higher at $62.42 per barrel.
• West Texas intermediate crude increased 0.8 percent to $53.51 a barrel.
• Gold was at $1,309.97 an ounce.

London Metal Exchange

• Aluminium ended lower for the fifth day, down 1.01 percent.
• Tin ended lower for the second day, down 0.48 percent.
• Zinc ended lower for the third day, down 1.36 percent.
• Copper ended lower for the fourth day, down 0.72 percent.
• Nickel ended lower for the third day, down 0.64 percent.
• Lead ended lower for the second day, down 0.51 percent.

Good Morning!

The Singapore-traded SGX Nifty, an early indicator of NSE Nifty 50 Index’s performance in India, rose 0.3 percent to 10,984.50 as of 8:30 a.m.

Asian stocks rose, tracking a strong American equity session, boosted by optimism over U.S.-China trade talks.

Shares in Tokyo and Seoul traded higher, while equities in Sydney were little changed. Futures on the S&P 500 Index climbed after breaking through its 200-day moving average overnight.

Short on time? Well, then listen to this podcast for a quick summary of All You Need To Know before the opening bell.