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Sensex Ends Near Record High On Earnings Optimism

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Sensex Ends Near Record High On Earnings Optimism
A security officer stands guard next to a bronze bull statue at the entrance to the Bombay Stock Exchange (BSE) in Mumbai. (Photographer: Adeel Halim/Bloomberg)
8 years ago
Reliance Industries was among the top Nifty 50 gainers after Credit Suisse initiated coverage on the stock.
Jul 10, 2018 15:50 (IST)
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Jul 10, 2018 15:51 (IST)
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Jul 10, 2018 14:33 (IST)
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Jul 10, 2018 14:29 (IST)
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  • Indiabulls Ventures has 1.73 crore shares change hands in two blocks. Stock down 0.5 percent at Rs 477.

    • Buyers and sellers were not immediately known

    Source: Bloomberg

Jul 10, 2018 13:40 (IST)
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Jul 10, 2018 13:32 (IST)
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The Mumbai-based private sector recovered from intraday lows after its net profit beat Bloomberg consensus estimates in June quarter.

Key earnings highlights:

  • Net profit up 24 percent at Rs 1,036 crore versus estimate of Rs 1,030 crore.
  • Net interest income up 20 percent at Rs 2,122 crore versus Rs 1,744 crore
  • Net non-performing assets as a percentage of total advances unchanged at 0.51 percent (QoQ)
  • Gross non-performing assets as a percentage of total advances dips marginally to 1.15 percent versus 1.17 percent (QoQ)
  • Gross NPAs at Rs 1,740 crore versus Rs 1,705 crore (QoQ)

Jul 10, 2018 13:14 (IST)
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Click here for more stock market statistics

Jul 10, 2018 12:44 (IST)
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  • HSIL: The Gurugram-based sanitary ware maker rose as much as 13 percent to Rs 404.90. Trading volume was 38 times its 20-day average.
  • Sadbhav Engineering: The Ahmedabad-based construction company rose as much as 11 percent to Rs 311. Trading volume was 13.8 times its 20-day average.
  • Cochin Shipyard: The Cochin-based ship building company rose as much as 7 percent to Rs 458. Trading volume was 15 times its 20-day average.
  • Trident: The Ludhiana-based textile manufacturer rose as much as 12.15 percent to Rs 61.40. Trading volume was 11.7 times its 20-day average.
Jul 10, 2018 12:24 (IST)
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  • ICICI Bank has 10.90 lakh shares change hands in a block deal. Stock up 1.4 percent at Rs 275.

    • Buyers and sellers were not immediately known

    Source: Bloomberg

Jul 10, 2018 12:10 (IST)
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Shares of the Ahmedabad-based PVC plumbing system maker rose as much as 3.2 percent to Rs 1,034 after it acquired 51 percent stake in Rex Polyextrusion for Rs 75.22 crore.

Jul 10, 2018 11:51 (IST)
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Jul 10, 2018 11:23 (IST)
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Shares of the Delhi-based steel producer rose 3.6 percent to Rs 165 after its net profit surged 184 percent.

Key earnings highlights:

  • Revenue up 51.5 percent at Rs 985 crore versus Rs 650.47 crore (YoY)
  • Net profit up 2.8 times at Rs 169 crore versus Rs 59.41 crore (YoY)
  • Standalone margin at 24.4 percent versus 16.6 percent (YoY)
  • Standalone EBITDA up 1.2 times at Rs 240.3 crore versus Rs 108 crore (YoY)

Jul 10, 2018 11:04 (IST)
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Truck and bus sales rose 42 percent on a year-on-year basis to 80,624 units in June compared with 56,890 units during the same month last year, data compiled by Society of Indian Automobile Manufacturing Association showed.

Key highlights of June sales data:

  • Domestic car sales up 34 percent at 183,885 units
  • Passenger vehicle sales up 37 percent at Rs 273,759 units
  • Two-wheeler sales up 22.3 percent at 1,867,884 units
  • April-June passenger vehicle sales up 20 percent

Jul 10, 2018 10:38 (IST)
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Shares of the Chandigarh-based steel wheel rim maker rose as much as 4.3 percent to Rs 1,310.60 after it won its biggest steel truck wheel order from U.S.

The company will supply of 110,000 truck wheels to U.S. and expects revenue of $5 million from the order, Steel Strips Wheels said in an exchange filing.

Jul 10, 2018 10:32 (IST)
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  • Reliance Communications has 12.3 lakh shares traded in a block. Stock up 1.8 percent at Rs 13.95.

    • Buyers and sellers were not immediately known

    Source: Bloomberg

Jul 10, 2018 10:16 (IST)
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Shares of the Kolkata-based textile manufacturer rose as much as 6.3 percent to Rs 253.50 after bulk deals in the previous session.

  • Aequitas Investment Consultancy bought 3.16 lakh shares or 1.4 percent equity at Rs 230.05 each.
  • Camden Industries sold 6 lakh shares or 2.7 percent equity at Rs 230.02 each.
  • Promoter Cygnet Industries sold 3.06 lakh shares or 1.4 percent equity at Rs 231.86 each.

Jul 10, 2018 10:08 (IST)
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Shares of the Delhi-based real estate developer rose as much as 4.1 percent to Rs 195.

JP Morgan has maintained its buy call on DLF for target price of Rs 280, indicating a potential upside of 50 percent.

JP Morgan in a note said:

  • Near term investment thesis is predicated on pick up in residential sales.
  • Monetisation for Phase 5 developments unsold inventory to be faster.
  • Move towards completed accounting to aid net profits materially over the current and the next financial.

Jul 10, 2018 10:02 (IST)
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  • IDFC Bank has 10 lakh shares change hands in a block deal. Stock up 1.7 percent at Rs 39.55.

    • Buyers and sellers were not immediately known

    Source: Bloomberg

Jul 10, 2018 09:56 (IST)
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Shares of the Mukesh Ambani-led oil-to-telecom conglomerate rose as much as 1.76 percent to Rs 1,014.60.

International brokerage firm Credit Suisse has initiated coverage on the stock with an 'outperform' for target price of Rs 1,180, indicating a potential upside of 18 percent from yesterday's close.

Credit Suisse in a note said:

  • Reliance Jio Infocomm may be worth $10.4 billion.
  • Jio’s revenue can double in three years and contribute 10-40 percent of operating income by March 2025.
  • New refining and petrochemical projects will drive over 20 percent earnings per share growth in 2018-19.
  • Current softness in gross refining margins may subside in medium term.
  • Petcoke gasification can add $2.4 per barrel to refining margin.

Jul 10, 2018 09:37 (IST)
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Shares of the Noida-based IT company rose as much as 4 percent, the most in over two months, to Rs 1,000.05.

HCL Technologies aftermarket hours yesterday said that its board will meet on July 12 to consider a share buyback proposal.

Jul 10, 2018 09:24 (IST)
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Jul 10, 2018 09:01 (IST)
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Jul 10, 2018 08:27 (IST)
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Credit Suisse on Reliance Industries

  • Initiated ‘Outperform’ with a price target of Rs 1,180.
  • Reliance Jio Infocomm may be worth $10.4 billion.
  • Jio’s revenue can double in three years and contribute 10-40 percent of operating income by March 2025.
  • New refining and petrochemical projects will drive over 20 percent earnings per share growth in 2018-19.
  • Current softness in gross refining margins may subside in medium term.
  • Petcoke gasification can add $2.4 per barrel to refining margin.

Macquarie on Indian Refiners

  • IMO 2020 sulfur regulations a game-changer for oil industry.
  • Expect middle distillate cracks doubling to $30 per barrel in 2020.
  • Substantial demand from shipping industry to double the cracks.
  • RIL: Upgrade to ‘Outperform’ from ‘Underperform’; hiked price target to Rs 1,240 from Rs 830.
  • HPCL: Maintain ‘Outperform’; hiked price target to Rs 570 from Rs 500.
  • BPCL: Maintain ‘Outperform’; hiked price target to Rs 555 from Rs 490.
  • IOCL: Maintain ‘Outperform’ with a price target of Rs 270.

JP Morgan on DLF

  • Maintained ‘Overweight’ with a price target of Rs 280.
  • Near term investment thesis is predicated on pick up in residential sales.
  • Monetisation for Phase 5 developments unsold inventory to be faster.
  • Move towards completed accounting to aid net profits materially over the current and the next financial.

Morgan Stanley on HDFC Bank

  • Maintained ‘Overweight’ with a price target of Rs 2,570.
  • Initial updates is net positive.
  • Updates highlight accelerating loan growth.
  • Expect CASA ratio to improve in coming quarters.

BoA-ML on Dish TV

  • Maintained ‘Buy’ with a price target of Rs 90.
  • Strong results with revenue and operating income beating estimates after 3-4 quarters.
  • Company well placed to deliver strong margins led by synergy benefits.
  • Find valuations cheap in-context of growth.

Goldman Sachs on Dish TV

  • Maintained ‘Neutral’ with a price target of Rs 76.
  • Surprised by the magnitude of ARPU uptick; await more details.
  • Despite strong ARPU, remain uncertain on sustainability of such ARPU.
  • Availability of cheap data and launch of JioGigaFiber to put pressure on industry.

Goldman Sachs on Colgate

  • Maintained ‘Buy’ with a price target of Rs 1,452.
  • Lower prices indicate management's increased focus on re-gaining market share.
  • Believe new products in natural segment will arrest its market share declines.
  • Expect volume growth and market share performance to improve over the current financial year.

Kotak Securities on Oberoi Realty

  • Upgraded to ‘Buy’ from ‘Reduce’; hiked price target to Rs 560 from Rs 535.
  • Expect more promising 2018-19 on account of Thane launch and cash generation from Three Sixty West.
  • Improving pace of execution and sales at Mulund will further bolster investor sentiment.
  • Expect under-leveraged balance sheet to allow Oberoi secure new development prospects.

Deutsche Bank on Petronet LNG

  • Maintained ‘Buy’ with a price target of Rs 310.
  • Remain confident that there exists limited threat of competition for Dahej terminal.
  • Regas margins at Dahej lowest due to lower capex costs.
  • Expect demand growth from industrial sector, as industrial recovery picks up pace.
  • Higher incremental LNG demand in FY19 to ensure high utilisation rate for Dahej terminal.

HSBC on Equitas and Ujjivan

  • Risk/reward remains intact despite some encouraging signs.
  • Continued focus on bank transition and loan book diversification to weigh on earnings.
  • Ujjivan: Upgraded to ‘Hold’ from ‘Reduce’; hiked price target to Rs 370 from Rs 329.
  • 2018-19 a crucial transition year from both asset diversification and liabilities base building perspective.
  • Equitas: Maintained ‘Buy’; cut price target to Rs 152 from Rs 159.
  • Equitas is positioned to accelerate its balance sheet growth from here on.

Jul 10, 2018 08:00 (IST)
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Who’s Meeting Whom
  • All Cargo Logistics to meet Jeetey Investments Pvt and Ambit Capital on July 10.
  • MIRC Electronics to meet Reliance PMS and other investors on July 10.
  • Magma Fincorp to meet Ramesh Damani Finance, Credit Suisse and other investors on July 10.

Insider Trades

  • Omaxe Ltd promoter Nakul Goel sold 2.50 lakh shares from July 4–5.
  • Man Infra promoter Vatsal Shah acquired 69,000 shares on July 6.

(As reported on July 9)

Jul 10, 2018 07:58 (IST)
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Bulk Deals

Century Enka

  • Aequitas Investment Consultancy bought 3.16 lakh shares or 1.4 percent equity at Rs 230.05 each.
  • Camden Industries sold 6 lakh shares or 2.7 percent equity at Rs 230.02 each.
  • Promoter Cygnet Industries sold 3.06 lakh shares or 1.4 percent equity at Rs 231.86 each.

Manappuram Finance

  • Quinag Acquisition (FPI) Ltd bought 2.6 crore shares or 3.1 percent equity at Rs 105 each.
  • WF Asian Reconnaissance Fund Limited sold 2.69 crore shares or 3.2 percent equity at Rs 105 each.

JBF Industries

  • IFCI Ltd sold 4.60 lakh shares or 0.6 percent equity at Rs 39.86 each.

Trading Tweaks

  • Talwalkars Better Value Fitness Ltd move out of ASM framework.
  • Jagran Prakashan buyback period from July 10 to 23.
  • City union Bank Limited ex-date for 1:1 bonus.
  • Solara Active Pharma Sciences Ltd last trading day before shifting to B group.
  • Minda Industries Limited last trading day before ex-date for 2:1 bonus.

F&O Cues

  • Nifty July Futures ended at 10,859.8, with a premium of 6.9 points versus 5.8 points.
  • July series: Nifty open interest up 5 percent and Bank Nifty open interest up 10 percent.
  • India VIX ended at 12.3, down 0.4 percent.
  • Max open interest for July series call at 11,000 strike price call option (open interest at 37.3 lakh, up 6 percent).
  • Max open interest for July series put at 10,600 strike price put option (open interest at 52.3 lakh, up 2 percent).
Jul 10, 2018 07:48 (IST)
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Earnings To Watch: TCS, IndusInd Bank
  • TCS
  • Indusind Bank
  • Prakash Industries

Jul 10, 2018 07:41 (IST)
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Jul 10, 2018 07:37 (IST)
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These are some events to look out for this week:

  • Chinese trade data due at the end of the week will probably show slightly slower export growth, after early indicators pointed to softer overseas demand and weaker export orders, Bloomberg Economics said.
  • The most noteworthy U.S. data is the June inflation report on Thursday, which consensus expects will show both headline and core price growth picking up. There’s another deluge of Treasury debt sales too, with a total $156 billion of notes and bills offered.
  • Earnings season gets going with JPMorgan and Citigroup among the largest companies due to give results, as well as India’s Infosys Ltd.

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