Indian benchmark indices settled sharply lower on Monday following a weak trend in Asian equities as concerns over global growth and US-China trade talks kept investors cautious. The Sensex slipped over 150 points to close below 10,500, while the Nifty was down by over 50 points to settle below 10,900. Reliance Industries, M&M, ICICI Bank, Axis Bank, SBI, L&T, ITC, Bajaj Finance, ONCG and Hindustan Unilever were main drags on indexes, while HDFC Bank, Tata Consultancy Services, Kotak Mahindra Bank, Tata Steel and Infosys batted for the bulls. Eicher Motors, Motherson Sumi, Corporation Bank are among few top companies due to announce their third quarter results later in the day. Here are the main highlights from the stock markets today:
The Sensex settled 151 points lower, or 0.41 percent, to end at 36,395 at close. The Nifty ended below 10,900, shedding almost 55 points, or half a percent lower, at 10,888.80. The Nifty MidCap index declined by 1.67 percent. As many as 38 sectors declined with BSE Healthcare being the worst among the lot. Nifty Media surged the most among 5 advancing sectors. Shares of Tata Steel, Cipla, Indian Oil Corp., Tata Motors, HCL Technologies, Power Grid Corp and Kotak Mahindra Bank, surged by up to 2.6 percent. Dr Reddy's Labs, M&M, ONGC, Hindalco, UltraTech Cement, SBI, Reliance Industries and Bajaj Finance, declined by up to 6 percent.
Apollo Hospital tanks 13% on sharp rise in pledged shares
Shares of Apollo Hospitals Enterprise tanked over 13 percent today after the company, in a conference call with analysts, said there was a 5 percent increase in pledged shares in December-January due to unwinding of a deal with KKR. The company said it would reduce pledged shares by 50 percent in the next six months, and added that there were no liquidity issues at the promoter level. The company also said it had two assets which could be liquidated to bring down debt. At 3.24 pm, the shares of the company were down 10.4 percent at Rs 1,127.50.
Eicher Motors Q3 profit rises 0.4% to Rs 533 crore
Royal Enfield maker Eicher Motors' third quarter (October-December) consolidated profit grew by 0.4 percent year-on-year to Rs 533 crore with low revenue growth and weak operating income. Revenue from operations in Q3 increased 3.2 percent to Rs 2,341 crore year-on-year, but Royal Enfield sales volume declined 6 percent YoY against 3.6 percent rise in Q2. The company sold 1.94 lakh units during the quarter ended December 2018.
PFC's Q3 net profit surges by over 70%, driven by a one-time gain
State-run Power Finance Corporation's third quarter profit grew by 70.6 percent year-on-year to Rs 2,075.8 crore, driven by one-time gain of Rs 641 crore. Revenue from operations during the quarter increased 18 percent to Rs 7,362 crore compared to Rs 6,246 crore in same period last year. Provision write-back for the quarter stood at Rs 296 crore against provisions of Rs 59 crore in same period last year, the company said, adding exchange gain during the quarter was at Rs 347.2 crore against Rs 12 crore in corresponding period last fiscal. Also there was dividend income of Rs 102 crore for the quarter against Rs 10 crore in year-ago.
Feb 11, 2019
Gold update: Gold slips on weak global cues, muted demand
Gold prices on Monday fell by Rs 55 to Rs 34,225 per ten gram at the bullion market, tracking a weak trend overseas amid tepid demand from local jewellers, according to All India Sarafa Association. Silver also followed suit and weakened by Rs 150 to Rs 41,100 per kg owing to reduced offtake by industrial units and coin makers. Traders attributed the decline in gold prices to a weak trend overseas and easing demand from jewellers at the domestic markets. Globally, gold fell 0.24 per cent to USD 1,312 an ounce and silver by 0.51 per cent to USD 15.82 an ounce in New York. In the national capital, gold of 99.9 per cent and 99.5 per cent purity moved down by Rs 55 each to Rs 34,225 and Rs 34,075 per ten gram, respectively. Sovereign gold, however, remained flat at Rs 26,100 per piece of eight gram. In tandem with gold, silver ready declined by Rs 150 to Rs 41,100 per kg and weekly-based delivery by Rs 118 to Rs 39,987 per kg. Silver coins however continued to be traded at last level of Rs 80,000 for buying and Rs 81,000 for selling of 100 pieces. (PTI)
Feb 11, 2019
Max Financial Q3 profit soars 41% to Rs 140 crore
Max Financial Services Monday reported a rise of 41 per cent in standalone net profit at Rs 139.89 crore for the third quarter ended December 31, 2018. The company's net profit stood at Rs 99.45 crore in the year-ago quarter. During September quarter 2018-19, the company reported a net loss of Rs 56.33 crore. Total income during the latest quarter rose to Rs 176.57 crore as against Rs 131.43 crore in the same period of the preceding fiscal, the company said in a regulatory filing. Consolidated figures were not given by the company. During the latest quarter, Max Financial acquired 14,170,817 shares of its subsidiary Max Life Insurance Co Ltd(MLIC), from Axis Bank for Rs 162.96 crore, thereby increasing its stake in MLIC from 70.75 per cent to 71.49 per cent, it said in the filing. Stock of the company was trading 2.21 per cent down at Rs 387 on BSE. (PTI)
Feb 11, 2019
Rahul Shah on February 11: Buy Kotak Mahindra Bank & sell Indiabulls Housing, L&T
The latest analysis and commentary by stock market guru Rahul Shah of Motilal Oswal on what is moving the markets today. He also spoke at length on Indiabulls Housing Finance, Kotak Mahindra Bank, Larsen & Toubro (L&T).
Motherson Sumi Systems Q3 profit rises 7%, shares under pressure, Sensex, Nifty edge lower
Auto ancillary company Motherson Sumi Systems has reported a 6.7 percent on year growth in consolidated profit to Rs 389.06 crore, driven by global business and operating growth. Profit in corresponding period last year stood at Rs 364.5 crore. The company posted highest every quarterly consolidated revenue at Rs 16,473 crore for the quarter ended December 2018, which grew by 14.5 percent year-on-year led by global growth. Shares of Motherson Sumi Systems quoted at Rs 134.35, down by 0.70 percent on the NSE at 1.45 pm. The stock touched a 52-week low of Rs 130.50 intra-day today. Meanwhile, the Nifty50 declined by 50 points, or 0.46 percent, to 10,893.45. The BSE Sensex slipped by 156 points, or 0.43 percent, to 36,390.
Feb 11, 2019
Nifty will break the 10,600-11,000 range in the next few months, says Udayan Mukherjee
The Nifty is likely to break the 10,600-11,000 range in the next couple of months, believes CNBC-TV18's Udayan Mukherjee.
“At some point either the broader market will move up or the Nifty will break down below 10,600 ... events have come and gone - budget, rate cut, etc ... now the election game is coming and the global game is maturing. So we will have a breakout. My guess is in the next couple of months if not sooner, a breakout of this range and that might well be a fairly decisive breakout,” said Mukherjee.
DHFL recovers after sharp fall on report of tax department notice
Shares of Dewan Housing fell nearly 6 percent before recovering as investors reacted to buzz of I-T department notice to the firm. According to a CNBC-TV18 report, the income tax department sent a notice to DHFL under Section 131 of I-T Act. Further, the company has been asked to furnish books of accounts. Shares traded at Rs 105, falling 3.8 percent on the NSE at 1.15 pm.
Feb 11, 2019
NALCO plunges as third quarter net profit below expectations
Shares of National Aluminum Company fell 10 percent to hit their over two-year low of Rs 53.35 today after the company reported weaker-than-expected earnings for the December quarter. NALCO reported a net profit of Rs 3 billion for the quarter under review as against expectations of Rs 3.8 billion. The aluminum maker saw its revenue swell to Rs 27.2 billion from Rs 23.9 billion a quarter ago. The company's operating margin expanded to 18.87 percent in the quarter from 14.39 percent a year ago. So far, 13.35 million shares of the company have changed hands on the NSE, which was more than double the three-month average daily volume of 5.16 million shares. Shares of the company were down 7.8 percent at Rs 54.60.
Feb 11, 2019
Essar Steel Case: Supreme Court rejects pleas by operational creditors, clears decks for ArcelorMittal's bid approval
The Supreme Court rejected the pleas by the operations creditors of Essar Steel which was sought to be heard by the National Company Law Tribunal (NCLT), thereby, clearing decks for ArcelorMittal's bid to be approved. The SC order of rejecting the pleas means that the NCLT will have to approve ArcelorMittal's bid. The National Company Law Appellate Tribunal (NCLAT) had issued a February 11 deadline for the Ahmedabad Bench to decide on the bid placed by ArcelorMittal.
Dr Reddy's shares fall 8 percent as USFDA issues observations at Hyderabad facility
Shares of Dr Reddy’s Laboratories declined nearly 8 percent on Monday after the company said the US FDA issued observations for its manufacturing plant in Hyderabad. Shares plunged as much as 7.81 percent to Rs 2,555.55 per share intraday on the BSE. At 11.40 AM, the stock was down 6.45 percent at Rs 2,593.50 per share, while the Sensex fell 0.42 percent to 36,392.80 points. On the NSE, Dr Reddy’s shares fell 7.5 percent to Rs 2,559.35 per share intraday.
Bajaj Electricals aims 48% jump in revenue to 7,000 crores this fiscal
Consumer durables maker Bajaj Electricals is eyeing around 48 percent growth in revenue to Rs 7,000 crore this fiscal, mainly driven by robust performance of its EPC segment, said a top company official. The company's major growth is coming from its engineering, procurement and construction (EPC) segment, on the back of big orders of power distribution and transmission line projects in Uttar Pradesh.
Second half of 2019 likely to be problematic for markets, says Daiwa Capital
The second half of 2019 is likely to be problematic for markets, said Paul Kitney, chief equity strategist at Daiwa Capital Markets, adding that equity as an asset class is expected to do well in the first half of CY19 led by emerging markets (EMs).
“In Asia, we would be overweight on emerging markets, in particular, Association of Southeast Asian Nations (ASEAN) and less positive on Korea and Taiwan...," he said.
According to him, rupee along with other Asian currencies is expected to be stronger.
CNBCTV18's Ekta Batra explains why these two pharma stocks are in focus today
Pharma stocks Dr Reddy's Lab and Lupin will be in focus today as both the companies will be reacting to observations received on their respective plants.
Lupin's Goa facility, which is under warning letter since November 2017 along with its Pithampur unit 2, has received two observations. The street would want to see what the nature of the two observations are as they could be enough to be quite severe for a company. At the same time, the fact that there are only two observations, the street could react positively.
Dr Reddy's Lab
The first observation can contain multiple observations. Hence, one needs to await clarity on that. The company's Bachupally plant, which is a formulation unit in Hyderabad, has received 11 observations. This comes as a negative news as earlier in April 2017 too, the plant had received 11 observations. Hence, the street is likely to be concerned.
Sun TV Network soars 8% on robust third quarter earnings
Shares of Sun TV Network surged 8 percent as the company posted a 32 percent on-year rise in both net profit and revenues for the December quarter. Operating margin expanded to 73.77 percent in October-December from 72.01 percent a year ago. Most analysts have retained their positive view on the company, given the growth prospects, and find valuations of the stock attractive. (Cogencis)
Shares quoted at Rs 563.90, up by 8.23 percent on the NSE at 10.34 am.
Eicher Motors Q3 results: Profit likely to fall more than 4%
Auto major Eicher Motors — parent company of Royal Enfield — will be announcing its Q3 results on Monday. The stock has fallen about 30 percent over the last six months. Here are the key expectations
Feb 11, 2019
Sensex, Nifty extend losses, Hero MotoCorp falls over 4% as stock trades ex-dividend
Hero MotoCorp shares fell more than 4 percent in morning on Monday after the stock adjusted for interim dividend. The board of directors, on January 31, declared an interim dividend of Rs 55 per share of Rs 2 each (at the rate of 2,750 percent) for the financial year 2018-19. Accordingly, the board fixed February 12, 2019 as record date for determining entitlement of members for the purpose of payment of interim dividend. The country's largest two-wheeler marker said the payment of interim dividend / despatch of dividend warrants will be completed by March 1, 2019. Hero MotoCorp posted operationally disappointing numbers in Q3FY19. On a year-on-year (YoY) basis, net operating revenue clocked a subdued growth of 7.5 percent driven by a weak volume growth of 5.3 percent. Shares quoted at Rs 2883.60, down by 1.66 percent on the BSE at 10.01 am. Meanwhile, the BSE Sensex extended losses, falling over 217 points, or 0.60 percent, to trade at 36,329. The Nifty traded at 10,860, down by 84 points, or 0.77 percent.
Feb 11, 2019
Dr Reddy's Labs falls 4%, pharma firms receives 11 USFDA observations at Hyderabad plant
Shares of Dr Reddy’s Laboratories fell 4 percent on Monday morning as investors reacted to observations being issued to the company by US FDA. The stock touched an intraday high of Rs 2,704.70 and an intraday low of Rs 2,659.95. The company on Friday told the exchanges that its Formulations Manufacturing Plant - 3 at Bachupally, Hyderabad had been inspected by the US FDA. It has been issued a Form 483 with 11 observations.
Opening Bell: Sensex, Nifty open in the red, midcaps underperform
The BSE Sensex slipped more than 157 points, or 0.43 percent, to 36,388.70 in initial trade. The NSE Nifty50 was trading at 10,890.50, down by 53 points, or 0.49 percent. The Nifty MidCap index was down by almost 91 points, or 0.55 percent, to 16,506.30. The Nifty Bank slipped by 0.29 percent. Among shares, Tata Steel surged 2 percent on optimist commentary for the fourth quarter. Cipla, Zee Entertainment, NTPC and Tech Mahindra rose between half a percent and one percent. Indiabulls Housing Finance fell more than 5 percent. Dr Reddy's Labs, M&M, Hero MotoCorp and Tata Motors fell between 2 and 3 percent.
Feb 11, 2019
Sebi issues eligibility criteria for physical settlement of stock derivatives
Markets watchdog Sebi on Friday came out with new conditions with respect to physical settlement of stock derivatives. According to a circular, in addition to the existing schedule of stock derivatives, the derivatives on stock meeting the eligibility criteria specified by the regulator will also be physically settled from the new expiry cycle.
Rupee opens at 71.23 against the US dollar, Sensex, Nifty mixed in pre-open
The Indian rupee opened higher at 71.23 against the US dollar on Monday. The home currency had closed at 71.30 against the greenback on Friday. Meanwhile, the Sensex was up at 39 points, or 0.11 percent, to 36,585.50 at 9.08 am, while the Nifty settled at 10,930.90, down by almost 13 points, 0.12 percent. The Nifty MidCap was down 0.13 percent and the Bank Nifty also slipped 0.20 percent.