Sensex, Nifty Snap 5-Day Losing Streak Led By SBI, Tata Motors

• Just Dial: The Mumbai-based local search engine rose as much as 9 percent to Rs 443.65 after its revenue met Bloomberg consensus estimates in March quarter.
• Tata Motors: The Mumbai-based parent of luxury car maker Jaguar Land Rover rose as much as 4.5 percent to Rs 309.25. China will cut the import duty on passenger cars to 15 percent in a move that gives a boost to makers of luxury autos, Bloomberg reported.
• Strides Shasun: The Bengaluru-based drugmaker rose as much as 10.56 percent, the most in over three months, to Rs 377 on the back of heavy volumes.
• Suven Life Sciences: The Hyderabad-based drugmaker rose as much as 3.43 percent to Rs 186.90 after it secured product patents in Norway and New Zealand.

Shares of the country's largest state-owned oil refiner pared losses after its revenue beat Bloomberg consensus estimates in the March quarter.

Key earnings highlights:

• Net profit fell 34 percent sequentially to Rs 5,218 crore versus estimate of Rs 5,660 crore (QoQ)
• Revenue rose 4.48 percent sequentially to Rs 1.37 lakh crore versus estimate of Rs 1.16 lakh crore
• Standalone margin at 9.4 percent versus 12 percent (QoQ)
• Standalone EBITDA down 17 percent at Rs 11,021 crore versus Rs 13,269 crore (QoQ)
• FY18 gross refining margins at $8.49 per barrel versus $7.77 per barrel (YoY)

Other Highlights

• Revenue from petroleum products rose 3.96 percent to Rs 1.31 lakh crore quarter-on-quarter
• Revenue from petrochemicals increased 8.37 percent to Rs 5,099.01 crore.
• Revenue from other business activities rose 22.58 percent to Rs 2,373.24 lakh crore.
• Board recommended a final dividend of Rs 2 per share for the financial year 2017-18.

#Q4WithBQ | Making conscious efforts to bring down credit risk-weighted assets, says SBI Chairman Rajnish Kumar.https://t.co/fOq8R64bbj pic.twitter.com/A8Yv9cER47

— BloombergQuint (@BloombergQuint) May 22, 2018

Shares of the Mumbai-based suitcase and carry bags maker rose as much as 11 percent, the most in over a month, to Rs 410 after its profit doubled in March quarter.

Key earnings highlights:

• Net profit up 110 percent at Rs 32.44 crore versus Rs 15.45 crore (YoY)
• Revenue up 16.2 percent at Rs 326.56 crore versus Rs 312.01 crore (YoY)

Shares of the Hyderabad-based drugmaker rose 1.84 percent to Rs 1,927 despite missing Bloomberg consensus estimates in March quarter.

Key earnings highlights:

• Net profit up Rs 302 crore versus estimate of Rs 373 crore
• Revenue at Rs 3,535 crore versus estimate of Rs 3,709 crore
• Ebitda at Rs 577.7 crore versus estimate of Rs 718 crore
• Consolidated Ebitda margin at 16.3 percent versus estimate 19.3

SBI Likely To Post A Loss For Second Straight Quarter On Higher Provisions

Shares of the Bengaluru-based auto component maker rose 0.9 percent to Rs 17,785 after it met Bloomberg consensus estimates in March quarter.

Key earnings highlights:

• Net profit down 1.56 percent at Rs 433.78 crore versus Bloomberg estimate of Rs 439 crore
• Revenue up 13.6 percent at Rs 3,158 versus Bloomberg estimate of Rs 3,160 crore
• Exceptional loss of Rs 94 crore On Gratuity
• Standalone margin at 21.9 percent versus 27.3 percent (YoY)
• Standalone EBITDA down 1.8 percent at Rs 691.3 crore versus Rs 703.7 crore (YoY)
• Standalone margin at 21.9 percent versus Bloomberg estimate of 29.7 percent

Shares of the Mumbai-based parent of luxury car maker Jaguar Land Rover rose as much as 4.5 percent to Rs 309.25.

China will cut the import duty on passenger cars to 15 percent in a move that gives a boost to makers of luxury autos, Bloomberg reported.

The State Council, China’s cabinet, has decided to reduce the levy from the current 25 percent that has been in place for more than a decade, Bloomberg reported citing unidentified people aware of the matter.

Shares of the Chennai-based commercial vehicle maker rose as much as 8 percent to Rs 145.10 on the back of heavy volumes.

Trading volume was 4.2 times its 20-day average.

Oil and Natural Gas Corporation and Oil India Ltd. face increasing risk that the government will once again require them to share in the country’s fuel-subsidy burden as oil prices rise, Moody’s says.

• "Because of the government’s widening fiscal deficit, ONGC and OIL could be asked to bear part of the Indian government’s fuel subsidy for oil, if prices stay above $60 per barrel for the fiscal year ending March 2019," Moody’s analyst Vikas Halan says in today’s report
• The two companies haven’t contributed to fuel subsidies since June 2015, but have in previous years paid for over 40 percent of the country’s annual subsidy bill: Moody’s

Source: Bloomberg

Shares of the Kolkata-based tea cultivator and petrochemicals maker were locked in a 10 percent lower circuit at Rs 147.10 after it reported loss in March quarter.

Key earnings highlights:

• Net loss at Rs 12.47 crore versus loss of Rs 69.61 crore (YoY)
• Revenue at Rs 172.78 crore versus Rs 1.56 crore (YoY)

Reliance Communications has moved the National Companies Law Appellate Tribunal (NCLAT) seeking stay on NCLT's order on admission into Insolvency and Banking Code (IBC) process in Ericsson case, the company said in an exchange filing.

Shares rise 0.75 percent to Rs 13.45.

The National Companies Law Appellate Tribunal has agreed to hear Larsen & Toubro's plea for dues from Bhushan Steel.

• The case is related to L&T's plea for recovery of dues in Bhushan Steel case.
• Notice issued on L&T plea claiming Bhushan Steel owes them Rs 500 crore
• Bhushan Steel shares locked in 5 percent upper circuit at Rs 30.45.

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Shares of the Ahmedabad-based online marketplace rose as much as 1.2 percent to Rs 166.15. The company's board plans to consider fundraising on May 30, according to its stock exchange filing.

Shares of the construction firm snapped a six-day decline, its longest losing streak in over two months, and rose as much as 1 percent to Rs 1,326.95.

The company bagged an order worth Rs 4,033 crore, according to its stock exchange notification.

Shares of the Bengaluru-based drugmaker rose as much as 10.56 percent, the most in over three months, to Rs 377 on the back of heavy volumes.

Trading volume was 14.8 times its 20-day average.

Shares of the Chennai-based dairy products maker fell as much as 14.5 percent to Rs 675.60 after its profit declined in March quarter.

Key earnings highlights:

• Net profit falls 94 percent to Rs 2.48 crore versus Rs 39.79 crore (YoY)
• Revenue declined 14 percent to Rs 1,051.57 crore versus Rs 1,219.11 crore (YoY)

Shares of the Delhi-based real estate developer fell as much as 5.3 percent to Rs 183.25 after it reported March quarter earnings.

Key earnings highlights:

• Revenue down 38 percent at Rs 1,378 crore.
• Net profit up 66 percent at Rs 248 crore.
• Profit from JV at Rs 205.5 crore in current quarter.
• Ebitda loss of Rs 14 crore from Rs 710 crore.
• Margin at negative 1 percent from 31.9 percent.

DLF results are not comparable due to presence of DLF Cyber City Developers’ revenue and Ebitda in the base quarter.

Shares of the Mumbai-based natural gas distributor slumped as much as 6.75 percent to Rs 785 after its profit missed Bloomberg consensus estimates in March quarter.

Key earnings highlights:

• Net profit up 5.5 percent at Rs 105 crore versus estimate of Rs 124 crore
• Revenue up 12 percent at Rs 587 crore
• Ebitda up 8 percent at Rs 176 crore
• Margin at 30 percent from 31 percent

Shares of the Kolkata-based steel wire and cable maker rose as much as 15.5 percent to Rs 25.30 after it turned profitable in March quarter.

Key earnings highlights:

• Consolidated net profit at Rs 12.58 crore versus loss of Rs 147.89 crore (YoY)
• Revenue up 21 percent at Rs 1,319.83 crore versus Rs 1,090.54 crore (YoY)

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Shares of the Mumbai-based brokerage firm rose as much as 4.88 percent to Rs 962 after it reported March quarter earnings.

Key earnings highlights:

• Revenue up 43 percent at Rs 752 crore.
• Net profit up 64 percent at Rs 148 crore.

Shares of the Mumbai-based local search engine rose as much as 9 percent to Rs 443.65 after its revenue met Bloomberg consensus estimates in March quarter.

Key earnings highlights:

• Revenue up 10 percent at Rs 200.5 crore versus estimate of Rs 199 crore
• Net profit up 53 percent at Rs 38.9 crore versus estimate of Rs 43.8 crore
• Ebitda up 43 percent at Rs 45.9 crore
• Margin at 23 percent versus 18 percent

The rupee recovered from its 16-month low to trade 15 paise higher at 67.97 against the US dollar in early session today, after opening 10 paise higher, on fresh selling of the dollar by exporters and banks.

Forex dealers said besides selling of the American currency by exporters and banks, weakness in the dollar against other currencies overseas supported the rupee.

Further, investor sentiment turned positive on easing trade woes between the US and China leading to a higher opening of the domestic equity market, boosting the domestic unit, they added.

Yesterday, the rupee had lost 12 paise to close at a fresh 16-month low of 68.12 against the US currency on sustained dollar demand from importers and corporates amid weak global cues.

Meanwhile, the benchmark BSE Sensex was trading 43.50 points, or 0.12 per cent, higher at 34,659.63 in early trade today.

Source: Press Trust of India

Indian Oil raises fuel prices for the 9th straight day. #FuelPriceHike https://t.co/LQCKeFNRZq pic.twitter.com/QQuP5MyjVn

— BloombergQuint (@BloombergQuint) May 22, 2018

The National Stock Exchange of India Ltd. sued Singapore Exchange Ltd. in a Mumbai court, escalating a dispute that threatens to leave international investors without one of the world’s most widely-used offshore futures contracts.

Credit Suisse On Colgate

• Maintained ‘Neutral’; raised price target to Rs 1,225 from Rs 1,120.
• Volume and market share trends remain weak.
• Colgate is still losing market share in toothpaste.
• Management hopeful for a 2018-19 recovery.

Jefferies On Colgate

• Maintained 'Hold’; raised price target to Rs 1,220 from Rs 1,190.
• Volumes still tepid but margin beat continues.
• Management indicated market share stabilization going ahead.
• Management sees maintaining current volume growth and elevated margins.

Nomura On Colgate Palmolive

• Downgraded to ‘Neutral’ from ‘Buy’, raised price target to Rs 1,299 from Rs 1,307.
• Innovation and market share remain issues.
• Volume growth flattish in trajectory adjusted for the favourable base effect.

Morgan Stanley On Dalmia Bharat

• Maintained ‘Overweight’ and price target at Rs 3,475.
• Continues to deliver industry-leading volume growth.
• Cost focus should support Ebitda progression and cash flow.
• Growth capex ahead implies deleveraging is largely behind us.

Goldman Sachs On Dalmia Bharat

• Maintained ‘Buy’ with a price target at Rs 3,475.
• In line with estimates but capacity expansion to aid growth.
• Dalmia is likely to continue to grow faster than the industry.

HSBC On Dalmia Bharat

• Maintained ‘Buy’; raised price target to Rs 3,350 from Rs 3,250.
• Robust volume and Ebitda growth is well ahead of estimates.
• Simplification of the group structure is in the final stages.

BofA-ML On Petronet LNG

• Maintained ‘Uderperform’ with a price target of Rs 222.
• Q4 marginally behind on lower re-gas volumes.
• Gas volumes should recover in the near term.
• Pipelines in the south on track, but not a surprise.

Nomura On Petronet

• Maintained ‘Buy’ with a price target of Rs 300.
• Q4 was a miss likely due to lower long term volumes.
• Dahej utilisation was higher and Kochi utilisation was lower.
• As Kochi utilisation improves, there is downside risk to tariffs.

Credit Suisse On TTK Prestige

• Upgraded to ‘Neutral’ from ‘Underperform’; raised target to Rs 6,300 from Rs 5,900.
• A strong quarter for growth amidst reasonable valuations.
• Growth was consistent across both South and non-South markets.
• Management refused to guide for 2018-19 but remains optimistic.
• Upgrade EPS by 2-3 percent as we built in higher growth for 2018-19.

Here's a quick look at corporate insider trades reported on Monday.https://t.co/QbeYILBhNf pic.twitter.com/8Zm0W7EVzl

— BloombergQuint (@BloombergQuint) May 22, 2018

Other Earnings To Watch

• Allcargo Logistics
• Andhra Bank
• Ballarpur Industries
• Bata India
• Bharat Forge
• Bosch
• Care Ratings
• Future Consumer
• Igarashi Motors India
• LT Technology Services
• Marathon Nextgen Realty
• Minda Industries
• Music Broadcast
• Sonata Software
• Symphony
• VIP Industries

Just Dial (Q4, YoY)

• Revenue up 10 percent at Rs 200.5 crore.
• Ebitda up 43 percent at Rs 45.9 crore.
• Net profit up 53 percent at Rs 38.9 crore.
• Margin at 23 percent versus 18 percent.

Navkar Corp (Q4, YoY)

• Revenue up 16 percent at Rs 115 crore.
• Net profit up 33 percent at Rs 28 crore.
• Ebitda up 38 percent at Rs 49.5 crore.
• Margin at 43 percent from 36.4 percent.

Timken India (Q4, YoY)

• Revenue up 32 percent at Rs 345 crore.
• Net profit down 8 percent at Rs 24 crore.
• Current tax up 2.5 times at Rs 11.6 crore.
• Ebitda up 18 percent at Rs 45 crore.
• Margin at 13 percent from 14.6 percent.

Action Construction Equipment (Q4, YoY)

• Revenue up 60 percent at Rs 367.5 crore.
• Net profit up 11 times at Rs 21.5 crore.
• Ebitda up 4 times at Rs 38.5 crore.
• Margin at 10.5 percent from 4.1 percent.

Mahanagar Gas (Q4, YoY)

• Revenue up 12 percent at Rs 587 crore.
• Net profit up 5.5 percent at Rs 105 crore.
• Ebitda up 8 percent at Rs 176 crore.
• Margin at 30 percent from 31 percent.

Motilal Oswal (Q4, YoY)

• Revenue up 43 percent at Rs 752 crore.
• Net profit up 64 percent at Rs 148 crore.

AstraZeneca Pharma India (Q4, YoY)

• Revenue up 30 percent at Rs 151 crore.
• Net profit of Rs 3 crore from net loss of Rs 10 crore.
• Ebitda up 1,500 percent at Rs 16 crore.
• Margin at 10.6 percent from 0.9 percent.

Globus Spirits (Q4, YoY)

• Revenue up 10 percent at Rs 229 crore.
• Net profit down 50 percent at Rs 1 crore.
• Tax credit of Rs 8 crore in base quarter.
• Ebitda up 100 percent at Rs 18 crore.
• Margin at 7.9 percent from 4.3 percent.

Redington India (Q4, YoY)

• Revenue up 5 percent at Rs 11,314 crore.
• Net profit down 6 percent at Rs 143.5 crore.
• Ebitda down 1 percent at Rs 232 crore.
• Margin at 2.1 percent from 2.2 percent.

Future Retail (Q4, YoY)

• Revenue up 2 percent at Rs 4,575 crore.
• Net loss of Rs 464 crore from net profit of Rs 123 crore.
• Exceptional loss of Rs 604 crore in the current quarter.
• Ebitda up 11 percent at Rs 201 crore.
• Margin at 4.4 percent from 4 percent.

Punjab & Sind Bank (Q4, YoY)

• Net interest income down 17 percent at Rs 473 crore.
• Net loss of Rs 525 crore from net profit of Rs 8 crore.
• Provisions up 3 percent at Rs 604 crore (QoQ).
• Gross NPA at 11.19 percent from 10.95 percent (QoQ).
• Net NPA at 6.93 percent from 7.20 percent (QoQ).

Bombay Burmah (Q4, YoY)

• Revenue down 15 percent at Rs 52.5 crore.
• Net loss of Rs 12 crore.
• Other income of Rs 17 crore in base quarter.
• Ebitda loss of Rs 10.5 crore.
• Margin at negative 20 percent from negative 4.0 percent.

Gujarat State Petronet Q4 QoQ

• Revenue flat at Rs 350 crore.
• Net profit down 14 percent at Rs 157 crore.
• Ebitda down 3 percent at Rs 288.5 crore.
• Margin at 82.4 percent from 84.7 percent.

DLF (Q4, YoY)

• Revenue down 38 percent at Rs 1,378 crore.
• Net profit up 66 percent at Rs 248 crore.
• Profit from JV at Rs 205.5 crore in current quarter.
• Ebitda loss of Rs 14 crore from Rs 710 crore.
• Margin at negative 1 percent from 31.9 percent.

DLF results are not comparable due to presence of DLF Cyber City Developers’ revenue and Ebitda in the base quarter.

• Bharti group firm Cedar looks to exit Future Retail, in talks with Premji Invest (Economic Times).
• Fortis EGM today on changes to board of directors.
• Essar Shipping board approved sale of older vessels.
• Infibeam to consider fund raising on May 30.
• Tata Sons unit Panatone to buy 1.33 crore shares or 4.7 percent equity of Tata Communication from Tata Power at Rs 631.12 per share.
• HDIL clarified that the company directors not served any notices or FIR.
• CMI board approved merger of CMI Energy with self.
• Future Retail to acquire retail business of “Foodworld” for Rs 41 crore.

• PNB scam: Former CEO of the bank was aware of fraud, says CBI
• Services to be impacted on May 30-31 if bank unions go on strike, says SBI
• Finance ministry not seeking relaxation of RBI’s PCA framework
• CBI files charge sheet against Rotomac promoters in bank fraud case
• Kumaraswamy meets Sonia, Rahul on Karnataka government formation
• India-Russia ties enjoy ‘special privileged strategic partnership’, Modi tells Putin
• India’s budget threat back in focus after Modi loses key state
• Tesla model 3 rebuffed by consumer reports on slow braking
• These charts show why China’s considering ending birth limits
• The rural conundrum: Wage growth decelerates while inflation picks up
• Obamas to produce Netflix movies and shows under multiyear deal
• Justice Chelameswar’s legacy: Activism in its true sense
• What Trump’s pullout from the Iran deal means for South Asia

Oil rises as world grapples with Venezuelan crude output risks.https://t.co/iyuePHALhA pic.twitter.com/7ujhSd8Jxu

— BloombergQuint (@BloombergQuint) May 21, 2018