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Sensex Closes Above 35,000 For First Time, Nifty Touches 10,800

Sensex Closes Above 35,000 For First Time, Nifty Touches 10,800
Employees walk past a bronze bull statue as they exit the Bombay Stock Exchange (BSE) building in Mumbai, India. (Photographer: Prashanth Vishwanathan/Bloomberg)
8 years ago
Indian equity benchmarks scaled new peaks after the government slashed its borrowing target allaying some of the concerns around a widening fiscal deficit ahead of the budget. The S&P BSE Sensex Index rose as much as 1 percent to 35,118.61 and the NSE Nifty 50 Index rose as much as 1 percent to 10,803.

Shares of the power transmitter extended decline for the fifth trading session and fell as much as 5.9 percent to Rs 39.75 after its net loss widened during the previous quarter.

Highlights From Earnings (Q3, Consolidated, YoY)

  • Net loss at Rs 1,290 crore versus net loss of 667.9 crore.
  • Revenue declined 10.8 percent to Rs 4,844.46 crore.
  • Ebitda declined 44.2 percent to Rs 728 crore.
  • Ebitda margin contracted to 15 percent versus 24 percent.

Management Speaks

  • Received approval for setting up 1600 MW power plant in Jharkhand for power supply to Bangladesh.
  • Jharkhand plant to be financed by debt, equity.
  • Jharkhand project aimed to commence in May 2022.
  • Appoints Rajat Kumar Singh as CFO.

  • Recovery led by strong demand from FMCG.
  • Have taken adequate steps to ensure supply; margins have expanded due to cost control measures.
  • No substantial price increases this quarter, growth based on good volumes.
  • Have paid 12 million Euros for acquisition for Italy-based company.
  • Italy-based company's acquisition funded from internal accruals.
  • Remaining 49 percent acquisition will be completed in the next three years.
  • Confident of maintaining 15 percent CAGR growth.

Shares of the pharmaceutical company rose as much as 5.4 percent to Rs 854.30 after the company’s earnings beat estimates during the quarter-ended December.

Key Highlights from Earnings (Q3, YoY)

  • Net profit rose 79 percent to Rs 213 crore.
  • Revenue rose 41.8 percent to Rs 2067.7 crore.
  • Ebitda rose 25.6 percent to Rs 416.7 crore.
  • Ebitda margins expanded 260 basis points to 20.2 percent.

  • HDFC Standard Life: About 12.7 lakh shares changed hands in a block deal.
  • Fortis Healthcare: About 46 lakh shares changed hands in two block deals.
  • Buyers and sellers were not known immediately

    Source: Bloomberg

Shares of the motion pictures producer snapped three-day gains and fell as much as 3.2 percent to Rs 594.05 after its quarterly results missed estimates in almost all parameters.

Key Highlights From Earnings (Q3, YoY)

  • Net profit up 28 percent to Rs 322 crore.
  • Revenue up 12 percent to Rs 1838 crore.
  • Domestic advertising revenue up 30.4 percent to Rs 1137.3 crore (Adjusted For Sports).
  • Domestic subscription revenue up 7.5 percent to Rs 403.6 crore (Adjusted For Sports).
  • Ebitda up 24 percent to Rs 551.3 crore.
  • Ebitda margins expanded to 30 percent versus 27.1 percent.

Shares of the household products manufacturer rose as much as 4.8 percent, the most in nearly two months to Rs 387, after the company reported strong earnings for the December-ended quarter.

Key Highlights From Earnings (Q3, YoY):

  • Net profit up 61 percent to Rs 34.73 crore.
  • Revenue up 12.3 percent to Rs 431.21 crore.
  • Ebitda up 36.8 percent to Rs 69.3 crore.
  • Operating margin expanded to 16.1 percent versus 13.2 percent.

Shares of the electrical components maker parred early losses and rose as much as 3.3 percent to Rs 375.30, after the company's earnings for the quarter-ended December beats estimates widely.

Key Highlights From The Earnings (Q3, YoY):

  • Net Profit up 83.7 percent to Rs 90 crore.
  • Revenue up 24 percent to Rs 835.18 crore.
  • Ebitda up 44 percent to Rs 202 crore.
  • Ebitda margins expanded to 24.2 percent from 20.8 percent.

Shares of the power plant equipment maker snapped four-day decline and rose as much as 1.1 percent to Rs 100.30. The company bagged order worth Rs 2,800 crore for setting up 600 megawatt coal fired power project, according to its stock exchange notification.

The stock trades at 21.8 times estimated forward earnings per share, compared to 25.6 times for two-year historical average.

Shares of the construction services provider rose as much as 2 percent to Rs 216.70. The company won two orders worth Rs 923 crore from National Highway Authority of India, according to its stock exchange notification.

Trading volume was 42 percent its 20-day average, according to Bloomberg data. The stock is 2.1 percent below Bloomberg consensus one-year price target.

ICICI Prudential

  • Stock Rating: Initiated ‘Neutral’
  • Price Target: Set at Rs 450, implying a potential upside of 10 percent from current market price.

Sterlite Technologies

  • Stock Rating: Reinstated ‘Buy’
  • Price Target: Set at Rs 430, implying a potential upside of 16.7 percent from current market price.

Source: Bloomberg

Shares of the milk powder maker fell as much as 5.8 percent, the most in over five months to Rs 825. The company’s net profit was more than halved during the quarter-ended December, according to its stock exchange notification.

Key Earnings Highlights (Q3, YoY):

  • Net profit down 53 percent at Rs 15 crore.
  • Revenue up 7 percent at Rs 1,013 crore.
  • EBITDA down 6 percent at Rs 87 crore.
  • Margin at 8.6 percent from 9.8 percent.

RG Chandramogan, chairman and managing director at Hatsun Agro Product speaks to BloombergQuint.

Key highlights from the conversation:

  • No drop in prices of milk in South India
  • Massive expansion going on, expect to complete new plant expansion by March
  • Rs 1,100 crore is the current debt on company.
  • Company planning a rights issue in next 3 months to repay debt.
  • Hopeful of handling 36-37 lakh litre of milk by July.
  • Currently operating at 75 percent capacity utilisation
  • Danone shut down will not benefit our business as we are focused on South India.
  • Expect double-digit growth this year too, expect to maintain 20 percent CAGR.
  • Depreciation and interest costs have gone up by Rs 18 crore.
  • New machinery to help increase capacity by 25 percent.

Shares of the Chennai-based heavy commercial vehicle maker snapped four-day decline and rose as much as 1.8 percent to Rs 124.55. The company signed a pact with Israel-based firm Phinergy, according to its media statement on the exchange.

“Ashok Leyland and Phinergy will work towards the adaption of sustainable solutions for high-energy applications in the commercial vehicles space,” the statement said.

Ashok Leyland trades at 22.6 times trailing 12-month earnings per share and 27 times its estimates for the coming year. The stock has returned 3.8 percent since the start of the year.

Shares of the lead products maker snapped two-day decline and rose as much as 2.8 percent to Rs 184.95 after the company won an order worth Rs 250 crore from Luminous Power, according to its stock exchange filing.

Gravita India trades at 40.9 times trailing 12-month earnings per share and 25 times its estimates for the coming year. The stock returned 302 percent last year, compared to 27.9 percent advance in Sensex.

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Put-Call Ratio
  • Nifty PCR at 1.65 from 1.78.
  • Nifty Bank PCR at 1.24 from 1.31.

  • Newgen Software Technologies continues on Day 2. The issue is subscribed 0.2 times.
  • Amber Enterprises India IPO opens at an issue price of Rs 855-859 per share. (Here’s all you need to know about the IPO)

  • JVL Agro Industries circuit filter revised to 10 percent.
  • Fiberweb India’s last trading day before ex-bonus.
  • SJVN last trading day to determine buyback eligibility.
  • Singer India last trading day before stock split.

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