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This article is more than 3 year old.

Closing Bell: Sensex, Nifty recover to end marginally low, HDFC, ICICI Bank, ITC, TCS, drag, Reliance, Axis Bank support, SBI Q2 net profit down 40%

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Indian market on Monday ended marginally lower recovering in the last half-an-hour after trading low for much of the day. Global cues especially lower Asian market amid renewed trade war concerns and volatility in the Indian rupee dampened investor sentiment. The Sensex ended at 34,951, down by 61 points, or 0.17 percent, while the Nifty settled at 10,528, lower by 25 points, or 0.24 percent. HDFC, ICICI Bank, IndusInd Bank, ITC, TCS, L&T, NTPC, Power Grid Corp, ONGC and M&M were major drag on indexes, while Reliance Industries, SBI, Axis Bank, HDFC Bank and Wipro lended support. Sectoral indices ended largely lower with energy and power sectors major laggards. Nifty PSU Bank shares gained among 11 advancing sectors. Here are the main highlights from the stock markets today:

Closing Bell: Sensex, Nifty recover to end marginally low, HDFC, ICICI Bank, ITC, TCS, drag, Reliance, Axis Bank support, SBI Q2 net profit down 40%
  • Sensex heatmap: SBI, Axis Bank among top gainers, IndusInd Bank, NTPC top losers##Sensex heatmap: SBI, Axis Bank among top gainers, IndusInd Bank, NTPC top losers

    Closing Bell: Sensex, Nifty recover to end marginally low, HDFC, ICICI Bank, ITC, TCS, drag, Reliance, Axis Bank support, SBI Q2 net profit down 40%
  • Closing Bell: Sensex, Nifty end marginally lower, SBI, Axis Bank, Reliance help in recovery##Closing Bell: Sensex, Nifty end marginally lower, SBI, Axis Bank, Reliance help in recovery

    The Sensex ended at 34,951, down by 61 points, or 0.17 percent, while the Nifty settled at 10,528, lower by 25 points, or 0.24 percent. The Nifty MidCap declined by 0.39 percent, while the BSE MidCap slipped by nearly half a percent. Nifty PSU Banks was leading the 12 advancing sectors, rising by 3 percent as SBI shares jumped ahead of its Q2 results. The bank's net profit declined by 40 percent, but beat the street estimates of loss. BSE CPSE was the biggest laggard among 31 declining sectors, down by 1.6 percent. Among gainers, SBI, Axis Bank, UPL, Wipro, HLC Technologies, Reliance Industries and Bajaj Auto, surged by up to 3.45 percent. Cipla, Indian Oil Corp., Indiabulls Housing, IndusInd Bank, BPCL, Power Grid Corp., ONGC, Hero MotoCorp, declined by up to 3.27 percent. 

  • Asian markets end lower amid US-China trade war worries##Asian markets end lower amid US-China trade war worries

    Key Asian indices ended lower on Monday amid US-China trade tensions. Sentiment was also hit after strong solid jobs growth for October deepened fears of a hike in interest rates by the US Federal Reserve in December. Chinese shares were in the red as President Xi Jinping acknowledged that China's economy is facing challenges, but said it will take steps to address these issues. Conflicting messages from the US on a potential trade deal between the country and China also soured appetite for riskier assets like stocks. Hong Kong's Hang Seng was the major loser in the region, down 2 percent. (Cogencis)

  • SBI Q2 asset quality stable; gross NPA comes in at 9.95% vs 10.69% QoQ##SBI Q2 asset quality stable; gross NPA comes in at 9.95% vs 10.69% QoQ

  • Cipla hits 3-month low on company's weak October-March outlook##Cipla hits 3-month low on company's weak October-March outlook

    Cipla fell to a three-month low of Rs 557.10 after Chief Executive Officer Umang Vohra said the company will face multiple headwinds in October-March. Cipla's July-September earnings were affected mainly by muted growth in the domestic market, ICICIdirect.com said in its report. The company's operating margin contracted mainly due to higher other expenditure and employee cost, the brokerage said. At 3.19  pm, Cipla shares were down 7.5 percent at Rs 561.30. (Cogencis)

  • SBI jumps 5% as bank posts net profit of Rs 944.9 crore beating street estimates of loss##SBI jumps 5% as bank posts net profit of Rs 944.9 crore beating street estimates of loss

    Shares of State Bank of India trade at Rs 299.75, up by 5.01 percent. The country's largest public sector bank reported a net profit at Rs 944.9 against estimate of a loss of Rs 224.7 crore. Full details here.

  • Axis Bank shares jump 3.8% post Q2 results; brokerages remain bullish on the stock##Axis Bank shares jump 3.8% post Q2 results; brokerages remain bullish on the stock

    Shares of Axis Bank climbed 3.76 percent to Rs 632.90, their highest since September 21. The stock opened with a gain of 2.80 percent at Rs 628.90, after the country’s third-biggest private sector lender by assets on Friday posted a better-than-expected 83 percent jump in July-September quarter net profit at Rs 789.6 crore, boosted by higher interest income and as asset quality improved. Read more

  • Gail reports 56% jump in net profit, Sensex, Nifty lower##Gail reports 56% jump in net profit, Sensex, Nifty lower


    Gail shares traded flat at Rs 369.70, marginally down by 0.01 percent at 3.05 pm on the NSE. The stock opened at Rs 371.90 and hit the day's high at Rs 371.90. The company has reported 55.8 percent jump in its QoQ net profit at Rs 1,963 crore on the back of better operating performance. The company had reported net profit at Rs 1259.25 crore in the quarter ended June 2018. Revenue of the company was up 11.4 percent at Rs 19,275 crore against Rs 17,299 crore. Meanwhile, the Nifty traded at 10,509, down by 44 points, or 0.41 percent, while the Sensex was at 34,885, lower by 126 points, or 0.36 percent. 

    Read full details on GAIL's Q2 results.

  • Lupin shares trade flat, company receives approval for Doxercalciferol Injection##Lupin shares trade flat, company receives approval for Doxercalciferol Injection


    Lupin shares traded flat at Rs 850.95, marginally up by 0.12 percent. The stock opened at Rs 849.70 and traded between a high of Rs 860.65 and a low of Rs 843. The pharma company has received approval for its Doxercalciferol Injection, 4 mcg/2 mL (2 mcg/mL) Multi-dose Vials from the United States Food and Drug Administration (FDA) to market a generic version of Sanofi Genzyme's Hectorol Injection.

  • Orient Cement falls on July-September net loss vs PAT year ago##Orient Cement falls on July-September net loss vs PAT year ago

    Shares of Orient Cement fell 8 percent as the company reported a net loss of Rs 167.5 million for the September quarter compared to a net profit of Rs 101.5 million in the year ago period. Revenue for the quarter was at Rs 5.6 billion as against Rs 5.2 billion in the year ago. So far today, over 256,806 shares of the company have been traded on NSE, much higher than the three-month daily average volume of 121,187 shares. At 2.44 pm, shares of the company traded 1.9 percent lower at Rs 88. (Cogencis)

  • Rakesh Jhunjhunwala says the NBFC crisis is nearing its tail-end##Rakesh Jhunjhunwala says the NBFC crisis is nearing its tail-end


    Ace investor Rakesh Jhunjhunwala, in an exclusive interview with CNBC-TV18, said the crisis in IL&FS has signified the peak of the non-performing asset cycle. However, he does not see any credit risk in the Indian economy as the NBFC problem is 'nearing its tail-end'. "I do not see a reason for fear in the market," Jhunjhunwala said, adding that one should not judge the fundamentals by the stock prices. He is confident that all the non-banking financial companies will repay the commercial papers. Read more

  • Diwali Muhurat trading from 5.30 PM to 6.30 PM on November 7: Here's what you should know##Diwali Muhurat trading from 5.30 PM to 6.30 PM on November 7: Here's what you should know

    On Diwali day, November 7, the stock exchanges — BSE and NSE — said they will conduct it's annual muhurat trading from 5:30 PM to 6:30 PM, following the rituals set by the old trading communities. It's believed that the one-hour of trading will bring in more wealth and prosperity for the trader and/or investor for the whole year, as the festival is also considered to be beginning of the New Year, that is Samvat 2075. The hour of trading was also earlier used by brokers to open their new settlement accounts. Read to know more

  • Nifty unlikely to break 10,000 mark in near-term, says Udayan Mukherjee##Nifty unlikely to break 10,000 mark in near-term, says Udayan Mukherjee


    Udayan Mukherjee of CNBC-TV18 on Monday said it would be surprising if the Nifty went back to 10,000 levels and broke the levels in near-term. "... the major bug-bears for the market like bond yields have cooled down substantially from 8.2 to 78 percent, crude has lost 15 percent and FIIs selling has abated as well. So all things put together make case for the Nifty to pullback to at least the 200 day moving average (DMA)," said Mukherjee. Read more

  • Venky's hit 1-month low as Q2 PAT down 80% on year##Venky's hit 1-month low as Q2 PAT down 79% on year

    Shares of Venky's India erased their gains to hit a one-month low of Rs 2,954.95 after company reported a nearly 80 percent on year fall in net profit for the quarter ended September to Rs 5.5 crore. The company's revenue for the reported quarter was at Rs 646 crore, rising nearly 10 percent from Rs 588 crore in Q2FY18. At 1.25 pm, shares of Venky's India were trading 10.14 percent lower at Rs 2,536.60, erasing Rs 286 in value. So far, 5,39,324 shares exchanged hands on NSE, higher than its daily average of 93,757. 

  • Cipla hits 4-month low as consolidated sales, PAT below view, Sensex, Nifty trade under pressure##Cipla hits 4-month low as consolidated sales, PAT below view, Sensex, Nifty trade under pressure

    Shares of Cipla erased their gains and hit a four-month low of Rs 598.60 after the company reported consolidated sales and net profit for Q2 below analysts' estimate. Shares of Cipla were down 0.7 percent at Rs 602.40 at 1.05 pm. Meanwhile, the Nifty traded at 10,503, down by 50 points, or 0.47 percent. The Sensex traded at 34,901, lower by 111 points, or 0.32 percent. 

  • Cipla Global reports a miss in Q2 net profit, at Rs 377 crore vs poll of Rs 468 crore##Cipla Global reports a miss in Q2 net profit, at Rs 377 crore vs poll of Rs 468 crore

  • BEML at 1-month high as Q2 PAT jumps 66% on year##BEML at 1-month high as Q2 PAT jumps 66% on year


    Shares of BEML rose more than 5 percent to hit their one-month high of Rs 715.65 as the company's net profit for Q2 jumped 65.6 percent on year to Rs 168.9 million. Revenue from operations for the quarter ended September was up 6.4 percent at Rs 7.34 billion. Shares traded at Rs 726.10, higher by 5.40 percent on the NSE at 12.22pm. 

  • Ratnamani Metals surges as Q2 PAT above estimate, Sensex, Nifty extend losses##Ratnamani Metals surges as Q2 PAT above estimate, Sensex, Nifty extend losses

    Shares of Ratnamani Metals and Tubes gained 12 percent as the company reported a net profit of Rs 692.9 million for the quarter ended September, which was above analyst estimate. The revenue for the quarter was at Rs 7.3 billion as against Rs 3.2 billion a year ago. The company's operating margin expanded marginally to 15.88 percent in July-September from 15.49 percent a year ago. Meanwhile, benchmark indexes further declined with the Sensex now down by 192 points, or 0.55 percent, at 34,819. The Nifty was trading below the 10,500 mark, at 10,483, down by 70 points, or 0.66 percent.

       
        

  • Market update: Sensex, Nifty trade lower, weak Asia, rupee impact sentiment##Market update: Sensex, Nifty trade lower, weak Asia, rupee impact sentiment


    Benchmark indexes continue to trade under pressure tracking losses in Asia. The weakness in the Indian rupee also dampened the sentiment. The Nifty traded at 10,503.50, down by 49.50 points, or 0.47 percent, while the Sensex was trading below the 34,000 level, at 34,905.76, lower by 105.89 points, or 0.30 percent at 11.08 am. 

  • GAIL Q2 results today: Profit likely to grow around 22%##GAIL Q2 results today: Profit likely to grow around 22%


    State-owned natural gas company GAIL is all set to announce its quarterly results on Monday. Last quarter saw good set of numbers which is expected to be continued this time. The good numbers will be driven by the LPG, petrochemical and gas transmission business. Here is what one should expect from the company today.

  • SBI to announce Q2 results: Here’s what to expect today##SBI to announce Q2 results: Here’s what to expect today


    State-owned lender State Bank of India (SBI) is all set to announce its quarterly results on Monday. All eyes will be on the asset quality and how the slippages pan out. Read more

  • Strides Pharma jumps 3% on successful USFDA inspection##Strides Pharma jumps 3% on successful USFDA inspection


    Share price of Strides Pharma Science added 3 percent in the early trade on Monday on successful completion of USFDA inspection of Bangalore unit. The company's formulations facility in Bangalore recently underwent a USFDA inspection that ended on November 2, 2018. The inspection was completed successfully with Zero 483 observations, company said in release.

  • ONGC rises on robust July-September PAT, crude realisation, Sensex, Nifty flat##ONGC rises on robust July-September PAT, crude realisation, Sensex, Nifty flat

    Shares of Oil and Natural Gas Corp. rose as much as 3 percent because the state-owned upstream major's net profit rose 61.1 percent on year to Rs 82.65 billion for July-September on account of higher crude price realisation. ONGC's net profit was higher than average estimate of Rs 68.90 billion. The company's net crude oil price realisation for the reporting quarter was at $73.07 per barrel, up from $49.43 per barrel in the year-ago period, and $71.48 per barrel in April-June. The company's revenue from operations rose 47.6 percent on year to Rs 279.89 billion in July-September. Brokerage IDFC Securities has retained "outperform" rating on shares of ONGC and raised price target by 4 percent as it expects a compounded annual growth of 28 percent in earnings per share over the next three years. (Cogencis)

    Shares of ONGC traded at Rs 159.25, up by 1.21 percent at 10.02 am. The NSE frontline index, the Nifty, traded at 10,536.25, down by 17 points, or 0.16 percent, while the Sensex was trading flat at 34,996.28, lower by 15.37 points, or 0.04 percent. 

  • Here's what CNBCTV18 poll says on SBI's Q2 results later in the day##Here's what CNBCTV18 poll says on SBI's Q2 results later in the day

  • Opening Bell: Sensex, Nifty start in the red, midcaps fall sharply##Opening Bell: Sensex, Nifty start in the red, midcaps fall sharply

    The Sensex opened more than 100 points lower, or 0.29 percent, at 34,911, while the Nifty started at 10,515.90, lower by 37 points, or 0.35 percent. The Nifty MidCap also stared lower by 0.42 percent, while the Nifty Bank declined by 0.39 percent to start at 25,600.80. Among top Nifty gainers, ONGC, Axis Bank, HCL Technologies, Tech Mahindra, Cipla jumped by up to 2.73 percent. ONGC and Axis Bank surged on good Q2 results. NTPC, IOC, HPCL, Adani Ports and Power Grid were among the top Nifty losers, falling by up to 2.91 percent. 

  • Rupee opens at 72.80 against the US dollar##Rupee opens at 72.80 against the US dollar


    The Indian rupee opened weaker at 72.80 against the US dollar on Monday. The home currency closed at 72.43 against the greenback on Friday. Meanwhile, benchmark indexes, the BSE Sensex and the NSE Nifty50, settled higher in pre-open. The Nifty was flat at 10,558.75, up by 5.75 points, or 0.05 percent at 9.08 am, while the Sensex was at 35,118.62, higher by 106.97 points, or 0.31 percent. 

  • Here’s how major brokerages rate Axis Bank, Cadila, ONGC and Godrej Properties##Here’s how major brokerages rate Axis Bank, Cadila, ONGC and Godrej Properties

    Deutsche Bank on Axis Bank:
    Getting better; strong trends across all vectors.
    Reported an improved Q2, with slippages declining meaningfully.
    Well positioned to build up on its strong positioning. 
    Credit costs should fall materially Q3 onwards.
    Expect RoAs of 1.2 percent/ 1.3 percent from FY20/21 and RoEs being at 14 percent/15 percent.
    Retains BUY call with a target of Rs 750/share.

    Citi on Axis Bank:
    NEUTRAL rating, target at Rs 610/share.
    Elevated credit costs could continue to limit RoA/RoE expansion.
    Impending CEO change could lead to some business consolidation. 
    Lower FY19/ FY20 PAT estimates by 9 percent/5 percent. 

    BNP Paribas on Axis Bank:
    BUY rating, target at Rs 760/share.
    Expect company to recoup double digit RoE by FY20.
    Continue to like the corporate recovery story.
    Tier-I provides support, succession planning a potential catalyst.

    HSBC on Godrej Properties:
    Weak performance on sales and business development.
    Remain optimistic on full-year performance.
    Strong balance sheet to allow pipeline additions for future growth.
    Maintains BUY rating with a target of Rs 750/share.

    Macquarie on Cadila Health:
    NEUTRAL call, target at Rs 416/share.
    Await clarity on the Heinz deal structure and resultant impact.
    Heinz deal could lead to 2 percent upgrade to FY20/21 EPS estimates.
    gTamiflu, Androgen AG, gToprolXL to boost H2 US sales. 

    Macquarie on ONGC:
    OUTPERFORM call, target at Rs 180/share.
    EBITDA, net income growth of 60 percent driven by higher realizations.
    Company did not bear any subsidies in Q2. 
    See upside risk to consensus on higher net crude realizations.

  • Here’s what CLSA is saying on Axis Bank, Bharat Forge, GSK Consumer, Sun TV and others##Here’s what CLSA is saying on Axis Bank, Bharat Forge, GSK Consumer, Sun TV and others

    Axis Bank: 
    Maintains BUY call, target raised to Rs 750 from Rs 690/share.
    Expect an RoE of 15 percent from FY21.
    Key positive was the moderation of slippage to 2.7 percent. 
    See credit costs falling sharply FY20 onwards.
    Disappointed to see tepid CASA growth of 9 percent.
    Cut earnings for FY19 and expect it to stabilize from FY20.

    Bharat Forge: 
    OUTPERFORM call, target cut to Rs 680 from Rs 735/share.
    Strong Q2 but CV cycle a concern.
    Cut FY19-21 EPS estimates by 3 percent-4 percent. 
    See limited upside potential.
    Like company’s structural growth story.

    Aditya Birla Fashion:
    BUY call, target raised to Rs 232 from Rs 212/share.
    Operating leverage decisively turning favourable.
    Reported a second consecutive quarterly strong earnings. 
    Lift FY19 PAT estimates to Rs 79.6 crore from Rs 48.4 crore.

    Cadila Health:
    OUTPERFORM rating, target cut to Rs 410 from Rs 460/share.
    Multiple variables at play for the US in the future.
    US sales improved 3 percent QoQ and marginally better than expectations.
    US outlook for H2 has many variables. 
    High product concentration in US will be a factor in FY20 as well.
    Maintain FY19 estimate but lower FY20-21 estimates by 5-6 percent. 

    Godrej Properties:
    Subdued quarter, pick-up ahead.
    Launches, project additions to rise as market share gains eyed.
    Q2 expectedly weak with pre-sales declining 40 percent YoY.
    Net debt declined Rs 240 crore QoQ, gearing is at a five-year low. 
    BUY call, target cut to Rs 843 from Rs 1,097/share.
    Company is our top pick in the sector.
    Cut FY19-21 earnings estimates by 2-3 percent.

    Sun TV: 
    BUY call, target cut to Rs 870 from Rs 1,100/share.
    Subscriptions deliver but ads miss.
    Investments to support ad revenues.
    Cut FY19-21 estimates by 1-3 percent.
    Should deliver an 11 percent earnings CAGR over FY19-21.

    Godrej Consumer:
    OUTPERFORM rating, target cut to Rs 785 from Rs 950/share.
    Cut EPS Forecasts by 6-7 percent. 
    Stock could be range-bound until the outlook improves.

    GSK Consumer:
    BUY call, target raised to Rs 9,200 from Rs 8,700/share.
    Strong quarter, but outcome of strategic review holds the key.
    Raise EPS estimate by 5-7 percent. 
    Stock is likely to stay range-bound.
    Acquisition by a strong player could be a significant re-rating event.

  • Here’s how Nomura rates Cadila Health, Axis Bank, IOC and others##Here’s how Nomura rates Cadila Health, Axis Bank, IOC and others

    Cadila Health:
    BUY rating, target at Rs 426/share.
    Q2 a tad below estimates; H2 likely to be stronger.
    H2 may be strong, driven by contribution of gAndrogel AG. 
    US seasonality and number of new launches will drive H2 numbers too.
    Mid-term earnings could be impacted by additional competition in high-value Pdts.

    Axis Bank:
    Core performance improves along with stability in asset quality. 
    Maintain BUY call, target raised to Rs 750 from Rs 630/share.
    PPpP improving and credit costs set to normalize.
    Expect RoEs of 15 percent/16.5 percent in FY20/21f.
    Current valuations undemanding considering improving credit cycle.

    Indian Oil Corp.:
    Maintains NEUTRAL call, target at Rs 140/share.
    To absorb Rs 1/l on petrol and diesel a big dent to investors’ confidence. 
    Impact on earnings will be large and should be visible from Q3.
    H2 will be weaker vs H1 for oil marketing companies.

    Punjab National Bank:
    REDUCE rating, target at Rs 75/share.
    Q2 performance was better on core PPOP.
    Capital position will remain tough as provisioning may remain elevated. 
    Factor in Rs 16,000 crore of capital requirement over FY19-20.

    Sun TV:
    Weaker ad growth impacts Q2 results.
    Digitisation to drive subscriptions in near term.
    BUY call, target cut to Rs 841 from Rs 1,073/share.
    Lower target P/E to 20x from 25x on slower ad growth outlook.
    Forecast a 16 percent EPS CAGR over FY18-21.

  • SBI, Cipla, Gail among many others announcing their Q2 earnings today##SBI, Cipla, Gail among many others announcing their Q2 earnings today