Shares of the country's mortgage lender were trading 0.5 percent lower at Rs 1,828. The company has made the following disclosures on stock exchanges:
- HDFC expects to report profit of Rs 300 crore on investment sale in Q4.
- Q4 income from dividend to be Rs 331 crore versus Rs 223 crore YoY.
- Did not sell any loans during Q4.
- As on Dec. 31 amount in provisions/contingencies stood at Rs 4,890 crore.
- Sold Rs 6,453 crore of loans in in preceding 12 months.
- Proposes to make additional special provision of Rs 80 crore.
- Additional provisioning being done voluntarily.
- Indiabulls Housing Finance has 75.2 lakh shares change hands in a block. Stock up 4.7 percent.
Buyers and sellers were not immediately known
Source: Bloomberg
- Delta Corp: The Mumbai-based casino chain operator rose as much as 15 percent, the most in over three months, to Rs 277.20 after Emkay maintained its ‘buy’ rating on the stock for a terget price of Rs 294.
- Centrum Capital: The Mumbai-based brokerage house rose as much as 10.57 percent to Rs 68 after its board approved to sell its entire stake in Centrum Direct for $175-180 million.
- RPG Life Sciences: The Mumbai-based drug maker rose as much as 10 percent, the most in over a month, to Rs 436.90 after 71 lakh shares or 42.9 percent equity changed hands in pre-market trade.
- MRF: The Chennai-based tyre maker rose as much as 3.66 percent to record high of Rs 75,799 on the back of heavy volumes. The trading volume was four times its 20-day average.
- SKF India: The Mumbai-based maker of ball and roller bearings rose as much as 1.87 percent to Rs 1,824.80. Trading volume was 17.1 times its 20-day average.
- Orient Cement: The Hyderabad-based cement maker rose as much as 1.55 percent to Rs 144.35. Trading volume was 12.2 times its 20-day average.
- Mahindra CIE Automotive: The Mumbai-based auto parts maker rose as much as 3 percent to Rs 222.25. Trading volume was 6.6 times its 20-day average.
- Tata Chemicals: The Mumbai-based chemical maker rose over 4 percent to Rs 721.60. trading volume was 6.5 times its 20-day average.
NSE Nifty 50 Index won’t cross the 11,000 level in 2018 as concerns about the revenue and fiscal deficits, higher oil price and inflation, new taxes on equity gains and political uncertainties will continue to linger on and impact returns, CLSA India Pvt. said in an investor note Monday.
- Expected earnings improvement unlikely “to offset the impact of these macro concerns”
- Expect “further slippage” in India’s fiscal deficit in the financial year that began April after the nation eased its target last year, the first time in six
- Earnings of the 50 Nifty companies to rise more than 10% for the year ended March 31 after three years of “single-digit” growth
Source: Bloomberg
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BloombergQuint discusses outlook of FMCG companies and talks to Balaji Amines on buying stake in Balaji Speciality Chemicals.
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Shares of the state-run construction firm rose as much as 7.6 percent, the most in over four months, to Rs 214.25 after the cabinet appointments committee accorded approval of extension to its chairman and managing director AK Mittal for a period of one year, NBCC said in an exchange filing.
Shares of Binani Industries rose as much as 5.7 percent to Rs 92.25 after the National Companies Law Appellate Tribunal has granted liberty to Binani Cement wherein lenders can settle insolvency proceedings out of court.
Meanwhile, Binani Industries has offered full debt repayment to Binani Cements lenders.
Source: Bloomberg
Shares of the Mumbai-based drug maker rose as much as 2.8 percent to Rs 799 after the UK drug regulator successfully completed its inspection of Goa facility with no critical or major observations, Lupin said in an exchange filing.
Growth in India's manufacturing sector slowed again in March as both output and new orders fell to its lowest pace since October, according to an industry benchmark.
The Nikkei India Manufacturing Purchasing Managers' Index, or PMI, fell to 51.0 in March from 52.1 in February. A reading above 50 indicates growth while below 50 points toward contraction.
The slower growth reflects "weaker gains in new businesses and a decline in employment for the first time in eight months," said Aashna Dodhia, economist at IHS Market, which compiles the survey. It marginally downgraded its GDP forecast to 7.3% for fiscal 2018 year.
On the other hand, Dodhia said the "impact of US tariffs on steel and aluminium on India is expected to be limited" as India's exports of both metals to the U.S. "accounted for less than 0.4% of total merchandise exports."
Source: Nikkei
Shares of the Noida-based auto parts maker rose as much as 6.37 percent, the most in four monthe, to Rs 344 after it inked deal to acquire Reydel Automotive Group for $201 Million from Cerberus.
Meanwhile, Bank of America Merrill Lynch has maintained its buy call on the stock for target price of Rs 420. It said that Reydel acquisition strengthens interiors vertical and expects synergies across clients and geographies.
It added that the deal will provide more avenues for in-sourcing and margin improvement.
#BQStocks | Smaller Cap World Fund bought 1.89 crore shares of Infibeam or 3.5% equity at Rs 152 each, Infibeam stock rises more than 5%.https://t.co/IoUL0GGLIf pic.twitter.com/Wrc7Mw0vyh
— BloombergQuint (@BloombergQuint) April 3, 2018
Shares of the Mumbai-based drug maker rose as much as 10 percent, the most in over a month, to Rs 436.90 after 71 lakh shares or 42.9 percent equity changed hands in pre-market trade.
The buyers and sellers were not immediately known, and the trading volume was 76 times its 20-day average during this time of the day.
Click here for more stock market data
- RPG Life Sciences has 71 lakh shares or 42.9 percent equity change hands in a block in pre-market trade.
Buyers and sellers were not immediately known
Source: Bloomberg
- Rupee opened higher at 65.08 versus U.S. dollar against its previous close of 65.18.
- Loan consolidated in 2012 started non-performing only in 2018.
- Rs 3,250 crore represents the outstanding, there were no fresh sanctions after that.
- Bank will not be affected due to this issue, performance will not be impacted.
- Will wait for the preliminary enquiry by the CBI to get over before giving any comments.
- Bank should put everything in the public domain to clear the confusion.
- For the bank, Videocon loan is just like another normal loan given.
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Here’s how foreign and local funds played the market on Monday.https://t.co/PbAJkIyng5 pic.twitter.com/xcOdNDaTgn
— BloombergQuint (@BloombergQuint) April 3, 2018
JPMorgan on RBI Norms
- RBI allowed banks to amortise mark-to-market losses for third and fourth quarter of the previous fiscal over four quarters.
- To ease pressure on March quarter earnings and reverse 50 percent losses of December quarter.
- Move to encourage PSU banks to re-enter bond market.
- Use PSU banks trading rally to exit.
- NBFCs/HFCs a better play on falling yields.
- Prefer Bajaj Finance and HDFC over SBI, Bank of Baroda and PNB.
BofAML on Motherson Sumi
- Maintained ‘Buy’ with a price target of Rs 420.
- Reydel strengthens interiors vertical; Expect synergies across clients and geographies.
- Deal to provide more avenues for in-sourcing and margin improvement.
- Deal appears inexpensive and EPS accretive.
- Acquisition to take Motherson one step closer to meet revenue target for the next financial year.
Citi on NTPC
- Maintained ‘Buy’ with a price target of Rs 196.
- Poor coal supply situation could to impact March quarter results.
- March quarter end regulated equity would be similar to December quarter.
- 2260MW difference between commissioned and commercial capacity provides visibility for commercialisation in the next financial year.
Investec on Can Fin Homes
- Maintained ‘Buy’ with a price target of Rs 575.
- Expect stock to further drop as divestment process called off.
- Business likely to remain weak in the previous quarter.
- Right issues to be key driver for stock performance.
IDFC Securities on NIIT
- Consolidated financial performance has improved over past 12 months.
- Corporate training business drives overall revenues; Growing at 15 percent.
- Skills and Careers business is a drag; Management focussing to maintain breakeven.
- Consistent execution to aid earnings upgrades and help drive re-rating.
- Valuations cheap; Provide high margin of safety.
Motilal Oswal on Tata Chemicals
- Initiated ‘Buy’ with a price target of Rs 940; implying a potential upside of 36 percent from the last regular trade.
- To use cash cows to invest in growth businesses.
- To focus on consumer and specialty products.
- Existing salt distribution network to boost consumer business.
- To be net debt-free by March 2020; RoCE to improve considerably.
- Reduction in debt via sale of fertilizer business and investments.
- Expect revenue and net profit to compound at 9 percent and 22 percent respectively over the fiscal 2018-2020.
- Bull Case price target of Rs 1,147.
Edelweiss on SpiceJet
- Maintained ‘Buy’ with a price target of Rs 166.
- Enthused about the growth prospects of the company.
- Robust domestic passenger growth to outstrip capacity addition.
- Profit to grow with improving yields.
- Addition of new planes to prune costs.
- Expect volume and earnings per share to compound at 22 percent and 37 percent respectively over the fiscal 2017-2020.
Kotak Securities on Air India Divestment
- International slots available are valuable.
- Debt reduction not enough for Air India to become profitable.
- Believe Air India Express and Air India’s international business to be a good fit for IndiGo.
- Acquirer would need to bring significant amount of operational improvement to generate value.
Credit Suisse on Air India Divestment
- Cost ex-fuel double of IndiGo suggesting strong inefficiencies.
- Large multi-dimensional asset can have varied interests.
- Increase in competition is likely.
- Indian airlines, except Indigo, may have to form JVs to qualify.
- Hindustan Aeronautics recorded highest ever turnover of Rs 18,000 crore (provisional and unaudited) in FY18. It had a turnover of Rs 17,605 crore in FY17.
- RBI lets banks spread bond losses in four quarters
- Tata Steel to pay Rs 35,200 crore cash for Bhushan Steel; to convert remaining debt to equity
- JSW Steel-Numetal, Vedanta and AreclorMittal enter race for Essar Steel
- Motherson inks deal to acquire Reydel Automotive Group for $201 Million from Cerberus
- VST Tillers March 2018 sales rise 22.8 percent (YoY) to 7,399 units versus 6,023 units. Commissions new power tiller plant in Karnataka
- Karnataka Ban surpasses Rs 1.10 lakh crore business turnover. Reduces interest rate on loan products offered to MSMEs
- Rolta India says amended and restated restructuring support pact. The amended RSA pact accelerates dates of certain fees’ payment
- Akzo Nobel completes sale of specialty chemicals division
- RPP infra receives orders worth Rs 264 crore
- Fire at Saregama’s Bhiwandi godown. Company yet to assess the quantum of loss
- Galaxy surfactants gets 13 observations under Form 483 from U.S. FDA for its two facilities located at Tarapur
- Fortis seeks shareholders nod for purchase of RHT Health’s assets
- Info Edge: Zomato posts 45 percent growth in FY18 revenue at $74 million
Trading Tweaks- Arrow Greentech circuit filter revised to 10 percent.
- JBF Industries circuit filter revised to 5 percent.
U.S. stocks’ second-quarter start is worst since great depression.https://t.co/076xpQf0Yz pic.twitter.com/L8Y0SAveH5
— BloombergQuint (@BloombergQuint) April 2, 2018
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