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Sensex, Nifty Fall For Second Straight Day Led By Decline In ICICI Bank

Sensex, Nifty Fall For Second Straight Day Led By Decline In ICICI Bank
The Bombay Stock Exchange (BSE) building, left, looms over a no-entry street sign in Mumbai. (Photographer: Prashanth Vishwanathan/Bloomberg)
7 years ago
Catch all the live updates of share prices, index moves, corporate announcements and more from Indian equity markets. 

Shares of the Mumba-based power producer fell as much as 5.88 percent to Rs 69.60 after its profit missed Bloomberg consensus estimates in December quarter.

Key earnings highlights:

  • Revenue at Rs 7,710 crore versus estimate of Rs 7,803 crore
  • Net profit at Rs 127 crore versus estimate of Rs 466 crore

Shares of the Mumbai-based media company extended gains and rose as much as 20 percent to Rs 382 after lenders having a pledge on the Zee Group promoters’ shares have granted time until April to repay dues after they sold 0.6 percent stake in the group’s flagship on Friday.

Shares of the Delhi-based electrical products maker fell as much as 6.57 percent to Rs 135 after its profit declined in December quarter.

Key earnings highlights:

  • Revenue at Rs 420 crore versus Rs 346 crore (YoY)
  • Net profit at Rs 11.76 crore versus Rs 12.17 crore (YoY)

Shares of the Mumbai-based pharma company extended decline and fell as much as 8.17 percent to Rs 440 after its loss widened in December quarter.

Key earnings highlights:

  • Revenue at Rs 1,045 crore versus Rs 1,005 crore (YoY)
  • Net loss at Rs 71.11 crore versus loss of Rs 40.76 crore (YoY)

Indian equity benchmarks extended decline paced by losses in Adani Ports, Bajaj Finance, Indiabulls Housing Finance and ICICI Bank.

The S&P BSE Sensex fell 1.24 percent or 430 points to 35,600 and NSE Nifty 50 Index dropped 1.25 percent or 133 points to 10,648.

The overall market breadth was extremely bearish as 1,970 shares were declining while a little over 450 shares were advancing on the BSE.

Shares of the Mumbai-based real estate developer fell as much as 4.77 percent, the most in over three months, to Rs 391 after its profit declined in December quarter.

Key earnings highlights:

  • Revenue declined 26 percent to Rs 124.41 crore versus Rs 168.34 crore (YoY)
  • Net profit fell 28 percent to Rs 19.43 crore versus Rs 27.14 crore (YoY)

Shares of the Kolhapur-based private sector lender fell as much as 3 percent to Rs 556.05 after it reported December quarter earnings.

Key earnings highlights:

  • Net interest income up 40.2 percent at Rs 655 crore versus Rs 467.3 crore (YoY)
  • Net profit up 36.2 percent at Rs 225.2 crore versus Rs 165.3 crore (YoY)
  • Provisions at Rs 160.7 crore versus Rs 82.3 crore (YoY); Rs 139.7 crore (QoQ)
  • GNPA at at 1.38 percent versus 1.4 percent (QoQ)
  • NNPA at 0.72 percent versus 0.74 percent (QoQ)

Shares of the Faridabad-based tractor maker swung after it reported December quarter earnings.

Key earnings highlights:

  • Revenue up 37.4 percent at Rs 1655.1 crore versus Rs 1205 crore
  • Net profit up 52.3 percent at Rs 140.1 crore versus Rs 92 crore
  • EBITDA up 38.4 percent at Rs 200.5 crore versus Rs 144.9 crore
  • Margins at 12.1 percent versus 12 percent
  • Other Income up 3 times at Rs 24.4 crore versus Rs 8.2 crore
  • Exceptional gain of Rs 10.9 crore

Shares of the Bengaluru-based public sector lender rose as much as 3 percent to Rs 262 after its asset quality improved in December quarter.

Key earnings highlights:

  • Net interest income up 4 percent at Rs 3,813.80 crore versus Rs 3,679 crore (YoY)
  • Net profit up 152 percent at Rs 317.52 crore versus Rs 125.75 crore (YoY)
  • Gross non-performing assets as a percentage of total advances at 10.25 percent versus 10.56 percent (QoQ)
  • Net non-performing assets as a percentage of total advances at 6.37 percent versus 6.54 percent (QoQ)
  • Provisions for NPAs at Rs 2,732.71 crore versus Rs 2,403.06 crore (QoQ)

Shares of the Chennai-based auto parts maker extended losses and fell as much as 6.13 percent to Rs 508 after its profit declined in December quarter.

Key earnings highlights:

  • Revenue up 3.2 percent at Rs 132.18 crore versus Rs 128.13 crore (YoY)
  • Net profit down 20 percent at Rs 10.56 crore versus Rs 13.18 crore (YoY)

Jet Airways has also sought for shareholders’ approval for increasing authorized share capital of company by creating more number of equity and preferred shares, according to a notice of the Mumbai-based carrier’s extraordinary general meeting of holders.

  • Company to hold shareholders’ meeting on Feb. 21 in Mumbai.
  • Seeks approval for converting loans in to equity shares, convertible instruments.
  • Also seeks to approve alteration in “Liability Clause” of memorandum of association of the company.

Shares of the Mumbai-based real estate developer fell as much as 2.41 percent to Rs 727.35 after its profit missed Bloomberg consensus estimates in December quarter.

Key earnings highlights:

  • Revenue at Rs 340 crore versus Rs 267 crore (YoY); Estimate of Rs 456 crore
  • Net profit at Rs 41.6 crore versus loss of Rs 55 crore (YoY); Estimate of Rs 71.87 crore
  • EBITDA loss at Rs 38.7 crore versus EBIDTA loss at Rs 60.5 crore
  • Other income up 2.2 times at Rs 90.6 crore versus Rs 40.9 crore

Indian equity benchmarks extended decline led by losses in ICICI Bank, HDFC, Infosys and Reliance Industries.

The S&P BSE Sensex fell 0.90 percent or 324 points to 35,701 and the NSE Nifty 50 Index dropped 1 percent or 106 points to 10,674.

All sector gauges compiled by BSE were trading lower led by the S&P BSE Healthcare Index's 2.2 percent fall.

Mid- and small-cap shares were underperforming their larger peers as the S&P BSE MidCap Index fell 1.9 percent and the S&P BSE SmallCap Index dropped 2 percent.

Shares of the Mumbai-based steel maker fell as much as 1.74 percent to Rs 445.

The company's unit TS Global Holdings has signed an agreement with HBIS Group to divest majority stake in South-East Asian operations, Tata Steel said in an exchange filing.

Tata Steel will get $327 million and 30 percent in HBIS Group-held entity, the filing added.

Shares of the Secunderabad-based logistics support services provider provider fell as much as 6.70 percent, the most in over three months, to Rs 70.30 after it reported December quarter earnings.

Key earnings highlights:

  • Revenue up 7.2 percent at Rs 480.6 crore.
  • Net profit up 27.6 percent at Rs 3.7 crore.
  • Ebitda flat at Rs 24 crore.
  • Margins at 5 percent versus 5.3 percent.

Shares of the Ahmedabad-based mortgage lender fell as much as 3.43 percent to Rs 219.30 after it reported December quarter earnings.

Key earnings highlights:

  • Net interest income down 7.7 percent at Rs 166.7 crore.
  • Net profit up 6.8 percent at Rs 97 crore versus Rs 90.8 crore.
  • Provisions and write-offs of Rs 26 crore in base quarter.

Shares of the Bengaluru-based coffee chain operator fell as much as 5.30 percent intraday to Rs 266 as the company said it would take required action in the next few days to get a portion of IT firm Mindtree shares—owned by the company and its promoter V G Siddhartha—released by the Income Tax Department.

In the last four trading sessions, the stock has corrected 6.61 percent.

Shares of the Bengaluru-based cafe-chain operator fell 5.3 percent intraday to Rs 266 per share.

Coffee Day Enterprises said it would take required action in the next few days to get a portion of IT firm Mindtree shares -- owned by the company and its promoter VG Siddhartha -- released by the Income Tax Department.

Meanwhile, L&T is said to have taken an enabling resolution to strike a deal to buy Siddhartha’s 21 percent stake in Mindtree, the Times of India reported, citing people directly aware of the matter.

Shares of the infrastructure company snapped its two-day blip and rose as much as 4.1 percent to RS 1,337.90, after its results for the October-December quarter were announced on Friday.

Key Earnings Highlights (Q3, YoY)

  • Revenue up 24 percent at Rs 35,709 crore.
  • Net profit up 37 percent at Rs 2,042 crore.
  • Ebitda up 27 percent at Rs 3,997 crore.
  • Operating margin at 11.2 percent versus 10.9 percent.
  • Other income higher at Rs 606 crore versus Rs 214 crore.

Full Text: Zee Group’s Subhash Chandra Says ‘Negative Forces’ Caused Stock Crash

Indian equity benchmarks declined for the second straight trading session.

The S&P BSE Sensex Index fell as much as .023 percent to 35,943.62 and the NSE Nifty 50 Index fell as much as 0.23 percent to 10,755.55.

The market breadth was tiled in favour of sellers. About 844 stocks declined and 580 shares advanced on National Stock Exchange.

Eight out of 11 sectoral gauges compiled by NSE fell, led by the NSE Nifty Pharma Index's 1.04 percent decline. On the flipside, the NSE Nifty Media Index was the top sectoral gainer, up 7.1 percent.

F&O Cues
  • Nifty January futures closed trading at 10,786, with a premium of 5 points.
  • Maximum open interest for January series at 11,000 call (OI at 44.3 lakh shares)
  • Maximum open interest for January series at 10,700 put (OI at 30 lakh shares)

Stocks In F&O Ban

  • Jet Airways
  • Reliance Capital
  • Jain Irrigation

Put-Call Ratio

  • Nifty PCR at 1.37 versus 1.44
  • Nifty Bank PCR at 1.03 versus 1.13

On Zee Entertainment

Nomura

  • Maintained ‘Buy’ with a price target of Rs 671.
  • Management clarified that they have not been investigated by any agency over alleged fraud.
  • Zee promoters optimistic on stake sale.
  • Believe Zee is on track to deliver 17 percent and 13 percent CAGR in advertise and subscription revenue respectively over FY18-21.

Deutsche Bank Research.

  • Maintained ‘Buy’ with price target of Rs 575.
  • Mgmt. believes the fall in share price was majorly driven by Futures and Options.
  • Stock price movement not have a bearing on the stake sale process.
  • Buy rating premised on multiple fundamental reasons; Expect earnings CAGR of 19 percent over FY19-21.

CLSA

  • Maintained ‘Buy’ with a price target of Rs 670.
  • Stock plunge on high promoter pledging and fear of pledge being invoked.
  • Business operations remain on a strong growth trajectory.
  • Zee’s valuations compelling on sharp fall; see 19 percent earnings CAGR over FY19-21.

More Calls

UBS on Maruti Suzuki

  • Maintained ‘Buy’; cut price target to Rs 8,200 from Rs 9,000.
  • December Quarter Review: Big miss on margins to reverse partly.
  • Price hikes to reverse margins even without any reversal in commodity prices and FX.
  • New Ertiga doing well but overall outlook weak; Low inventory post December quarter.

Jefferies on Mahindra Finance

  • Maintained ‘Buy’; hiked price target to Rs 500 from Rs 490.
  • December quarter’s net profit miss on one-off cost and higher taxes.
  • Margins resilient despite rising funding costs; Solid loan growth.
  • GNPA lower QoQ; further improvement likely in March quarter.

  • AGC Networks
  • Everest Organics
  • IL&FS Transportation Networks
  • Mishtann Foods
  • Navkar Corporation
  • Sadhana Nitro Chem
  • Shankara Building Products
  • Dolat Investments
  • Grandeur Products
  • Raj Television Network
  • Satia Industries
  • SPL Industries.

  • Satin Credit Network: Norges Bank sold 2.92 lakh shares (0.6 percent) at Rs 257.5 each.
  • Dish TV

    • ECL Finance sold 1.24 crore shares (0.75 percent) at Rs 23.2 each.
    • IIFL Wealth Finance sold 1.2 crore shares (0.73 percent) at Rs 24.23 each.

Gruh Finance (Q3, YoY)

  • Net interest income down 7.7 percent at Rs 166.7 crore.
  • Net profit up 6.8 percent at Rs 97 crore versus Rs 90.8 crore.
  • Provisions and write-offs of Rs 26 crore in base quarter.

GATI (Q3, YoY)

  • Revenue up 7.2 percent at Rs 480.6 crore.
  • Net profit up 27.6 percent at Rs 3.7 crore.
  • Ebitda flat at Rs 24 crore.
  • Margins at 5 percent versus 5.3 percent.

Mahindra & Mahindra Financial Services (Q3, YoY)

  • Net Interest Income up 20.1 percent at Rs 1,204 crore.
  • Net profit down 19.6 percent at Rs 318.7 crore.
  • GNPA at 7.7 percent versus 9 percent (QoQ).
  • NNPA at 5.8 percent versus 6 percent (QoQ).
  • Exceptional gain of Rs 65 crore in base quarter.

Nilkamal (Q3. YoY)

  • Revenue up 7.9 percent at Rs 563.9 crore.
  • Net profit down 16.9 percent at Rs 27.5 crore.
  • Ebitda down 24.4 percent at Rs 50.1 crore.
  • Margins at 8.9 percent versus 12.7 percent.
  • Stock purchase expenses up 38 percent at Rs 138.6 crore.

Saregama (Q3, YoY)

  • Revenue up 60.7 percent at Rs 150.6 crore.
  • Net profit up 9.5 times at Rs 12.3 crore.
  • Ebitda up 4.2 times at Rs 19.3 crore.
  • Margins at 12.8 percent versus 4.9 percent.

V2 Retail (Q3, YoY)

  • Revenue up 58.2 percent at Rs 241.1 crore.
  • Net profit up 72.3 percent at Rs 23.6 crore.
  • Ebitda up 34.2 percent at Rs 30.6 crore.
  • Margin at 12.7 percent versus 15 percent.

Kirloskar Brothers (Q3, YoY)

  • Revenue up 17.2 percent at Rs 518 crore.
  • Net profit up 41.8 percent at Rs 12.9 crore.
  • Ebitda up 48.6 percent at Rs 37 crore.
  • Margin at 7.1 percent versus 5.6 percent.

Shriram City Union Finance (Q3, YoY)

  • Net interest income down 3.1 percent at Rs 909.6 crore.
  • Net profit up 1.9 percent at Rs 258.8 crore.
  • AUM up 9.6 percent at Rs 28,795 crore.
  • NIM at 12.43 percent versus 13.84 percent (QoQ).
  • GNPA at 9.63 percent versus 10.02 percent (QoQ).
  • NNPA at 4.96 percent versus 5.19 percent (QoQ).

Poly Medicure (Q3, YoY)

  • Revenue up 18.3 percent at Rs 148.7 crore.
  • Net profit up 1.8 percent at Rs 16.8 crore.
  • Ebitda up 5.1 percent at Rs 31.1 crore.
  • Margin at 20.9 percent versus 23.5 percent.

Foseco (Q3, YoY)

  • Revenue down 2.9 percent at Rs 89.2 crore.
  • Net profit down 10.3 percent at Rs 7 crore.
  • Ebitda down 11.1 percent at Rs 11.2 crore.
  • Margin at 12.6 percent versus 13.7 percent.

  • Coffee Day Enterprises said it would take required action in the next few days to get a portion of IT firm Mindtree shares -- owned by the company and its promoter VG Siddhartha -- released by the Income Tax Department. Meanwhile, L&T is said to have taken an enabling resolution to strike a deal to buy Siddhartha’s 21 percent stake in Mindtree, the Times of India reports, citing people directly aware of the matter.
  • Federal Bank appointed Dilip Sadarangani as part time chairman of the bank with effect from Jan. 25.
  • The U.S. FDA completed inspection of Lupin’s Pithampur with six observations. The company said it was confident of addressing the observations satisfactorily.
  • Zee Entertainment Enterprises clarified that there was no information or any announcement which the company has which had the bearing on its falling stock prices. Its group companies Essel Propack and Dish TV also clarified to the exchanges that its promoters had no linkages to media reports.
  • HAL said that competent authority had granted approval for enhancement of working capital limit from Rs 2,500 crore to Rs 6,050 crore as sanctioned by the State Bank of India and Consortium Banks.
  • Emami entered into an agreement for acquisition of ‘Crème 21’. As per calculations the cost of acquiring this business stands at around Rs 100 crore.
  • The Competition Commission of India approvals:
    CCI approved the acquisition of controlling stake of Hathway Cable and Datacom Limited and Den Networks by Reliance Industries’Jio.
  • CCI approved the amalgamation of GlaxoSmithKline Consumer Healthcare Limited into Hindustan Unilever Limited.
  • CCI approved the acquisition of shares in Zydus Wellness Limitedby True North Funds, Zydus Family Trust, Cadila Healthcare and Pioneer Investment Fund.
  • Spicejet, Jet Airways, InterGlobe Aviation: Government of India approved 235 new routes under India RCS scheme. All three aviation companies wind routes under the scheme and SpiceJet also received nod for turbo aviation seaplane proposals. (Bloomberg News)
  • Entertainment Network’s U.S arm to start operations commercially from Jan. 26 in New York and New Jersey. On Dec. 21, the company had entered into a time brokerage contract with U.S.-based broadcaster to broadcast radio programs and content to target South Asian community.
  • Vakrangee appointed Anil Khanna as the Managing Director and group Chief Executive Officer with effect from Jan. 25.
  • McNally Bharat Engineering received construction order worth Rs 72.6 crores from ESR Warehousing.
  • ICRA revised the long term facility of worth Rs 25 crore of Hindustan Media Ventures from ‘stable’ to ‘negative’ and re-affirmed its rating at ‘AA+’.
  • NBCC received order worth Rs 228 crore for redevelopment of WHO building in New Delhi.
  • DHFL proposed strategic plan for next 18-24 months. Current commercial paper stands at 1 percent of borrowings. The company said that it initiated steps to sell non-core assets and expects to close a major one by Jan. 30. Expected Leverage to come down from 9.27 to 7.5.

  • Brent crude resumed declines after a one-day rally, up 0.45 percent to $61.36 per barrel.
  • West Texas Intermediate fell 0.7 percent to $53.32 a barrel.
  • Gold fell 0.2 percent to $1,300.02 an ounce.

BQEdge | Why Exide Industries’ Stock May Be Running On Low Charge

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