Stocks To Watch: ICICI Bank, IDBI Bank, L&T, Bajaj Finance

• Jindal Stainless to raise Rs 1,200 crore via issue of securities.
  
• Hindustan Copper to raise Rs 1,400 crore via QIP.
  
• SBI to divest 22 lakh shares (4.4 percent) stake in Clearing Corporation of India.
• Nifty earnings today: Bajaj Finance, Power Grid Corporation of India.
  

Asian equities kicked off February by recovering from a three day end-of-January selloff amid renewed optimism in economic growth and the expansion of corporate earnings.

Finance Minister, Arun Jaitley will present the Union Budget for the financial year 2018-19 today in parliament, amid concern the government may deepen the country's budget deficit.

The Singapore-traded SGX Nifty, an early indicator of NSE Nifty 50 Index's performance in India, rose 0.2 percent to 11,086 as of 7:15 a.m.

Here Are The Stocks To Watch Out For In Thursday's Trade

• Amtek Auto says NCLT granted extension of 90 days for insolvency proceedings.
• Jindal Stainless to raise Rs 1,200 crore via issue of securities.
• Wipro completes acquisition of minority stake in Harte Hanks.
• Phillips Carbon Board approves 5:1 stock split; to raise Rs 500 crore via equity and debt.
• TV18 increases stake in Viacom18 to 51 percent for a cash consideration of $20 million.
• Hindustan Copper to raise Rs 1,400 crore via QIP.
• Time Technoplast to set up a new production facility in Sharjah, UAE.
• NOCIL to expand its rubber chemicals production unit in Navi Mumbai, Dahej for Rs 87 crore.
• Indiabulls Ventures to raise Rs 2,000 crore via. rights issue. To issue 8.33 crore equity shares at Rs 240 per share.
• SBI to divest 22 lakh shares (4.4 percent) stake in Clearing Corporation of India.
• Fortis Healthcare says no impact on company from Delhi High Court order on Daiichi plea.
• Lakshmi Vilas Bank sets 1-year MCLR at 9.2 percent from Feb. 1.
• Lakshmi Vilas Bank sets 1-year MCLR at 9.2 percent from Feb. 1
• HCL Infosystems approved sale of CARE business division to HCL Computing Products on a slump sale basis for Rs 30 crore.
• IIFL to demerge and list as three separate business – wealth, capital markets and NBFC.
• Arcelor Mittal, Posco likely to bid more aggressively for Bhushan Steel (Financial Express).

Indian automobile makers may clock strong sales in January on improved demand and consumer sentiment.https://t.co/RMYXaHyUhP pic.twitter.com/xg7gt2KbZr

F&O Setup

• Nifty February futures trade at 11,055, premium of 27.7 points from 23 points
• February series: Nifty open interest down 4 percent, Bank Nifty open interest down 4 percent
• India VIX ended at 15.9, down 2.9 percent
• Max open interest for February series at 11,500 call strike (open interest at 41 lakh, up 38 percent)
• Max open interest for February series at 10,500 Put (open interest at 58.2 lakh, up 8 percent)

When foreign investors were spooked the most on budget day. #Budget2018. https://t.co/MGNkYWv4zy pic.twitter.com/N7Dkx4vEpL

F&O Ban

• In ban: JP Associates, Wockhardt, Fortis Healthcare, Jain Irrigation
• New in ban: Fortis Healthcare, Jain Irrigation

Only intraday positions can be taken in stocks which are in F&O ban. In case of a rollover of these intraday positions, there is a penalty.

Active Stock Futures

Bulk Deals

• Apollo Micro Systems: BOI AXA Mid Cap Equity & Debt Fund bought 1.51 lakh shares at Rs 331.06 each.
• Punjab Alkalies & Chemicals: IDBI Bank sold 2.23 lakh shares or 0.8 percent equity at Rs 22.25 each.

Ester Industries

• KIFS Enterprises bought 5 lakh shares or 0.6 percent equity at Rs 73.35 each.
• Garnet International sold 10.81 lakh shares or 1.3 percent equity at an average of Rs 73.6 each.

Quess Corp

• Sundaram Mutual Fund - Sundaram Select Mid Cap bought 15.35 lakh shares or 1.1 percent equity at Rs 950 each.
• Ramdas Pai sold 18.63 lakh shares or 1.3 percent equity at Rs 950.05 each.
• Vasanthi Pai sold 31.58 lakh shares or 2.2 percent equity at Rs 950.44 each.

Havells

• SBI MF bought 45.20 lakh shares or 0.7 percent equity at Rs 517 each.
• Promoter Surjit Kumar Gupta sold 40 lakh shares or 0.6 percent equity at Rs 517.58 each.
• Promoter Vinod Gupta sold 85 lakh shares or 1.4 percent equity at Rs 518.07 each.

Right time to invest is when markets give reasonable valuation, says Amol Joshi. #BQMutualFundShow @_nirajshah https://t.co/cL1YpeI1av pic.twitter.com/FdQx0rshlg

Earnings Reactions To Watch

L&T Q3 (YoY)

• Revenue up 10 percent at Rs 28,747 crore.
• Net profit up 53 percent at Rs 1490 crore.
• EBITDA up 25 percent at Rs 3143 crore.
• Margin at 10.9 percent versus 9.6 percent.

Coromandel International Q3 (YoY)

• Revenue up 21 percent at Rs 2,695 crore.
• Net profit up 54 percent at Rs 172 crore.
• EBITDA up 34 percent at Rs 318.5 crore.
• Margin at 11.8 percent versus 10.6 percent.

Reliance Infra Q3 (YoY)

• Revenue up 2 percent at Rs 5861 crore.
• Net profit down 20 percent at Rs 301 crore.
• EBITDA up 70 percent at Rs 1,365.5 crore.
• Margin at 23.3 percent versus 14 percent.

HEG Q3 (YoY)

• Revenue up 248 percent at Rs 843 crore.
• Net profit of Rs 342 crore versus net loss of Rs 3.5 crore.
• EBITDA up at Rs 558 crore versus Rs 29 crore.
• Margin at 66.2 percent versus 12 percent.

J&K Bank Q3 (YoY)

• Net Interest Income up 34 percent at Rs 780 crore.
• Net profit of Rs 72.5 crore versus net loss of Rs 498.5 crore.
• Provisions up 3 percent at Rs 250 crore (QoQ).
• GNPA at 10.08 percent versus 10.87 percent (QoQ).
• Net NPA at 4.29 percent versus 4.76 percent (QoQ).

HCC Q3 (YoY)

• Revenue up 30 percent at Rs 1,231 crore.
• Net profit up at Rs 31.3 crore.
• EBITDA up 1.2 percent at Rs 164 crore.
• Margin at 13.3 percent versus 17.2 percent.

Hindustan Copper Q3 (YoY)

• Revenue up 85 percent at Rs 440 crore.
• Net profit up 12 percent at Rs 18.9 crore.
• EBITDA up 12 percent at Rs 70.5 crore.
• Margin at 16 percent versus 26.5 percent.

Astec Lifesciences Q3 (YoY)

• Revenue up 22.5 percent at Rs 74 crore.
• Net profit at Rs 7.2 crore versus Rs 0.7 crore.
• Exceptional gain of Rs 4 crore versus exceptional loss of Rs 3 crore.
• EBITDA up 24 percent at Rs 13.6 crore.
• Margin at 18.4 percent versus 18.2 percent.

Vimta Labs Q3 (YoY)

• Revenue up 25 percent at Rs 47.5 crore.
• Net profit up at Rs 6 crore.
• EBITDA up at Rs 13.5 crore.
• Margin at 28.4 percent versus 18.4 percent.

IIFL Holdings Q3 (YoY)

• Revenue up 30 percent at Rs 1,612 crore.
• Net profit up 32 percent at Rs 236 crore.
• EBITDA up 30 percent at Rs 1,086 crore.
• Margin flat at 67.4 percent.

Vedanta Q3 (YoY)

• Revenue up 25.5 percent at Rs 24,361 crore.
• Net profit down 4 percent at Rs 2,053 crore.
• EBITDA up 15 percent at Rs 6,763 crore.
• Margin at 27.8 percent versus 30.2 percent.

VRL Logistics Q3 (YoY)

• Revenue up 8 percent at Rs 489 crore.
• Net profit up 14 percent at Rs 25 crore.
• EBITDA up 3 percent at Rs 61.5 crore.
• Margin at 12.6 percent versus 13.2 percent.

IDBI Bank Q3 (YoY)

• Net Interest Income up 105 percent at Rs 1,665 crore.
• Net loss of Rs 1,524 crore versus net loss of Rs 2,255 crore.
• Provisions up 27.5 percent at Rs 3,650 crore (QoQ).
• GNPA at 24.72 percent versus 24.98 percent (QoQ).
• Net NPA at 16.02 percent versus 16.06 percent (QoQ).

JK Lakshmi Cement Q3 (YoY)

• Revenue up 25 percent at Rs 837 crore.
• Net profit up 13 percent at Rs 8.6 crore.
• EBITDA up 13 percent at Rs 94 crore.
• Margin at 11.2 percent versus 12.4 percent.

Shoppers Stop Q3 (YoY)

• Revenue down 5 percent at Rs 963 crore.
• Net profit down 16 percent at Rs 16 crore.
• EBITDA up 16 percent at Rs 79 crore.
• Margin at 8.2 percent versus 6.7 percent.

ICICI Bank Q3 (YoY)

• Net Interest Income up 6 percent at Rs 5,705 crore.
• Net profit down 32 percent at Rs 1,650 crore.
• Provisions down 21 percent at Rs 3,570 crore.
• GNPA at 7.82 percent versus 7.87 percent.
• Net NPA at 4.20 percent versus 4.43 percent.

NTPC Q3 (YoY)

• Revenue up 7.1 percent at Rs 20,774.4 crore.
• Net profit down 4.4 percent at Rs 2,360.8 crore.
• EBITDA up 0.5 percent at Rs 5,277 crore.
• Margin at 25.4 percent versus 27.1 percent.

Dhampur Sugar Q3 (YoY)

• Revenue up 16 percent at Rs 778 crore.
• Net profit up 23 percent at Rs 64 crore.
• EBITDA down 13 percent at Rs 115.5 crore.
• Margin at 14.8 percent versus 19.9 percent.

GE Power Q3 (YoY)

• Revenue down 54.5 percent at Rs 365 crore.
• Net loss of Rs 42 crore versus net profit of Rs 12 crore.
• EBITDA down 84.5 percent at Rs 27 crore.
• Margin at 7.4 percent versus 21.7 percent.

Equitas Q3 (YoY)

• Net Interest Income down 1.1 percent at Rs 268 crore.
• Net loss of Rs 30 crore versus net profit of Rs 45 crore.

Narayana Hrudayalaya Q3 (YoY)

• Revenue up 22 percent at Rs 554 crore.
• Net profit down 18 percent at Rs 14 crore.
• EBITDA flat at Rs 52 crore.
• Margin at 9.4 percent versus 11.4 percent.

International Paper APPM Q3 (YoY)

• Revenue up 3 percent at Rs 328 crore.
• Net profit down 4.5 percent at Rs 21 crore.
• EBITDA down 2 percent at Rs 55.5 crore.
• Margin at 16.9 percent versus 17.7 percent.

IFB Agro Q3 (YoY)

• Revenue down 4.5 percent at Rs 189 crore.
• Net profit down 42 percent at Rs 5.3 crore.
• EBITDA down 8 percent at Rs 12 crore.
• Margin at 6.3 percent versus 6.6 percent.

Munjal Showa Q3 (YoY)

• Revenue up 7 percent at Rs 352 crore.
• Net profit down 23 percent at Rs 11.2 crore.
• EBITDA down 1.5 percent at Rs 19.1 crore.
• Margin at 5.4 percent versus 5.9 percent.

National Fertilizers Q3 (YoY)

• Revenue up 13 percent at Rs 2,841 crore.
• Net profit down 28 percent at Rs 52.5 crore.
• EBITDA down 32.5 percent at Rs 113 crore.
• Margin at 4 percent versus 6.7 percent.

#Q3WithBQ | ICICI Bank profit misses estimates, asset quality stable.https://t.co/pr196G6nz6 pic.twitter.com/zkGKQI4P69

Nifty Earnings Today

• Bajaj Finance
• Power Grid Corporation of India

Other Results Today

• Akzo Nobel India
• Ashok Leyland
• Bajaj Finserv
• Ceat
• Cera Sanitaryware
• Cummins India
• Essel Propack
• Khadim India
• Matrimony.com
• MRF
• Titan
• Zee Media

L&T's Q3 profit and revenue beats estimates. https://t.co/ekgNm5CNnR pic.twitter.com/Ok1wfQ4HJw

Brokerage Radar

Credit Suisse on L&T

• Maintained ‘Outperform'; raised price target to Rs 1,700 from Rs 1,425.
• December quarter results were very strong result; Domestic firing can be an inflexion point.
• Strong order inflows, driven by domestic market.
• Domestic execution picks up.
• Better cyclical scenario can compound upside.

CLSA on L&T

• Maintained ‘Buy'; raised price target to Rs 1,680 from Rs 1,565
• All round beat in December quarter.
• Across the board surprise; Orders and execution bounce, along with infra.
• L&T hit a historical order inflow high in December quarter.
• Hydro-carbon: emerging star business of L&T
• Turn in power IPP & conservative accounting, also drive beat.
• Working capital rise on GST & lower advances; To normalize.
• L&T is a good proxy for domestic CAPEX.

Credit Suisse on Vedanta

• Maintained ‘Outperform'; raised price target to Rs 395 from Rs 345.
• December quarter was largely in line.
• Aluminium business faces cost inflation; To normalise in next fiscal.
• Cairn production to ramp-up in current quarter.
• Incorporate higher crude forecasts in next fiscal and increase in volumes.
• Ex-Hindustan Zinc stub to drive upside in the stock.
• Expect strong global growth and LME prices.

CLSA on Vedanta

• Maintained ‘Buy' with price target of Rs 422.
• December quarter was Ebitda in-line with estimates but net profit misses.
• Benefitting from rising commodity prices but costs under pressure.
• Expect operating income and earnings per share to compound at a rate of 21 percent and 37 percent respectively over the next two financial years.
• Across board volume growth and higher commodity prices to drive profits.
• Stock trading at reasonable valuations.

Credit Suisse on ICICI Bank

• Maintained ‘Outperform'; raised price target to Rs 405 from Rs 347.
• December quarter's slippage from unknown stress moderates.
• Operating performance remains tepid.
• Strong capital position; Attractive valuation.
• Expect NII growth to track asset growth.
• ICICI Bank remains the best-capitalised corporate lender.
• Expect gains from stake-sale of ICICI Sec to cushion profitability.

Morgan Stanley on ICICI Bank

• Maintained ‘Overweight' with price target of Rs 480.
• Reported slight beat on core pre-provisioning operating profit.
• Opex partially offset by lower revenues.
• Lower than expected slippages, improved coverage.

JPMorgan on JSW Steel

• Maintained ‘Overweight' with price target of Rs 325.
• Highest-ever sales, Ebitda and net profit as steel environment remains very strong.
• Record quarter as steel spreads widen.
• Plunge in Chinese steel exports benefitted in previous quarter.
• Stressed asset acquisition would be very positive for the company.

Credit Suisse on JSW Steel

• Maintained ‘Outperform'; raised price target to Rs 350 from Rs 300.
• December quarter showed strong results, with improving prospects.
• Better outlook in coming quarters.
• JSW confirmed prices have gone up 5-6 percent in January.
• JSW believes that iron ore availability in India is expected to improve.

JPMorgan on Dabur India

• Maintained ‘Overweight' with price target of Rs 365.
• December quarter results were in-line.
• Margins aided by revenue mix, lower promotions and benign raw material.
• Enhanced focus on rural/innovation to rebuild topline.
• Pricing growth could come through in April-June period.
• Management cautioned about the disruptive impact of E-Way Bill.

Credit Suisse on Dabur India

• Maintained ‘Neutral'; raised price tarrget to Rs 365 from Rs 350.
• December quarter was steady recovery in domestic volumes; International pressures continue.
• Volume growth recovers on a low base; two-Year volume to compound at 3.6 percent.
• Toothpaste continues its strong momentum.
• Juices facing competitive pressure; May have to give away margins.
• Overall demand commentary muted; Company to focus on market share.
• International business weak, but outlook is better.
• Expect growth to moderate in current quarter.

Bofa ML on PVR

• Maintained ‘Buy' with price target of Rs 1,592.
• December quarter' revenue was inline; Ebitda beat due to GST benefits.
• Expenses are down yoy due to input claims under GST.
• Average Ticket Price and Food & Beverage spends per head rose 12 percent (YoY).
• Padmaavat benefits pushed to current quarter.
• Multiplex companies to continue to benefit from secular demand for movies in India.

Edelweiss on PVR

• Maintained ‘Buy' with price target of Rs 1,596.
• December quarter's revenue in line; Operating income exceeded estimate.
• Footfalls stumble on lackluster content line up.
• PVR eyeing 60-70 screen additions in next fiscal
• Confident of clocking 18-20 percent YoY ad growth in current fiscal.
• Screen expansion and movie line up will be key monitorables.
• Expect PVR to be key beneficiary of anticipated uptick in urban consumption.

Goldman Sachs on Kajaria

• Maintained ‘Buy'; cut price target to Rs 770 from Rs 825.
• December quarter's operating results below estimates led by lower ASPs.
• Margin pressures likely to sustain in near term.
• Volume growth to be supported by industry shift towards organised players.
• Kajaria outperformed Somany.

Credit Suisse on Kajaria Ceramics

• Maintained ‘Neutral'; cut price target to Rs 650 from Rs 675.
• December quarter showed pick-up in growth but pressure on margins.
• Near-term demand pick-up does not seem imminent.
• Good medium-term story but lacks near-term triggers.
• Earnings per share cut by 9-10 percent over the financial years through March 2020.

Deutsche Bank on NTPC

• Maintained ‘Buy' with price target of Rs 213.
• Earnings miss on one-off costs and lack of coal.
• Latter can be partially re-couped in current quarter
• Like to give the company another quarter with benefit of doubt.
• Expect 15 percent regulated equity and net profit compounding at 16 percent through the financial years till March 2020.

Credit Suisse on Arvind

• Maintained ‘Outperform' with price target of Rs 540.
• Brand & Retail slows down but profitability improves further.
• Textiles improved; Arvind revised slightly up its current fiscal growth outlook.
• Anup Engineering has attractive financials.
• Demerger should eventually unlock value.

Credit Suisse on Escorts

• Maintained ‘Outperform'; raised price target to Rs 1,040 from Rs 900.
• December quarter was another strong quarter; Stay bullish on strong earnings growth.
• Escorts growing faster on market share gains in tractor.
• Outlook on railways and construction business is very encouraging .
• Escorts remains top mid-cap pick.
• Expect further margins improvement.

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Media Reports

• HC verdict will complicate Singh bros' deals to cut debt (TOI).
• E-Way Bill system becomes mandatory for transporters from today (Financial Express).
• Galaxy Surfactants IPO subscribed nearly 20 times (Financial Express).

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