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IDFC: The Mumbai-based commercial finance company staged a sharp upmove and rose as much as 7.15 percent, the most in over six months, to intraday high of Rs 56.29. IDFC is in talks to sell its asset management and stock broking units, The Economic Times reported citing unidentified people familiar with the discussions.
Shaily Engineering: The Gujarat-based plastic products maker rose as much as 8 percent to record high of Rs 1,510 after HDFC Mutual Fund bought stake in the company.
Hathway Cable and Datacom: The Mumbai-based digital cable TV service provider snapped its 5-day losing streak, rising 8.3 percent to Rs 35.20.
Shah Alloys: The Ahmedabad-based steel products maker rose as much as 6 percent to Rs 41.55 after it signed settlement pact with ARCIL.
Shares of the Anil Ambani-led telecom company fell 4.5 percent to Rs 16.85.
The Supreme Court has ordered Reliance Communications to pay spectrum dues of Rs 774 crore to the telecom department by May 2 after the company moved the top court seeking more time to clear dues, The Economic Times reported.
Shares of the Mumbai-based private sector lender rose as much as 4.53 percent to Rs 340 after its asset quality improved and net profit beat Bloomberg consensus estimates in March quarter.
Key earning highlights:
Shares of the Bangalore-based design software developer pared losses after after it beat Bloomberg consensus estimates in March quarter.
Key earnings highlights:
Shares of the Mumbai-based plastic products maker rose as much as 1.6 percent to Rs 1,261.80 after it reported March quarter earnings.
Key earnings highlights:
Shares of the Mumbai-based hair care products maker rose 1.8 percent to Rs 470 after it reported March quarter earnings post market hours yesterday.
Key earnings highlights:
Bajaj Corp On Q4 To BloombergQuint
Shares of the Mumbai-based digital cable TV service provider snapped its 5-day losing streak, rising 8.3 percent to Rs 35.20.
In the last five trading sessions, the stock fell as much as 20 percent after it saw a slew of large block deals in the course of last five trading sessions.
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The Delhi-based stainless-steel products maker fell as much as 8.4 percent, the most in over two months, to Rs 93.95 after its net profit fell in March quarter.
Key earnings highlights:
Shares of the defence equipment maker fell as much as 19.3 percent to Rs 18.4, the most since July 2012 after company auditors raised doubts over its ability to “continue as a going concern.”
The stock fell eight times in the last nine trading sessions, and entails a relative strength index of 15, indicating that it may be oversold. The stock declined 61 percent so far this year, compared to 1.6 percent gain in Sensex.
Auditors of the debt-laden company noted that Reliance Naval’s current liabilities are substantially higher than its assets and winding up petitions being filed by few operating creditors to raise doubts.
Shares of the real estate developer extended gians for the third straight trading session and rose as much as 10 percent to Rs 224 after reporting its strong March quarter earnings.
Key earnings highlights (Q4, YoY)
Shares of the healthcare product maker rose as much as 7.3 percent, the most in over three months to Rs 1,204.
The company said in a stock exchange filing that it plans to consider bonus shares and a dividend at a board meeting on May 3.
Trading volume was 14.7 times its 20-day average. Emami trades at 78.8 times trailing 12-month earnings per share and 53 times its estimates for the coming year, Bloomberg data showed.
Key highlights form the conversation:
Shares of the information technology company fell as much as 4.6 percent to Rs 274, after weak March quarter earnings missed estimates widely.
Net profit of the country’s third-largest software services firm declined 6.6 percent to Rs 1,803 crore on a sequential basis, Wipro said in its filings with the stock exchanges. That’s less than the Rs 2,127 crore estimated by analysts tracked by Bloomberg. (More details here)
The stock was the worst performer on both Sensex and Nifty. The scrip declined 12 percent so far this year.
Here's a quick look at corporate insider trades reported on Wednesday.https://t.co/KKgN11dOh8 pic.twitter.com/TsVlndP4gX
— BloombergQuint (@BloombergQuint) April 26, 2018
The rupee is seen opening steady at around its weakest in nearly 14 months at 66.8950 per dollar, pressurised by foreign fund outflows and rising oil prices.
ANZ, Standard Chartered and Maybank are among a spate of foreign bank and brokerages that have lowered their forecasts for the rupee amid worries about a widening current account deficit.
India imports two-thirds of its crude requirements and the spurt in oil prices has coincided with the slowdown in capital inflows. On Wednesday, it dropped 0.8 percent, marking its worst drop in two months.
Meanwhile, the rupee's weakness is likely to fan inflationary expectations, keeping the appetite for bonds rather muted. Deutsche Bank said in a note that rising oil prices could see the RBI hike rates as early as June.
The benchmark 10-year bond yield climbed five basis points on Wednesday to 7.74 percent, having surged from this year’s low of 7.12 percent on April 5. A 120 billion rupee bond sales will test appetite amongst investors today.
Breaking taboos is becoming good for business in India.https://t.co/IrMOk4LjKd pic.twitter.com/sXB0eSjNot
— BloombergQuint (@BloombergQuint) April 26, 2018
Key highlights from Rabobank's Michael Every's conversation on First Word. pic.twitter.com/toKZp8TMn5
— BloombergQuint (@BloombergQuint) April 26, 2018
Uniply
#Q4WithBQ | Wipro’s profit declines on write-off for insolvent clients. https://t.co/xh9KPsknZi pic.twitter.com/AoI51pB52T
— BloombergQuint (@BloombergQuint) April 26, 2018
Other Earnings To Watch
Here's everything you need to know about the Bharti Infratel-Indus Tower merger.https://t.co/kmbFMxRNUU pic.twitter.com/MwRTux5uUl
— BloombergQuint (@BloombergQuint) April 26, 2018
Fortis Healthcare says the revised offer from TPG-backed Manipal Health will limit its ability to get the best value for its assets.https://t.co/I49F4CBAY0 pic.twitter.com/Oybg2WNgiv
— BloombergQuint (@BloombergQuint) April 26, 2018
Selling more than two million barrels a day of U.S. crude overseas may soon be the new normal.https://t.co/PRA7B8UGqj pic.twitter.com/HwifJQ9EwE
— BloombergQuint (@BloombergQuint) April 26, 2018
Here are some key events coming up this week:
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