Sensex, Nifty Extend Losses Amid Weak Global Cues

Indoco Remedies: The Mumbai-based drugmaker rose as much as 13 percent, the most in over a month, to Rs 216.85 after it reported March quarter earnings.

• Revenue down 2.5 percent at Rs 270 crore versus Rs 277 crore
• Net profit up 14 percent at Rs 20.5 crore versus Rs 18 crore
• Ebitda up 53 percent at Rs 49 crore versus Rs 32 crore
• Margin at 18.1 percent versus 11.6 percent

CDSL: The Mumbai-based depository service provider rose as much as 11.31 percent to Rs 301.65 as government plans to dematerialise shares of unlisted companies, The Times of India reported.

ADF Foods: The Mumbai-based packaged food maker rose as much as 4.6 percent to Rs 276.10 ahead of a board meet on June 5 to consider share buyback proposal.

Astral Poly Technik: The Ahmedabad-based PVC plumbing system maker rose as much as 6 percent to record high of (Rs) 1,019 (apiece) on the back of heavy volumes. Trading volume was 4.1 times its 20-day average.

Shares of the Mumbai-based hotel chain operator erased gains after it reported loss in March quarter.

Key earnings highlights:

• Net loss at Rs 15.8 crore versus profit of Rs 52.14 crore
• Revenue up 5 percent at Rs 206 crore versus Rs 196 crore

Italy is going through a political crisis and chances of it going out of Eurozone are slim, Johan Jooste, CIO of Bank of Singapore told BloombergQuint.

Key highlights from the conversation:

• Italian situation is different than Turkey and Argentina
• Italy is going through a political crisis
• Odds of Italy going out of Eurozone are slim as they do not have their own currency
• Not on the verge of something like Lehman Brothers crisis
• Markets are punishing those economies where external debt is high

• The Indian economy is in cyclical recovery led by both investment and consumption
• Higher oil prices and tighter financial conditions will weigh on the pace of acceleration
• Eexpect GDP growth of about 7.3 percent in 2018, down from our previous forecast of 7.5 percent
• Growth expectation for 2019 remains unchanged at 7.5 percent

• NCLAT reserves verdict on plea against Electrosteel-Vedanta
• NCLAT allows resolution proceedings subject to final order

KPR Mill: The Coimbatore-based apparel maker fell 1.14 percent to Rs 613. Trading volume was 8.1 times its 20-day average.

Dilip Buildcon: The Bhopal-based road construction company fell 6 percent to Rs 992. Trading volume was 13.1 times its 20-day average. Meanwhile, the company has clarified that rumors in the market relating to the resignation of statutory auditors of the company are false and baseless.

CDSL: The Mumbai-based depository service provider rose 7 percent to Rs 290.85. Trading volume was 13.8 times its 20-day average.

Merck Ltd: The Mumbai-based drugmaker surged 20 percent to record high of Rs 2,418. Trading volume was 12 times its 20-day average.

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Shares of the Mumbai-based pharma company rose as much as 8.65 percent to Rs 33.30 after it reported profit in March quarter.

Key earnings highlights:

• Net profit at Rs 4.3 crore versus loss of Rs 2.42 crore (YoY)
• Revenue at Rs 86.8 crore versus Rs 53.95 crore (YoY)

Shares of the Mumbai-based drugmaker rose 3 percent to Rs 198 after it reported March quarter earnings.

Key earnings highlights:

• Net profit at Rs 20.5 crore versus Rs 17.94 crore
• Revenue at Rs 258.86 crore versus Rs 265.55 crore

• Welspun India has about 63 lakh shares change hands in three blocks. Stock up 2.44 percent at Rs 62.95.

Buyers and sellers were not immediately known

Source: Bloomberg

Shares of the Mumbai-based real estate developer fell 0.3 percent to Rs 67 after it reported loss in March quarter.

Key earnings highlights:

• Revenue fell 70 percent to Rs 79.16 crore from Rs 266.39 crore
• Net loss at Rs 23.62 crore versus profit of Rs 6.41 crore

Shares of Mumbai-based foreign exchange solutions provider fell as much as 20 percent, the most in nearly seven years, to Rs 679.10 after its profit declined in March quarter.

Key earnings highlights:

• Revenue declined 25 percent to Rs 1,766 crore versus Rs 1,408 crore (YoY)
• Net profit fell 85 percent to Rs 1.5 crore from Rs 10.48 crore (YoY)

Shares of the Anil Ambani-led telecom operator extended gains for second day and rose as much as 8.78 percent to Rs 17.35.

Reliance Communications has offered an upfront payment of Rs 500 crore to its operational creditor Ericsson, which has got an insolvency order against the Anil Ambani group firm.

Shares of the Mumbai-based computer-network equipment maker rose as much as 5.72 percent, the most in over a month, to Rs 96.15 after it reported profit in March quarter.

Key earnings highlights:

• Net profit at Rs 5.31 crore versus loss of Rs 1.51 crore
• Revenue up 20 percent at Rs 182.79 crore versus Rs 151.82 crore (YoY)

Shares of the Gurugram-based government-owned central transmission utility of India rose as much as 2.4 percent to Rs 211.95 after it reported March quarter earnings post market hours yesterday.

Key earnings highlights:

• Revenue up 2.3 percent at Rs 7,811 crore versus Rs 6,705.6 crore (YoY); Bloomberg estimate of Rs 7,720 crore
• Net profit up 10.4 percent at Rs 2,004.7 crore versus Rs 1,916.4 crore (YoY); Bloomberg estimate of Rs 2,260 crore
• Ebitda up 16.2 percent at Rs 6,524 crore versus Rs 5,616.8 crore
• Margin at 83.5 percent versus 83.8 percent

Shares of the Kolkata-based chemical manufacturer rose 2 percent to Rs 141 after its profit more than doubled in March quarter.

Key earnings highlights:

• Revenue up 47 percent at Rs 551 crore versus Rs 375 crore
• Net profit up 137 percent at Rs 71 crore versus Rs 30 crore
• Ebitda up 76 percent at Rs 127 crore versus Rs 72 crore
• Margin at 23 percent versus 19.2 percent

• Rupee opened higher at 67.89 per U.S. dollar against yesterday's close of 67.87.

The rupee is likely to extend losses of the last session as a wave of risk aversion led by Italy's political crisis impacts most Asian currencies.

The unit had dropped 0.7 percent against the dollar in the previous session to 67.87. The near-term resistance for the pair is at 68.45 a dollar, a level touched on May 23. For today, traders see it in a range of 67.80-68.20 a dollar.

The global risk aversion is also likely to overshadow the positives like a drop in crude oil prices and the timely onset of the monsoon rainfall.

Yield on the 10-year note climbed 2 basis points in last session to 7.76 percent. Further hurting the sentiment is the view that RBI is set to tighten policy as early as next week to keep inflation in check and stem the decline in the rupee. Dealers see the benchmark bond yield moving in a range of 7.72-7.80 percent.

State-run Indian Oil Corporation Ltd. rolled back most of the fuel price cut within hours after halting a sixteen-day hiking spree.

The country’s largest oil retailer cut prices of petrol and diesel by 1 paisa, according to information available on its website. This after IOC had reduced petrol prices by 60 paise a litre cut and diesel by 56 paise earlier in the day.

IDBI Capital On Multiplexes

• Inox Leisure: Initiated ‘Buy’ with a price target of Rs 367; implying a potential upside of 37 percent from the last regular trade.
• PVR: Initiated ‘Buy’ with a price target of Rs 1,700; implying a potential upside of 27 percent from the last regular trade.
• India’s demographics and low penetration of screens provide huge growth opportunity.
• With surge in discretionary spend, expect multiplex sector to benefit.
• Multiplex sector to leverage the momentum in non-ticketing revenue.
• With improved outlook for movies for FY19, expect the momentum to sustain.

Macquarie On Prestige Estates

• Maintained ‘Outperform’ with a price target of Rs 396.
• March quarter net profit in line with estimates.
• Presales pick-up aided by new launches.
• Targets to launch at least one project in affordable housing.
• Remains one of the preferred picks in real estate space.

Deutsche Bank On BHEL

• Maintained ‘Neutral’ with a price target of Rs 90.
• Ebitda margin adjusted for forex gains fall down to 1.6 percent.
• Wages could further increase in 2018-19 post final negotiation.
• Rising commodity prices could put pressure on raw material cost.
• Order wins strong in 2017-18; Favourably placed in orders.

Investec On BHEL

• Maintained ‘Sell’; cut price target to Rs 70 from Rs 75.
• Ebitda margin benefited from lower than expected wage hike and forex gains.
• Yet to see pick-up in execution pace; MoU targets do not inspire confidence.
• Debtors continued to balloon and risk of write-off should not be overlooked.
• Business environment is likely to remain challenging.

Motilal Oswal On BPCL

• Maintained ‘Buy’ with a price target of Rs 568.
• EBITDA above estimates led by core operating performance.
• Net profit benefitted by higher other income and lower tax rate.
• Stabilisation of Kochi expansion to expand Kochi refinery GRM.
• Sharp correction offers an attractive opportunity to add.

CLSA On BPCL

• Maintained ‘Sell’; raised price target to Rs 390 from Rs 375.
• Strong marketing performance and higher inventory gains boost March quarter.
• Weakness in marketing and refining margins to put pressure on Q1 results.
• Concern about marketing margin to continue through election-heavy year.

CLSA On Power Grid

• Downgraded to ‘Outperform’ from ‘Buy’; cut price target to Rs 237 from Rs 250.
• Lower treasury & higher finance cost led the drag.
• Capitalisation peaked in 2017-18, slowdown ahead.
• Generation capex pick-up – key items to monitor.
• Expect 30 percent compounded growth rate of regulated equity over FY18-21.

Credit Suisse On M&M

• Maintained ‘Outperform’; raised price target to Rs 1,030 from Rs 970.
• Q4 auto profitability continues to improve.
• Operational performance surpassed estimates, led by operating leverage, product-mix and cost-control.
• Strong 2018-19 outlook across segments.
• Stock trades at attractive valuation.

Morgan Stanley on Coal India

• Maintained ‘Underweight’ with a price target of Rs 245.
• March Quarter key takeaway: Realisation surprise offset by higher overburden expenses.
• Ebitda adjusted for wage hike below estimates.
• Realisations improve on price hike and better e-auction prices.

Here’s how foreign and local funds played the market on Tuesday.https://t.co/vrUgAOsHSA pic.twitter.com/BH2DZPYeMx

— BloombergQuint (@BloombergQuint) May 30, 2018

Max India Standalone (Q4 YoY)

• Revenue up 137.5 percent at Rs 19 crore versus Rs 8 crore
• Net profit at Rs 2 crore versus loss of Rs 4 crore
• Ebitda at Rs 4 crore versus EBITDA loss of Rs 6 crore
• Margin at 21.1 percent versus -75 percent

Himadri Speciality Chemical Ltd (Q4 YoY)

• Revenue up 47 percent at Rs 551 crore versus Rs 375 crore
• Net profit up 137 percent at Rs 71 crore versus Rs 30 crore
• Ebitda up 76 percent at Rs 127 crore versus Rs 72 crore
• Margin at 23 percent versus 19.2 percent

Torrent Power (Q4 YoY)

• Revenue up 15.5 percent at Rs 2,810 crore versus Rs 2,433 crore
• Net profit up 60 percent at Rs 217 crore versus Rs 136 crore
• Ebitda down 1 percent at Rs 689.5 crore versus Rs 696.5 crore
• Margin at 24.5 percent versus 28.6 percent

Balmer Lawrie & Co (Q4 YoY)

• Revenue up 2.3 percent at Rs 478 crore versus Rs 467.3 crore
• Net profit up 10.4 percent at Rs 88 crore versus Rs 79.7 crore
• Ebitda up 6.9 percent at Rs 85.4 crore versus Rs 79.9 crore
• Margin at 17.9 percent versus 17.1 percent

Power Grid (Q4 YoY)

• Standalone revenue up 16.5 percent at Rs 7,811.3 crore versus Rs 6,705.6 crore
• Standalone net profit up 4.6 percent at Rs 2,004.7 crore versus Rs 1,916.4 crore
• Ebitda up 16.2 percent at Rs 6,524 crore versus Rs 5,616.8 crore
• Margin at 83.5 percent versus 83.8 percent

Dish TV (Q4 YoY)

• Revenue up 116 percent at Rs 1,532 crore versus Rs 709 crore
• Net profit at Rs 121 crore versus loss of Rs 24.5 crore
• Deferred tax credit of Rs 147 crore in current quarter
• Ebitda up 102 percent at Rs 400 crore versus Rs 198 crore
• Margin at 26.1 percent versus 27.9 percent

Glenmark Pharma (Q4 YoY)

• Revenue down 7 percent at Rs 2,280 crore versus Rs 2,457 crore
• Net profit down 17 percent at Rs 152 crore versus Rs 184 crore
• Ebitda down 26.5 percent at Rs 326.5 crore versus Rs 444 crore
• Margin at 14.3 percent versus 18.1 percent

Asahi Songwon Colors (Q4 YoY)

• Revenue up 47 percent at Rs 91 crore versus Rs 62 crore
• Net profit down 82 percent at Rs 2 crore versus Rs 11 crore
• Other income of Rs 6 crore in base quarter
• Ebitda down 21 percent at Rs 9.5 crore versus Rs 12 crore
• Margin at 10.4 percent versus 19.4 percent

Narayana Hrudayalaya Ltd (Q4 YoY)

• Revenue up 34 percent at Rs 647 crore versus Rs 483.5 crore
• Net profit down 54.5 percent at Rs 10 crore versus Rs 22 crore
• Ebitda down 13 percent at Rs 52.5 crore versus Rs 60.5 crore
• Margin at 8.1 percent versus 12.5 percent

Eveready Industries (Q4 YoY)

• Revenue up 14.8 percent at Rs 349.7 crore versus Rs 304.6 crore
• Net loss at Rs 16.1 crore versus net profit at Rs 10.5 crore
• Ebitda loss at Rs 3.9 crore versus EBIDTA of Rs 17.7 crore
• Margin loss at 1.1 percent versus profit margin of 5.8 percent

Greenply Industries (Q4 YoY)

• Revenue down 2.6 percent at Rs 437.1 crore versus Rs 448.6 crore
• Net profit down 22.2 percent at Rs 32.6 crore versus Rs 41.9 crore
• Ebitda down 22.3 percent at Rs 57 crore versus Rs 73.4 crore
• Margin at 13 percent versus 16.4 percent

Bharat Electronics (Q4 YoY)

• Revenue down 9.5 percent at Rs 3,608.5 crore versus Rs 3,987.7 crore
• Net profit down 29.4 percent at Rs 558.7 crore versus Rs 791.7 crore
• Ebitda down 18.7 percent at Rs 796.3 crore versus Rs 979.7 crore
• Margin at 22.1 percent versus 24.6 percent

Thomas Cook India (Q4 YoY)

• Revenue up 20.2 percent at Rs 2,662 crore versus Rs 2,213.9 crore
• Net profit at Rs 5,860.7 crore versus loss of Rs 13.1 crore
• Ebitda up 1 percent at Rs 95 crore versus Rs 94.1 crore
• Margin at 3.6 percent versus 4.3 percent
• Exceptional gain of Rs 5,825 crore

• Jubilant FoodWorks denies news report regarding stake sale by the promoters in the company
• Fortis Healthcare board decides to initiate fresh bidding process. New bids to be submitted by June 14
• IndiGo announces fuel surcharges to counter the recent surge in oil prices
• Rushil Decor to issue shares on preferential basis at a price of Rs 865 each
• RSWM to close manufacturing unit located at Tamil Nadu
• Uflex to consider issue of Compulsory Convertible Preference Shares (CCPS) to promoters on June 1
• Glenmark pharma sets up committee to assess feasibility of housing API and consumer care business in separate business entity
• Gujrat Narmada Valley Fertilizers and Chemicals clarify that they had a minor gas leak at their TDI Plant in Dahej

Former RBI Governor Raghuram Rajan speaks at the BOJ conference. pic.twitter.com/z1s9ARUpQh

— BloombergQuint (@BloombergQuint) May 30, 2018

Italy’s nightmare has no end in sight, writes @FerdiGiugliano.https://t.co/AByP0ihDGZ pic.twitter.com/W9oCvNQiU4

— BloombergQuint (@BloombergQuint) May 29, 2018