Seventeen of the 19 sector gauges compiled by BSE Ltd. advanced, led by S&P BSE Consumer Durables Index’s 4.21 percent gain to a record. The S&P BSE Healthcare Index dropped 0.94 percent, the worst performer, followed by S&P BSE Telecom Index’s 0.43 percent drop.
Shares of the oil marketing company gained as much as 3.5 percent after its first quarter gross refining margins beat analyst estimate.
The company’s revenue for the April-June period almost halved to Rs 925 crore, compared to previous quarter. Revenue went up around 4 percent to Rs 53,469 crore.
The gross refining margin was $5.86 a barrel versus $6.83 a barrel in the previous quarter. This was higher than the $4.9 a barrel estimated by analysts.
Other Highlights
- EBITDA down 44 percent to Rs 1,628 crore
- Operating margin at 3 percent versus 5.6 percent
- Forex gain of Rs 113 crore
- Inventory losses Rs 1,595 crore versus Rs 1,935 crore gain year-ago
Shares of the property developer gained as much as 3 percent after its board approved a buyback offer.
The company reported a net profit of Rs 47.70 crore for the April-June quarter, compared to Rs 49.2 crore estimated by analyst. Revenue came in at Rs 679 crore.
The company will buy back up to 14.6 lakh shares at Rs 425 each, it said in its exchange filing.
Shares of the auto maker declined as much as 1.5 percent after its first quarter earnings missed analyst estimates.
The company’s net profit for the April-June period declined 19.7 percent year-on-year to Rs 766 crore weighed down by GST rollout. The consensus estimate of analysts tracked by Bloomberg stood at Rs 851 crore.
Revenue rose 3.2 percent to Rs 12,335.6 crore, surpassing the consensus estimate of Rs 11,266 crore.
Shares of Titan Company Ltd. surged as much as 10.45 percent to a lifetime high of Rs 616.35 after multiple brokerages upgraded the stock post its first quarter earnings.
This is the most that the stock has risen since June 5, 2017.
- Goldman Sachs: Maintains 'Buy' and raises price target to Rs 600 from Rs 552
- IDFC: Upgrades rating to 'Neutral' with price target of Rs 559
- JPMorgan: Retains 'Overweight' and hikes price target to Rs 620 from Rs 540
The company has put together plans to stimulate demand for all its product categories through innovative advertising campaigns and new product launches in the coming quarters, it said in a statement.
The Bloomberg consensus price target is 28.6 percent higher than the current market price.
Shares of the tyre manufacturer dropped as much as 6.49 percent, the most in a month after its net profit declined 99 percent during the April-June quarter.
Destocking by channel partners due to GST and peak raw material prices led to the 'tough quarter,' Ceat Managing Director Anant Goenka said in a statement.
While EBITDA fell 70 percent to Rs 56 crore, EBITDA margins contracted to 3.8 percent from 12.6 percent. Margins declined for the sixth quarter in a row.
The stock is currently trading below its 50-day moving average. The consensus price target of Bloomberg analysts of Rs 1,942.11 is 6.5 percent higher than the current market price.
Shares fell for the second consecutive day on the National Stock Exchange.
#BQMarketsNow | The Nifty may test 9,930-9,860, says Way2Wealth Securities' Aditya Agarwal.https://t.co/TChizFX11Q pic.twitter.com/hqNcZu24KY
— BloombergQuint (@BloombergQuint) August 4, 2017
#BQMoney | Rupee may appreciate to 63 against U.S. dollar in medium-term, says India Forex Advisors' Abhishek Goenkahttps://t.co/TChizFX11Q pic.twitter.com/HVUp64Pcgo
— BloombergQuint (@BloombergQuint) August 4, 2017
- Nifty futures premium moves to 29 points from 19 points
- Bank Nifty sheds 2.4 lakh shares, open interest down 9 percent
- Nifty range for August series in terms of open interest concentration between 10,000 to 10.500
- Maximum open interest on put side at 10,000 strike with open interest at 46.2 lakh shares
- Maximum open interest on call side at 10,500 strike; open interest at 41 lakh shares
- Call strikes --10,100, 10,200, 10,300 and 10,500 -- see open interest addition
- 10,000 Put sheds 4 percent in open interest
Colgate- IDFC Securities maintained and 'Underperform' rating with price target Rs 958
- Morgan Stanley retained its 'Underweight' rating with Rs 830 as the price target
- UBS reiterated its 'Buy' rating on the stock with price target Rs 1,250
For a complete list of stocks to watch, click HERE
- U.S. FDA finds quality lapses at Biocon’s Bengaluru facility
- Decline in jobless claims shows U.S. labour demand remains robust
- M&M to sell up to 13.7 percent stake in logistics arm via IPO
- HCC expects to complete Lavasa debt restructuring this financial year
- Infosys to acquire London-Based design studio brilliant basics for £7.5 million
- Titan Q1 beats estimates driven by jewellery sales
- IOC’s net profit beats estimates with 22 percent profit growth
- Senior GST Council official held for bribery
Good Morning!
The Singapore-traded SGX Nifty, an early indicator of NSE Nifty 50 Index’s performance in India, remained flat at 10,034.
Asian markets traded with mixed reactions on reports of U.S. Special Counsel Robert Muller may have impaneled a grand jury in the ongoing Russia Probe. The yield on 10-year Treasuries held at 2.22 percent after declining five basis points on Thursday.
The U.S. jobs report for July may show the economy is on a steady trajectory and the labor market is staying tight, according to Bloomberg Intelligence. Consensus expects an increase of 180,000 in non-farm payrolls, after a gain of 222,000 in June, and a decline in unemployment to 4.3 percent from 4.4 percent. The data will also signal if income gains are enough to keep consumer spending ticking.
West Texas Intermediate crude was little changed at $49.05 in early after losing 1.1 percent in the previous session.
Gold was little changed at $1269.20 an ounce.
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