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Banks Drag Sensex, Nifty Lower; PNB Slumps Most In Over Two Years

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Banks Drag Sensex, Nifty Lower; PNB Slumps Most In Over Two Years
A traffic signal stands illuminated next to the Bombay Stock Exchange (BSE) building in Mumbai. (Photographer: Dhiraj Singh/Bloomberg)
8 years ago
The Singapore-traded SGX Nifty, an early indicator of NSE Nifty 50 Index's performance in India rose 0.6 percent or 66 points to 10,532 as of 6:51 a.m.
Feb 14, 2018 15:55 (IST)
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Feb 14, 2018 14:03 (IST)
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Feb 14, 2018 15:29 (IST)
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Feb 14, 2018 15:14 (IST)
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NCC: The Hyderabad-based construction company rose 7.13 percent, the most in three months, to Rs 126.95 after it reported December quarter earnings.

Key earnings highlights:

  • Revenue down 2.8 percent at Rs 1,851 crore versus Rs 1,903.6 crore (YoY)
  • Net Profit up 72.4 percent at Rs 100 crore versus Rs 58 crore (YoY)
  • Exceptional loss of Rs 30 crore in the current quarter
  • EBITDA up 46.6 percent at Rs 255.4 crore versus Rs 174.2 crore (YoY)
  • Margin at 13.8 percent versus 9.2 percent (YoY)

KRBL: Shares of the Delhi-based rice producer rose as much as 7.7 percent, the most in over two months, to Rs 646.65 after Pabrai Investment bought 64.18 lakh shares (2.7 percent equity) in the company at Rs 594. per share.

Binani Industries: Shares of the Mumbai-based cement maker rose by their maximum intraday limit of 5.8 percent to Rs 113.55 after Billionaire Kumar Mangalam Birla and an investor group led by Dalmia Bharat are emerging as the lead bidders for Binani Cement Ltd., which is being sold under the country’s insolvency process, Bloomberg reported citing people with knowledge of the matter.

Can Fin Homes: The Bangalore-based mortgage lender rose for fifth straight day, rising as much as 6.66 percent, to Rs 525.95.

Feb 14, 2018 15:06 (IST)
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Shares of the Chandigarh-based steel wheel rim maker were trading 5 percent lower at Rs 1,050 after the company reported its December quarter earnings.

Key earnings highlights:

Net profit up 44 percent at Rs 18.12 crore versus Rs 12.62 crore (YoY)

Revenue up 7.8 percent at Rs 397.4 crore versus Rs 368.5 crore (YoY)

Feb 14, 2018 14:58 (IST)
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Feb 14, 2018 14:53 (IST)
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Shares of the Mumbai-based power generation company were trading 0.69 percent higher at Rs 87.35 after it reported December quarter earnings.

Key earnings highlights:

  • Net profit down 7.17 percent at Rs 648.87 crore versus Rs 699 crore (YoY)
  • Revenue up Rs 6,946.91 crore versus Rs 6,574.47 crore (YoY)
  • Consolidated margin at 17.4 percent versus 20.9 percent (YoY)
  • Consolidated EBITDA down 12 percent at Rs 1,208.7 versus Rs 1,374 Cr (YoY)
  • In talks with discoms for sale of unit CGPL stake
  • Also initiated sale of investments in 2 more units
  • Plan to dispose strategic engineering division

Feb 14, 2018 13:49 (IST)
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  • Essel Propack: The Mumbai-based flexible packaging company fell 1.15 percent to Rs 271.80. Trading volume was 23.6 times its 20-day average.
  • Shilpa Medicare: The Raichur-based active pharmaceutical ingredient maker fell as much as 6.6 percent to Rs 475.10. Trading volume was 6.4 times its 20-day average.
  • Unichem Labs: The Mumbai-based drug maker rose 0.7 percent to Rs 380.50. Trading volume 5.7 times its 20-day average.
  • Jindal Poly Films: The Delhi-based plastic manufacturer rose as much as 7.4 percent to Rs 381.30. Trading volume was 6.3 times its 20-day average.
Feb 14, 2018 13:40 (IST)
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Shares of the Chennai-based company declined 0.95 percent to Rs 363.70 after it reported October-December quarter earnings.

Key earnings highlights:

  • Margin at 17.1 percent versus 15.3 percent (YoY)
  • EBITDA up 29.4 percent at Rs 104.7 crore versus Rs 80.9 crore (YoY)
  • Revenue up 16 percent at Rs 611.5 crore versus Rs 527.3 crore (YoY)
  • Net Profit up 24.3 percent at Rs 54.3 crore versus Rs 43.7 crore (YoY)

Feb 14, 2018 13:35 (IST)
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Shares of the Mumbai-based real estate developer rose as mcuh as 6.7 percent to Rs 424.95 after it reported strong earnings in December quarter.

Key earnings highlights:

  • Margin at 44.2 percent versus 40.8 percent (YoY)
  • EBITDA up 1.6 times at Rs 89 crore versus Rs 34 crore (YoY)
  • Revenue at Rs 201.4 crore versus Rs 83.6 crore (YoY)
  • Revenue at Rs 201.4 crore versus Bloomberg estimate of Rs 219 crore (YoY)
  • Net Profit at Rs 55.6 crore versus Rs 20.6 crore (YoY)
  • Net Profit at Rs 55.6 crore versus Bloomberg estimate of Rs 46.4 crore (YoY)

Feb 14, 2018 13:29 (IST)
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Shares of the state-run heavy electrical equipment maker rose as much as 1.8 percent to Rs 99.25 after it won order worth Rs 560 for emission control equipment from NTPC.

Feb 14, 2018 13:23 (IST)
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  • Indian equity benchmarks were little changed as gains in Reliance Industries and HDFC twins was offset by losses in ICICI Bank, Axis Bank and State Bank of India.
  • The S&P BSE Sensex was little changed at 34,321 and the NSE Nifty 50 Index advanced 0.1 percent to 10,550.
  • The mid-cap and small-cap shares were outperforming their larger counterparts as the S&P BSE MidCap Index rose 0.75 percent and the S&P BSE SmallCap Index gained 0.8 percent.
  • Sixteen out of 19 sector gauges compiled by the BSE were trading higher led by the S&P BSE Realty Index's 1.2 percent gain. On the other hand, the S&P BSE Bankex Index was the top sectoral loser, down 0.7 percent.
Feb 14, 2018 13:06 (IST)
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Feb 14, 2018 13:05 (IST)
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  • Oriental Bank of Commerce has 15 lakh shares change hands in a block.
  • State Bank of India 14.1 lakh shares change hands in a block.
  • Syndicate Bank has 22.9 lakh shares change hands in a block.

    • Buyers and sellers were not immediately known

    Source: Bloomberg

Feb 14, 2018 12:39 (IST)
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Feb 14, 2018 12:34 (IST)
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Feb 14, 2018 12:26 (IST)
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Feb 14, 2018 12:17 (IST)
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Feb 14, 2018 11:50 (IST)
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Feb 14, 2018 11:27 (IST)
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Feb 14, 2018 11:22 (IST)
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Shares of the Mumbai-based chemical products maker declined 0.8 percent to Rs 546.20 after it announced Oct.-Dec. quarter earnings.

Key earnings highlights:

  • Net profit up 0.8 percent at Rs 90.68 crore versus Rs 90 crore (YoY)
  • Revenue up 13.5 percent at Rs 2,458 crore versus Rs 2,165 crore (YoY)
  • EBITDA down 22.8 percent at Rs 1,52.3 crore versus Rs 197.3 crore (YoY)
  • Margin at 6.2 percent versus 9.2 percent (YoY)

Feb 14, 2018 11:14 (IST)
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Feb 14, 2018 11:04 (IST)
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Shares of the country's second biggest government-owned lender fell as much as 6.2 percent, the most since Feb. 6, to Rs 151.60 after it informed exchanges that it has detected some fraudulent and unauthorised transactions at one of its branches in Mumbai amounting to Rs 11,000 crore ($1.77 billion).

Feb 14, 2018 10:46 (IST)
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Shares of the Mumbai-based drug maker fell as much as 3.9 percent to Rs 264.40 after its Goa plant received Form 483 from the U.S. drug regulator with eight observations.

Feb 14, 2018 10:41 (IST)
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Shares of the Solapur-based auto component maker rose as much as 4.3 percent to Rs 122.85 after it won orders worth Rs 275 crore from auto makers like Ford, General Motors and Mahindra & Mahindra.

Feb 14, 2018 10:13 (IST)
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Shares of the Anil Ambani-led debt ridden company rose as much as 7.75 percent to Rs 29.20. The company has informed exchanges that it has convened a meeting of its bond holders of its $300 million senior secured bonds for considering certain proposals, relating to asset monetisation.

The company had issued $300 million worth senior secured notes, secured at 6.5 per cent and due in 2020.

Feb 14, 2018 10:31 (IST)
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Feb 14, 2018 09:59 (IST)
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Shares of the Delhi-based rice producer rose as much as 7.7 percent, the most in over two months, to Rs 646.65 after Pabrai Investment bought 64.18 lakh shares (2.7 percent equity) in the company at Rs 594. per share.

At the same time, Abdullah Ali Balsharaf sold 32.50 lakh shares or 1.4 percent equity at Rs 594 each and Omar Ali Obaid Balsaraf sold 32.50 lakh shares or 1.4 percent equity at Rs 594 each.

Feb 14, 2018 09:53 (IST)
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  • We are in a new paradigm and we need to work towards it.
  • In the end we will have a much stronger banking system.
  • More thought & time on capital deployment will be given.
  • Major cultural change has happened in the corporate sector and banks have been more serious in resolving cases.
  • Large cases accounting 2/3rd of stressed assets were recognised.
  • Everything should not be turned up to IBC, we can now have a quicker resolution.
  • The new framework is much more transparent.
  • Many forms of recovery can be implemented.
  • Banks' provisioning may increase one-time, but now we have a much fairer and cleaner system.
  • Banks need to respond quickly and come up with a resolution plan.
  • 180 days is not a small duration of time for resolution.
  • We now have a system which is generic.
Feb 14, 2018 09:43 (IST)
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Feb 14, 2018 09:21 (IST)
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Feb 14, 2018 08:54 (IST)
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Feb 14, 2018 09:01 (IST)
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  • Rupee opens higher at 64.23 per dollar against Monday's close of 64.31.
Feb 14, 2018 08:23 (IST)
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Feb 14, 2018 08:23 (IST)
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Feb 14, 2018 07:50 (IST)
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Feb 14, 2018 07:45 (IST)
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  • 8K Miles Software Services
  • Allahabad Bank
  • Apollo Hospitals Enterprise
  • Balkrishna Industries
  • Cox & Kings
  • Dena Bank
  • Godrej Industries
  • Grasim Industries
  • Indo Count Industries
  • Infibeam Incorporation
  • Jet Airways
  • Nestle India
  • NLC India
  • Repco Home Finance
  • Speciality Restaurants
  • Sunteck Realty
  • Tata Power
  • Vivimed Labs
  • Welspun Enterprises
Feb 14, 2018 07:45 (IST)
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For a complete list of earnings reaction to watch, click here

Feb 14, 2018 07:43 (IST)
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Citi on GAIL (India)

  • Maintained ‘Neutral’ with price target of Rs 510
  • December quarter’soperating income and net profit were below estimates.
  • Gas transmission volumes surprise positively.
  • LPG shines again, petchem remains muted.
  • Next step for GAIL’s is unified tariff proposal.
  • Given riskier business profile, prefer IGL, GSPL, PLNG, GGAS in gas space.

IDBI Capital on GAIL (India)

  • Downgraded to ‘Accumulate’ from ‘Buy’; raised price target to Rs 514 from Rs 510
  • Weak set of numbers in October-December period led by higher cost and one-off provisions.
  • Volume across segment beats expectation except petchem division.
  • Strong volume growth across segment was offset by lower margins.
  • Pricing pressure in petchem is visible; Gas volume would continue to rise.
  • Downgrade the stock due to limited upside.

BoFAML on Britannia

  • Maintained ‘Buy’ with price target of Rs 5,500
  • December quarter was a solid quarter. Operating income and net profit were ahead of estimates with double digit volume growth.
  • International business growth lagged due to geopolitical tension.
  • Multiple drivers to sustain growth; Expect strong execution.
  • Strong growth to back premium valuation.
  • Expect earnings per share to grow at a compounded rate of 18 percent over the financial years through March 2020 backed by market share gains.

UBS on Britannia

  • Maintained ‘Buy’ with price target of Rs 5,550.
  • Double digit volume growth is a positive surprise.
  • Stable raw material prices help improvement in profitability.
  • Potential of new initiatives not priced in.
  • Volume growth momentum to accelerate further in second half of the next financial year.
  • Benefits announced in Union Budget 2018 to aid volume growth.

Macquarie on Sobha

  • Maintained ‘Outperform’; raised price target to Rs 646 from Rs 603.
  • Q3FY18 results were in line with estimates.
  • Demonstrated strong operating performance.
  • Quarterly presales at all-time high; New launches to aid momentum.
  • Operating cashflows remain positive; Debt under control.
  • New launches planned in key markets; Expect presales to remain strong.

Morgan Stanley on Sobha

  • Maintained ‘Overweight’ with price target of Rs 605.
  • December quarter results beat estimates.
  • New launch momentum to pick up.
  • Expect 5-7 new launches over next 2-3 quarters.
  • Expect contractual business to scale up in the next financial year.
  • Disciplined balance sheet and reasonable valuation drive Overweight rating.

Macquarie on Bank of India

  • Maintained ‘Underperform’; cut price target to Rs 87 from Rs 98.
  • Reported an alarming results in the previous quarter.
  • Quarterly loss is purely from ageing provisions, hard divergences and investment provisions.
  • BOI has receivables from other banks and not from corporates.
  • Expect some provision reversals against NCLT accounts ahead.

Deutsche Bank on Bank of India

  • Maintained ‘Sell’; cut price target to Rs 110 from Rs 120
  • No respite on asset quality in December quarter; Core business weakens further.
  • NPLs rise sharply due to divergence; Some recoveries expected in current quarter
  • Expect revenue drivers to remain weak and return on equities at 3-5 percent over the next financial year.
  • Expect treasury contribution to fade away, NIMs at less than 2 percent and nil loan growth.

Feb 14, 2018 07:42 (IST)
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BOB Capital Markets

  • This is a short term negative for the corporate lenders, as it would sharply increase NPA provisions and constrain profitability.
  • Over the long term, this would be seen as positive for the sector as banks' balance sheets become cleaner and more transparent.

Motilal Oswal View

  • This can be seen as a precursor to the IFRS implementation.
  • Previous schemes had only led to accumulation of troubled assets.
  • Corporate banks with higher quantum of stressed/restructured assets (PNB, BOI, ICICIBC, UNBK, SBIN) may see higher proportion of their bad loans drifting towards IBC process chances of upgrade/recovery remains low.
  • Continue to like SBI, ICICI Bank and Bank of Baroda amongst corporate banks.

Morgan Stanley

  • It's a step in the right direction and prepares banks for IFRS.
  • New restructuring scheme will further catalyse NPL cleanup – a positive.
  • New scheme could imply higher slippages and provisioning for the current and next fiscal.
  • New guidelines to benefit players who are active and looking to get aggressive in asset reconstruction business – Edelweiss and Kotak.

ICICI Securities

  • Evergreening of loans may no longer be an option with requirement of weekly reporting in case of accounts above Rs 500 crore.
  • Revised framework to lead to accelerated and early recognition of NPAs in the banking system.
  • Revised framework would require higher provisioning expense.
  • Negative from a banking sector earnings perspective in the near to medium term.
  • Rise in bond yields along with higher provisioning will keep earnings muted, especially for PSU banks.
  • Recently allocated capital should largely be consumed for cleansing of balance sheets and growth capital remaining a constraint.
  • Within private banks, corporate focused lenders would see higher impact.
  • RBI is also preparing banks for early NPA recognition & provisioning requirement under Ind-AS scenario ahead.
  • Requirement of vetting of the resolution plan through credit rating agencies for independent credit evaluation (ICE) of residual debt is positive for listed credit rating companies.

Feb 14, 2018 07:42 (IST)
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Feb 14, 2018 07:39 (IST)
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  • Nifty February futures trade at 10,543, premium of 3.4 points from 14.8 points.
  • February series: Nifty open interest up 5 percent; Bank Nifty open interest unchanged.
  • India VIX ended at 17.8, down 7 percent.
  • Max open interest for February series at 11,100 call strike (open interest at 56.9 lakh, down 1 percent).
  • Max open interest for February series at 10,000 put (open interest at 54.7 lakh, down 5 percent).
Feb 14, 2018 07:39 (IST)
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Feb 14, 2018 07:37 (IST)
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Feb 14, 2018 07:37 (IST)
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  • Aarti Drugs, SJVN, buyback period from Feb. 14 to Feb. 28.
  • Gayatri Projects circuit filter revised to 20 percent and shifted to B group.
Feb 14, 2018 07:37 (IST)
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Religare: Merlin Marketing sold 10 lakh shares or 0.6 percent equity at Rs 52.35 each.

Electrosteel Steels: SCIIL Steel Cast Iron Investments(Cyprus) Ltd sold 1.36 crore shares or 0.6 percent equity at Rs 3.44 each.

Nandan Denims: LTS Investment Fund bought 2.46 lakh shares or 0.5 percent equity at Rs 146.43 each.

KRBL

  • Pabrai Investment bought 64.18 lakh shares or 2.7 percent equity at Rs 594 each.
  • Abdullah Ali Balsharaf sold 32.50 lakh shares or 1.4 percent equity at Rs 594 each.
  • Omar Ali Obaid Balsaraf sold 32.50 lakh shares or 1.4 percent equity at Rs 594 each.

Feb 14, 2018 07:14 (IST)
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Feb 14, 2018 06:59 (IST)
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