Asian stocks rebounded at the open on Thursday after U.S. shares rallied with Treasury yields as investors saw the market reaction to Italy's political turmoil as overdone.
Shares rose in Japan, Australia and South Korea, and futures signaled gains in Hong Kong. The Singapore-traded SGX Nifty, an early indicator of NSE Nifty 50 Index's performance in India, traded 0.2 percent higher at 10,637 as of 7:40 a.m.
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Here Are The Stocks To Watch In Thursday's Trade:
- ICICI Bank to start enquiry into whistleblower complaint.
- Atlanta Ltd. says statutory auditor PW resigned with immediate effect.
- KNR Construction wins HAM order worth Rs 1,144.5 crore.
- Infibeam approves raising up to Rs 2,000 crore.
- Punj Lloyd approves restructuring of outstanding credit facilities.
- Ultratech says Binani Cement lenders panel approved resolution plan.
- Granules India launched generic Methylergonovine tablets in partnership with Hikma.
- Jamna Auto in pact with U.K.'s Tinsley Bridge Ltd. for technology and technical assistance.
- Can Fin Homes to consider fund raising proposals on June 2.
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Bulk Deals
Crisil
- McGraw-Hill Asian Holdings Singapore Pte Ltd bought 6.32 lakh (0.9 percent) at Rs 1,849.66 each
- Sundaram MF - Select Midcap Fund sold 5.12 lakh shares (0.7 percent) at Rs 1,850 each
Sirca Paints
- Elara India Opportunities Fund sold 3.76 lakh shares at Rs 164.12 each
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Trading Tweaks
- TCS ex-date for 1:1 bonus; F&O lot size revised to 500
- Hatsun Agro Product trades ex-rights basis
- Ruchi Soya circuit filter revised to 5 percent
F&O Setup
- Nifty May futures closed trading at 10,604.5 discount of 9.8 points versus 17.4 points
- Nifty June futures closed trading flat at 10,614 versus discount of 5 points
- Nifty rollover at 42.4 percent, Bank Nifty rollover at 52.6 percent
- All series: Nifty open interest up 4 percent and Bank Nifty open interest up 5 percent
- India VIX ended 13.4, up 2.6 percent
- Max open interest for May series at 10,800 call (open interest at 51 lakh, down 9 percent)
- Max open interest for May series at 10,500 put (open interest at 57.9 lakh, up 16 percent)
F&O Ban
- In ban: Balrampur Chini, DHFL, GMR Infra, IDBI, IDFC Bank, JP Associates, Just Dial, Reliance Communications
- New in ban: GMR Infra, IDFC Bank, Reliance Communications
- Out of ban: Jet Airways
Only intraday positions can be taken in stocks which are in F&O ban. There is a penalty in case of a rollover of these intraday positions
Active Stock Futures
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Earnings Reactions To Watch
Berger Paints (Q4, YoY)
- Revenue up 17 percent at Rs 1,298 crore.
- Net profit flat at Rs 106 crore.
- Ebitda up 24 percent at Rs 199.5 crore.
- Margin at 15.4 percent versus 14.4 percent.
Apollo Hospitals (Q4, YoY)
- Revenue up 15 percent at Rs 1,863 crore.
- Net profit up 25 percent at Rs 60 crore.
- Ebitda up 22 percent at Rs 213 crore.
- Margin at 11.4 percent versus 10.5 percent.
Punj Lloyd (Q4, YoY)
- Revenue up 19 percent at Rs 1,060 crore.
- Net profit at Rs 944 crore versus net loss of Rs 182 crore.
- Ebitda loss of Rs 14 crore versus Ebitda loss of Rs 109.5 crore.
Mishra Dhatu (Q4, YoY)
- Revenue up 14 percent at Rs 311 crore.
- Net profit at Rs 77.5 crore versus Rs 45 crore.
- Ebitda up 62 percent at Rs 116 crore.
- Margin at 37.3 percent versus 26.2 percent.
KNR Construction (Q4, YoY)
- Revenue up 29.5 percent at Rs 624 crore.
- Net profit up 54 percent at Rs 80 crore.
- Ebitda up 68.5 percent at Rs 120.5 crore.
- Margin at 19.3 percent versus 14.8 percent.
Apar Industries (Q4, YoY)
- Revenue up 35 percent at Rs 1,767.5 crore.
- Net profit unchanged at Rs 40 crore.
- Ebitda up 45 percent at Rs 126.5 crore.
- Margin at 7.2 percent versus 6.7 percent.
Bharat Dynamics (Q4, YoY)
- Revenue up 22 percent at Rs 2,021 crore.
- Net profit at Rs 337 crore versus Rs 85 crore.
- Ebitda at Rs 385 crore versus Rs 174 crore.
- Margin at 19 percent versus 10.5 percent.
Torrent Pharmaceuticals (Q4, YoY)
- Revenue up 20 percent at Rs 1,722 crore.
- Net profit up 11 percent at Rs 228 crore.
- Ebitda up 23 percent at Rs 364 crore.
- Margin at 21.1 percent versus 20.6 percent.
Housing & Urban Development Corp (Q4, YoY)
- Net Interest Income up 29 percent at Rs 527 crore.
- Net profit down 29 percent at Rs 222.5 crore.
- Provisions at Rs 116 crore versus Rs 16 crore.
CG Power and Industrial (Q4, YoY)
- Revenue up 18 percent at Rs 1,792 crore.
- Net loss of Rs 582 crore versus net loss of Rs 444 crore.
- Ebitda up 33 percent at Rs 142.5 crore.
- Margin at 8 percent versus 7 percent.
Oil & Natural Gas Corp. (Q4, QoQ)
- Revenue up 4 percent at Rs 23,970 crore.
- Net profit up 18 percent at Rs 5,915 crore.
- Ebitda down 23 percent at Rs 8,346.5 crore.
- Margin at 34.8 percent versus 47.3 percent.
V-Guard Industries (Q4, YoY)
- Net sales up 7.9 percent at Rs 658 crore.
- Net Profit down 29 percent at Rs 27.6 crore.
- Ebitda down 34 percent at Rs 37.4 crore.
- Margin at 5.7 percent versus 9.3 percent.
Infibeam (Q4, QoQ)
- Revenue up 12 percent at Rs 239.5 crore.
- Net profit down 12 percent at Rs 22 crore.
- Ebit down at Rs 19.5 crore versus Rs 30 crore.
- Margin at 8.1 percent versus 14.1 percent.
McLeod Russel (Q4, YoY)
- Revenue flat at Rs 378 crore.
- Net loss of Rs 142 crore versus net loss of Rs 108 crore.
- Ebitda loss of Rs 268 crore.
Brokerage Radar
On ONGC
Motilal Oswal
- Maintained ‘Buy' with a price target of Rs 218.
- Ebitda below estimate led by marginally lower realization and higher opex.
- Net profit growth led by higher other income.
- Expect gas production to increase 10-15 percent annually.
- Rising crude oil price may result in subsidy sharing.
CLSA
- Maintained ‘Buy'; raised price target to Rs 240 from Rs 225.
- Ebitda and net profit miss due to higher Opex and larger exploration write-offs.
- Subsidy risk rises but OVL and Rajasthan JV to benefit from higher crude prices.
- Attractive risk-reward; Stock pricing Brent at $53 per barrel.
CLSA on Torrent Pharma
- Maintained ‘Buy'; cut price target to Rs 1,610 from Rs 1,650.
- March quarter's Ebitda was impacted by one-time expense related to Unichem acquisition.
- U.S. sales have bottomed and Europe remains strong.
- Expect Indian growth to pick-up in 2018-19.
- Remain positive due to strengthening of Indian franchise.
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