Stocks Radar: JM Financial, Marico, Tata Teleservices
.jpg?downsize=1010:568 "Stocks Radar: JM Financial, Marico, Tata Teleservices")
Indian shares opened higher for a second straight session, after better-than-expected quarterly earnings by Marico lifted consumer goods stocks.
#BQMarketsNow | Nifty opens higher around 9,330. Oil & gas stocks rise.https://t.co/VANbn0BndH pic.twitter.com/2HHmHjAmGH
May 3, 2017Here are the stocks moving the market this morning:
Oil India: Gains On Discoveries
The oil company rose 1.1 percent to Rs 333 after it made two hydrocarbon discoveries in the upper Assam basin in April.
"The discoveries have opened up avenue for further exploration of already identified leads/prospects in the area," the company said in a statement to the exchanges.
Tata Teleservices: Lays Off Employees
The company rose 2.8 percent to Rs 9.3 after it fired 500-600 employees in an effort to cut costs in the hyper-competitive telecom market.
The cuts have been made mainly in the sales department and other related functions, news wire agency PTI said in a report, citing two people familiar with the matter.
The lay-offs come at a time when the telecom industry has been witnessing an intense tariff war triggered by the entry of Reliance Jio, whose disruptive positioning in the market has left most of the telecom companies bleeding.
TVS Motors: Higher Sales In April
The company rose 2.2 percent to Rs 506.3 after its sales rose 8 percent to 2,46,310 vehicles in the month of April 2017, driven by exports.
Two-wheeler sales rose 8.4 percent while three-wheeler sales rose 11.7 percent on a year-on-year basis, according to the company's filing.
Exports jumped 41.9 percent during the month.
Bajaj Auto: Exports Rise For Third Consecutive Month
The company rose 1.6 percent to Rs 2,945 after its sales remained stable for the month of April with exports rising for the third month in a row. he company exported 1,51,913 vehicles compared to 1,03,976 units, a growth of 46 percent compared to the previous year.
The two-wheeler 's struggles in the domestic market continued with sales declining 21 percent to 1,77,887 units compared to 2,26,133 units in the year ago period.
Earnings Reacton
Marico rose 3.3 percent to Rs 329 after its revenue rose 2.4 percent to Rs 1,322.2 crore for the January to March quarter of financial year 2016-17. Profit jumped 25.5 percent to Rs 171.3 crore, according to the company's financial statement.
Earnings before interest, tax, depreciation and amortisation rose 21 percent to Rs 259.5 crore while EBITDA margin expanded to 19.5 percent from 16.6 -percent.
JM Financial rose 6.6 percent to Rs 124 after income from operations rose 56 percent to Rs 724.5 crore. profit also jumped 32.6 percent to Rs 150.8 crore.
Shriram City Union Finance fell as much as 5.6 percent to Rs 2,070 after its fourth quarter profit fell 73 percent to Rs 16.3 crore despite a 15 percent rise in revenue.
Inox Leisure fell 3.2 percent to Rs 283 despite its revenue rising 14.3 percent to Rs 288.5 crore. Profit, however, fell 98 percent to Rs 0.34 crore as the company reported a tax credit of Rs 22.5 crore in the corresponding quarter last year. EBITDA rose 63 percent to Rs 23.8 crore, according to the company's exchange filing.
RBL Bank rose 2.6 percent to Rs 600 after its net interest income rose 47 percent to Rs 352.2 even as it doubled its provisions for stressed assets. Net profit rose 54.5 percent to Rs 130 crore, exceeding the Bloomberg consensus estimate.
Gross non-performing assets expanded by 140 basis points to 1.2 percent of the total assets while the company saw a loan growth of 39 percent on a year-on-year basis.
Bulk Deals
- IDFC fell 0.7 percent to Rs 60 after Frst State Invt Icvc-Stewart Invsts Asia Pacific Leaders sold 1.22 crore shares at Rs 60.83 per share in a bulk deal. The shares representes 0.76 percent of IDFC's shares.
- Ujjivan Financial Services rose 1.9 percent to Rs 363 after Kemnay Investment Fund sold 10.11 lakh of its shares at Rs 361.68 per share in a bulk deal.
Sensex, Nifty: Movers & Shakers
-
Why Amazon And Flipkart Are Struggling To Beat Meesho In India's Smaller Cities
With 274 million users and lowest-cost logistics, Meesho is defending its value commerce crown against giants like Amazon and Flipkart.
-
High US Salaries, No Green Card Certainty: The Financial Calculation Facing Indian H-1B Families
The suspension of PERM processing at eight technology employers does not cancel existing H-1B visas. What it does is force a question many Indian families have been avoiding: is the US salary worth tying your career and family plans to one employer?
-
Swiggy vs Eternal: Food Delivery's Two Rivals Are No Longer In The Same Race
Eternal is building a private AI assistant, dark.ai. Swiggy is still working out how to make Instamart pay, with an operating loss of Rs 895 crore in the July-September quarter while Blinkit stayed profitable.
-
Where You Live Shapes How You Get To Work | The Reason Why
Two-wheelers are the most popular way to get to work in India, accounting for nearly 43% of workplace commutes.
-
Unhedged Position: Can India See An Indonesia-Style Time Correction?
The Nifty is trading below levels it first clocked in 2024. Is there, then, as I have suggested in the headline, potential that the current time correction drags on painfully for the next three-five, even ten years?
-
Navigating Friction And Energy Realities: An Analysis Of Marco Rubio's October Visit To India
Occurring at a critical juncture marked by stalled trade negotiations and escalating geopolitical pressures over global energy supplies, the visit offers a profound window into modern US-India relations.
-
India Exports Capital. Why Not Export Trusteeship?
The big question, then, is whether India can build an institution that global borrowers, investors, banks, and lawyers can trust, even without an Indian connection.
-
France's Economy & Politics Are In Crisis | The Reason Why
Let's look at how the French economy and politics evolved under Nicolas Sarkozy, Franois Hollande and Emmanuel Macron.
-
You May Inherit The Business. You Must Earn Its Credibility.
Succession tests the founder's ability to share authority as much as it tests the next generation's readiness to assume it.
-
Signing Deals Is One Thing; Making Them Work Is Another | The Week In Whys
Sometimes, things don't turn out as planned. Indian companies have lost some bids to rivals, some projects won't produce until 2030.
