Sensex, Nifty Close At One-Month Low
- Motherson Sumi: About 16.4 lakh shares changed hands in a single block deal on BSE.
- Reliance Power: About 11.9 lakh shares changed hands in a single block deal on NSE.
Buyers and sellers were not known immediately
Source: Bloomberg
Thomas Cook
- Shares advanced over 8 percent intraday to Rs 264.40.
- The trading volume was almost eight times the 20-day average.
Lemon Tree Hotels
- Shares fell as much as 2.2 percent to Rs 74.60.
- The trading volume was almost triple the 20-day average.
Cholamandalam Financial Holdings
- Shares rose nearly 3 percent to Rs 514 apiece.
- The trading volume was 10 times the 20-day average.
Carborandum Universal
- Shares fell 2.3 percent intraday to Rs 364.20 apiece.
- The trading volume was triple the 20-day average.
Shares of the media and entertainment company rose as much as 6.4 percent, its biggest intraday gain in two months, to Rs 422 per share.
The stock declined 30 percent in the last 12 months compared with a 12 percent gain in the Sensex Index. The company's shares trade at 25 times its estimated earnings per share for the comping year, Bloomberg data showed.
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Shares of the property developer erased opening losses and rose close to 3 percent to Rs 235.
The company, in an exchange filing, said it bagged orders worth Rs 342.3 crore for construction of commercial and residential buildings at Mumbai.
The stock declined 37 percent in the past 12 months compared with a 12 percent gain in the Sensex Index.
Shares of the state-owned natural gas explorer declined 3.8 percent to 331.70, its lowest since Feb. 27.
GAIL emerged as the highest bidder for Infrastructure Leasing & Financial Services’ wind energy assets, according to the non-banking lender’s press release. The group has Rs 4,800 crore of wind assets and total debt of the wind portfolio stands at Rs 3,700 crore and there will be no haircut of lenders, the release said.
The stock traded 25 percent below the Bloomberg one-year consensus target price.
Review (Q4 Consolidated, YoY)
- Revenue up 2.7 times to Rs 273.1 crore.
- Net profit up 9.5 percent to Rs 35.9 crore.
- Ebitda up 4.9 times to Rs 52.8 crore.
- Margin at 19.3 percent versus 10.5 percent.
- Deferred tax income of Rs 24.3 crore in base quarter.
Here’s what Axis Capital had to say on the stock:
- Maintained ‘Buy’; cut target price to Rs 235 from Rs 290.
- Strong quarter led by revenue from international market.
- Diversification to be value accretive and reduce earnings volatility.
- Cut target to factor in lower margin estimates.
The trading volume was more than 300 times its 20-day average for this time of the day, Bloomberg data showed. The stock traded 13 times its estimated earnings per share for the coming year.
The S&P BSE Sensex rose as much as 0.15 percent to 38,705.5 and the NSE Nifty 50 rose as much as 0.08 percent to 11,600.65. The broader market index represented by the NSE Nifty 500 Index rose as much as 0.02 percent higher.
The market breadth was tilted in favour of buyers. About 796 stocks advanced and 541 shares declined on National Stock Exchange.
Six out of 11 sectoral gauges compiled by NSE advanced, led by the NSE Nifty Realty Index’s 0.55 percent gain. On the flipside, the NSE Nifty Auto Index was the top sectoral loser, down 0.21 percent.
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CLSA on Autos
- Few reasons to turn positive on industry outlook.
- Hero: Potential success of new products.
- Bajaj: Strong growth in higher margin export is key upside.
- TVS: Outsized market share gains could drive upside.
- Eicher: Risk of elongated underperformance to industry.
Morgan Stanley on AU Small Finance
- Maintained ‘Equal-weight’ with target price of Rs 560.
- Net profit above estimates driven by net interest income and lower provisions.
- Disbursements growth lower at 20 percent partly due to high base.
- Asset quality was strong.
Deutsche Bank on Cement Stocks
- Ambuja: Maintained ‘Hold’; hiked target price to Rs 235 from Rs 230.
- ACC: Maintained ‘Buy’; hiked target price to Rs 1,830 from Rs 1,790.
- Shree Cement: Maintained ‘Buy’; hiked target price to Rs 21,600 from Rs 19,330.
- Ramco Cement: Maintained ‘Buy’; hiked target price to Rs 790 from Rs 785.
- Ultratech: Maintained ‘Buy’; hiked target price to Rs 4575 from Rs 4240.
- Cost leaders focusing on profitability is positive for industry.
- Demand growth seen moderating; monsoon holds the key.
- Prices up 10 percent year to date on pan-India basis with hike across the board.
Axis Capital on Tejas Networks
- Maintained ‘Buy’; cut target price to Rs 235 from Rs 290.
- Strong quarter led by revenue from international market.
- Diversification to be value accretive and reduce earnings volatility.
- Cut target to factor in lower margin estimates.
Earnings Reaction To Watch
Lux Industries (Q4 Standalone, YoY)
- Revenue up 15.9 percent to Rs 385.6 crore.
- Net profit up 23.7 percent to Rs 37.6 crore.
- Ebitda down 2.4 percent to Rs 56.4 crore.
- Margin at 14.6 percent versus 17.4 percent.
- Inventory loss of Rs 86.4 crore.
- Employee cost up 34 percent to Rs 11 crore.
- Other Income of Rs 9 crore.
- Declares dividend of Rs 3.5 per share.
Swaraj Engines (Q4, YoY )
- Revenue up 3.3 percent to Rs 191.5 crore.
- Net profit down 6.7 percent to Rs 16.7 crore.
- Ebitda down 4.2 percent to Rs 27.4 crore.
- Margin at 14.3 percent versus 15.4 percent.
- Raw materials as percent of Sales at 79 percent versus 74 percent
- Declares dividend of Rs 25 per share and special dividend of Rs 25 per share.
Tejas Networks (Q4 Consolidated, YoY)
- Revenue up 2.7 times to Rs 273.1 crore.
- Net profit up 9.5 percent to Rs 35.9 crore.
- Ebitda up 4.9 times to Rs 52.8 crore.
- Margin at 19.3 percent versus 10.5 percent.
- Deferred tax income of Rs 24.3 crore in base quarter.
AU Small Finance Bank (Q4, YoY)
- Net Interest Income up 34.9 percent to Rs 386.9 crore.
- Net profit up 42.4 percent to Rs 118.2 crore.
- Provisions at Rs 39.2 crore versus Rs 32.1 crore (Rs 32.5 crore QoQ).
- GNPA at 2.04 percent versus 2.09 percent (QoQ).
- NNPA at 1.29 percent versus 1.31 percent (QoQ) .
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- The Bank of Japan, Bank of Canada, Bank of Russia, Sweden’s Riksbank and Bank of Indonesia set monetary policy.
- Germany’s IFO data is released Wednesday.
- Japan’s Shinzo Abe meets leaders of the European Union Thursday before flying to the U.S. for a summit with President Donald Trump.
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