Sensex, Nifty End With Minor Losses As ICICI Bank, Infosys Weigh

Gayatri Projects

• Stock rose as much a 4.6 percent to Rs 170.85.
• Trading volume was almost 14 times its 20-day average.

Kiocl

• Stock rose as much as 8.7 percent to Rs 141.
• Trading volume was more than 10 times its 20-day average.

Ajanta Pharma

• Stock rose as much as 10 percent to Rs 1,089.40.
• Trading volume was nine times its 20-day average.

Kansai Nerolac Paints Ltd.’s shares fell as much as 7.5 percent to Rs 408. The company’s profit declined 12.3 percent year-on-year to Rs 92.8 crore during January-March period, according to its stock exchange filing.

Key Earnings Highlights (Q4, YoY)

• Revenue up 4.5 percent to Rs 1,153.2 crore
• Ebitda down 11.4 percent to Rs 149.7 crore.
• Margin at 13 percent versus 15.3 percent.

Shares of Dabur India fell as much as 4.5 percent, the most in over six months, to Rs 380.30.

The FMCG company reported a net profit of Rs 370.4 crore, a fall of 6.5 percent from the year-ago period, according to its stock exchange filing. The analysts consensus estimate tracked by Bloomberg stood at Rs 424 crore. The bottomline also missed the lowest estimate of Rs 387 crore.

Key Earnings Highlights (Q4, YoY)

• Revenue up 4.7 percent to Rs 2,128.2 crore.
• Net profit down 6.5 percent to Rs 370.4 crore.
• Ebitda down 5.8 percent to Rs 457.2 crore.
• Margin at 21.5 percent versus 23.9 percent.

Source: Bloomberg

Shares of L&T rose 1.1 percent to Rs 1,363.

The company’s construction unit bagged an order from Saudi Arabia-based firm for the construction Gold processing plant, according to its stock exchange filing.

The order is valued at around Rs 2,500-5,000 crore, according to the company’s project classification, the statement added.

MRF Ltd. reported a net profit of Rs 293.83 crore during the three months ended March, a fall of 15 percent from the year-ago period, according to its stock exchange notification. The consensus analysts estimate surveyed by Bloomberg stood at Rs 299 crore.

Key Earnings Highlights (Q4, YoY)

• Revenue up 6.2 percent to Rs 4073.45 crore
• Net Profit down 15 percent to Rs 293.83 crore
• Ebitda down 13 percent to Rs 571.23 crore
• Margin at 14 percent versus 17.1 percent

Shares of MRF fluctuated between gains and losses to trade 0.6 percent lower at Rs 52,580.

TVS Motor Company Ltd. sold 3.18 lakh units last month an increase of 5 percent from April 2018, the two-and-three-wheeler maker said in a stock exchange filing.

Key Sales Highlights (YoY)

• Two-wheeler sales rose 4 percent to 3.05 lakh units.
• Domestic two-wheeler sales rose 3 percent to 2.48 lakh units.
• Scooter sales rose 9 percent to 97,323 units.
• Motorcycle sales rose 9 percent to 1.43 lakh units.
• Three-wheeler sales rose 15 percent to 13,104 units.
• Two-wheeler exports rose 11 percent to 57,377 units.
• Overall exports rose 13 percent to 69,565 units.

Shares of TVS Motor recovered from day’s low. The stock traded 2.9 percent lower at Rs 477.65 after the sales announcement. It fell 8.2 percent intraday.

Shares of Bandhan Bank reversed losses and rose as much as 2.1 percent to Rs 612.

The lender’s asset quality improved during March quarter. Gross non-performing assets as a ratio of the total advances contracted to 2.04 percent from 2.41 percent sequentially. Net NPA ratio fell to 0.58 percent from 0.7 percent sequentially.

Key Earnings Highlights (Q4, YoY)

• Net profit up 67.8 percent to Rs 651 crore.
• Net Interest Income up 45.6 percent to 1,258 crore.
• Provisions at Rs 154 crore versus 109 crore (QoQ).

Nifty’s 11,800 call option contract was among the most active Nifty option contracts on National Stock Exchange.

Premium on the contract fell 48.35 percent to Rs 6.25. Over 18.24 lakh shares were added to the open interest which stood at over 43.06 lakh shares.

Ashok Leyland: Shares of the truck-and-bus maker rose as much as 4.1 percent to Rs 90.50. The company’s overall sales rose 7 percent on a yearly basis to 13,626 units in April, according to its stock exchange filing. (Click here for more details)

Capacite Infra: Shares of the construction company rose as much as 2.9 percent to R 233.80. The company received an order worth Rs 229 crore from Raymond’s realty division, according to its statement on the exchanges.

Dilip Buildcon: Shares of the infrastructure company fell as much as 4.8 percent to Rs 513.20. The company said that it is entitled for Rs 37.98 crore bonus on early project completion, according to its stock exchange filing.

The Nikkei India Manufacturing Purchasing Managers’ Index fell to 51.8 in April from 52.6 in March. In PMI parlance, a print above 50 means expansion, while a score below that denotes contraction.

Bajaj Auto

• Stock rose as much as 1.3 percent to Rs 3,022.
• Sales rose 2 percent year-on-year to 4.23 lakh units.

M&M

• Stock rose as much as 2.4 percent to Rs 660.70.
• Auto sales fell 9 percent to 43,721 units.

Escorts

• Stock fell as much as 7.7 percent to Rs 681.80.
• Sales declined 14.9 percent to 5,264 units.

Atul Auto

• Stock rose as much as 5.5 percent to Rs 343.
• Sales rose 22.2 percent to 3,346 units.

Eicher Motors

• Stock fell as much as 2.5 percent to Rs 19,860.
• Royal Enfield sales fell 17 percent to 62,879 units.

Catch all the live auto sales updates here.

Ambuja Cements (Q1CY19, YoY)

• Stock rose as much as 2.5 percent to Rs 218.05.
• Revenue up 2.3 percent to Rs 2,927.6 crore.
• Net profit up 57.1 percent to Rs 427 crore.
• Ebitda down 8.6 percent to Rs 463.3 crore.
• Margin at 15.8 percent versus 17.7 percent.
• Other income up 4.7 times to Rs 240.2 crore.
• Sonal Shrivastava appointed as CFO.

Raymond (Q4, YoY)

• Stock fell as much as 4.4 percent to Rs 737.90.
• Revenue up 11 percent to Rs 1,808.7 crore.
• Net profit up 27.1 percent to Rs 67.5 crore.
• Ebitda up 10.9 percent to Rs 167 crore.
• Margin flat at 9.2 percent.

Ajanta Pharma (Q4, YoY)

• Stock rose as much as 5.6 percent to Rs 1,045.45.
• Revenue down 2.8 percent to Rs 515.2 crore.
• Net profit down 5.9 percent to Rs 88.9 crore.
• Ebitda down 8.8 percent to Rs 127.2 crore.
• Margin at 24.7 percent versus 26.3 percent.
• Raw material cost as percent of sales at 25 percent versus 21 percent.

Gruh Finance (Q4, YoY)

• Stock fell as much as 3 percent to Rs 308.20.
• Net interest income down 4.2 percent to Rs 169.7 crore.
• Net profit up 1.2 percent to Rs 129.7 crore.
• Loan assets up 12 percent to Rs 17,408 crore.
• Board approved raising Rs 5,100 crore via debt instruments.

Indian Hotels (Q4, YoY)

• Stock rose as much as 4.3 percent to Rs 155.40.
• Revenue up 8.8 percent to Rs 1,244.3 crore.
• Net profit up 52.1 percent to Rs 115 crore.
• Ebitda up 16.1 percent to Rs 284.3 crore.
• Margin at 22.8 percent versus 21.4 percent.
• Other income up 81 percent to Rs 37.2 crore.
• Exceptional gain of Rs 14.8 crore versus exceptional loss of Rs 14.4 crore.

Can Fin Homes (Q4, YoY)

• Stock rose as much as 2.5 percent to Rs 326.70.
• Net interest income up 5 percent to Rs 137.7 crore.
• Net profit down 9.3 percent to Rs 67 crore.

Zensar Technologies (Q4, QoQ)

• Stock rose as much as 7.8 percent to Rs 253.
• Revenue up 2.1 percent to Rs 1,057.4 crore.
• Net profit up 49.5 percent to Rs 82.7 crore.
• EBIT up 23.6 percent to Rs 93.7 crore.
• Margin at 8.9 percent versus 7.3 percent.
• Other income of Rs 25 crore.

Shoppers Stop (Q4, YoY)

• Stock fell as much as 4.3 percent to Rs 443.
• Revenue down 6.9 percent to Rs 791.1 crore.
• Net profit down 44.7 percent to Rs 11.5 crore.
• Ebitda up 14.8 percent to Rs 59.1 crore.
• Margin at 7.5 percent versus 6.1 percent.

Future Lifestyle Fashions (Q4, YoY)

• Stock rose as much as 2.6 percent to Rs 493.95.
• Revenue up 30.1 percent to Rs 1,271.28 crore.
• Net profit up 40.5 percent to Rs 36.44 crore.
• Ebitda up 21.6 percent to Rs 107.38 crore.
• Margin at 8.4 percent versus 9.0 percent.

DCM Shriram (Q4, YoY)

• Stock rose as much as 11.5 percent to Rs 485.
• Revenue up 20.5 percent to Rs 1,887.92 crore.
• Net profit up 484.28 percent to Rs 292.14 crore.
• Ebitda up 365.7 percent to Rs 398.18 crore.
• Margin at 21.1 percent versus 5.45 percent.

Container Corporation (Q4, YoY)

• Stock rose as much as 4.9 percent to Rs 517.45.
• Revenue up 11.9 percent to Rs 1,834.29 crore.
• Net profit up 20.6 percent to Rs 352.31 crore.
• Ebitda up 17.2 percent to Rs 467.23 crore.
• Margin at 25.4 percent versus 24.3 percent.

Everest Industries (Q4, YoY)

• Stock fell as much as 2.1 percent to Rs 425.05.
• Revenues up 7.6 percent to Rs 367.35 crore.
• Net profit down 25.8 percent to Rs 14.69 crore.
• Ebitda down 8.4 percent to Rs 24.3 crore.
• Margin at 6.6 percent versus 7.7 percent.

Q4 Results: Britannia’s Profit Meets Estimates 

Shares of the housing finance company fluctuated between gains and losses to trade little changed at Rs 135.20.

Dewan Housing Finance Limited met repayment obligations that were due on April 30 and repaid principal of Rs 500 crore and interest payments of Rs 332 crore, according to its exchange notification. The company also plans consider raising funds via equity on May 4.

The stock fell 46.2 percent so far this year and declined 79.2 percent in the past 12 months.

Shares of Maruti Suzuki fell as much as 2.1 percent to Rs 6,525. The stock declined for the eighth consecutive trading session, its longest losing streak in over a month.

The company sold 1.43 lakh units last month, a decline of 17.2 percent from the year-ago period, India’s largest carmaker said in an exchange filing. The sales fell the most since August 2012, according to data compiled through Bloomberg.

Key Sales Highlights (YoY)

• Sales of mini segment fell 39.8 percent to 22,766 units.
• Sales of the compact segment fell 13.9 percent to 72,146 units.
• Sales of Ciaz fell 45.5 percent to 2,789 units.
• Sales of utility vehicles rose 5.9 percent to 22,035 units.
• Sales of vans fell 26.7 percent to 11,649 units.
• Sales of Super Carry rose 50.2 percent to 2,319 units.
• Total domestic passenger vehicle sales fell 19.6 percent to 1.31 lakh units.
• Total domestic sales* declined 18.7 percent to 1.34 lakh units.
• Total exports rose 14.6 percent to 9,177 units.

The sales of new WagonR are reported under compact segment and the sales number of old discontinued WagonR are, however, reported in the mini sub-segment effective February 2019, the company said.

* Effective April 2019, sales to other OEMs have commenced and are reported as ‘Sales to other OEM’. Total domestic sales and total sales include this figure.

Futures – May Series

Nifty

• Nifty futures closed trading at 11,791.5, premium of 43.4 points versus 58.9 points.
• Nifty open interest down 2 percent, sheds 3.9 lakh shares in open interest.

Bank Nifty

• Bank Nifty futures closed trading at 29,891.7, premium of 126.9 points versus 164 points.
• Bank Nifty open interest down 9 percent, sheds 1.6 lakh shares in open interest.

Options

• Nifty PCR at 1.48 versus 1.62 (across all series).

Nifty Weekly Expiry 2 May

• Max open interest concentration at 11,800 Call (24.8 lakh shares), 11,900 Call (19.4 lakh shares) 11,700 Put (+17.8 lakh shares).
• Max open interest addition seen at 11,900 Call (+8.8 lakh shares) and 11,850 Call (+7.2 lakh shares), 11,800 Call(+5.4 lakh shares).

Nifty Monthly Expiry 30 May

• Max open interest concentration on Put side at 11,000 (21.8 lakh shares).
• Max open interest on call side at 12,000 (11.9 lakh shares).

On Kotak Mahindra Bank

Nomura

• Downgraded to ‘Neutral’ from ‘Buy’; hiked price target to Rs 1,450 from Rs 1,400.
• March quarter was in line; cut to ‘Neutral’ on valuation
• Deposit side best-in-class now along with credit underwriting.
• Fundamentally, franchise is getting stronger.

Jefferies

• Downgraded to ‘Underperform’ from ‘Hold’; hiked price target to Rs 1,175 from Rs 1,160.
• March quarter review: steady quarter; downgrade on premium valuation.
• Tepid NII growth and higher NPL provisions.
• RoEs will remain capped at sub-16 percent on consolidated basis and below 15 percent on standalone basis.

On TVS Motor

Nomura

• Maintained ‘Reduce’; cut price target to Rs 359 from Rs 411.
• March quarter’s margins were significantly below estimates due to higher commodity costs.
• Rising costs and competition to keep margins under pressure.
• As volume growth slows, stock will find it difficult to sustain current valuation.

Jefferies

• Maintained ‘Hold’; cut price target to Rs 540 from Rs 580.
• March quarter’s Ebitda missed estimates despite revenue beat.
• Inventory in check; hopeful of better H2; exports momentum to continue.
• Outperforming peers but burden of expectations to weigh.

On Ambuja Cements

Nomura

• Maintained ‘Buy’ with a price target of Rs 295
• Weak March quarter due to lower realisations and volumes.
• Continue to believe that cement is in an upcycle.
• Cement prices have seen increases recently; expect realisations to move up from June quarter.

CLSA

• Maintained ‘Outperform’ with a price target of Rs 250.
• Weak March quarter operating results.
• Realisation miss even while costs managed well.
• With better spot prices in core market, margin outlook is much better.

More Calls

PhillipCapital on Britannia

• Maintained ‘Neutral’ with a price target of Rs 2,675.
• March quarter results were tad below our expectations.
• Margins flat on account of increase in overheads due to commissioning of new facilities.
• Management cautioned regarding a slowdown in recent months.

HSBC on Castrol India

• Maintain ‘Hold’; Cut target price to Rs 170 from Rs 175
• Q1CY19 miss on weakening demand growth
• Brand strength, product mix and cost control helped protect strong margins
• Believe current tough macro conditions could keep earnings growth under pressure

HSBC on India Power

• Analysis of stressed assets suggests no immediate need for private IPPs to set up thermal power plants.
• Low demand growth, weak discoms and low renewable tariffs discourage discoms from signing new long-term PPAs.
• Remain cautious on BHEL and other capital goods stocks in coverage.

HSBC on ICICI Prudential

• Maintained ‘Buy’; hiked price target to Rs 416 from Rs 385.
• March quarter results were on expected lines but directionally positive.
• 2018-19 was forgettable, turnaround is underway

Nomura on Exide Industries

• Maintained ‘Neutral’; hiked price target to Rs 239 from Rs 236.
• March quarter’s margin beats on lower staff costs and other overhead costs.
• Auto sector demand weak across OEMs and replacement market.
• Believe Exide will continue to face market share pressure.

HSBC on Quess Corp

• Maintained ‘Buy’ with a price target of Rs 1,000.
• Strong momentum in staffing and facilities business to lead to above-average organic growth in March quarter.
• Margin concerns on pricing and acquisitions are overdone; expect margins to improve.
• Believe Quess offers strong double digit revenue growth.

CLSA on Persistent Systems

• Downgraded to ‘Sell’ from ‘Buy’; cut price target to Rs 620 from Rs 700.
• All business units show poor YoY growth, no signs of strength.
• Margins in-line on adjusted basis; don’t see scope for expansion.
• Cut revenue and EPS estimates by 1-2 percent and 2-12 percent respectively over FY20-21; Persistent is likely to remain a value trap.

• Chambal Fertilisers & Chemicals promoter group Simon India created a pledge of 17.6 lakh shares on April 25.
• Adani Transmission promoter Gautam Adani revoked pledge of 2.04 crore shares on April 26.
• Adani Enterprises promoter Gautam Adani revoked pledge of 94.54 lakh shares on April 26.
• Adani Ports & SEZ promoter Gautam Adani revoked pledge of 6.78 crore shares on April 26.
• Reliance Power: IDBI Trusteeship Services invoked pledge of 7.62 crore shares on April 30.
• Emami promoters created pledge of 2.6 lakh shares on April 24 and revoked pledge of 9,000 shares on April 25.

• Maruti Suzuki India’s sales fell 17 percent to 1.43 lakh units.
• Escorts’ sales declined 14.9 percent to 5,264 units.
• Atul Auto’s sales rose 22.2 percent to 3,346 units.
• Suzuki Motorcycle India’s sales jumped 9.25 percent to 57,072 units.
• Honda Cars’ sales soared 23.2 percent to 11,272 units.
• Eicher Motors’ Royal Enfield sales fell 17 percent to 62,879 units.

Catch all the live auto sales updates here.

TVS Motor (Q4, YoY)

• Revenue up 9.4 percent to Rs 4,384 crore.
• Net profit down 19.2 percent to Rs 133.8 crore.
• Ebitda up 4.4 percent to Rs 308.1 crore.
• Margin at 7 percent versus 7.4 percent.

Ambuja Cements (Q1CY19, YoY)

• Revenue up 2.3 percent to Rs 2,927.6 crore.
• Net profit up 57.1 percent to Rs 427 crore.
• Ebitda down 8.6 percent to Rs 463.3 crore.
• Margin at 15.8 percent versus 17.7 percent.
• Other income up 4.7 times to Rs 240.2 crore.
• Sonal Shrivastava appointed as CFO.

Raymond (Q4, YoY)

• Revenue up 11 percent to Rs 1,808.7 crore.
• Net profit up 27.1 percent to Rs 67.5 crore.
• Ebitda up 10.9 percent to Rs 167 crore.
• Margin flat at 9.2 percent.

Ajanta Pharma (Q4, YoY)

• Revenue down 2.8 percent to Rs 515.2 crore.
• Net profit down 5.9 percent to Rs 88.9 crore.
• Ebitda down 8.8 percent to Rs 127.2 crore.
• Margin at 24.7 percent versus 26.3 percent.
• Raw material cost as percent of sales at 25 percent versus 21 percent.

Gruh Finance (Q4, YoY)

• Net interest income down 4.2 percent to Rs 169.7 crore.
• Net profit up 1.2 percent to Rs 129.7 crore.
• Loan assets up 12 percent to Rs 17,408 crore.
• Board approved raising Rs 5,100 crore via debt instruments.

Indian Hotels (Q4, YoY)

• Revenue up 8.8 percent to Rs 1,244.3 crore.
• Net profit up 52.1 percent to Rs 115 crore.
• Ebitda up 16.1 percent to Rs 284.3 crore.
• Margin at 22.8 percent versus 21.4 percent.
• Other income up 81 percent to Rs 37.2 crore.
• Exceptional gain of Rs 14.8 crore versus exceptional loss of Rs 14.4 crore.

Can Fin Homes (Q4, YoY)

• Net interest income up 5 percent to Rs 137.7 crore.
• Net profit down 9.3 percent to Rs 67 crore.

Zensar Technologies (Q4, QoQ)

• Revenue up 2.1 percent to Rs 1,057.4 crore.
• Net profit up 49.5 percent to Rs 82.7 crore.
• EBIT up 23.6 percent to Rs 93.7 crore.
• Margin at 8.9 percent versus 7.3 percent.
• Other income of Rs 25 crore.

Shoppers Stop (Q4, YoY)

• Revenue down 6.9 percent to Rs 791.1 crore.
• Net profit down 44.7 percent to Rs 11.5 crore.
• Ebitda up 14.8 percent to Rs 59.1 crore.
• Margin at 7.5 percent versus 6.1 percent.

Future Lifestyle Fashions (Q4, YoY)

• Revenue up 30.1 percent to Rs 1,271.28 crore.
• Net profit up 40.5 percent to Rs 36.44 crore.
• Ebitda up 21.6 percent to Rs 107.38 crore.
• Margin at 8.4 percent versus 9.0 percent.

DCM Shriram (Q4, YoY)

• Revenue up 20.5 percent to Rs 1,887.92 crore.
• Net profit up 484.28 percent to Rs 292.14 crore.
• Ebitda up 365.7 percent to Rs 398.18 crore.
• Margin at 21.1 percent versus 5.45 percent.

Container Corporation (Q4, YoY)

• Revenue up 11.9 percent to Rs 1,834.29 crore.
• Net profit up 20.6 percent to Rs 352.31 crore.
• Ebitda up 17.2 percent to Rs 467.23 crore.
• Margin at 25.4 percent versus 24.3 percent.

Everest Industries (Q4, YoY)

• Revenues up 7.6 percent to Rs 367.35 crore.
• Net profit down 25.8 percent to Rs 14.69 crore.
• Ebitda down 8.4 percent to Rs 24.3 crore.
• Margin at 6.6 percent versus 7.7 percent.

IOCL hikes ATF prices for 3rd consecutive month. ✈️⛽️

Read: https://t.co/arqLZYyEGD pic.twitter.com/azUIvBCj5U

— BloombergQuint (@BloombergQuint) May 2, 2019

• Brent crude rose 0.12 percent to $72.17 per barrel.
• West Texas Intermediate crude dipped 0.2 percent to $63.47 a barrel.
• Gold was steady at $1,276.13 an ounce.

London Metal Exchange

• Copper ended 2.8 percent lower.
• Aluminium halted a four-day decline, ended 1 percent higher.
• Nickel ended lower for the third consecutive trading session, down 0.34 percent.
• Tin ended lower for the third consecutive trading session, down 0.51 percent.
• Lead ended lower for the third consecutive trading session, down 3.9 percent.
• Zinc halted a three-day rally, ended 1.9 percent lower.