Shares of the watch-to-jewellery maker swung between gains and losses after reporting first quarter earnings.
- Q1 revenue Rs 3,940 crore versus Bloomberg estimate of Rs 3,530 crore
- Net income Rs 267 crore versus estimate of Rs 246 crore
- Total costs Rs 3590 crore versus Rs 2,520 crore
Backdrop
Institutional investors on Wednesday put in bids worth Rs 327 crore for the government stake in Hindustan Copper Ltd.
The government is selling 3.70 crore equity shares, or 4 percent stake, in Hindustan Copper at a floor price of Rs 64.75 a piece through a two-day offer for sale (OFS), with an option to issue a similar number of shares in case of over subscription.
Of the 2.96 crore shares offered to institutional investors today, bids for over 5.05 crore shares have come in. The government exercised the green shoe option to retain excess subscription. At the floor price of Rs 64.75 a share, subscription of 5.05 crore has generated investor demand worth Rs 327 crore.
(With inputs from PTI)
- Q1 net income Rs 4,549 crore versus Bloomberg estimate Rs 3,112 crore
- Revenue Rs 1.28 lakh crore versus estimate Rs 96,403 crore
- Margins at 7.6 percent versus 6.5 percent estimate
- Total costs Rs 123 crore
- Refining margin $4.32 a barrel
- Refining margin $4.32 a barrel versus $9.98 a barrel year ago
Shares of the toothpaste maker jumped as much as 5.2 percent after its net income for the first quarter beat the average analyst estimate. Net income Rs 136 crore versus an Bloomberg estimate Rs 128 crore.
Key Highlights
- Q1 revenue Rs 1,110 crore versus estimate of Rs 1,080 crore
- Total costs Rs 934 crore
- Sales volume decline 5 percent
- Gross margin expanded by 50 basis points
- Toothpaste volume market share at 54.3 percent
- Toothbrush volume market share at 45 percent
The stock currently is the worst performer on the BSE 500 index and has underperformed the S&P BSE Sensex index with gains of 8.5 percent in 2017. The index gained 21.6 percent during the same period.
The stock has gained 35 percent in 2017, outperforming the S&P BSE Sensex index.
#BQMoney | RBI’s muted intervention will keep the rupee stronger, says First Rand Bank's K Harihar.https://t.co/XHvQh01hdl pic.twitter.com/aWC4Znhi3P
— BloombergQuint (@BloombergQuint) August 3, 2017
#BQMarketsNow | Nifty may consolidate between 9,900-10,200, says Arihant Capital Markets' Anita Gandhi.https://t.co/XHvQh01hdl pic.twitter.com/N8FnhtL3mv
— BloombergQuint (@BloombergQuint) August 3, 2017
- Nifty futures premium shrinks to 19 points from 24 points
- Minor open interest addition seen on both Nifty and Bank Nifty
- 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 48.3 lakh shares
- Maximum open interest on Call side at 10,500 strike, with open interest at 36.4 lakh shares
- Put strikes of 9,900 and 10,000 see unwinding and 9,800 sees open interest addition
- Active call strikes of 10,100, 10,200 and 10,300 see open interest addition
- Godrej Properties: JPMorgan retained its 'Neutral' rating on the stock with Rs 520 as the price target
- Bata: Nomura maintained a 'Reduce' rating and kept price target at Rs 458
- ICICI Bank: CLSA maintained a 'Buy' rating with a price target of Rs 380
- Apollo Tyres: Deutsche Bank retained its 'Buy' rating with price target at Rs 275
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- SEBI forms Fintech Panel under Mohandas Pai to modernise securities market
- Bajaj Finance to buy 11 percent stake in MobiKwik for Rs 225 crore
- Reliance Communications clears creditor bump, faces new hurdle
- Thyssenkrupp is said to consider breakup as plan-B to Tata
- Lupin reports biggest ever quarterly profit decline on price cuts, GST disruption
- Eicher overtakes Bajaj Auto to become India’s most valued two-wheeler maker
- RBI Panel to work on a better mechanism to track credit quality
- ‘No scope for Essar Steel to repay its debts for 25 years,’ says NCLT
Good Morning!
The Singapore-traded SGX Nifty, an early indicator of NSE Nifty 50 Index’s performance in India, declined 0.33 percent to 10,054.
Asian stocks retreated from their highest level in almost a decade ahead of U.S. labour market data. The U.S. dollar held near a two-year low as the Federal Reserve expressed caution over further interest rate increases.
The Bloomberg Dollar spot index added 0.1 percent after a 0.1 percent fall on Wednesday. The yield on 10-year Treasuries slipped one basis point to 2.26 percent.
West Texas Intermediate crude slipped 0.2 percent and remained below the $50 per barrel mark. The benchmark gained 0.9 percent on Wednesday.
Gold fell 0.77 percent to $1,262.36 an ounce.
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