Sensex, Nifty End Lower For Second Day

Indian equity benchmarks ended lower for the second day. The S&P BSE Sensex Index closed 0.41 percent lower at 36,395.03 and the NSE Nifty 50 Index ended below 10,900, down 0.5 percent.

The market breadth was tilted in favour of sellers. About 1,232 stocks fell and 528 shares advanced on National Stock Exchange.

Nine out of eleven sectoral gauges compiled by NSE fell, led by the NSE Nifty PSU Bank Index's 1.7 percent decline. On the flipside, the NSE Nifty Media Index was the top sectoral gainer, up 1.3 percent.

SpiceJet Ltd. reported a profit of Rs 55 crore, a fall of 77 percent form the year-ago period, according to its stock exchange filing. That compared with a loss of Rs 58.2 crore that analysts tracked by Bloomberg had estimated.

Key earnings highlights (Q3, YoY)

• Revenue up 20.2 percent to Rs 2,487.
• Ebitdar down 19.7 percent to 456 crore.
• Ebitdar Margin at 18.35 percent versus 27.48 percent.

Shares of the budget carrier rose as much as 5.8 percent to Rs 82.95 after the results announcement.

Shares of Eicher Motors fall as much as 2.5 percent to Rs 20,331 after the company's margin contracts during October-December period.

Key earnings highlights (Q3, YoY)

• Net profit up 2.4 percent to Rs 532.95.
• Revenue up 3.2 percent to Rs 2,341.06.
• Ebitda down 3 percent to Rs 679.53.
• Margin at 29.02 percent versus 31.16 percent.

Shares of Apollo hospital fell as much as 13.3 percent, the most since December 2011, to Rs 1,090.

Nifty’s 11,000 call option contract was among the most active Nifty option contracts on National Stock Exchange. Premium on the contract jumped 62.28 percent to Rs 17.35.

Shares of Info Edge Ltd. extended gains for the third day and hit a new all-time high at Rs 1,798.

Trading volume was two times its 30-day average, Bloomberg data showed. The stock has returned 23.1 percent so far this year and advanced 37.5 percent in the past 12 months.

• Indian equity benchmarks continue to trade lower.
• The S&P BSE Sensex Index fell 167 points lower to 36,378.52 and the NSE Nifty 50 Index traded around 10,880.
• About 1,245 stocks declined and 472 shares advanced on National Stock Exchange.

The NSE Nifty Pharma Index fell for the second day, led by the declines in Dr. Reddy's Laboratories Ltd., Piramal Enterprises Ltd. and Divi's Laboratories Ltd.

The NSE Nifty IT Index resumed rally after a one-day blip, led by the gains in Oracle Financial Services Ltd., Mindtree Ltd. and Tata Consultancy Services Ltd.

Shares of Motherson Sumi Systems rose as much as 4.1 percent to Rs 140.90. The company’s net profit during the three months ended December rose 6.5 percent on a yearly basis to Rs 389 crore, according to its stock exchange filing.

Key earnings highlights (Q3, YoY)

• Revenue up 14.5 percent to Rs 16,473 crore.
• Ebitda up 11.6 percent to Rs 1,394 crore.
• Margin at 8.5 percent versus 8.7 percent.

BPCL (Q3, YoY)

• Stock fell as much as 2.8 percent to Rs 328.
• Revenue up 9.5 percent to Rs 79,168.9 crore.
• Net profit down 59.4 percent to Rs 495.1 crore.
• Ebitda down 69.5 percent to Rs 737.3 crore.
• Margin to 0.9 percent versus 3.3 percent.
• Other income up 80 percent to Rs 967.2 crore.
• GRM at $2.78/bbl versus $5.57/bbl.
• Declares interim dividend of Rs 11 per share.

NALCO (Q3, YoY)

• Stock fell as much as 9.1 percent to Rs 53.85.
• Revenue up 13.81 percent to Rs 2,719 crore.
• Net profit down 58.2 percent to Rs 301.8 crore.
• Ebitda up 49.2 percent to Rs 513.1 crore.
• Margin at 18.9 percent versus 14.4 percent.
• Exceptional gain of Rs 801.5 crore in base quarter.
• Employee benefit expenses down 34 percent to Rs 486.7 crore.

Thermax (Q3, YoY)

• Stock rose as much as 10.3 percent.
• Revenue up 28.6 percent to Rs 1,436.6 crore.
• Net profit up 28 percent to Rs 75 crore.
• Ebitda up 12.2 percent to Rs 107.3 crore.
• Margin at 7.5 percent versus 8.6 percent.
• Raw material costs up 41 percent to Rs 748.1 crore.
• Deferred tax reversal of Rs 97.4 crore in current quarter.

JK Lakshmi Cement (Q3, YoY)

• Stock rose as much as 2.1 percent to Rs 307.60.
• Revenue up 11.7 percent to Rs 935 crore.
• Net profit up 72.1 percent to Rs 14.8 crore.
• Ebitda up 4.2 percent to Rs 98.3 crore.
• Margin at 10.5 percent versus 11.3 percent.

NHPC (Q3, YoY)

• Stock fell as much as 4.5 percent.
• Revenue up 4.9 percent to Rs 1,571.4 crore.
• Net profit down 73.5 percent to Rs 182.2 crore.
• Ebitda down 24.1 percent to Rs 595.9 crore.
• Margin at 37.9 percent versus 52.4 percent.
• Deferred tax of Rs 113.3 crore in base quarter.
• Employee benefit expenses up 47 percent to Rs 551.3 crore.

Avanti Feeds (Q3, YoY)

• Stock rose as much as 3.9 percent to Rs 343.70.
• Revenue up 18.2 percent to Rs 835.3 crore.
• Net profit down 26.7 percent to Rs 73.6 crore.
• Ebitda down 28.6 percent to Rs 109.6 crore.
• Margin at 13.1 percent versus 21.7 percent.
• Raw material costs up 29 percent to Rs 633.5 crore.

SKF India (Q3, YoY)

• Stock fell as much as 1.4 percent to Rs 1,900.05.
• Revenue up 9.6 percent to Rs 767.7 crore.
• Net profit up 2.7 percent to Rs 88.5 crore.
• Ebitda down 1.1 percent to Rs 121.7 crore.
• Margin at 15.9 percent versus 17.6 percent.
• Other Income up 69 percent to Rs 33.8 crore.

Amber Enterprises (Q3, YoY)

• Stock rose as much as 1.3 percent to Rs 705.
• Revenue up 14.9 percent to Rs 388.8 crore.
• Net profit to Rs 3.8 crore versus Rs 0.1 crore.
• Ebitda down 8.3 percent to Rs 22.1 crore.
• Margin at 5.7 percent versus 7.1 percent.
• Finance cost of Rs 16.6 crore in base quarter.
• Inventory loss of Rs 36.4 crore in the current quarter.

Visaka Industries (Q3, YoY)

• Stock fell as much as 9.1 percent to Rs 330.
• Revenue down 0.8 percent to Rs 239.9 crore.
• Net profit down 36.4 percent to Rs 9.1 crore.
• Ebitda down 29.4 percent to Rs 24.3 crore.
• Margin at 10.1 percent versus 14.2 percent.

Balkrishna Industries (Q3, YoY)

• Stock rose as much as 5.4 percent to Rs 801.90.
• Revenue up 9 percent to Rs 1,205.6 crore.
• Net profit down 23.6 percent to Rs 144.7 crore.
• Ebitda up 3.8 percent to Rs 300.9 crore.
• Margin at 25 percent versus 26.2 percent.
• Other Income of Rs 77.7 crore in base quarter.

VA Tech Wabag (Q3, YoY)

• Stock fell as much as 10.2 percent to Rs 260.60.
• Revenue down 23.5 percent to Rs 661.9 crore.
• Net profit down 48.8 percent to Rs 15.4 crore.
• Ebitda down 36.5 percent to Rs 49.3 crore.
• Margin at 7.4 percent versus 9 percent.

Allcargo Logistics (Q3, YoY)

• Stock rose as much as 3.8 percent to Rs 105.
• Revenue up 22 percent to Rs 1,803 crore.
• Net profit up 37 percent to Rs 48 crore.
• Ebitda up 20 percent to Rs 112.5 crore.
• Margin at 6.2 percent versus 6.4 percent.

PSP Projects (Q3, YoY)

• Stock rose as much as 4.9 percent to Rs 407.20.
• Revenue up 53 percent to Rs 261 crore.
• Net profit up 43 percent to Rs 21.5 crore.
• Ebitda up 33 percent to Rs 36 crore.
• Margin at 13.8 percent versus 15.8 percent.

Mirza International (Q3, YoY)

• Stock fell as much as 17.1 percent to Rs 56.95.
• Revenue up 21 percent to Rs 307 crore.
• Net profit down 64 percent to Rs 7.5 crore.
• Ebitda down 36 percent to Rs 29.5 crore.
• Margin at 9.6 percent versus 18.1 percent.

TVS Srichakra (Q3, YoY)

• Stock fell as much as 5.3 percent to Rs 2,201.
• Revenue up 18 percent to Rs 582 crore.
• Net profit down 23 percent to Rs 24 crore.
• EBITDA down 4.5 percent to Rs 63 crore.
• Margin at 10.8 percent versus 13.4 percent.

IDFC (Q3, YoY)

• Stock rose as much as 2.3 percent to Rs 38.50.
• Net interest income down 33 percent to Rs 8 crore.
• Net profit to Rs 26 crore versus Rs 2 crore.
• Tax credit of Rs 31 crore in current quarter.

Seshasayee Paper (Q3, YoY)

• Stock rose as much as 4.6 percent to Rs 1,020.
• Revenue up 20 percent to Rs 354.5 crore.
• Net profit up 63 percent to Rs 50.5 crore.
• Ebitda up 75.5 percent to Rs 82.5 crore.
• Margin at 23.3 percent versus 15.9 percent.

Finolex Industries (Q3, YoY)

• Stock swung between gains and losses to trade 0.1 percent higher at Rs 501.70.
• Revenue up 5 percent to Rs 757 crore.
• Net profit up 14 percent to Rs 79 crore.
• Ebitda up 10.5 percent to Rs 126 crore.
• Margin at 16.6 percent versus 15.8 percent.

Atul Auto (Q3, YoY)

• Stock rose as much as 3.3 percent to Rs 306.75.
• Revenue up 44 percent to Rs 186 crore.
• Net profit up 60 percent to Rs 16 crore.
• Ebitda up 60 percent to Rs 24 crore.
• Margin at 12.9 percent versus 11.6 percent.

Lumax Auto (Q3, YoY)

• Stock fell as much as 6.4 percent to Rs 132.65.
• Revenue up 15.5 percent to Rs 320 crore.
• Net profit up 31 percent to Rs 17 crore.
• Ebitda flat to Rs 28.5 crore.
• Margin at 8.9 percent versus 10.1 percent.

VRL Logistics (Q3, YoY)

• Stock fell as much as 1.5 percent to Rs 249.
• Revenue up 13 percent to Rs 551 crore.
• Net profit up 8 percent to Rs 27 crore.
• Ebitda up 14 percent to Rs 70 crore.
• Margin at 12.7 percent versus 12.6 percent.

Thyrocare Technologies (Q3, YoY)

• Stock fell as much as 8.4 percent to Rs 502.05.
• Revenue up 15 percent at Rs 96.3 crore.
• Net profit down 6 percent to Rs 20.2 crore.
• Ebitda up 0.4 percent to Rs 35.5 crore.
• Margin at 36.9 percent versus 42.2 percent

Som Distilleries (Q3, YoY)

• Stock fell as much as 7.2 percent to Rs 128.15.
• Revenue up 58 percent to Rs 130 crore.
• Net profit up 14 percent to Rs 4.4 crore.
• Ebitda up 3.3 percent to Rs 11.7 crore.
• Margin at 13.8 percent versus 17.4 percent.

Apollo Hospitals (Q3, YoY)

• Stock fell as much as 6 percent to Rs 1,182.40.
• Revenue up 17 percent to Rs 2,169 crore.
• Net profit up 29 percent to Rs 86.9 crore.
• Ebitda up 21 percent to Rs 267.9 crore.
• Margin at 12.3 percent versus 11.9 percent.

Balkrishna Industries (Q3, YoY)

• Stock rose as much as 5.4 percent to Rs 801.90.
• Revenue up 9 percent to Rs 1205.6 crore.
• Net profit down 23.6 percent to Rs 144.7 crore.
• Ebitda up 3.8 percent to Rs 300.9 crore.
• Margin to 25 percent versus 26.2 percent.
• Foreign exchange loss of Rs 32.4 crore versus Foreign exchange gain of Rs 73 crore.

Shares of Sun TV Network halted a two-day decline and rose as much as 9.7 percent, the most since May 22, 2018, to Rs 571.60.

The company’s net profit rose 31.6 percent year-on-year to Rs 351.3 crore in the three months ended December, according to its stock exchange filing.

Key earnings highlights (Q3, YoY)

• Revenue up 32.4 percent to Rs 904.5 crore.
• Ebitda up 35.6 percent to Rs 667.3 crore.
• Margin at 73.8 percent versus 72 percent.

Here’s what CLSA had to say after the quarterly results announcement:

• Maintained ‘Buy’ with a price target of Rs 770.
• Big beat on subscriptions, advertisement revenues and movies.
• Growing focus on Sun Nxt. Management confident of breaking even in two years.
• Stock inexpensive at a 30 percent discount to five-year average.

• Hathway Cable: About 14 lakh shares changed hands in a block deal.
• LIC Housing Finance: Abut 16.8 lakh shares changed hands in a block deal.

Buyers and sellers were not known immediately

Source: Bloomberg

Shares of the telecom operator swung between gains and losses to trade 0.35 percent lower at Rs 313.20.

The company’s Kenya arm signed an agreement with Telkom Kenya to combine operations and will be called ‘Airtel-Telkom’, according to its statement on the exchanges. Both companies will merge their mobile, enterprise and carrier services, the statement said, adding that the finalisation and closure of the transaction is subject to approval by the relevant authorities.

The stock traded 22 below the Bloomberg consensus one-year target price.

Shares of the steelmaker rose as much as 2.6 percent to Rs 480.80.

The company’s net profit rose 76.5 percent over last year to Rs 2,284.1 crore during October-December period, according to its stock exchange filing. The analysts traked by Bloomberg had pegged the bottomline at Rs 2,231.3 crore.

Other Key Highlights (YoY)

• Revenue rose 23.2 percent to Rs 41,220 crore.
• Operating profit increased 18 percent to Rs 6,723.4 crore.
• Margin narrowed 70 basis points to 16.3 percent.
• Here’s what brokerages had to say after the Q3 results announcement:

Investec

• Maintained ‘Buy’; cut price target to Rs 739 from Rs 787.
• Operationally in-line; Thyssen JV – on track.
• Cut estimates to reflect cost inflation and remove SEA operations.
• Reiterate Tata Steel as preferred ferrous proxy.

JPMorgan

• Maintained ‘Overweight’; cut price target to Rs 880 from Rs 980.
• December quarter was in-line but should improve further.
• Higher iron ore and European JV not priced in.
• Rising iron ore prices bodes well for Tata Steel.

Shares of the Royal Enfield bikes manufacturer fell as much as 2.5 percent to Rs 20,335.80 apiece ahead of its results announcement.

Here’s what analysts tracked by Bloomberg expects the company to report in the December quarter on a yearly basis.

• Revenue seen flat at Rs 2,266 crore.
• Ebitda expected to fall 4 percent to Rs 680 crore.
• Net profit seen 1 percent lower at Rs 524 crore.
• Margin seen at 30 percent vs 31.1 percent.

Shares of Dr. Reddy’s Laboratories Ltd. was the worst performer on Nifty. The stock fell for the second day and declined as much as 3.9 percent to Rs 2,660.10.

The drugmaker received a Form 483 with 11 observations from the U.S. FDA after the inspection of Formulations Manufacturing Plant in Hyderabad, according to its stock exchange filing. The pharmaceutical company said that they will address the above issue comprehensively within the stipulated time.

Form 483 is used by the drug regulator to document and communicate concerns discovered during plant inspections.

Trading volume was six times its 20-day average, Bloomberg data showed. The stock advanced 26 percent in the past 12 months compared to a 7.5 gain in the Sensex.

Indian equity benchmarks opened lower for the second day, mirroring most of its Asian peers.

The S&P BSE Sensex Index fell as much as 0.5 percent to 36,358.89 and the NSE Nifty 50 Index fell as much as 0.55 percent to 10,883.65.

The market breadth was tilted in favour of sellers. About 918 stocks declined and 534 shares advanced on National Stock Exchange.

Nine out of 11 sectoral gauges compiled by NSE advanced, led by the NSE Nifty Auto Index’s 1.2 percent decline. On the flipside, the NSE Nifty Media Index was the top sectoral gainer, up 1.16 percent.

The Indian rupee extended gains for the fifth day against the U.S. dollar and is poised for its longest rally since November 22, 2018. The home currency appreciated as much as 0.16 percent to 71.20 against the greenback.

F&O Cues

• Nifty February futures closed trading at 10957, premium of 13 points.
• Max OI for February series at 11,000 Call, OI at 37.3 lakh shares.
• Max OI for February series at 10,400 Put, OI at 31.5 lakh shares.

Stocks In F&O Ban

• In Ban: Adani Enterprises, IDBI, DHFL, Jet Airways, Reliance Capital, Reliance Infrastructure, Reliance Power.
• New in Ban: Adani Enterprises.

Put-Call Ratio

• Nifty PCR at 1.59 versus 1.78.
• Nifty Bank PCR at 1.04 versus 1.12.

CLSA on Aurobindo Pharma

• Maintained ‘Outperform’ with a price target of Rs 820
• December quarter was in line and reported a healthy growth in the U.S. region.
• Focus in 2019-20 will be to integrate recent acquisitions.
• Performance of these acquisitions could drive a rerating.

CLSA on Sun TV

• Maintained ‘Buy’ with a price target of Rs 770.
• Big beat on subscriptions, advertisement revenues and movies.
• Growing focus on Sun Nxt. Management confident of breaking even in two years.
• Stock inexpensive at a 30 percent discount to five-year average.

CLSA on Dr. Lal PathLabs

• Maintained ‘Buy’ with a price target of Rs 1,320.
• Margin missed in December quarter; Volume-led growth focus to continue.
• City-specific approach to expand in West and South.
• Catalysts: Kolkata region growth and volume/realisation growth.

CLSA on United Spirits

• Maintained ‘Sell’; cut price target to Rs 450 from Rs 500.
• Negatives: rising input prices, difficulty in product price hikes.
• Recent commentary from USL, Diageo and Radico Khaitan points to uncertainty ahead.
• Stress on state fiscal adds to further risks of higher taxation on liquor.

CLSA on Gujarat Gas

• Maintained ‘Buy’; cut price target to Rs 150 from Rs 156.
• Big beat driven by margin surprise.
• Volume growth disappoints.
• Soft LNG price is a tailwind for 2019.

Nomura on Cummins India

• Downgraded to ‘Neutral’ from ‘Buy’; cut price target to Rs 765 from Rs 890.
• Weaker exports and poll-related infra award slowdown to impact gross margins.
• Turning cautious on weak export outlook.
• Revival in infra awarding activity is a key upside risk.

Nomura on Gujarat State Petronet

• Maintained ‘Neutral’ with a price target of Rs 200.
• December quarter missed estimates on lower realised tariff, higher operating expenses.
• Expect transmission volumes to fall Reliance’s plants ramp up.
• Outlook muted over medium term.

Investec on Endurance Tech

• Maintained ‘Buy’; cut price target to Rs 1,385 from Rs 1,400.
• Sustained outperformance; strong revenue growth for India business.
• Traction in proprietary business increasing.
• Outlook for Europe remains uncertain, new order wins reinforces core thesis.

Investec on Bandhan Bank

• Initiated ‘Buy’ with a price target of Rs 645.
• Superior franchise which can withstand crises and emerge stronger.
• Significant opportunity at the bottom of the pyramid – especially in East.
• Premium valuations justified given the superior franchise quality and high return ratios.

Motilal Oswal on NALCO

• Maintained ‘Buy’; cut price target to Rs 69 from Rs 90.
• Disappointment in form of higher cost of production.
• Cutting estimates due to lower alumina prices/higher cost of production.
• Best placed to benefit from higher prices; expect volumes to improve.

Citi on Balkrishna Industries

• Maintained ‘Buy’ with a price target of Rs 1,200.
• December quarter review: Operationally in-line; Net profit hit by forex losses.
• Unchanged volume guidance somewhat allays demand concerns.
• Expect healthy RoEs and if volumes recover stock could rerate.

On Alkem Labs

JPMorgan

• Maintained ‘Neutral’; hiked price target to Rs 1,800 from Rs 1,750.
• December quarter missed estimates on weak India revenue; International report another strong quarter.
• Management expects normalization in India business in coming quarters.
• Mid term margin outlook of 18 percent seem to indicate gradual improvement.

Motilal Oswal

• Maintained ‘Buy’; cut price target to Rs 2,365 from Rs 2,500.
• Profitability impacted by lower gross margin.
• Strong US growth; key domestic formulation business suffers.
• Cut earnings estimated for the current and the next two financial years by 3 percent, 5 percent and 4 percent respectively to factor in increased cost and slowdown.

On BPCL

CLSA

• Maintained ‘Sell’; hiked price target to Rs 300 from Rs 240.
• Strong refining and lower inventory loss drive December quarter’s earnings beat estimates.
• Marketing segment sees market share losses in key fuels.
• Weak benchmark GRMs and upcoming elections are headwinds.

Nomura

• Maintained ‘Neutral’ with a price target of Rs 360.
• December quarter beat mainly due to forex gains.
• Refining segment reported better results while marketing segment was weak.
• Outlook is weak with more refining capacity coming online.

On Tata Steel

Investec

• Maintained ‘Buy’; cut price target to Rs 739 from Rs 787.
• Operationally in-line; Thyssen JV – on track.
• Cut estimates to reflect cost inflation and remove SEA operations.
• Reiterate Tata Steel as preferred ferrous proxy.

JPMorgan

• Maintained ‘Overweight’; cut price target to Rs 880 from Rs 980
• December quarter was in-line but should improve further.
• Higher iron ore and European JV not priced in.
• Rising iron ore prices bodes well for Tata Steel.

• Ajanta Pharma ex-date for share buyback.
• Siti Networks to move into ASM Framework.
• Reliance Home Finance to move into Short Term ASM Framework.

• Spencer’s Retail: UTI MF sold 5.15 lakh shares at Rs 128.2 each

Salzer Electronics

• HMG Globetrotter acquired 4.43 lakh shares or 2.78 percent equity at Rs 111.5 each.
• Algot Holding APS sold 2.55 lakh shares or 1.6 percent equity at Rs 111.5 each.
• Liljeborg Invest APS sold 1.87 lakh shares or 1.17 percent equity at Rs 111.5 each.

Nifty Earnings To Watch

• Eicher Motors

Other Earnings To Watch

• Aarti Drugs
• Amara Raja Batteries
• Motherson Sumi Systems
• PI Industries
• Power Finance Corporation
• Andhra Bank
• Andhra Cements
• Skipper
• Andrew Yule
• Aptech
• Spencers Retail
• Spicejet
• Somany Ceramics
• Astral Poly Technik
• Avadh Sugar & Energy
• Butterfly Gandhimathi Appliances
• Caplin Point Laboratories
• CARE Ratings
• Tide Water Oil Company
• CESC Ventures
• Corporation Bank
• Triveni Turbine
• Dynamatic Technologies
• Everest Kanto Cylinder
• Sterling Biotech
• Federal-Mogul Goetze
• GE T&D
• Gujarat Narmada Valley Fertilizers and Chemicals
• Gujarat Industries Power
• Hindustan Aeronautics
• Hindustan Copper
• India Cements
• Ind-Swift Laboratories
• ITD Cementation
• ITI
• Jay Shree Tea & Industries
• Jaypee Infratech
• JBM Auto
• JBF Industries
• KNR Constructions
• LKP Finance
• Maharashtra Seamless
• Mangalam Drugs And Organics
• Max Financial Services
• Max India
• McDowell Holdings
• Reliance Home Finance
• Great Eastern Shipping Company
• Meghmani Organics
• Nectar Lifesciences

Earnings Reaction To Watch

Tata Steel (Q3, YoY)

• Revenue up 23.2 percent to Rs 41,219.9 crore.
• Net profit up 76.5 percent to Rs 2,284.1 crore.
• Ebitda up 18 percent to Rs 6,723.4 crore.
• Margin at 16.3 percent versus 17.03 percent.

BPCL (Q3, YoY)

• Revenue up 9.5 percent to Rs 79,168.9 crore.
• Net profit down 59.4 percent to Rs 495.1 crore.
• Ebitda down 69.5 percent to Rs 737.3 crore.
• Margin to 0.9 percent versus 3.3 percent.
• Other income up 80 percent to Rs 967.2 crore.
• GRM at $2.78/bbl versus $5.57/bbl.
• Declares interim dividend of Rs 11 per share.

NALCO (Q3, YoY)

• Revenue up 13.81 percent to Rs 2,719 crore.
• Net profit down 58.2 percent to Rs 301.8 crore.
• Ebitda up 49.2 percent to Rs 513.1 crore.
• Margin at 18.9 percent versus 14.4 percent.
• Exceptional gain of Rs 801.5 crore in base quarter.
• Employee benefit expenses down 34 percent to Rs 486.7 crore.

Thermax (Q3, YoY)

• Revenue up 28.6 percent to Rs 1,436.6 crore.
• Net profit up 28 percent to Rs 75 crore.
• Ebitda up 12.2 percent to Rs 107.3 crore.
• Margin at 7.5 percent versus 8.6 percent.
• Raw material costs up 41 percent to Rs 748.1 crore.
• Deferred tax reversal of Rs 97.4 crore in current quarter.

JK Lakshmi Cement (Q3, YoY)

• Revenue up 11.7 percent to Rs 935 crore.
• Net profit up 72.1 percent to Rs 14.8 crore.
• Ebitda up 4.2 percent to Rs 98.3 crore.
• Margin at 10.5 percent versus 11.3 percent.

NHPC (Q3, YoY)

• Revenue up 4.9 percent to Rs 1,571.4 crore.
• Net profit down 73.5 percent to Rs 182.2 crore.
• Ebitda down 24.1 percent to Rs 595.9 crore.
• Margin at 37.9 percent versus 52.4 percent.
• Deferred tax of Rs 113.3 crore in base quarter.
• Employee benefit expenses up 47 percent to Rs 551.3 crore.

Avanti Feeds (Q3, YoY)

• Revenue up 18.2 percent to Rs 835.3 crore.
• Net profit down 26.7 percent to Rs 73.6 crore.
• Ebitda down 28.6 percent to Rs 109.6 crore.
• Margin at 13.1 percent versus 21.7 percent.
• Raw material costs up 29 percent to Rs 633.5 crore.

SKF India (Q3, YoY)

• Revenue up 9.6 percent to Rs 767.7 crore.
• Net profit up 2.7 percent to Rs 88.5 crore.
• Ebitda down 1.1 percent to Rs 121.7 crore.
• Margin at 15.9 percent versus 17.6 percent.
• Other Income up 69 percent to Rs 33.8 crore.

Sun TV Network (Q3, YoY)

• Revenue up 32.4 percent to Rs 904.5 crore.
• Net profit up 31.6 percent to Rs 351.3 crore.
• Ebitda up 35.6 percent to Rs 667.3 crore.
• Margin at 73.8 percent versus 72 percent.

Amber Enterprises (Q3, YoY)

• Revenue up 14.9 percent to Rs 388.8 crore.
• Net profit to Rs 3.8 crore versus Rs 0.1 crore.
• Ebitda down 8.3 percent to Rs 22.1 crore.
• Margin at 5.7 percent versus 7.1 percent.
• Finance cost of Rs 16.6 crore in base quarter.
• Inventory loss of Rs 36.4 crore in the current quarter.

Visaka Industries (Q3, YoY)

• Revenue down 0.8 percent to Rs 239.9 crore.
• Net profit down 36.4 percent to Rs 9.1 crore.
• Ebitda down 29.4 percent to Rs 24.3 crore.
• Margin at 10.1 percent versus 14.2 percent.

Balkrishna Industries (Q3, YoY)

• Revenue up 9 percent to Rs 1,205.6 crore.
• Net profit down 23.6 percent to Rs 144.7 crore.
• Ebitda up 3.8 percent to Rs 300.9 crore.
• Margin at 25 percent versus 26.2 percent.
• Other Income of Rs 77.7 crore in base quarter.

VA Tech Wabag (Q3, YoY)

• Revenue down 23.5 percent to Rs 661.9 crore.
• Net profit down 48.8 percent to Rs 15.4 crore.
• Ebitda down 36.5 percent to Rs 49.3 crore.
• Margin at 7.4 percent versus 9 percent.

Allcargo Logistics (Q3, YoY)

• Revenue up 22 percent to Rs 1,803 crore.
• Net profit up 37 percent to Rs 48 crore.
• Ebitda up 20 percent to Rs 112.5 crore.
• Margin at 6.2 percent versus 6.4 percent.

PSP Projects (Q3, YoY)

• Revenue up 53 percent to Rs 261 crore.
• Net profit up 43 percent to Rs 21.5 crore.
• Ebitda up 33 percent to Rs 36 crore.
• Margin at 13.8 percent versus 15.8 percent.

Mirza International (Q3, YoY)

• Revenue up 21 percent to Rs 307 crore.
• Net profit down 64 percent to Rs 7.5 crore.
• Ebitda down 36 percent to Rs 29.5 crore.
• Margin at 9.6 percent versus 18.1 percent.

TVS Srichakra (Q3, YoY)

• Revenue up 18 percent to Rs 582 crore.
• Net profit down 23 percent to Rs 24 crore.
• EBITDA down 4.5 percent to Rs 63 crore.
• Margin at 10.8 percent versus 13.4 percent.

IDFC (Q3, YoY)

• Net interest income down 33 percent to Rs 8 crore.
• Net profit to Rs 26 crore versus Rs 2 crore.
• Tax credit of Rs 31 crore in current quarter.

Seshasayee Paper (Q3, YoY)

• Revenue up 20 percent to Rs 354.5 crore.
• Net profit up 63 percent to Rs 50.5 crore.
• Ebitda up 75.5 percent to Rs 82.5 crore.
• Margin at 23.3 percent versus 15.9 percent.

Finolex Industries (Q3, YoY)

• Revenue up 5 percent to Rs 757 crore.
• Net profit up 14 percent to Rs 79 crore.
• Ebitda up 10.5 percent to Rs 126 crore.
• Margin at 16.6 percent versus 15.8 percent.

Toul Auto (Q3, YoY)

• Revenue up 44 percent to Rs 186 crore.
• Net profit up 60 percent to Rs 16 crore.
• Ebitda up 60 percent to Rs 24 crore.
• Margin at 12.9 percent versus 11.6 percent.

Lumax Auto (Q3, YoY)

• Revenue up 15.5 percent to Rs 320 crore.
• Net profit up 31 percent to Rs 17 crore.
• Ebitda flat to Rs 28.5 crore.
• Margin at 8.9 percent versus 10.1 percent.

VRL Logistics (Q3, YoY)

• Revenue up 13 percent to Rs 551 crore.
• Net profit up 8 percent to Rs 27 crore.
• Ebitda up 14 percent to Rs 70 crore.
• Margin at 12.7 percent versus 12.6 percent.

Thyrocare Technologies (Q3, YoY)

• Revenue up 15 percent at Rs 96.3 crore.
• Net profit down 6 percent to Rs 20.2 crore.
• Ebitda up 0.4 percent to Rs 35.5 crore.
• Margin at 36.9 percent versus 42.2 percent

Som Distilleries (Q3, FY19)

• Revenue up 58 percent to Rs 130 crore.
• Net profit up 14 percent to Rs 4.4 crore.
• Ebitda up 3.3 percent to Rs 11.7 crore.
• Margin at 13.8 percent versus 17.4 percent.

Apollo Hospitals (Q3, FY19)

• Revenue up 17 percent to Rs 2,169 crore.
• Net profit up 29 percent to Rs 86.9 crore.
• Ebitda up 21 percent to Rs 267.9 crore.
• Margin at 12.3 percent versus 11.9 percent.

Balkrishna Industries (Q3, YoY)

• Revenue up 9 percent to Rs 1205.6 crore.
• Net profit down 23.6 percent to Rs 144.7 crore.
• Ebitda up 3.8 percent to Rs 300.9 crore.
• Margin to 25 percent versus 26.2 percent.
• Foreign exchange loss of Rs 32.4 crore versus Foreign exchange gain of Rs 73 crore.

• Dr. Reddy’s Laboratories: Received a Form 483 with 11 observations from the U.S. FDA after the inspection of Formulations Manufacturing Plant in Hyderabad. The company said that it will address the above issue comprehensively within the stipulated time.
• Bharti Airtel’s Kenya arm signed an agreement with Telkom Kenya to combine operations and will be called ‘Airtel-Telkom’. Both companies will merge their mobile, enterprise and carrier services. The company says that finalisation and closure of the transaction is subject to approval by the relevant authorities.
• Reliance ADAG Group: Edelweiss Financial Services and L&T Finance said that all actions taken on the Reliance ADAG Group share are legal. The financial services companies stated that they had granted credit facilities against pledge of shares to Reliance ADAG Group. Despite reaching out numerous times to the Anil Ambani led Group to address concerns on shortfall in margin. Not only did the group fail to address the concerns raised by by Edelweiss Group and L&T Finance but also there was a breach of contractual obligations. On Feb. 4, Edelweiss Group liquidated its collaterals as per the agreed terms, while L&T Finance enforced its rights of invocation and sold pledged shares to the extent of its outstanding dues by following the due process of contract and law.
• State Bank of India reduced its interest rates on home loans up to Rs 30 lakh by 5 basis points. Rajnish Kumar, Chairman, SBI said, “As the nation’s largest lender, we have always kept customer interests at the centre. SBI has the highest market share of the home loans market and it is only appropriate that we empower the large lower and middle class segment by transmitting the rate cut announced by the RBI”.
• Reliance Industries: Reliance Brands increased its stake in Future 101 Design to 15 percent for Rs 2 crore. The company also stated that its arm Reliance Retail Ventures increased its stake in Genesis Colours to 29.07 percent for Rs 45 crore.
• Prakash Industries said that it has modernised its Rolling Mill in Chattisgarh to improve the production of wire rods. The company also stated that it is on schedule to complete its Sponge Iron Kiln by March 2019, thereby adding sponge iron production capacity of 2 lakh tonnes per annum along with waste heat power co-generation. Lastly the company has also raised its product prices by over Rs 3,000 per tonne due to rising global steel prices.
• Rural Electrification Corporation: Board approved incorporation of 5 project specific Special Purpose Vehicles for its transmission arm.
• Allahabad Bank, Punjab National Bank, Corporation Bank: RBI Imposed a penalty of Rs 1.5 crore on Allahabad Bank and Rs 1 crore on Punjab National Bank due to regulation issues. The central bank also levied a penalty of Rs 2 crore on Corporation Bank due to lapses in monitoring of end use of funds and exchange of information with other banks.
• EID Parry: The company released its sales data for January with sugar sales at 0.24 MT and export sugar sales at 0.19 MT. That’s with recovery at 10.97 percent and power export of 284 lakh units. The company also stated that around 7.94 lakh MT of sugarcane was crushed for the afore-mentioned period, while 57 lakh liters of alcohol was sold.
• Power Finance Corporation: NCLT approved amalgamation of the company’s wholly owned arm ‘PFC Green Energy’ with self.
• KIOCL’s board approved shareholders agreement between and Rashtriya Ispat Nigam Ltd. for setting up of a 2 MTPA capacity pellet plant on joint venture basis at RINL’s premises in Vishakapatnam.
• Balkrishna Industries expects the first phase of Carbon Black’s 60,000 MTPA facility will be commissioned by the end of March quarter.
• KEC International has completed its entire stake sale in ‘KEC Bikaner Sikar Transmission’ to Adani Transmission, after obtaining regulatory approvals.
• KRBL: Board approved to challenge the demand order given by the IT Department. The demand order is for Rs 1,296 crore pertaining assessment proceeding from 2010 to 2017. The company will appeal this matter to the appellate authorities.
• Adani Transmission completed acquisition of KEC International’s project for Rs 228 crore. With the completion of this acquisition, the cumulative network of ATL will reach around 13,450 ckt km, out of which around 10,355 ckt km are under operation and the balance 3,095 ckt km, are under various stages of construction. With this scale of operations, ATL will enjoy substantial benefits in terms of cost optimisation, shared resources and will fortify its position of being the largest private sector transmission company in the country.
• Cipla said that its subsidiary InvaGen Pharmaceuticals Inc has completed the first tranche of 33.3 percent stake buy in U.S.-based speciality business firm Avenue Therapeutics.
• Lupin received two observations from the U.S. FDA after the inspection of Goa manufacturing facility. The company said that both the observations are procedural in nature and the company is confident of addressing them confidently.
• TVS Srichakra: Board approved company’s plan for setting up Indonesia and Vietnam units.
• Time Technoplast said Aburi Ltd., U.K. had withdrawn the complaint filed against the company with Economic Offences Wing of Mumbai Police and has resumed business ties.
• IndusInd Bank to raise funds via debt on Feb 13.
• Voltas to invest over Rs 500 crore in setting up a manufacturing facility in South India. The company plans to expand the capacity of Pantnagar plant and start the construction of new manufacturing facility spread over 65 acres in Tirupati.
• Engineers India to provide project management consultancy services to Mongol Refinery for setting up of an oil refinery in Mongolia.
• IDFC to sell stake in IDFC Securities to TCG in one or more tranches over a period of time. Yet to sign definitive agreement.

• Sweden’s Riksbank is expected to keep interest rates at minus 0.25 percent on Wednesday 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.
• If no deal is reached on the U.S-Mexico border wall, parts of the federal U.S. government may shut down again later this week when stopgap government funding expires.

• Brent crude traded 0.9 percent lower at $61.54 per barrel.
• West Texas Intermediate crude slipped 0.3 percent $52.55 a barrel.
• Gold advanced 0.5 percent to $1,315.61 an ounce Friday.

London Metal Exchange

• Aluminium ended lower for the third day, down 0.69 percent.
• Tin resumed rally after a one-day blip, ended 0.48 percent lower.
• Zinc resumed declines after a one-day rally, ended 0.99 percent lower.
• Copper ended lower for the second day, down 0.58 percent.
• Nickel resumed declined after a one-day rally, ended 3.2 percent lower.
• Lead ended flat.

(As on Feb. 8)

Good Morning!

The Singapore-traded SGX Nifty, an early indicator of NSE Nifty 50 Index’s performance in India, fell 0.18 percent to 10,926.50 as of 8:20 a.m.

Stocks began the week on a cautious note as doubts on the possibility for progress ahead of a potentially pivotal week for U.S.-China trade talks crept back into markets.

Shares in Sydney edged lower along with those in South Korea. Equities opened little changed in Hong Kong, and ticked higher in China where the exchanges reopened after a one-week holiday. Japan is shut for a holiday, so Treasuries won’t trade until the London open.

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