Sensex, Nifty Clock Worst Week In Nearly Four Months

Indian equity benchmarks clocked their worst weekly decline since Oct. 28, 2018, halting their two-week rally.

The S&P BSE Sensex index closed 0.19 percent lower today at 35,808.95 and the NSE Nifty 50 Index ended at 10,724.40, down 0.2 percent.

The market breadth was tilted in favour of sellers. About 1,093 stocks declined and 634 shares advanced on National Stock Exchange. All the sectoral gauges compiled by NSE fell, led by the NSE Nifty Pharma Index’s 3.1 percent decline.

Shares of Radico Khaitan fell for the seventh day and are poised for their longest losing streak since Feb. 02, 2018. The stock fell as much as 2.2 percent to Rs 396.80 in today’s trade.

Bharat Dynamics

• Stock rose as much as 17.1 percent to Rs 263.80.
• Trading volume was more than 30-times its 20-day average.

Glenmark Pharma

• Stock fell as much as 9.1 percent to Rs 554.
• Trading volume was more than nine times its 20-day average.

Dilip Buildcon

• Stock rose as much as 13.1 percent to Rs 464.60.
• Trading volume was almost six times its 20-day average.

Redington India

• Stock rose as much as 10.3 percent to Rs 82.20.
• Trading volume was triple its 20-day average.

Ashok Leyland

• Stock fell as much as 7.6 percent to Rs 78.
• Trading volume was more than double its 20-day average.

European equities traded mixed as trade talks between China and the U.S. make little progress as the deadline for tariffs approaches.

• Indian equity benchmarks extend fall and are trading at day’s low.
• The S&P BSE Sensex Index fell over 300 points to trade at 35,552 and the NSE Nifty 50 Index fell over 1 percent to 10,637.15
• About 1,145 stocks fell and 510 stocks advanced on NSE.

Shares of Alembic Pharmaceuticals extended gains for the second day and rose as much as 2 percent to Rs 542.

The pharmaceutical company received a green signal form the U.S. drug regulator Moxifloxacin Ophthalmic Solution used for the treatment of conjunctivitis, according to its stock exchange filing. The stock traded at 18 times its estimated earnings per share for the coming year, Bloomberg data showed.

J Kumar Infraprojects received an order worth Rs 445 crore for Mumbai Metro Rail project, according to its stock exchange filing.

Shares of the company erased gains and were trading 1.6 percent lower at Rs 122.70. The stock had declined 64 percent in the past 12 months compare to an 3.8 percent advance in the Sensex.

Nifty’s 10,700 put option contract was among the most active Nifty option contracts on National Stock Exchange.

Premium on the contract jumped 102.22 percent to Rs 100. Over 4.59 lakh shares were added to the open interest which stood at over 8.09 lakh shares.

Jet Airways (Q3, YoY)

• Stock rose as much as 7.5 percent to Rs 242.80.
• Revenue up 1 percent to Rs 6,148 crore.
• Net loss of Rs 587.8 crore versus Net profit of Rs 165.3 crore.
• EbitdaR down 54.3 percent to Rs 459.5 crore.
• Margin at 7.5 percent versus 16.5 percent.

JK Tyre & Industries (Q3, YoY)

• Stock rose as much as 4.1 percent to Rs 91.45.
• Revenue up 28.6 percent to Rs 2,730.8 crore.
• Net profit up 2.5 times to Rs 26.7 crore.
• Ebitda up 24.5 percent to Rs 265.1 crore.
• Margin at 9.7 percent versus 10 percent.
• Exceptional losses to Rs 20.5 crore.
• Approves raising Rs 200 crore via preferential issue.

National Peroxide (Q3, YoY)

• Stock fell as much as 4.6 percent to Rs 2,671.
• Revenue up 40.9 percent to Rs 98.2 crore.
• Net profit up 79.2 percent to Rs 37.1 crore.
• Ebitda up 74.5 percent to Rs 54.6 crore.
• Margin at 55.6 percent versus 44.9 percent.

Deepak Fertilizers and Petrochemicals (Q3, YoY)

• Stock fell as much as 8.7 percent to R 108.65.
• Revenue down 11.6 percent to Rs 1,453.4 crore.
• Net profit down 77.6 percent to Rs 12.2 crore.
• Ebitda down 29.1 percent to Rs 107.8 crore.
• Margin at 7.4 percent versus 9.2 percent.
• Finance Cost up 62 percent to Rs 57.2 crore.

Infibeam Avenues (Q3, YoY)

• Stock rose as much as 17.3 percent to Rs 41.10.
• Revenue up 2 times to Rs 150.3 crore.
• Net profit of Rs 26.6 crore versus Rs 1.9 crore.
• Ebitda up 2.6 times to Rs 43.9 crore.
• Margin at 29.2 percent versus 22.8 percent.

Mcleod Russel (Q3, YoY)

• Stock fell as much as 6.8 percent to Rs 82.35.
• Revenue down 18 percent to Rs 456.2 crore.
• Net profit down 20.6 percent to Rs 53.6 crore.
• Ebitda down 88.9 percent to Rs 5.8 crore.
• Margin at 1.3 percent versus 9.4 percent.
• Decrease in inventory of Rs 180.8 crore.
• Deferred tax reversal of Rs 33.2 crore.

Mishra Dhatu Nigam (Q3, YoY)

• Stock fell as much as 4.2 percent to Rs 112.80.
• Revenue up 4.1 percent to Rs 153.2 crore.
• Net profit down 36.2 percent to Rs 16.9 crore.
• Ebitda down 43.4 percent to Rs 17.1 crore.
• Margin at 11.2 percent versus 20.5 percent.
• Raw Material Costs up 2.5 times to Rs 803.4 crore.

Glenmark Pharma (Q3, YoY)

• Stock fell as much as 5.8 percent to Rs 573.60.
• Revenue up 15.9 percent to Rs 2,555 crore.
• Net profit up 15.2 percent to Rs 107.7 crore.
• Ebitda up 34.7 percent to Rs 434.6 crore.
• Margin at 17 percent versus 14.6 percent.

Voltas (Q3, YoY)

• Stock rose as much as 3.8 percent to Rs 534.60.
• Revenue up 8.5 percent to Rs 1,491.8 crore.
• Net profit down 18.7 percent to Rs 80.9 crore.
• Ebitda up 1.24 percent to Rs 115.7 crore.
• Margin at 7.8 percent versus 8.3 percent.
• Other Income up 2.6 times to Rs 54.8 crore.
• Exceptional loss of Rs 12 crore.

MTNL (Q3, QoQ)

• Stock fell as much as 1.3 percent to Rs 11.85
• Revenue up 15.9 percent to Rs 514.5 crore.
• Net loss of Rs 832.3 crore versus net loss of Rs 859.1 crore
• Ebitda loss of Rs 330.2 crore.

Indiabulls Real Estate (Q3, YoY)

• Stock fell as much as 2.5 percent to Rs 640.30.
• Revenue up 5.3 times to Rs 1,271.1 crore.
• Net profit of Rs 202.5 crore versus Rs 6 crore.
• Ebitda up 4.4 times to Rs 387.8 crore.
• Margin at 30.5 percent versus 36.3 percent.

GSK Consumer Healthcare (Q3, YoY)

• Stock rose as much as 1.4 percent to Rs 7,589.15.
• Revenue up 7.4 percent to Rs 1,116.8 crore.
• Net profit up 35.1 percent to Rs 221.1 crore.
• Ebitda up 14.8 percent to Rs 238.5 crore.
• Margin at 21.4 percent versus 20 percent.

Kitex Garments (Q3, YoY)

• Stock fell as much as 5.2 percent to Rs 92
• Revenue down 7.6 percent to Rs 136.1 crore.
• Net profit down 29.5 percent to Rs 12.4 crore.
• Ebitda down 26.3 percent to Rs 25.5 crore.
• Margin at 18.7 percent versus 23.5 percent.

Cox & Kings (Q3, YoY)

• Stock fell as much as 8.3 percent to Rs 141.20.
• Revenue up 16.3 percent to Rs 1,331.1 crore.
• Net profit down 69.6 percent to Rs 28.9 crore.
• Ebitda down 8.8 percent to Rs 141.5 crore.
• Margin at 10.6 percent versus 13.6 percent.
• Other expenses up 91 percent to Rs 216.7 crore.

Shree Renuka Sugars (Q3, YoY)

• Stock rose as much as 4.4 percent to Rs 10.65.
• Revenue down 37.9 percent to Rs 1,092.6 crore.
• Net profit of Rs 68.6 crore versus net loss of Rs 2,294 crore.
• Ebitda up 2.3 times to Rs 119.9 crore.
• Margin at 11 percent versus 3 percent.
• Exceptional loss of Rs 2,410 crore in base quarter.
• Forex gain of Rs 86.8 crore.

GMR Infra (Q3, YoY)

• Stock fell as much as 4.1 percent to Rs 14.20.
• Revenue down 5.5 percent to Rs 1,958 crore.
• Net loss of Rs 561 crore versus Rs 578 crore.
• Ebitda up 2 percent to Rs 487 crore.
• Margin at 24.9 percent vs 23 percent.
• Finance cost up 14 percent to Rs 719 crore.

Simplex Infra (Q3, YoY)

• Stock fell as much as 6.6 percent to Rs 140.15.
• Revenue up 3 percent to Rs 1,403 crore.
• Net profit up 17 percent to Rs 36.3 crore.
• Ebitda up 2.5 percent to Rs 179 crore.
• Margin at 12.7 percent versus 12.8 percent.

Shares of Dr. Reddy’s Laboratories nearly 30 percent intraday, the most since October 2001, to Rs 1,872. However, it recovered later.

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 on Feb. 8.

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

Brokerage and research firm Jefferies noted that the 11 observations includes four repeat observations, including one repeated from 2015 and 2017.

“Given the repeat observations and the number of investigations cited, remediation would take time and likely require re-inspection,” Jefferies said in a note.

Trading volume was 40 percent below 20-day average, Bloomberg data showed. The stock advanced 22 percent in the past 12 months compared to a 5 percent gain in the Sensex.

Shares of the oil and gas explorer rose nearly 6 percent intraday, the most in over four months, to Rs 140. The stock had declined for five consecutive trading sessions. The scrip was the best performer on Sensex and Nifty.

The state-owned company’s operating margin expanded to 59.84 percent in the three months ended December, compared to 56.41 percent clocked in the year ago period, according to its stock exchange filing.

Key Earnings Highlights (Q3, YoY)

• Revenue down 1.1 percent to Rs 27,694.1 crore.
• Net profit flat to Rs 8,262.7 crore versus Rs 8,264.6 crore.
• Ebitda up 5 percent to Rs 16,571 crore.
• Margin at 59.84 percent versus 56.41 percent.
• Net realisation to $66.38/bbl versus $73.07/bbl.
• Declares dividend of Rs 5.25 per share.

Here’s what analysts had to say after the company announced its quarterly results:

UBS

• Maintained ‘Buy’ with a price target of Rs 240.
• Lower opex drives Ebitda beat; higher other income drives earnings beat.
• No subsidy burden so far should allay concerns.
• Expect investors to react positively.

Deutsche Bank Research

• Maintained ‘Buy’; cut price target to Rs 187 from Rs 216.
• December quarter review: Benefits from higher realization.
• Beat due to lower other expenses and higher-than-expected other income.
• Cut FY19-20 earnings estimates due to lower oil prices.

Shares of Page Industries fell as much as 7.2 percent, the most since Nov. 15, 2018, to Rs 22,253.50.

The company had reported a revenue of 738 crore during October-December period, an increase of 19 percent from the year-ago period, according to its stock exchange filing.

The revenue gains during the three months ended December were on account of Ind-AS 115 adoption, according to brokerage Kotak Institutional Equities. “The adjusted performance was below estimate on revenue and just about in line on operating income and net profit.”

Besides, Kotak said discontinuance of segmental disclosures is a disappointment and limits its ‘anyway-limited’ ability to track the company’s progress on some of the micro makers. “FY19-21E EPS forecast see a 2-3 percent cut and the fair value stays intact, however, at Rs 22,300 on account of rollover of discounted cash flow.”

Trading volume was more than double its 20-day average, Bloomberg data showed. The stock gained 0.6 percent in the past five days and fell 0.2 percent in the past 30 days.

Shares of Nestle India resumed declines after a one-day rally. The stock fell as much as 2.1 percent to Rs 10,401 after its operating margin contracted in the three months ended December.

Key Earnings Highlights (Q3, YoY)

• Revenue up 11.4 percent to Rs 2,897 crore.
• Net profit up 9.6 percent to Rs 342 crore.
• Ebitda up 3.2 percent to Rs 550 crore.
• Margin at 19 percent versus 20.5 percent.
• Other expenses up 31 percent to Rs 809 crore.
• Declares interim dividend of Rs 25 per share.
• Share’s what analysts had to say about Nestle after the company announced its quarterly results.

CLSA

• Maintained ‘Outperform’; cut price target to Rs 11,500 from Rs 11,950.
• December quarter earnings were below estimates; displayed modest growth.
• Step up in A&P should be a good strategy, but disclosure can improve.
• Cut CY18-20 estimates by 4-5 percent on lower revenue and margin forecasts.

Macquarie

• Maintained ‘Outperform’ with a price target of Rs 12,994.
• December quarter earnings were below estimates on account of lower margin.
• Domestic revenue growth was in line with estimates.
• Believe higher A&P spend reflects confidence in demand environment, which is encouraging.

SBICAP

• Maintained ‘Sell’; hiked price target to Rs 9,000 from Rs 8,525.
• Quest to generate demand drives 16 percent earnings miss.
• High base and margin headwinds to limit earnings show over the current and next year.
• Price target hiked as rolled forward to March 2021.

Indian equity benchmarks opened lower in today’s trade, mirroring most of its Asian peers.

The S&P BSE Sensex Index fell as much as 0.19 percent to 36,806.44 and the NSE Nifty 50 Index fell as much as 0.23 percent to 10,720.95.

The market breadth was tilted in favour of sellers. About 819 stocks declined and 592 shares advanced on National Stock Exchange.

All the eleven sectoral gauges compiled by NSE fell, led by the NSE Nifty Pharma Index’s 1.1 percent decline.

The Indian rupee weakened for the third consecutive day against the U.S. dollar. The home currency depreciated as much as 0.19 percent to 71.29 against the greenback.

F&O Cues

• Nifty February futures closed trading at 10780, premium of 34 points.
• Max open interest for Feb. 28 series at 10,900 Call, (open interest at 30.9 lakh shares)
• Max open interest for Feb. 28 series at 10,800 Put, (open interest at 42.7 lakh shares)

Stocks In F&O Ban

In Ban

• Adani Enterpises
• IDBI
• Jain Irrigation
• Jet Airways
• Reliance Power

New in Ban

• CG Power
• PC Jeweller

Out of Ban

• Reliance Capital

Put-Call Ratio

• Nifty PCR at 1.35 versus 1.29.
• Bank Nifty PCR at 1.2 versus 0.72.

On Nestle

CLSA

• Maintained ‘Outperform’; cut price target to Rs 11,500 from Rs 11,950.
• December quarter earnings were below estimates; displayed modest growth.
• Step up in A&P should be a good strategy, but disclosure can improve.
• Cut CY18-20 estimates by 4-5 percent on lower revenue and margin forecasts.

Macquarie

• Maintained ‘Outperform’ with a price target of Rs 12,994.
• December quarter earnings were below estimates on account of lower margin.
• Domestic revenue growth was in line with estimates.
• Believe higher A&P spend reflects confidence in demand environment, which is encouraging.

SBICAP

• Maintained ‘Sell’; hiked price target to Rs 9,000 from Rs 8,525.
• Quest to generate demand drives 16 percent earnings miss.
• High base and margin headwinds to limit earnings show over the current and next year.
• Price target hiked as rolled forward to March 2021.

On ONGC

UBS

• Maintained ‘Buy’ with a price target of Rs 240.
• Lower opex drives Ebitda beat; higher other income drives earnings beat.
• No subsidy burden so far should allay concerns.
• Expect investors to react positively.

Deutsche Bank Research

• Maintained ‘Buy’; cut price target to Rs 187 from Rs 216.
• December quarter review: Benefits from higher realization.
• Beat due to lower other expenses and higher-than-expected other income.
• Cut FY19-20 earnings estimates due to lower oil prices.

More Calls

JPMorgan on Lemon Tree

• Maintained ‘Overweight’ with a price target of Rs 87.
• Flat Revenue per room in December quarter’s due to new commissioning on new inventory.
• Cost control drives strong margin performance.
• Capacity addition plans broadly on track; Mumbai hotel delayed by couple of months.

Nomura on Ashok Leyland

• Maintained ‘Neutral’ with a price target of Rs 123.
• Financials benefited from merger of subsidiaries; benefit higher at net profit level due to lower tax rate.
• Margin beat was a positive driven largely by a sharp improvement in gross margins.
• Outlook remains weak as we expect the medium and heavy commercial industry to peak out in 2019-20.

Kotak on Capital Goods

• Early signs of an inflection point visible in defence sector.
• Defence is a long-term game; investors must be patient.
• BEL: Initiated ‘Buy’ with a price target of Rs 100.
• Cochin Shipyard: Initiated ‘Buy’ with a price target of Rs 555.

Goldman Sachs of Vodafone Idea

• Downgraded to ‘Sell’ from ‘Neutral’; cut price target to Rs 20 from Rs 33.
• Market share to remain at risk.
• Elevated leverage to hinder its ability to invest in capex.

• Coal India, Indian Energy Exchange record date for share buyback.
• Ashapura Intimates Fashion, Mangalam Drugs And Organics, Cantabil Retail to move into short term ASM Framework.

• Automotive Axles: UTI MF sold 3.4 lakh shares or 2.25 percent equity at Rs 1,130 apiece.
• Zee Media Corporation: IFCI sold 59.6 lakh shares or 1.27 percent equity at Rs 13.38 apiece.

Srikalahasthi Pipes

• Promoter GK Investments acquired 5.39 lakh shares or 1.15 percent equity at Rs 157 apiece.
• GMO Emerging Markets Fund sold 6.6 lakh shares or 1.4 percent equity at Rs 157 apiece.
• Grantham, Mayo, Van Otterloo & Co. LLC sold 6.6 lakh shares or 1.4 percent equity at Rs 157 apiece.

Earnings Reaction To Watch

ONGC (Q3, QoQ)

• Revenue down 1.1 percent to Rs 27,694.1 crore.
• Net profit flat to Rs 8,262.7 crore versus Rs 8,264.6 crore.
• Ebitda up 5 percent to Rs 16,571 crore.
• Margin at 59.84 percent versus 56.41 percent.
• Net realisation to $66.38/bbl versus $73.07/bbl.
• Declares dividend of Rs 5.25 per share.

Jet Airways (Q3, YoY)

• Revenue up 1 percent to Rs 6,148 crore.
• Net loss of Rs 587.8 crore versus Net profit of Rs 165.3 crore.
• EbitdaR down 54.3 percent to Rs 459.5 crore.
• Margin at 7.5 percent versus 16.5 percent.

Nestle India (Q4, YoY)

• Revenue up 11.4 percent to Rs 2,897 crore.
• Net profit up 9.6 percent to Rs 342 crore.
• Ebitda up 3.2 percent to Rs 550 crore.
• Margin at 19 percent versus 20.5 percent.
• Other expenses up 31 percent to Rs 809 crore.
• Declares interim dividend of Rs 25 per share.

JK Tyre & Industries (Q3, YoY)

• Revenue up 28.6 percent to Rs 2,730.8 crore.
• Net profit up 2.5 times to Rs 26.7 crore.
• Ebitda up 24.5 percent to Rs 265.1 crore.
• Margin at 9.7 percent versus 10 percent.
• Exceptional losses to Rs 20.5 crore.
• Approves raising Rs 200 crore via preferential issue.

National Peroxide (Q3, YoY)

• Revenue up 40.9 percent to Rs 98.2 crore.
• Net profit up 79.2 percent to Rs 37.1 crore.
• Ebitda up 74.5 percent to Rs 54.6 crore.
• Margin at 55.6 percent versus 44.9 percent.

Deepak Fertilizers and Petrochemicals (Q3, YoY)

• Revenue down 11.6 percent to Rs 1,453.4 crore.
• Net profit down 77.6 percent to Rs 12.2 crore.
• Ebitda down 29.1 percent to Rs 107.8 crore.
• Margin at 7.4 percent versus 9.2 percent.
• Finance Cost up 62 percent to Rs 57.2 crore.

Infibeam Avenues (Q3, YoY)

• Revenue up 2 times to Rs 150.3 crore.
• Net profit of Rs 26.6 crore versus Rs 1.9 crore.
• Ebitda up 2.6 times to Rs 43.9 crore.
• Margin at 29.2 percent versus 22.8 percent.

Mcleod Russel (Q3, YoY)

• Revenue down 18 percent to Rs 456.2 crore.
• Net profit down 20.6 percent to Rs 53.6 crore.
• Ebitda down 88.9 percent to Rs 5.8 crore.
• Margin at 1.3 percent versus 9.4 percent.
• Decrease in inventory of Rs 180.8 crore.
• Deferred tax reversal of Rs 33.2 crore.

Mishra Dhatu Nigam (Q3, YoY)

• Revenue up 4.1 percent to Rs 153.2 crore.
• Net profit down 36.2 percent to Rs 16.9 crore.
• Ebitda down 43.4 percent to Rs 17.1 crore.
• Margin at 11.2 percent versus 20.5 percent.
• Raw Material Costs up 2.5 times to Rs 803.4 crore.

Glenmark Pharma (Q3, YoY)

• Revenue up 15.9 percent to Rs 2,555 crore.
• Net profit up 15.2 percent to Rs 107.7 crore.
• Ebitda up 34.7 percent to Rs 434.6 crore.
• Margin at 17 percent versus 14.6 percent.

Voltas (Q3, YoY)

• Revenue up 8.5 percent to Rs 1,491.8 crore.
• Net profit down 18.7 percent to Rs 80.9 crore.
• Ebitda up 1.24 percent to Rs 115.7 crore.
• Margin at 7.8 percent versus 8.3 percent.
• Other Income up 2.6 times to Rs 54.8 crore.
• Exceptional loss of Rs 12 crore.

MTNL (Q3, QoQ)

• Revenue up 15.9 percent to Rs 514.5 crore.
• Net loss of Rs 832.3 crore versus net loss of Rs 859.1 crore
• Ebitda loss of Rs 330.2 crore.

Indiabulls Real Estate (Q3, YoY)

• Revenue up 5.3 times to Rs 1,271.1 crore.
• Net profit of Rs 202.5 crore versus Rs 6 crore.
• Ebitda up 4.4 times to Rs 387.8 crore.
• Margin at 30.5 percent versus 36.3 percent.

GSK Consumer Healthcare (Q3, YoY)

• Revenue up 7.4 percent to Rs 1,116.8 crore.
• Net profit up 35.1 percent to Rs 221.1 crore.
• Ebitda up 14.8 percent to Rs 238.5 crore.
• Margin at 21.4 percent versus 20 percent.

Kitex Garments (Q3, YoY)

• Revenue down 7.6 percent to Rs 136.1 crore.
• Net profit down 29.5 percent to Rs 12.4 crore.
• Ebitda down 26.3 percent to Rs 25.5 crore.
• Margin at 18.7 percent versus 23.5 percent.

Cox & Kings (Q3, YoY)

• Revenue up 16.3 percent to Rs 1,331.1 crore.
• Net profit down 69.6 percent to Rs 28.9 crore.
• Ebitda down 8.8 percent to Rs 141.5 crore.
• Margin at 10.6 percent versus 13.6 percent.
• Other expenses up 91 percent to Rs 216.7 crore.

Shree Renuka Sugars (Q3, YoY)

• Revenue down 37.9 percent to Rs 1,092.6 crore.
• Net profit of Rs 68.6 crore versus net loss of Rs 2,294 crore.
• Ebitda up 2.3 times to Rs 119.9 crore.
• Margin at 11 percent versus 3 percent.
• Exceptional loss of Rs 2,410 crore in base quarter.
• Forex gain of Rs 86.8 crore.

GMR Infra (Q3, YoY)

• Revenue down 5.5 percent to Rs 1,958 crore.
• Net loss of Rs 561 crore versus Rs 578 crore.
• Ebitda up 2 percent to Rs 487 crore.
• Margin at 24.9 percent vs 23 percent.
• Finance cost up 14 percent to Rs 719 crore.

Simplex Infra (Q3, YoY)

• Revenue up 3 percent to Rs 1,403 crore.
• Net profit up 17 percent to Rs 36.3 crore.
• Ebitda up 2.5 percent to Rs 179 crore.
• Margin at 12.7 percent versus 12.8 percent.

• Jet Airways agreed to give lenders a majority stake in the airline company by converting part of their debt to equity as the airline battles a cash crunch. The board, as part of a provisional resolution plan, agreed to allot 11.4 crore shares at an aggregate value of Re 1 to the lenders’ consortium led by State Bank of India.
• CG Power Industrial Solutions board in principal has approved the proposal of the merger of arm ‘CG Power Solutions’ with the company. Final proposal will be provided in due course of time says the company.
• Minda Industries approved the merger of Harita Seatings with company. Harita shareholders will get 152 Minda shares for every 100 shares held or four fully paid up preference shares of Rs 121.25 for every one equity share held.
• Comcast, Sony in race to buy stake in Zee Entertainment. The companies might bid between Rs 540-Rs 560 per share for stake in the company. (Bloomberg News)
• J Kumar Infra received order worth Rs 445 crore for Mumbai Metro Rail Project.
• Siemens India said it will sell its leasehold interest in Gujarat property for Rs 193.5 crore to LM Wind Power Blades. The company said that this proposal in subject to receipt of statutory and regulatory approvals and signing of form agreements between both parties.
• PNC Infratech arm received financial closure from NHAI for HAM Project in Uttar Pradesh whose bid cost was Rs 2,159 crore. The company said that after this financial closure (the seventh), no other financial closures were pending as on date.
• Mangalore Chemicals and Fertilizers shut down Ammonia, Urea and ABC plants from Feb. 13 after reassessing capacity of Urea production for financial year 2019 as per Department of Fertilizers.
• Kridhan Infra’s Singapore arm received construction order worth Rs 187 crore for a sports centre.
• Glenmark Pharma approved to spin off the innovation business into a new company in the USA. This new company will focus on the areas of immunology, oncology and pain management.
• EID Parry, Balrampur Chini, Dhampur Sugar: Government raised the minimum selling price of sugar by 6.9 percent to Rs 31 per kg from Rs 29 per kg with immediate effect. (Bloomberg News)

• India January trade balance, estimates at $13.5 billion deficit, prior $13.1 billion deficit.
• India January exports YoY, prior 0.3 percent.
• India January imports YoY, prior -2.4 percent.

• Brent crude rallied for the third day, ended 1.5 percent lower at $64.57 per barrel.
• West Texas Intermediate crude rose 0.8 percent to $54.85 a barrel.
• Gold gained less than 0.1 percent to $1,312.80 an ounce.

London Metal Exchange

• Copper ended higher for the second day, up 0.2 percent.
• Aluminium ended lower for the seventh day, down 0.54 percent.
• Nickel ended lower for the fifth day, down 1.65 percent.
• Lead halted a three-day decline, ended 0.84 percent higher.
• Tin resumed declines after a one-day rally, ended 0.95 percent lower.
• Zinc ended lower for the fifth day, down 0.23 percent.

Good Morning!

The Singapore-traded SGX Nifty, an early indicator of NSE Nifty 50 Index’s performance in India, fluctuated between gains and losses to trade a little changed at 8:20 a.m.

Asian stocks retreated from their highest levels since October as global economic growth concerns resurfaced and investors questioned the potential for progress on the U.S.-China trade dispute.

Shares in Japan and Korea bore the brunt of the losses as Hong Kong stocks retreated and futures on the S&P 500 Index dipped. Chinese equities slipped as weak factory prices highlighted the tough environment for industrial profitability.

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