Sensex, Nifty Halt Three-Day Record Closing Streak

Indian equity benchmarks ended lower, halted their three-day record closing streak.

The S&P BSE Sensex closed 248 points or 0.62 percent lower at 39,502 and the NSE Nifty 50 ended at 11,861.10, down 0.57 percent. The broader market index represented by the NSE Nifty 500 Index ended 0.59 percent lower.

The market breadth was tilted in favour of sellers. About 1,082 stocks declined and 660 shares advanced on National Stock exchange.

Ten out of 11 sectoral gauges ended lower, led by the NSE Nifty PSU Bank Index’s 2.8 percent fall. On the flipside, the NSE Nifty IT Index was the only sectoral gainer, up 0.66 percent.

Galaxy Surfactants

• Stock rose as much as 13.1 percent to Rs 1,237.95.
• Trading volume was almost 40 times its 20-day average.

ISGEC Heavy Engineering

• Stock rose as much as 4.7 percent to Rs 544.
• Trading volume was more than 13 times its 20-day average.

3M India

• Stock fell as much as 8.4 percent to Rs 21,910.
• Trading volume was almost 11 times its 20-day average.

IRCON International

• Stock fell as much as 8.8 percent to Rs 390.05.
• Trading volume was more than six times its 20-day average.

RITES

• Stock rose as much as 2.78 percent to Rs 280.80.
• Trading volume was more than nine times its 20-day average.

Indian equity benchmarks traded at day’s low. Sensex fell nearly 300 points and Nifty traded below 11,900.

Shares of Adani Enterprises fluctuated between gains and losses to trade 1.3 percent lower at 154.90 after announcing its fourth quarter results.

Key Earnings Highlights (Q4, YoY)

• Revenue up 35.5 percent to Rs 13,236.62 crore.
• Net Profit up 51 percent to Rs 283.44 crore.
• Ebitda up 8 percent to Rs 706.96 crore.
• Margin 5.3 percent versus 6.7 percent

Shares of Cadila Healthcare rose as much as 3.5 percent to Rs 267.40 after the company announced its March quarter results.

Key Earnings Highlights (Q4, YoY)

• Revenue up 15.3 percent to Rs 3,732.8 crore.
• Net Profit down 22 percent to Rs 460 crore.
• Ebitda down 17 percent to Rs 590.79 crore.
• Margin 15.8 percent versus 22 percent.

Shares of Mahindra & Mahindra fluctuated between gains and losses to trade little changed at Rs 670 after announcing its March quarter results.

Net profit of the automaker fell 16.1 percent year-on-year to Rs 969 crore in the January-March quarter, according to its exchange filing. The financials include numbers of its commercial vehicle unit—Mahindra Vehicle Manufacturers Ltd.

Key Earnings Highlights (Q4, YoY)

• Revenue up 4.7 percent to Rs 13,808 crore.
• Ebitda down 11.3 percent to Rs 1,768 crore.
• Margin at 12.8 percent versus 15.1 percent.

Shares of V-Guard Industries rose as much as 3.6 percent to Rs 231.65 after announcing its March quarter results.

Key Earnings Highlights (Q4, YoY)

• Revenue up 12.3 percent to Rs 739.7 crore.
• Net profit up 2.1 times to Rs 59.2 crore.
• Ebitda up 2.1 times to Rs 78 crore.
• Margin at 10.5 percent versus 5.7 percent.

Outgoing Finance Minister Arun Jaitley today requested Prime Minister Narendra Modi not to be made part of new government citing health issues.

Jailtey, in a letter to Modi, which he tweeted today, had requested the Prime Minister to be kept away from any responsibility for for some time in the future.

Indian equity benchmarks are trading at day’s low. The S&P BSE Sensex fell 180 points and the NSE Nifty 50 traded below 11,900.

Shares of Havells India fluctuated between gains and losses to trade little changed at Rs 722 after the company announced its quarterly results.

Key Earnings Highlights (Q4, YoY)

• Revenue up 8.6 percent to Rs 2,751.9 crore.
• Net profit down 8.4 percent to Rs 206.8 crore.
• Ebitda down 9.6 percent to Rs 323.2 crore.
• Margin at 11.7 percent versus 14.1 percent.

Eight out of 11 sectoral gauges compiled by NSE fell, led by the NSE Nifty 1.6 percent decline. On the flipside, the NSE Nifty IT Index was the top sectoral performer, up 1.2 percent.

About 16 lakh shares of Equitas Holdings changed hands in a block deal, Bloomberg data showed. Byuers and sellers were not known immediately.

Nifty’s 12,000 call option contract was among the most active Nifty option contracts on National Stock Exchange.

Premium on the contract fell 54.75 percent to Rs 15.95. Over 7.79 lakh shares were added to the open interest which stood at over 48.26 lakh shares.

Shalimar Paints (Q4, YoY)

• Stock fell as much as 4.4 percent to Rs 81.65.
• Revenue up 48.7 percent to Rs 89.5 crore.
• Net loss of Rs 43.3 crore versus net loss of Rs 16.1 crore.
• Ebitda loss of Rs 35.5 crore versus Ebitda loss of Rs 10.3 crore.
• Exceptional loss of Rs 11.6 crore.
• Other expenses up 2.8 times to Rs 40.9 crore.

S Chand (Q4, YoY)

• Stock fell as much as 11.4 percent to Rs 119.
• Revenue down 31.4 percent to Rs 449.1 crore.
• Net profit down 45.8 percent to Rs 12.2 crore.
• Ebitda down 45.4 percent to Rs 182.7 crore.
• Margin at 40.7 percent versus 51.1 percent.

Federal Mogul Goetze India (Q4, YoY)

• Stock fell as much as 0.7 percent to Rs 561.05.
• Revenue down 2.3 percent to Rs 320.3 crore.
• Net profit down 20.3 percent to Rs 17.7 crore.
• Ebitda down 8.6 percent to Rs 48.7 crore.
• Margin at 15.2 percent versus 16.3 percent
• Inventory gain of Rs 18.3 crore in base quarter.
• Depreciation expenses up 23 percent to Rs 21 crore.

Himatsingka Seide (Q4, YoY)

• Stock fell as much as 2.4 percent to Rs 197.55.
• Revenue up 22.6 percent to Rs 690.9 crore.
• Net profit down 3.8 percent to Rs 48.4 crore.
• Ebitda up 11.8 percent to Rs 138.6 crore.
• Margin at 20.1 percent versus 22 percent.
• Deferred tax reversal of Rs 18.7 crore.
• Finance cost up 41 percent and depreciation cost up 40 percent.

KDDL (Q4, YoY)

• Stock fell as much as 9.1 percent to Rs 440.
• Revenue up 8.8 percent to Rs 150.2 crore.
• Net profit down 59.7 percent to Rs 2.5 crore.
• Ebitda down 3.8 percent to Rs 12.6 crore.
• Margin at 8.4 percent versus 9.5 percent.
• Inventory gain of Rs 11.6 crore.

IRB Infra (Q4, YoY)

• Stock fell as much as 3.3 percent to Rs 128.70.
• Revenue up 40.9 percent to Rs 1,948.3 crore.
• Net profit down 13.2 percent to Rs 208.01 crore.
• Ebitda up 15.4 percent to Rs 760.1 crore.
• Margin at 39 percent versus 47.6 percent.

NMDC (Q4, YoY)

• Stock rose as much as 4.3 percent to Rs 106.50.
• Revenue down 6.2 percent to Rs 3,643.3 crore.
• Net profit up 31.5 percent to Rs 1,453.8 crore.
• Ebitda up 10.1 percent to Rs 2,092.3 crore.
• Margin at 57.4 percent versus 49 percent.
• Sales volume stood flat at 10.4 MT.

Teamlease Services (Q4, QoQ)

• Stock fell as much as 3.8 percent to Rs 2,970.
• Revenue down 1 percent to Rs 1,168.6 crore.
• Net Income up 3 percent to Rs 26 crore.
• Ebitda up 4 percent to Rs 25.5 crore.
• Margin at 2.2 percent versus 2.1 percent.

Aurobindo Pharma (Q4, YoY)

• Stock rose as much as 2.9 percent to Rs 688.90.
• Revenue up 30.7 percent to Rs 5,292.2 crore.
• Net profit up 10.8 percent to Rs 585.4 crore.
• Ebitda up 31.9 percent to Rs 1.060.3 crore.
• Margin flat at 20 percent versus 19.9 percent.
• Exceptional loss of Rs 36.2 crore.
• Finance Costs up 2 times to Rs 50.1 crore.
• Board approved the amalgamation of six arms with self.
• Formulations segment revenue up 34.6 percent to Rs 4,373.6 crore.
• API segment revenue up 14.6 percent to Rs 916.8 crore.

Lakshmi Vilas Bank (Q4, YoY)

• Stock fell as much as 3.2 percent to Rs 71.50.
• Net Interest Income up 16.4 percent to Rs 140.2 crore.
• Net loss of Rs 264.4 crore versus net loss of Rs 622.3 crore.
• Provisions of Rs 301.2 crore versus Rs 880.4 crore.
• GNPA at 15.3 percent versus 13.95 percent. (QoQ)
• NNPA at 7.49 percent versus 7.64 percent. (QoQ)

Pfizer (Q4, YoY)

• Stock fell as much as 3.5 percent to Rs 3,176.
• Revenue up 3 percent to Rs 535.6 crore.
• Net profit up 4.7 percent to Rs 109.47 crore.
• Ebitda up 9 percent to Rs 150.9 crore.
• Margin at 28.2 percent versus 26.6 percent.
• Lower employee cost and stable raw material cost aided operational performance.

Ircon International (Q4, YoY)

• Stock fell as much as 6.5 percent to Rs 400.20.
• Revenue up 2.4 percent to Rs 1,532.8 crore.
• Net profit down 55.8 percent to Rs 95.59 crore.
• Ebitda down 32.1 percent to Rs 157.43 crore.
• Margin at 10.3 percent versus 15.5 percent.

3M India (Q4, YoY)

• Stock fell as much as 8.4 percent to Rs 21,910.
• Revenue up 1.5 percent to Rs 689.2 crore.
• Net profit down 37.5 percent to Rs 58.14 crore.
• Ebitda down 4.5 percent to Rs 98.1 crore.
• Margin at 14.2 percent versus 22.1 percent.
• Higher depreciation, lower other income and revenue weighed on bottom-line numbers.
• Other income was down by 74 percent (YoY).

Asian Granito (Q4, YoY)

• Stock fell as much as 5.1 percent to Rs 236.45.
• Revenue down 5.7 percent to Rs 369.2 crore.
• Net profit down 65.8 percent to Rs 5.8 crore.
• Ebitda down 33.7 percent to Rs 24.1 crore.
• Margin at 6.5 percent versus 9.2 percent.

Man Industries (Q4, YoY)

• Stock fell as much as 10.4 percent to Rs 60.20.
• Revenue down 50 percent to Rs 244.7 crore.
• Net profit down 94 percent to Rs 1.6 crore.
• Ebitda loss of Rs 10.7 crore versus Ebitda profit of Rs 61.6 crore.

Navkar Corporation (Q4, YoY)

• Stock rose as much as 9.2 percent to Rs 39.30.
• Revenue up 13 percent to Rs 130.1 crore.
• Net profit down 63.2 percent to Rs 10.2 crore.
• Ebitda down 23 percent to Rs 38.1 crore.
• Margin at 29.3 percent versus 43 percent.
• Finance cost up three times to Rs 12.7 crore.
• Operating expenses as percent of sales at 54 percent versus 39 percent.

Gujarat Alakhalies & Chemicals (Q4, YoY)

• Stock fell as much as 1.8 percent to Rs 103.
• Revenue up 17.7 percent to Rs 820.6 crore.
• Net profit down 23.2 percent to Rs 169.8 crore.
• Ebitda down 6.6 percent to Rs 273.5 crore.
• Margin at 33.3 percent versus 42 percent
• Other income of Rs 60 crore in base quarter.
• Board approves appointment of Vinayak Kudtarkar as CFO with effect from June 1.

Himadri Speciality Chemicals (Q4, YoY)

• Stock fell as much as 2.7 percent to Rs 544.
• Revenue up 5.9 percent to Rs 583.4 crore.
• Net profit up 1.3 percent to Rs 72.2 crore.
• Ebitda down 0.8 percent to Rs 123.3 crore.
• Margin at 21.1 percent versus 22.6 percent.
• Board re-appoints Bankey Lal Choudhary as MD till April 2020.

Aegis Logistics (Q4, YoY)

• Stock rose as much as 7.9 percent to Rs 241.70.
• Revenue up 48 percent to Rs 1,852.6 crore.
• Net profit up 27.7 percent to Rs 61.7 crore.
• Ebitda up 48.3 percent to Rs 103.5 crore.
• Margin flat at 5.6 percent.
• Deferred tax reversal of Rs 40.9 crore in base quarter.

Balmer Lawrie (Q4, YoY)

• Stock rose as much as 4.9 percent to Rs 196.55.
• Revenue down 0.5 percent to Rs 474.5 crore.
• Net profit up 0.5 percent to Rs 88.3 crore.
• Ebitda up 3.6 percent to Rs 88.4 crore.
• Margin at 18.6 percent versus 17.9 percent.
• Deferred Tax Payment of Rs 12.1 crore in Base Quarter

Shipping Corporation of India (Q4, YoY)

• Stock fell as much as 3.4 percent to Rs 34.10.
• Revenue up 11.1 percent to Rs 1,019 crore.
• Net profit down 81.9 percent to Rs 46 crore.
• Ebitda up 32.9 percent to Rs 185.7 crore.
• Margin at 18.2 percent versus 15.2 percent.
• Deferred tax reversal of Rs 284.3 crore in base quarter.

SML Isuzu (Q4, YoY)

• Stock rose as much as 6.4 percent to Rs 865.50.
• Revenue up 16.7 percent to Rs 429.6 crore.
• Net profit up 47.7 percent to Rs 22 crore.
• Ebitda up 67.6 percent to Rs 40.9 crore.
• Margin at 9.5 percent versus 6.6 percent.
• Inventory gain of Rs 70.4 crore in base quarter.

Minda Corporation (Q4, YoY)

• Stock rose as much as 4.4 percent to Rs 127.
• Revenue up 7.1 percent to Rs 771.4 crore.
• Net profit flat to Rs 39.1 crore versus Rs 38.7 crore.
• Ebitda flat to Rs 82.1 crore versus Rs 81.8 crore.
• Margin at 10.6 percent versus 11.4 percent.
• Board re-appoints Ashok Minda as CMD from August 1.

GATI (Q4, YoY)

• Stock rose as much as 4.8 percent to Rs 84.60.
• Revenue up 0.9 percent to Rs 459.4 crore.
• Net profit of Rs 8.3 crore versus net loss of Rs 5.9 crore.
• Ebitda up 70.1 percent to Rs 26.2 crore versus Rs 15.4 crore.
• Margin at 5.7 percent versus 3.4 percent.
• Other Expenses down 11 percent to Rs 39.8 crore versus Rs 44.5 crore.
• Board appoints Peter H Jayakumar as CFO from May 28.

Reliance Naval & Engineering (Q4, YoY)

• Stock fell as much as 2.5 percent to Rs 7.80.
• Revenue up 6.9 percent to Rs 35.4 crore.
• Net loss of Rs 9,339.1 crore versus net loss of Rs 408.7 crore.
• Exceptional loss of Rs 8,746.6 crore.

Kolte Patil (Q4, YoY)

• Stock rose as much as 2.8 percent to Rs 252.
• Revenue down 59 percent to Rs 195 crore.
• Net profit down 1.2 percent to Rs 40.1 crore.
• Ebitda down 26 percent to Rs 76.8 crore.
• Margin at 39.3 percent versus 21.7 percent.
• Company to increase its stake in Kolte-Patil l-Ven Township to 95 percent from 45 percent. It bought stake from lClCl Venture Funds Management Company for Rs 140 crore

ITI (Q4, YoY)

• Stock fell as much as 6.3 percent to Rs 95.30.
• Revenue down 20 percent to Rs 632.9 crore.
• Net profit down 36 percent to Rs 68.7 crore.
• Ebitda up 23 percent to Rs 82.3 crore.
• Margin at 13 percent versus 8.5 percent.
• Net profit down due to lower other income.

Shares of the specialty chemicals manufacturer extended gains for the third consecutive trading session. The stock rose as much as 11 percent, the most in over three months, to Rs 1,215.65.

Trading volume was almost 100 times its 20-day average, Bloomberg data showed. The Relative Strength Index was above 70, indicating that the stock may be overbought. Of the shares traded, 47 percent were at the ask price and 30 percent were at the bid.

Shares of the country’s largest drugmaker snapped its two-day fall and rose 2 percent to Rs 420.95 apiece. The company reported its March quarter earnings on Tuesday.

Key Earnings Highlights (Q4, YoY)

• Revenue up 2.7 percent to Rs 7,163.9 crore.
• Net profit down 52.6 percent to Rs 635.9 crore.
• Ebitda down 39.6 percent to Rs 1,016.8 crore.
• Margin at 14.2 percent versus 24.1 percent. Inventory gain of Rs 425.4 crore.
• Raw material as percent of sales at 29 percent versus 16 percent.
• Domestic sales down 44 percent to Rs 1,101 crore.
• Sudhir Valia steps down from post of whole-time director to non-executive with effect from May 29.

Shares of SpiceJet fell as much as 7.1 percent, the most since April 22, to Rs 138.30.

The budget airline operator’s quarterly profit missed estimates in the three months ended March. (Read the full story here)

Key Earnings Highlights (Q4, YoY)

• Net profit up 22 percent to Rs 56 crore.
• Revenue rose 25.3 percent to Rs 2,531 crore.
• Ebitdar up 39 percent to Rs 511 crore.
• Ebitdar Margin at 20.19 percent versus 18.20 percent.

Indian equity benchmarks opened lower after gaining in the last three consecutive trading sessions.

The S&P BSE Sensex fell as much as 105 points or 0.27 percent to 39,644 and the NSE Nifty 50 fell as much as 0.21 percent to 11,903.50. The broader market index represented by the NSE Nifty 500 Index fell as much as 0.19 percent.

The market breadth was slightly tilted in favour of sellers. About 723 stocks fell and 702 shares advanced on National Stock Exchange.

Nine out of 11 sectoral gauges compiled by NSE fell, led by the NSE Nifty PSU Bank Index’s 0.74 percent decline. On the flipside, the NSE Nifty IT Index was the top sectoral gainer, up 0.32 percent.

The Indian rupee opened lower against the U.S. dollar. The home currency depreciated as much as 0.13 percent to 69.77 against the greenback.

The traders of the local legal tender traders will keep an eye on sale of treasury bills and overnight reverse repo auction today.

Futures

Nifty

• Nifty May futures closed trading at 11940.7, premium of 12 points Versus discount of 6 points
• Nifty futures open interest across series 8 percent, adds 18 lakh shares

Bank Nifty

• Bank Nifty May futures closed trading at 31629, premium of 31 points Versus discount of 52 points
• Bank Nifty open interest across all series down 1 percent, sheds 30k shares

Rollovers

• Nifty Rollover at 42 percent, Bank Nifty Rollover at 40 percent

Options

• Nifty PCR at 1.27 Versus 1.26 (across all series)

Nifty Monthly Expiry 30 May

• Max open interest on call side at 12,500 (40.8 lakh shares) followed by 12,000 (40.4 lakh shares)
• Max open interest on Put side at 11,000 (36.5 lakh shares) followed by 11,700 (26.4 lakh shares)
• Max open interest addition seen at 11,900P (+4.7 lakh shares), 11,900C (+3.7 lakh shares)

Stocks In F&O Ban:

In Ban:

• Adani Power
• PC Jewellers

Out Of Ban:

• IDBI Bank

On Sun Pharma

UBS

• Maintained ‘Buy’; cut price target to Rs 500 from Rs 515.
• March quarter earnings were lower than estimates largely due to decline in India revenues.
• See slower than expected monetisation of the innovative pipeline.
• Continue to foresee a valuation discount for Sun to other large cap Indian pharma.

Morgan Stanley

• Maintained ‘Underweight’ with a price target of Rs 470.
• March quarter results missed estimates.
• U.S. specialty looks to be taking a longer road to profitability.
• Expect 2019-20 to be a transition year for the specialty business.

CLSA

• Maintained ‘Buy’; cut price target to Rs 520 from Rs 560.
• Changes in India distribution hits Q4.
• Ilumya gaining traction but Cequa launch delayed to 2QFY20.
• FY20 growth guidance in-line with expectations.

Citi

• Maintained ‘Buy’ with a price target of Rs 540
• Several One-Offs Impact Q4.
• FY20 guidance reasonable.
• Current price appears to factor in most concerns.

On IRB Infra

Deutsche Bank Research

• Maintained ‘Buy’; cut price target to Rs 185 from Rs 215.
• March quarter results missed estimate on lower EPC margin.
• IRB has ramped up execution of HAM projects which are expected to earn significantly lower margins.
• Maintain Buy on reasonable valuation and expected strong order book growth.

CLSA

• Maintained ‘Buy’ with a price target of Rs 250.
• In-line FY19 despite economic slowdown led by construction.
• Toll collection mixed: Rajasthan and UP weak and Maharashtra and Gujarat OK.
• The stock offers deep value as it trades at lower valuation and 5 percent dividend yield.

On Prestige Estates

Morgan Stanley

• Maintained ‘Overweight’; hiked price target to Rs 347 from Rs 320.
• March quarter surpassed estimates; 2019-20 to be a growth year.
• Diversified portfolio of residential and annuity assets, with steady ramp-up potential.
• Company aims to lower net gearing in coming quarters.

CLSA

• Maintained ‘Buy’; hiked price target to Rs 345 from Rs 268.
• Results above estimates on a revenue beat.
• Pre-sales at 18-quarter high; strong guidance.
• Lease income scale-up continues; cashflows supportive.
• Planned deleveraging implies monetisation.

On Info Edge

Jefferies

• Maintained ‘Hold’ with a price target of Rs 1,715.
• Margin drives slight beat in March quarter.
• Management guides for continued investments across businesses.

CLSA

• Maintained ‘Buy’; hiked price target to Rs 2,400 from Rs 2,070.
• Naukri revenue and billing growth remains strong.
• 99acres revenue growth stellar but billing growth moderates.
• Zomato’s growth explosive in 2018-19 and city expansion on fire.
• Enters FY20 with all cylinders firing.

More Calls

Morgan Stanley on Punjab National Bank

• Maintained ‘Underweight’ with a price target of Rs 75.
• Weak numbers; Asset quality was weak; Core PPOP was muted.
• Core pre-provisioning operating profit was weak owing to lower margins/fees.
• Balance sheet is weak given CET 1 ratio at just 6.2 percent.

SBICAP on SpiceJet

• Maintained ‘Buy’ with a price target of Rs 172.
• Profit improves; fails to maximize on capacity crunch.
• Network structure and Max fleet grounding limit benefits from Jet withdrawal.
• Ability to profitably deploy the massive increase in capacity will be key to stock’s performance.

Investec on Vedanta

• Initiated ‘Buy’ with a price target of Rs 233
• Strong diversified play; mgmt. delivery should be monitored.
• Asset base offers significant scope of ramp-up posing upside risk to earnings.
• Stated dividend policy is positive and capital allocation priorities encouraging.
• Valuations attractive, restoring minority confidence is key.

Credit Suisse on Jindal Steel & Power

• Maintained ‘Outperform’; hiked price target to Rs 230 from Rs 196.
• Deleveraging through Angul ramp-up is key.
• Another catalyst is the award of PPAs in the power business.
• With capex behind it and favourable spreads going ahead, deleveraging should be faster.

Credit Suisse on Tata Steel

• Maintained ‘Outperform’; hiked price target to Rs 660 from Rs 570.
• Best positioned to play iron ore rally.
• Tata Steel is well positioned to benefit from higher global steel prices.
• Failure of the proposed European JV was a speed bump, not a road block.

CLSA on Century Ply

• Maintained ‘Sell’; cut price target to Rs 159 from Rs 174.
• March quarter results was an all-round miss.
• MDF market supply glut a key concern.
• Product mix shift in plywood likely to keep margins under pressure.

CLSA on Cement Sector

• Dalmia Bharat: Upgraded to ‘Buy’ from ‘Outperform’; hiked price target to Rs 1,500 from Rs 1,300.
• India Cements: Maintained ‘Buy’; hiked price target to Rs 135 from Rs 115.
• With exit prices higher, Q1FY20 seems like a blockbuster.
• Checks suggest higher discounts in last two weeks due to weak construction activity.
• With elections behind, a clear picture should now emerge.
• Capacity expansion is not viewed as a big concern in the medium term.

Nomura on Max Financial

• Maintained ‘Buy’ with a price target of Rs 550.
• Robust Q4: VNB margin continues to surprise.
• Steady APE growth trend; Strong margins driven by a more favourable product mix.
• Distribution risk factored into the share price.

• 5Paisa Capital record date for rights issue at 1:1 at a premium of Rs 70 per share.
• Magadh Sugar & Energy, Timken India to move into short term ASM Framework.
• Manpasand Beverages price band revised to 10 percent.

Nifty Earnings To Watch

• Power Grid Corporation of India
• Mahindra & Mahindra

Other Earnings To Watch

• Power Finance Corporation
• Aban Offshore
• Adani Enterprises
• Adani Power
• Andhra Cements
• Havells India
• Finolex Cables
• Reliance Power
• Glenmark Pharmaceuticals
• Lemon Tree Hotels
• RITES
• Speciality Restaurants
• Maharashtra Seamless
• GMR Infrastructure
• V-Guard Industries
• NBCC (India)
• GPT Infraprojects
• Grindwell Norton
• IPCA Laboratories
• ISGEC Heavy Engineering
• Jagran Prakashan
• Karda Constructions
• Kiri Industries
• TTK Prestige
• Gufic Biosciences
• Gujarat Narmada Valley Fertilizers and Chemicals
• Harrisons Malayalam
• Apar Industries
• Balmer Lawrie & Company
• United Spirits
• Bharat Electronics
• SJVN
• Cadila Healthcare
• CIL Nova Petrochemicals
• Cimmco
• CL Educate
• Cupid
• DCM
• Dynamatic Technologies
• Excel Crop Care
• Excel Realty N Infra
• Fertilizers and Chemicals Travancore
• Garden Reach Shipbuilders & Engineers
• Hawkins Cookers
• Hindustan Tin Works
• IFB Industries
• India Tourism Development Corporation
• Indian Hume Pipe Company
• Indoco Remedies
• Ind-Swift Laboratories
• IOL Chemicals and Pharmaceuticals
• Kirloskar Electric Company
• Kohinoor Foods
• Max India
• Mercator
• MIRC Electronics
• Mishra Dhatu Nigam
• NACL Industries
• Nava Bharat Ventures
• PC Jeweller
• Rail Vikas Nigam
• Repco Home Finance
• Rico Auto Industries
• Ruchi Soya Industries
• SMS Lifesciences India
• Sreeleathers
• Titagarh Wagons
• Tourism Finance Corporation of India
• Ujaas Energy
• Vadilal Industries
• Wheels India
• Zenlabs Ethica

• Indiabulls Housing Finance: Board said that the company has completed issuance and allotment of notes aggregating to $350 million under its Secured Euro Medium Term Note Program.
• IRB Infra Developers: Hapur Moradabad Project received an appointment date from competent authority. Toll collection and construction on the project to start from May 29. The company received work orders for operation and maintenance for project SPVs of its trust for a further period of 10 years.
• Meghmani Organics clarified that news of fire breaking out in its Dahej plant, which is being circulated in social media is fake and no incident has taken place. The company said that it has filed a police complaint in Ahmedabad. To expand it agrochemical production capacity by 10,800 MT at a cost Rs 127 crore. The project will contribute turnover of Rs 200 crore in full year of operation.
• DHFL clarified on the news of look-out notice issued against promoters stating that the promoters have not received any kind of such communication.
• Aksh Optfibre: Care Ratings changed its rating from ‘BBB’ to ‘D’. The reason for decline in rating is on-going delays in debt servicing along with ongoing development of Letter of credit. The delays are on account of stressed liquidity position primarily due to delayed realization from government customers leading to cash flow mismatches.
• Karur Vyasa Bank: Received RBI nod for appointment of NS Srinath as Part-Time Non-Executive Chairman till May 2022. The company entered in to binding term sheet with Centrum Wealth Management to establish a JV to provide wealth management services.
• Great Eastern Shipping to consider share buy-back on June 1.
• Mindtree opened its off-shore delivery centre in the U.S.

• Brent crude fell 0.36 percent to $68.35 per barrel.
• West Texas Intermediate crude slid 0.6 percent to $58.79 a barrel.
• Gold was at $1,281.14 an ounce.

London Metal Exchange

• Copper ended higher for the second consecutive trading session, up 0.08 percent.
• Aluminium ended higher for the third consecutive trading session, up 0.39 percent.
• Nickel resumed declined after a one-day rally, closed 1.84 percent lower.
• Lead ended little changed.
• Tin ended lower for the second day, down 0.52 percent.
• Zinc ended higher for the second consecutive trading session, up 0.08 percent.

Good Morning!

The Singapore-traded SGX Nifty, an early indicator of NSE Nifty 50 Index’s performance in India, fell 0.1 percent to 11,920 as of 8:20 a.m.

Stocks in Asia dropped after an afternoon sell-off on Wall Street as investors gauge the warning signals flashing in the bond market, where sovereign yields have slumped to multi-year lows.

Japanese and South Korean shares fell more than 1%, with more modest declines in Hong Kong and China. U.S. stock declines accelerated late Tuesday.

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