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Shares of Rail Vikas Nigam rose after a consortium of the company and SP Singla Constructions was awarded a Letter of Acceptance (LoA) by National Highways Authority of India (NHAI) on July 11. The LoA pertains to construction of four-lane of National Highway between Kaithlighat and Shakral Village in Himachal Pradesh. The design length of the project is 17.47 km. The total estimated cost of the project is Rs 1,844.77 crore.
Both the analysts tracking the company maintain 'buy'. The return potential of the stock is 46.2%.
Source: Exchange filing, Bloomberg
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The Sensex fell nearly 400 points (0.7%) to 53,997.65. The Nifty 50 declined by similar magnitude to 16,098. About 42 of the Nifty 50 stocks fell and eight rose.
The broader indices outperformed their larger peers, with MidCap index losing 0.4% and SmallCap falling 0.25%. Fifteen of the 19 sectoral indices compiled by BSE Ltd. declined with metals, auto, fmcg and information technology stocks.
The market breadth is skewed slightly in the favour of bears. About 1,500 stocks rose, 1,647 fell and 176 remained unchanged.
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Shares of BLS International Services rose over 4.6%, most in a week.
The rise comes after Nomura Singapore Ltd bought 12.5 lakh shares at Rs 214 apiece on Monday.
Trading volume is more than 2.5 times the 30-day average.
Source: NSE, Bloomberg
The broader indices outperformed their larger peers with MidCap index falling 0.3% and SmallCap gauge losing 0.15%. Sixteen of the 19 sectoral indices compiled by BSE Ltd. declined, with Metal index losing nearly 2%.
The market breadth is skewed neither in the favour of bulls nor bears. About 1,043 stocks advanced, 1,065 fell and 111 remained unchanged.
Yield on the 10-year bond fell 3bps to 7.40% at the open.
10-year bond yield rose in each of the last three sessions.
Source: Bloomberg
Upgrades from 'sell' to 'reduce' with the target price cut from Rs 110 to Rs 105, an implied downside of 3.67%.
Expects further weakness after NMDC cut its prices by 36% over the last two months due to the imposition of export duty.
Destocking by consumers led to contraction in sales value in Q1.
Expects recovery in sales volumes in H2FY2022-23E.
Believes that recent underperformance of the stock accounts for the sharp margin contraction anticipated in Q2FY2022-23E.
Cuts volume estimates by 3%/2%/2% in FY2023/24/25E, respectively.
Delays in commissioning and demerger act as hurdles to value unlocking from steel plant.
Cuts EBITDA estimates by 7%/7%/8% for FY2023/24/25E, respectively.
New project launches over the forthcoming quarters along with sales momentum in ongoing projects, shall lead to continued growth impetus in the pre-sales and cash flows of the company and thereby grow our market share.Company Statement
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Indian Oil, BPCL, HPCL: May report Rs 10,700-crore loss in Q1, according to PTI.
Reliance Industries: Company said to be among those entities vying for Metro AG's Indian wholesale unit, reported Bloomberg.
Eureka Forbes: The company appointed Pratik Pota as Managing Director and Chief Executive Officer for a term of five years effective from Aug. 16. The appointment was made following current MD and CEO Marzin R Shroff’s resignation.
Bajaj Hindusthan: To appeal SEBI penalty at Securities Tribunal; SEBI had levied Rs 10 penalty on the company.
Star Health and Allied Insurance: The company has partnered with Common Services Centers, under Ministry of Electronics & Information Technology, to expand the insurance products to rural customers, across tier-II, tier-III cities and rural markets pan India.
Power Grid: The company has placed BS Jha under suspension with effect from July 5 after his arrest by CBI. The company said that it was not aware of any negotiations and that there is no material impact on the company.
Borosil Renewables: The company will consider fundraising through further public offer, issuance of American Depository Receipts or Global Depository Receipts, issuance of Foreign Currency Convertible Bonds, qualified institutions placement or through a combination on July 14.
Mangalore Refinery and Petrochemicals: To consider share issue for complying with minimum public shareholding requirements by issue of further public offer, preferential issue, qualified institutions placement on July 15.
HFCL: The company received an order from a domestic telecom company for their Fiber to the Home Network and Long Distance Fibre Network in various Telecom Circles. The order is worth Rs 59.22 crore.
Trident: The company production volumes for the month of June stood at 3,333 MT of Bath Linen, 1.95 million Meters for Bed Linen and 8,186 MT for Yarn. It also produced 12,500 MT Paper and 7,673 MT of Chemicals
Satin Creditcare: Plans to raise up to Rs 5,000 crore via bond sale.
SpiceJet: Sees another technical glitch after flight to Dubai.
Spandana Sphoorty Financial Q4 FY22 (Consolidated, YoY)
Revenue fell 39% at Rs 286.82 crore Vs Rs 473.91 crore
EBIT fell 33% at Rs 133.45 crore Vs Rs 198.85 crore
EBIT margin 46.5% Vs 42%
Net profit fell 42% at Rs 28.44 crore Vs Rs 49.06 crore
Revenue at Rs 84 crore vs Rs 88 crore
Profit before tax at Rs 10 crore vs Rs 6 crore
Net profit at Rs 7 crore vs Rs 4 crore
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