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Stocks Radar: Cox & Kings, IDBI Bank, Intellect Design Arena, JSW Steel, Shriram Transport Finance

Here are the stocks moving the market in today’s trade.  

A Stock Broker Talks on a Telephone While Working on his Computer. (Photographer: Chris Ratcliffe/Bloomberg)
A Stock Broker Talks on a Telephone While Working on his Computer. (Photographer: Chris Ratcliffe/Bloomberg)

Indian equity benchmarks opened higher in today’s trade.

As of 9:41 a.m., the S&P BSE Sensex rose as much as 0.68 percent to 38,122.35 and the NSE Nifty 50 rose as much as 0.76 percent to 11,346.05.

The market breadth was tilted in favour of buyers. Ten out of 11 sectoral gauges compiled by NSE traded higher, led by the NSE Nifty Pharma Index’s 1.77 percent gain. On the flipside, the NSE Nifty PSU Bank Index was the sole sectoral loser, down 0.07 percent.

Here are the stocks moving the market this morning:

IDBI Bank At Over 15-Year-Low

Shares of the private lender declined 1.26 percent to Rs 31.40, the lowest since June 25, 2004.

The bank has decided to sell stakes in 19 unlisted companies for at least ₹175 crore, Mint reported, citing a bid document it accessed. According to the document, the bank is looking for bidders for more than 170 million shares in companies, including Neelachal Ispat Nigam Ltd., and Haldia Petrochemicals Ltd., the report said.

The bank’s stock has declined 46 percent in the past 52 weeks compared with Sensex’s 3.1 percent gain.

Cox & Kings Hits Lower Circuit

Shares of the travel company hit the lower circuit after falling 5 percent to Rs 14.10 apiece.

The company defaulted on payment of commercial papers worth Rs 174 crore which was due on July 24, it said in an exchange filing. The first Cox & Kings default on commercial papers worth Rs 150 crore was declared on June 27, a day after the date of actual default.

The stock has declined 92 percent in the past 52 weeks. The relative strength index on the stock was below 30, indicating it may be oversold, Bloomberg data showed.

JSW Steel Gains On Report Of Fundraising Plans

Shares of the company rose as much as 1.02 percent to Rs 257.85.

The steel manufacturer is planning to raise $500-700 million from overseas investors via loans or bond issues, Economic Times reported, citing unidentified people privy to the development.

JSW Steel trades at 11 times its estimated earnings per share for the coming year.

Shriram Transport Finance Advances After Q1 Results

Shares of the company rose as much as 8.6 percent, the most since May 20, to Rs 1,004.9.

The company declared its quarterly results with net profit up 10.7 percent. The stock trades 32 percent below Bloomberg consensus one-year target price. Trading volume was 15 times the 20-day average for this time of the day.

Key Earnings Highlights (YoY):

  • Net interest income up 5.2 percent to Rs 1943.7 crore.
  • Net profit up 10.7 percent to Rs 634.3 crore.

Intellect Design Arena Slumps After Q1 Results

Shares of the financial technology firm plummeted 15 percent to Rs 211.50, the most in over two years.

The company declared its first quarterly earnings, posting a 13.3 percent decline in revenue.

The company’s stock trades at 21 times its estimated earnings per share for the coming year.
Key Earnings Highlights (QoQ):

  • Revenue fell 13.3 percent to Rs 342.8 crore.
  • Net profit dropped 92 percent to Rs 3.4 crore.
  • EBIT was down 82.6 percent to Rs 7.7 crore.
  • Margin was 2.3 percent versus 11.2 percent.
  • Other income of Rs 10 crore and exceptional gain of Rs 5.5 crore in current quarter.
Stocks Radar: Cox & Kings, IDBI Bank, Intellect Design Arena, JSW Steel, Shriram Transport Finance

Other Stocks Reacting To Results Announcements

Bharti Infratel (QoQ)

  • Stock rose as much as 1.7 percent to Rs 273.95.
  • Revenue up 3.1 percent to Rs 3,712 crore.
  • Net profit up 45.9 percent to Rs 887 crore.
  • Ebitda up 27 percent to Rs 1,896 crore.
  • Margin at 51.1 percent versus 41 percent.
  • Numbers aided by Ind AS-116 adoption and one-offs during quarter.
Opinion
Q1 Results: Bharti Infratel’s Tower Tenancies Rise After Seven Quarters

Quess Corp (YoY)

  • Stock fell as much as 2.6 percent to Rs 441.05.
  • Revenue up 21.7 percent to Rs 2,394.7 crore.
  • Net profit up 3.5 percent to Rs 56.3 crore.
  • Ebitda up 43.6 percent to Rs 147.2 crore.
  • Margin at 6.1 percent versus 5.2 percent.
  • Employee expenses rose 25 percent to Rs 1,934.2 crore.
  • Depreciation up 94 percent and finance cost up 52 percent.

PI Industries (YoY)

  • Stock rose as much as 4.1 percent to Rs 1,119.40.
  • Revenue up 24.5 percent to Rs 754.1 crore.
  • Net profit up 23.4 percent to Rs 100.8 crore.
  • Ebitda up 28.2 percent to Rs 151.4 crore.
  • Margin at 20.1 percent versus 19.5 percent.

Oberoi Realty (YoY)

  • Stock fell as much as 6.3 percent to Rs 515.20.
  • Revenue down 32.1 percent to Rs 603.3 crore.
  • Net profit down 50.8 percent to Rs 152.1 crore.
  • Ebitda down 49 percent to Rs 235.3 crore.
  • Margin at 39 percent versus 52 percent.
  • Finance cost up 4.9 times to Rs 23.9 crore.

ICICI Prudential Life Insurance (YoY)

  • Stock rose as much as 4.3 percent to Rs 399.50.
  • Gross premium up 14.7 percent at Rs 6,329.27 crore.
  • Net profit up 1.2 percent to Rs 284.9 crore.
  • New business up 26.6 percent to Rs 309 crore
  • Value of new business premiums’ margin at 21 percent.
  • 13th month persistency at 84.4 percent.
  • 61st month persistency at 57.3 percent.

Syndicate Bank (YoY)

  • Stock fell as much as 4.2 percent to Rs 33.95.
  • Net interest income up 19 percent to Rs 1,792 crore.
  • Net loss at Rs 980.4 crore versus net loss of Rs 1,281.4 crore
  • Provisions at Rs 2,085.3 crore versus 831.2 crore (QoQ).
  • GNPA at 11.76 percent versus 11.37 percent (QoQ).
  • NNPA at to 5.96 percent from 6.16 percent (QoQ).

IDFC First Bank (YoY)

  • Stock rose as much as 4.1 percent to Rs 39.15.
  • Net interest income up 2.3 times at Rs 1,248.3 crore.
  • Net loss at Rs 611.6 crore versus net profit of Rs 198.9 crore.
  • Provisions at Rs 1,280.8 crore versus Rs 655.4 crore (QoQ).
  • GNPA at 2.66 percent versus 2.43 percent (QoQ).
  • NNPA at 1.35 percent versus 1.27 percent (QoQ).
Opinion
Q1 Results: IDFC First Bank Reports Rs 611 Crore Loss On Higher Provisions

Syngene International (Q1, YoY)

  • Stock fell as much as 4.3 percent to Rs 301.10.
  • Revenue up 3.7 percent to Rs 420.9 crore.
  • Net profit up 8.8 percent to Rs 72 crore.
  • Ebitda up 20.8 percent at Rs 119.5 crore.
  • Margin at 28.4 percent from 24.4 percent.
  • Employee expenses up 23 percent at Rs 132.2 crore.
  • Hyderabad R&D facility to be operational by second quarter of FY20.

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