Sensex, Nifty Clock Worst Week In Over Seven Months
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Sensex, Nifty Clock Worst Week In Over Seven Months
Indian equity benchmarks ended lower for the third consecutive week, clocking their worst week in over seven months.
The S&P BSE Sensex closed 3.9 percent lower this week to end at 37,462.99 and the NSE Nifty 50 ended at 11,278.90, down 3.7 percent. The broader market index represented by the NSE Nifty 500 Index closed 3.5 percent lower during the period.
The benchmark indices extended fall for the eighth consecutive trading session. Today, the 31-share index and the 50-stock index closed lower by 0.26 percent and 0.2 percent respectively. The 500-share gauge fell 0.1 percent.
The market breadth was tilted in favour of sellers. About 898 stocks fell and 826 shares advanced on National Stock Exchange.
Six out of 11 sectoral gauges compiled by NSE advanced, led by the NSE Nifty PSU Bank Index’s 2.6 percent gain. On the flipside, the NSE Nifty Metal Index was the top sectoral loser, down 1.5 percent.
Thyssenkrupp Plans Elevator IPO, Abandons Original Split
The concessions offered by the two companies did not resolve European Commission's concerns, Thyssenkrupp said in a statement.
“After today’s conversation with the European Commission, Thyssenkrupp and Tata Steel expect that the planned joint venture of their European steel activities will not go ahead due to the Commission’s continuing concerns.”Thyssenkrupp Statement
Stocks Reacting To Earnings Announcement
PVR (Q4, YoY)
- Stock fell as much as 3.5 percent to Rs 1,776.
- Revenue up 43.2 percent to Rs 838 crore.
- Net profit up 76.9 percent to Rs 46 crore.
- Ebitda up 70.5 percent to Rs 162 crore.
- Margin at 19.3 percent versus 16.2 percent.
NOCIL (Q4, YoY)
- Stock fell as much as 6.8 percent to Rs 111.65.
- Net profit at Rs 35.77 crore versus Rs 50.95 crore.
- Revenue at Rs 241.58 crore versus Rs 275.87 crore.
Kajaria Ceramics (Q4, YoY)
- Stock rose as much as 2.7 percent to Rs 578.
- Net profit flat at Rs 66 crore.
- Revenue at Rs 815.31 versus Rs 750 crore.
Canara Bank (Q4, YoY)
- Stock rose as much as 4.3 percent to Rs 267.90.
- Net loss of Rs 551.53 crore versus net loss of Rs 4.859.77 crore.
- NII up 17.2 percent to Rs 3,500.15 crore.
- GNPA at 8.83 percent versus 10.25 percent (QoQ).
- NNPA at 5.37 percent versus 6.37 percent (QoQ).
- Provisions at Rs 5523.5 crore versus Rs 1,977.34 (QoQ); Rs 9,075 crore (YoY).
SBI Falls After Q4 Results Announcement
Shares of SBI erased gains and fell as much as 2.3 percent to Rs 292.45 after its March quarter’s profit missed estimates.
The PSU bank reported a net profit of Rs 840 crore during January-march period compared to a loss of Rs 7,718 crore clocked during the year ago period, according to its stock exchange filing. The analysts surveyed by Bloomberg expected the lender to report a profit of Rs 4,840 crore.
Key Earnings Highlights (Q4, YoY)
- Net interest income up 15 percent to Rs 22,954 crore.
- GNPA at 7.53 percent versus 8.71 percent (QoQ).
- NNPA at 3.01 percent versus 3.95 percent (QoQ).
Strides Pharma Q4 Profit Falls 91%
Strides Pharma Science Ltd.’s profit in the three months ended March fell 91 percent on a yearly basis to Rs 47.51 crore. Its revenue rose 25.3 percent year-on-year to Rs 839.7 crore.
Shares of the pharmaceutical company rose 2.8 percent to Rs 497.90 after the results announcement.
Tata Steel Erases Gain, Falls Nearly 5%
Shares of Tata Steel erased gains and fell as much as 4.9 percent to Rs 493.75, the lowest in over two months.
Thyssenkrupp expects the joint venture with Tata Steel to fail, Reuters reported, quoting unidentified people. Thyssenkrupp now mulls a holding structure and separation or listing of its elevator operations, the report added.
PSU Banks Rally, Oriental Bank Gains Over 3%
The NSE Nifty PSU Bank rallied in today’s trade, led by the gains in Oriental Bank of Commerce.
Investors In Nifty Stocks Lose Rs 3.22 Lakh Crore In Seven Days
Investors in Nifty 50 companies lost Rs 3.22 lakh crore as U.S. President Donald Trump’s tariff war escalation added to uncertainty caused by the general election.
F&O Check: Nifty 11,400 Call Option Gains Over 16%
Nifty’s 11,400 call option contract was among the most active Nifty option contracts on National Stock Exchange.
Premium on the contract rose 16.23 percent to Rs 66.95. Over 3.01 lakh shares were added to the open interest which stood at over 19.24 lakh shares.
Money Market Update: Rupee Reverses Losses
The Indian rupee reversed losses and strengthened past 70 a dollar.
Tata Motors Pares Gain After JLR Sales Decline
Shares of the Jaguar Land Rover owner pared gains to 0.7 percent after it rose as much as 1.8 percent.
Jaguar Land Rover sold 39,185 vehicles last month, a fall of 13.3 percent compared to April 2018, according to its stock exchange filing.
- Jaguar sales fell 13.7 percent year-on-year to 11 ,462 units.
- Land Rover sales fell 13.1 percent year-on-year to 27,723 units.
Stocks Reacting To Earnings Announcement
Voltas (Q4, YoY)
- Stock fell as much as 6.3 percent to Rs 537.70.
- Revenue up 0.7 percent to Rs 2,062.8 crore.
- Net profit down 27.6 percent to Rs 139.6 crore.
- Ebitda down 43 percent to Rs 144.2 crore.
- Margin at 7 percent versus 12.4 percent.
- RM as percent of sales at 44 percent versus 36 percent.
- Raw material costs up 23 percent to Rs 904.8 crore.
- Deferred tax reversal of Rs 33.8 crore.
- Unitary cooling segment revenue down 6 percent to Rs 997.6 crore.
- Electro-mechanical project and services segment revenue up 12 percent to Rs 976 crore.
- Engineering products and services revenue down 6 percent to Rs 78.5 crore.
Shankara Building Products (Q4, YoY)
- Stock fell as much as 5.9 percent to Rs 455.
- Revenue down 18.5 percent to Rs 619.7 crore.
- Net profit down 92.6 percent to Rs 1.6 crore.
- Ebitda down 69.6 percent to Rs 16.4 crore.
- Margin at 2.6 percent versus 7.1 percent.
- Inventory gain of Rs 63.1 crore in base quarter.
Mahanagar Gas (Q4, YoY)
- Stock fell as much as 5.6 percent to Rs 886.
- Revenue up 23.1 percent to Rs 722.5 crore.
- Net profit up 27.4 percent to Rs 133.5 crore.
- Ebitda up 21.5 percent to Rs 214 crore.
- Margin at 29.6 percent versus 30 percent.
- Total volumes up 9.2 percent to 2.95 MMSCMD.
- Declares dividend of Rs 10.5 per share.
PNB Housing Finance (Q4, YoY)
- Stock rose as much as 6.3 percent to Rs 744.40.
- Net Interest Income up 16.8 percent to Rs 465.4 crore.
- Net profit up 51 percent to Rs 379.8 crore.
- Declared dividend of Rs 9 per share.
- Board approved raising Rs 10,000 crore via NCDs and raising up to $1 billion by external commercial borrowings.
South Indian Bank (Q4, YoY)
- Stock fell as much as 5.9 percent to Rs 14.35.
- Net Interest Income up 1.4 percent to Rs 499.3 crore.
- Net profit down 38.2 percent to Rs 70.5 crore.
- Provisions up 48 percent to Rs 219.2 crore.
- GNPA at 4.92 percent versus 4.88 percent (QoQ)
- NNPA at 3.45 percent versus 3.54 percent (QoQ)
Indian Overseas Bank (Q4, YoY)
- Stock fell as much as 1.5 percent to Rs 13.05.
- Net Interest Income down 14.7 percent to Rs 1,479 crore.
- Net loss of Rs 1985.2 crore versus net loss of Rs 3,606.7 crore
- Provisions down 34 percent to Rs 4,501.9 crore.
- GNPA at 21.97 percent versus 23.76 percent. (QoQ)
- NNPA at 10.81 percent versus 13.56 percent. (QoQ)
Hikal (Q4, YoY)
- Stock rose as much as 2.8 percent to Rs 174.70.
- Revenue up 17.2 percent to Rs 457.5 crore.
- Net profit up 31.6 percent to Rs 33.3 crore.
- Ebitda up 17.3 percent to Rs 83.9 crore.
- Margin flat at 18.3 percent.
- Raw materials as percent of sales at 58 percent versus 55 percent.
- Pharma segment revenue up 21 percent to Rs 259.2 crore.
- Crop protection segment revenue up 13 percent to Rs 198.4 crore.
Gujarat Mineral Development Corporation (Q4, YoY)*
- Stock rose as much as 3.6 percent to Rs 74.75.
- Revenue down 16.5 percent to Rs 530.5 crore.
- Net profit up 23.9 percent to Rs 124 crore.
- Ebitda up 25.5 percent to Rs 169.1 crore.
- Margin at 31.9 percent versus 21.2 percent.
- Total expenses down 22 percent to Rs 390.2 crore.
- Deferred tax payment of Rs 16.2 crore in base quarter.
Gujarat State Petronet (Q4, QoQ)
- Stock rose as much as 3.5 percent to Rs 180.90.
- Revenue down 4.4 percent to Rs 433.8 crore.
- Net profit down 11.7 percent to Rs 153.3 crore.
- Ebitda down 6.8 percent to Rs 329.3 crore.
- Margin at 75.9 percent versus 77.9 percent.
- Deferred tax payment up 5.3 times to Rs 16.9 crore.
Oracle Financial Services (Q4, QoQ )
- Stock fell as much as 1.2 percent to Rs 3,411.
- Revenue up 2.4 percent to Rs 1,214.9 crore.
- Net profit up 6.5 percent to Rs 326 crore.
- EBIT up 3.7 percent to Rs 505.6 crore.
- Margin at 41.6 percent versus 41.1 percent.
Dalmia Bharat (Q4, YoY)
- Stock fell as much as 3.6 percent to Rs 1,076.45.
- Revenue up 8 percent to Rs 2,842 crore.
- Net profit up 78 percent to Rs 228 crore.
- Ebitda up 22.2 percent to Rs 677 crore.
- Margin at 23.8 percent versus 21.1 percent.
- Sales volume up 7.5 percent to 5.57 MT.
HCC (Q4, YoY)
- Stock fell as much as 3.2 percent to Rs 12.25.
- Revenue down 8 percent to Rs 1,322.5 crore.
- Net loss of Rs 428 crore versus net profit of Rs 20.1 crore.
- Ebitda loss of Rs 24.6 crore versus Ebitda gain of Rs 159.5 crore.
- Exceptional loss of Rs 389.17 crore due to arbitration awards and impairment loss.
- Order book stood at Rs 18,554 crore as March 31, 2019.
*Numbers not comparable due to change in accounting policy.
Reliance Industries Reclaims Rs 8 Lakh Crore Market Cap Mark
Reliance Industries Ltd. reclaimed Rs 8 lakh crore mark in terms of market cap after it fell below the figure in yesterday's trade. However, TCS remains the country's most valued company with a market cap of Rs 8.18 lakh crore.
Welspun Corp Gain On Buyback, Dividend Consideration
Shares of the pipe maker gained for the second day after it rose as much as 3.3 percent to Rs 145.
Welspun Corp, in an exchange notification, said that it will consider share buyback proposal during its board meet scheduled on May 14. Also, the company may consider recommending a final dividend for 2018-19, the filing added.
The stock traded at 27 times its estimated earnings per share for the coming year, according to Bloomberg data.
Market Check: Sensex, Nifty Erase Opening Gains
Indian equity benchmarks erased opening gains after the U.S. hiked tariffs on China exports.
Breaking: U.S. Raises Tariffs To 25% On About $200 Billion Of Chinese Goods
Trump administration increased tariffs on some $200 billion in Chinese goods to 25 percent from 10 percent, according to a Bloomberg report.
HCL Tech Worst Performer On Sensex, Nifty
Shares of HCL Technologies fell as much as 4.2 percent, the most in over five months, to Rs 1,088. The stock was the worst performer on Sensex and Nifty after announcing its March quarter results.
Key Earnings Highlights (Q4, QoQ)
- Dollar revenue up 3.5 percent at $2278 million.
- Revenue up 1.9 percent to Rs 15,990 crore.
- Net profit down 2.1 percent to Rs 2,550 crore.
- Net profit down 1.7 percent to Rs 2,568 crore (adjusted).
- EBIT down 1.5 percent to Rs 3,039 crore.
- Margins at 18.9 percent from 19.6 percent (adjusted).
- FY20 Revenue guidance of 14 to 16 percent (constant currency terms).
Here’s what analysts had to say after HCL technologies announced its fourth quarter results:
CLSA
- Maintained ‘Buy’ with a price target of Rs 1,380.
- Sharp revenue beat led by organic recovery, organic guidance conservative.
- Margins slip slightly; 2019-20 guide sharply lower from one-off IBM transition costs.
- Digital accelerates but products impacted by seasonality.
- Rebounding organic growth and undemanding valuation.
Morgan Stanley
- Maintained ‘Underweight’ with a price target of Rs 931.
- Q4 and FY20: better revenue growth but weaker margin.
- Do not expect march quarter results and 2019-20 guidance to have any material impact on earnings estimates.
Opening Bell: Sensex, Nifty Open Higher
Indian equity benchmarks opened higher after falling for seven consecutive trading sessions.
The S&P BSE Sensex rose as much as 0.37 percent to 37,698.23 and the NSE Nifty 50 rose as much as 0.34 percent to 11,340.55. The broader market index represented by the NSE Nifty 500 Index rose as much as 0.35 percent.
The market breadth was tilted in favour of buyers. About 795 stocks advanced and 532 shares declined on National Stock Exchange.
Ten out of 11 sectoral gauges compiled by NSE advanced, led by the NSE Nifty Media Index’s 1.3 percent gain. On the flipside, the NSE Nifty It Index was the top sectoral loser, down 0.16 percent.
Money Market Update: Rupee Opens Lower
The Indian rupee opened lower against the U.S. dollar. The home currency depreciated as much as 0.15 percent to 70.05 against the greenback.
Your Complete F&O Trade Setup
Futures May Series
Nifty
- Nifty futures closed trading at 11,334.8, premium of 33 points versus 59 points
- Nifty open interest down 7 percent, sheds 12.7 lakh shares in open interest
Bank Nifty
- Bank Nifty futures closed trading at 28,995, premium of 110 points versus 151 points
- Bank Nifty open interest down 5 percent sheds 88,000 shares in open interest
Options
- Nifty PCR at 1.02 Versus 1.03 (across all series)
Nifty Weekly Expiry (May 16)
- Max open interest on call side at 11,500 (18.5 lakh shares)
- Max open interest at Put side at 11,000 (10.8 lakh shares)
- Max open interest addition seen at 11,400 Call (+12 lakh shares), 11,000 Put (+9.4 lakh shares), 11,500 Call (+9.3 lakh shares)
Nifty Monthly Expiry
- Max open interest on call side at 12,000 (17.6 lakh shares)
- Max open interest on Put side at 11,000 (25.6 lakh shares)
Stocks In F&O Ban
- Jet Airways
Brokerage Radar: Asian Paints, HCL Tech, PNB Housing Finance
On HCL Tech
CLSA
- Maintained ‘Buy’ with a price target of Rs 1,380.
- Sharp revenue beat led by organic recovery, organic guidance conservative.
- Margins slip slightly; 2019-20 guide sharply lower from one-off IBM transition costs.
- Digital accelerates but products impacted by seasonality.
- Rebounding organic growth and undemanding valuation.
Morgan Stanley
- Maintained ‘Underweight’ with a price target of Rs 931.
- Q4 and FY20: better revenue growth but weaker margin.
- Do not expect march quarter results and 2019-20 guidance to have any material impact on earnings estimates.
On Asian Paints
CLSA
- Maintained ‘Sell’; cut price target to Rs 1,285 from Rs 1,400.
- Weak March quarter results and a cautious management outlook.
- Weak value growth and margins.
- Need to watch monsoon progress as well as the easing of the credit cycle.
Jefferies
- Maintained ‘Buy’; cut price target to Rs 1,575 from Rs 1,620.
- March quarter: margin miss, a short term blip.
- Softness largely led by gross margin pressure, higher ad spends and new plant ramp-up costs.
- Remain positive on the overall top-line growth trajectory.
More Calls
Morgan Stanley on PNB Housing Finance
- Maintained ‘Underweight’ with a price target of Rs 775.
- Strong NIM expansion, but unlikely to be sustained.
- Retail asset quality did not show the usual March quarter improvement.
- GNPA ratio broadly stable QoQ.
Jefferies on Mahanagar Gas
- Maintained ‘Underperform’ with a price target of Rs 760.
- Q4: Volumes in-line, but earnings miss on lower-than-expected margins.
- Valuations looks unappealing given expectation of 6 percent volume growth.
UBS on Apollo Tyres
- Maintained ‘Buy’ with a price target of Rs 275.
- March quarter review - Weak Europe leads to miss.
- Stock has been quite weak lately; believe weakness largely priced in.
HSBC on Shriram Transport Finance
- Maintained ‘Buy’; cut price target to Rs 1,350 from Rs 1,450.
- Lower credit costs and tax write-back buoyed net income in March quarter.
- Slower growth and lower NIMs overshadow healthy asset quality performance.
- Risk reward still favourable despite near-term uncertainties.
Trading Tweaks: Eclerx Services, Morepen Laboratories
- Eclerx Services record date for share buyback.
- Morepen Laboratories to move into short term ASM Framework.
Pledge Share Details: Adani Transmission, Max Financial Services, Sobha
- Max Financial Services promoter group Max Ventures Investment Holdings created pledge of 50,000 shares on May 6.
- Adani Transmission promoters created pledge of 6.42 crore shares and revoked pledge of 5.76 crore shares on May 6.
- Sobha promoter PNC Menon created pledge of 1 crore shares and released pledge of 1 crore shares from April 22-23.
Offerings: Edelweiss
- Edelweiss announces Rs 300 crore public issue of NCDs by unit ECL Finance, issue open May 10 to June 7.
Q4 Earnings Corner: Eicher Motors, HCL Tech, L&T, SBI
Nifty Earnings To Watch
- State Bank of India
- Larsen & Toubro
- Eicher Motors
Other Earnings To Watch
- PVR
- Kajaria Ceramics
- Merck
- Nocil
- Asian Hotels (East)
- Canara Bank
- Chalet Hotels
- Prism Johnson
- GlaxoSmithKline Consumer Healthcare
- HT Media
- Poly Medicure
- IDFC First Bank
- JK Agri Genetics
- Shakti Pumps
- Oriental Carbon & Chemicals
- Punjab Chemicals & Crop Protection
- Relaxo Footwears
- Tata Investment Corporation
- V.S.T Tillers Tractors
- Venky's
- V-Mart Retail
- Quick Heal Technologies
- Dilip Buildcon
- Equitas Holdings
- Oberoi Realty
- Strides Pharma Science
- Syndicate Bank
- Vakrangee
- V2 Retail
Earnings Reaction To Watch
HCL Tech (Q4, QoQ)
- Dollar revenue up 3.5 percent at $2278 million.
- Revenue up 1.9 percent to Rs 15,990 crore.
- Net profit down 2.1 percent to Rs 2,550 crore.
- Net profit down 1.7 percent to Rs 2,568 crore (adjusted).
- EBIT down 1.5 percent to Rs 3,039 crore.
- Margins at 18.9 percent from 19.6 percent (adjusted).
- FY20 Revenue guidance of 14 to 16 percent (constant currency terms).
Voltas (Q4, YoY)
- Revenue up 0.7 percent to Rs 2,062.8 crore.
- Net profit down 27.6 percent to Rs 139.6 crore.
- Ebitda down 43 percent to Rs 144.2 crore.
- Margin at 7 percent versus 12.4 percent.
- RM as percent of sales at 44 percent versus 36 percent.
- Raw material costs up 23 percent to Rs 904.8 crore.
- Deferred tax reversal of Rs 33.8 crore.
- Unitary cooling segment revenue down 6 percent to Rs 997.6 crore.
- Electro-mechanical project and services segment revenue up 12 percent to Rs 976 crore.
- Engineering products and services revenue down 6 percent to Rs 78.5 crore.
Shankara Building Products (Q4, YoY)
- Revenue down 18.5 percent to Rs 619.7 crore.
- Net profit down 92.6 percent to Rs 1.6 crore.
- Ebitda down 69.6 percent to Rs 16.4 crore.
- Margin at 2.6 percent versus 7.1 percent.
- Inventory gain of Rs 63.1 crore in base quarter.
Mahanagar Gas (Q4, YoY)
- Revenue up 23.1 percent to Rs 722.5 crore.
- Net profit up 27.4 percent to Rs 133.5 crore.
- Ebitda up 21.5 percent to Rs 214 crore.
- Margin at 29.6 percent versus 30 percent.
- Total volumes up 9.2 percent to 2.95 MMSCMD.
- Declares dividend of Rs 10.5 per share.
PNB Housing Finance (Q4, YoY)
- Net Interest Income up 16.8 percent to Rs 465.4 crore.
- Net profit up 51 percent to Rs 379.8 crore.
- Declared dividend of Rs 9 per share.
- Board approved raising Rs 10,000 crore via NCDs and raising up to $1 billion by external commercial borrowings.
South Indian Bank (Q4, YoY)
- Net Interest Income up 1.4 percent to Rs 499.3 crore.
- Net profit down 38.2 percent to Rs 70.5 crore.
- Provisions up 48 percent to Rs 219.2 crore.
- GNPA at 4.92 percent versus 4.88 percent (QoQ)
- NNPA at 3.45 percent versus 3.54 percent (QoQ)
Indian Overseas Bank (Q4, YoY)
- Net Interest Income down 14.7 percent to Rs 1,479 crore.
- Net loss of Rs 1985.2 crore versus net loss of Rs 3,606.7 crore
- Provisions down 34 percent to Rs 4,501.9 crore.
- GNPA at 21.97 percent versus 23.76 percent. (QoQ)
- NNPA at 10.81 percent versus 13.56 percent. (QoQ)
Hikal (Q4, YoY)
- Revenue up 17.2 percent to Rs 457.5 crore.
- Net profit up 31.6 percent to Rs 33.3 crore.
- Ebitda up 17.3 percent to Rs 83.9 crore.
- Margin flat at 18.3 percent.
- Raw materials as percent of sales at 58 percent versus 55 percent.
- Pharma segment revenue up 21 percent to Rs 259.2 crore.
- Crop protection segment revenue up 13 percent to Rs 198.4 crore.
Gujarat Mineral Development Corporation (Q4, YoY)*
- Revenue down 16.5 percent to Rs 530.5 crore.
- Net profit up 23.9 percent to Rs 124 crore.
- Ebitda up 25.5 percent to Rs 169.1 crore.
- Margin at 31.9 percent versus 21.2 percent.
- Total expenses down 22 percent to Rs 390.2 crore.
- Deferred tax payment of Rs 16.2 crore in base quarter.
Gujarat State Petronet (Q4, QoQ)
- Revenue down 4.4 percent to Rs 433.8 crore.
- Net profit down 11.7 percent to Rs 153.3 crore.
- Ebitda down 6.8 percent to Rs 329.3 crore.
- Margin at 75.9 percent versus 77.9 percent.
- Deferred tax payment up 5.3 times to Rs 16.9 crore.
Oracle Financial Services (Q4, QoQ )
- Revenue up 2.4 percent to Rs 1,214.9 crore.
- Net profit up 6.5 percent to Rs 326 crore.
- EBIT up 3.7 percent to Rs 505.6 crore.
- Margin at 41.6 percent versus 41.1 percent.
Dalmia Bharat (Q4, YoY)
- Revenue up 8 percent to Rs 2,842 crore.
- Net profit up 78 percent to Rs 228 crore.
- Ebitda up 22.2 percent to Rs 677 crore.
- Margin at 23.8 percent versus 21.1 percent.
- Sales volume up 7.5 percent to 5.57 MT.
HCC (Q4, YoY)
- Revenue down 8 percent to Rs 1,322.5 crore.
- Net loss of Rs 428 crore versus net profit of Rs 20.1 crore.
- Ebitda loss of Rs 24.6 crore versus Ebitda gain of Rs 159.5 crore.
- Exceptional loss of Rs 389.17 crore due to arbitration awards and impairment loss.
- Order book stood at Rs 18,554 crore as March 31, 2019.
*Numbers not comparable due to change in accounting policy.
Stocks To Watch: NIIT Technologies, RIL, Welspun Corp
- Reliance Industries’ arm signed a definitive agreement to acquire 100 percent stake in British toy retailer Hamleys for GBP 67.96 million (Rs 620 crore).
- Welspun Corp said it will consider share buyback proposal on May 14.
- Indian Overseas Bank board approved capital plan for financial year 2020 to issue up to 300 crore equity shares and to raise tier II capital up to Rs 1,500 crore by issuing Basel III compliant bonds. It also kept its MCLR rate unchanged.
- Mcleod Russel promoter Williamson Magor & Company created a pledge of 78.32 lakh shares (7.5 percent) in favour of IndusInd Bank on April 30.
- Eveready Industries: Promoter Williamson Magor & Company created a pledge of 56.83 lakh (7.82 percent) in favour of IndusInd Bank on April 30
- Edelweiss Financial Services announced Rs 300 crore public issue of NCDs by its arm ECL Finance.
- Quess Corp completed acquisition of 100 percent stake in Greenpiece Landscape.
- Lakshmi Vilas Bank: RBI extended tenure of its General Manager Rajnish Kumar as Additional Director of Lakshmi Vilas Bank till 2021.
- Karnataka Bank appointed Balachandra YV as chief operating officer.
- Larsen & Toubro acquired 33.05 lakh shares of Mindtree on May 9.
- Welspun Corp: Received additional pipe orders of 103 KMT which will be serviced from India. Order book stood at 1,698 KMT valued at Rs 14900 crore.
- Yes Bank: CARE Ratings and Brickwork Ratings downgraded ratings on various credit instruments.
- NIIT Technologies: Company received approval of the Competition Commission of India and the anti-trust authorities in Germany and in United States of America for sale of promoter group holding to Hulst B.V.
Data To Watch
- 5:30pm: India March industrial production YoY; estimate 1.1 percent (prior 0.1 percent)
Commodity Cues: Brent Crude Advances Above $70 Per Barrel
- Brent crude advanced 1.3 percent to $71.14 a barrel
- West Texas Intermediate gained 0.9% to $62.24 a barrel.
- Gold was steady at $1,284.72 an ounce.
London Metal Exchange
- Copper ended lower for the third consecutive trading session, down 0.75 percent.
- Aluminium ended 0.11 percent higher.
- Tin halted a three-day rally, ended 0.85 percent lower.
- Zinc ended lower for the third day, ended 1.45 percent lower.
- Nickel ended lower for the third day, down 1.4 percent.
- Lead ended 2.5 percent lower.
Nifty Futures Suggests Stocks Swing; Asian Stocks Climb
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 little changed at 11,335 as of 8:15 a.m.
Indian benchmark indices, Sensex and Nifty open today after a seven-day fall. HCL Tech, L&T, PNB Housing Finance, Reliance Industries and SBI are the stocks to watch out for. While RIL is in the news for the Reliance-Hamleys deal, Larsen and Toubro is in focus due to the L&T-Mindtree deal. Q4 results put HCL Tech, PNB Housing Finance, SBI stocks in news.
Meanwhile, Asian shares climbed and U.S. equity futures fluctuated as investors prepared for news on pivotal U.S.-China trade talks, with tariff hikes set to kick in Friday. Benchmarks in Tokyo and Seoul saw gains Friday morning. The Shanghai Composite opened up more than 1 percent, clawing back some of this week’s plunge.
Short on time? Well, then listen to this podcast for a quick summary of All You Need To Know before the opening bell.