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Shares of the Delhi-based government-owned lender fell as much as 4 percent to Rs 85.70 after it reported wider than estimated loss and its asset quality detriorated in March quarter.
Key earnings highlights:
Shares of Mangalore-based private lender fell marginally by 3.8 percent to Rs 108.60 after the bank reported a profit of Rs 11 crore for the March quarter compared to a profit of Rs 138.37 crore in the same quarter last year.
Gross bad loans for the bank increased to 4.92 percent while net bad loans stood at 2.96 percent for the March quarter.
Shares of the Mumbai-based drugmaker rose 1.21 percent to Rs 763 after it met estimates in March quarter.
Key Earnings Highlights [Consolidated, YoY]
Region Wise Revenue Break Up
Buyers and sellers were not immediately known
Source: Bloomberg
Shares of the Mumbai-based steel maker rose as much as 4.33 percent to Rs 636.80 after the National Company Law Tribunal approved Tata Steel's bid for debt-ridden Bhushan Steel. The tribunal also dismissed a plea filed by the employees of Bhushan Steel opposing Tata Steel's bid and imposed a fine of Rs 1 lakh.
The bench comprising NCLT President Justice M M Kumar and S K Mohapatra also dismissed the plea of engineering and construction major L&T seeking higher priority in recovery of loan and imposed a fine of Rs 1 lakh.
An emphatic win might lead the NDA to throttle back on the farmer-focused pre-election populism that has become the norm in our country over the past decade. That in turn might provide some relief to bond yields which have been rising steadily over the past 8 months. Whilst a BJP win should lend support to equity supports, at these valuations, the direction of the equity market is more likely to be driven by the incipient earnings recovery than by election results.Saurabh Mukherjea, Ambit Capital
Shares of the Mumbai-based government-owned bank fell as much as 4.11 percent to Rs 60.70.
Two independent directors — Ninad Karpe and S Ravi resigned from the board of the bank days after CBI filed FIR in connection with Rs 600 crore loan given by the bank to former Aircel promoter C Sivasankaran, his son and companies controlled by him.
Karnataka elections is just a trigger, the Nifty had already bottomed at 9,950 and uptrend was in place. 11,400 was always on cards for the Nifty, it’s just a question of when.Jai Bala, chief market technician, cashthechaos.com
Shares of the Secunderabad-based hybrid seeds producer rose as much as 2.5 percent to Rs 518.
The company's board will meet on May 24 to consider a proposal to buyback equity shares of the company, Kaveri Seeds said in an exchange notification.
With 24 states under its fold, BJP now has a clear advantage of implementing common / uniform economic policies as a nation. It is clearly a big push to India’s economic development when the state and the centre are ruled by people with common agenda, common thought process and policies.
Swarup Mohanty, Mirae Asset Global Investments
Nilesh Shah, Kotak Mahindra AMC
Porinju Veliyath, Equity Intelligence India
Sudip Bandyopadhyay, Group Chairman, Inditrade Capital
Ajay Bagga, Market Expert
Ritesh Jain, BNP Paribas Asset Management
#Karnataka - definitely a boost to market sentiment. After 4 months of significant underperformance, 'deserving' mid and small-caps are likely to bounce back strongly!
— Porinju Veliyath (@porinju) May 15, 2018
Shares of the Delhi-based steel maker rebounded after falling as much as 4 percent to Rs 13.2.
The Competition Commission of India has approved Monnet Ispat and Energy’s stake purchase by Aion Investment-JSW group. Aion Investment will be the lead partner in the group. Their plan proposes to pay Rs 2,677 crore cash to the lenders up-front.
Shares of the hospital chain operator rose as much as 4.2 percent, the most in two weeks, to Rs 155.
TPG Capital-backed Manipal Healthcare Enterprises Pvt Ltd. revised its bid for Fortis Healthcare Ltd. for the third time even as the board of India’s second-largest hospital chain has backed a joint bid from the Munjal and Burman families. (Get the details of the new bid here)
Shares of the Kolkata-based public-sector lender fell 3.39 percent to Rs 42.70 after the Reserve Bank of India imposed further restrictions on the operations of Allahabad Bank under its Prompt Corrective Action framework, the lender disclosed in a notification to stock exchanges.
According to the notification, the bank has been directed to:
Allahabad Bank has been under the RBI’s PCA framework since January 2018. The fresh restrictions placed by RBI on the bank represent a second round of corrective measures.
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Shares of the Gurugram-based pathology lab operator rose as much as 11.50 percent to Rs 899.90 after it reported March quarter earnings.
Key earnings highlights:
Meanwhile, CLSA has maintained buy on the stock for target price of Rs 1,320.
CLSA in a note said:
BEML, KIOCL and BF Utilities surged as early trends from elections in Karnataka showed Prime Minister Narendra Modi’s Bharatiya Janata Party leading over the main opposition.
BEML rose as much as 9.6 percent, most since March 5. There are expectations that BEML’s stake sale by the government may get quicker approval and BF Utilities may get new projects if BJP wins in Karnataka, says Soumen Chatterjee, head of research at Guiness Securities.
Shares of Karnataka-based iron ore miner KIOCL gained as much as 15 percent.
Shares of the Mumbai-based textile maker rose as much as 4.33 percent to Rs 301.50 after it turned profitable in March quarter.
Key earnings highlights:
Shares of the Mumbai-based FMCG company rose as much as 2.64 percent to record high of Rs 1,543 after it reported 11 percent volume growth in March quarter.
Hindustan Unilever Ltd.’s profit surpassed analyst estimates in the quarter ended March on the back of double-digit growth in sales volume.
Net profit of India's largest fast-moving consumer goods manufacturer rose 14.2 percent to Rs 1,351 crore compared to the year-ago period, according to the company’s exchange filing. That’s higher than the Rs 1,333 crore estimated by analysts tracked by Bloomberg and despite an exceptional loss of Rs 64 crore during the quarter.
Indian equity benchmarks were trading on a subdued note as early results indicated a close fight for BJP and Congress in Karnataka.
The S&P BSE Sensex was little changed at 35,568 while the NSE Nifty 50 index slipped 0.16 percent or 16 points to 10,789.
Karnataka Election Live: Early Trends Indicate A Close Fight
Who’s Meeting Whom
Insider Trades
CLSA
Credit Suisse
Morgan Stanley
CLSA On Dr Lal Pathlabs
Mphasis
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Changes effective from close of May 31
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