May 16, 2018 03:38 PM IST | Source: Moneycontrol.com
Closing Bell: Sensex dips 156 pts, Nifty ends below 10,800; RIL, ICICI, HDFC twin drag
The rupee crossed 68 against the US dollar, but the RBI intervention helped it to recover sharply from lows of 68.13 a dollar.
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Technical View: Nifty forms a 'High Wave' pattern; 10,699 crucial level for Thursday
A High Wave kind of pattern is formed when there is a long upper shadow and a long lower shadow with a small body.
Market Closing Podcast
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Results: JSW Steel reported nearly 3-fold increase in its Q4 net profit at Rs 2879 crore, YoY. The company had reported net profit at Rs 1008 crore in the quarter ended March 2017.
Revenue of the company jumped 16 percent to Rs 20817 crore against Rs 17917 crore.
A Reuters poll of 10 analysts estimated the company to report a consolidated net profit of Rs 1,893 crore and revenue to increase to Rs 19,556 crore.
The operating profit or EBITDA of the company rose 67.2 percent at Rs 5,290 crore and margin was up 640 bps at 25.4 percent.
JSW Steel share price ended at Rs 336.65, up Rs 2.90, or 0.87 percent on the BSE.
Market Closing: Benchmark indices closed sharply lower on Wednesday as uncertainty remained over the formation of government in Karnataka.
The 30-share BSE Sensex was down 156.06 points at 35,387.88 and the 50-share NSE Nifty fell 60.80 points to 10,741.10.
Reliance Industries, ICICI Bank, Cipla, GAIL, HPCL and Hindalco were under pressure while ITC, HUL, Wipro and TCS gained up to 4 percent.
Nifty Midcap index was down 14 points.
PNB, Syndicate Bank, Bank of Baroda, Century Plyboards, Morepen Labs, Adani Transmission, Reliance Communications and Shakti Pumps fell up to 16 percent.
Karnataka Bank, Indiabulls Real Estate, PTC India Financial, HEG, Delta Corp, Edelweiss Financial, NIIT, Parag Milk Foods, Hexaware, KPIT Technologies, Motilal Oswal, Jyothy Labs, V-Mart Retail, Mishra Dhatu, Apex Frozen Foods, NIIT Technologies, Jaiprakash Associates and Jaypee Infratech rallied up to 12 percent.
Century Plyboards Q4 results: The company has reported 35 percent decline in its Q4 net profit at Rs 36 crore, while revenue was up 11.4 percent at Rs 544.1 crore.
The operating profit or EBITDA was down at Rs 83.1 crore and margin was down 180 bps at 15.3 percent.
At 15:02 hrs Century Plyboards was quoting at Rs 283.40, down Rs 22.25, or 7.28 percent on the BSE.
Earning Reaction: Shares of Jyothy Laboratories added 4 percent on the back of strong operational performance. The company has registered 29 percent fall in its Q4 net profit at Rs 76 crore, while revenue was up 16 percent at Rs 516.8 crore.
EBITDA or operating profit was up 45.8 percent at Rs 88.4 crore and margin was up 350 bps at 17.1 percent.
Market Update: The market remained under pressure, though it recovered more than half of losses. Buying in FMCG and select technology stocks, and recovery in banks helped the market cut losses.
Recovery in rupee and fall in crude oil prices also supported the market.
The 30-share BSE Sensex was down 106.08 points at 35,437.86 and the 50-share NSE Nifty fell 44.70 points to 10,757.20. The market breadth remained in favour of declines as about two shares fell for every share rising on the BSE.
HUL is the biggest gainer among Nifty50 stocks, rising 4 percent while ITC gained strength after quarterly earnings.
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FMCG is one of the biggest gainers among sectoral indices, rising 1.7 percent.
Chargesheet: The CBI filed its supplementary chargesheet against billionaire jeweller Mehul Choksi, his companies under Gitanjali Group in connection with over USD 2 billion scam in the Punjab National Bank.
In its chargesheet filed in the CBI special court, Mumbai, the agency has also charged 16 other entities, besides Choksi and his companies, on the charges of criminal conspiracy, cheating and provisions under the Prevention of Corruption Act, reports PTI.
Results: Aluminium major Hindalco Industries reported a decline of 25 percent (YoY) in its profits for the March quarter at Rs 377 crore. The company had posted a profit of Rs 502.5 crore for the same period of last year.
The company’s revenue from operations rose 5.9 percent to Rs 11,681 crore from Rs 11,026 crore YoY while operating profit fell 6.6 percent to Rs 1,257.6 crore and margin contracted 140 basis points to 10.8 percent compared to year-ago.
Earnings: Two-wheeler maker TVS Motor Company has reported a healthy growth of 30.6 percent year-on-year in profit at Rs 165.6 crore fro the quarter ended March 2018, but overall earnings barring revenue missed analyst expectations.
Profit in the year-ago period was at Rs 126.8 crore.
Revenue from operations met analyst expectations, growing by 40.4 percent to Rs 3,993 crore compared to Rs 2,844.5 crore YoY.
Operating profit jumped 73.8 percent YoY to Rs 280.7 crore and margin expanded 130 basis points to 7 percent in Q4FY18.
Market Update: The market recovered further in afternoon after banks cut losses. The strength in FMCG and IT stocks, and the recovery in rupee & fall in oil prices also helped the market.
The Sensex cut losses to around 50 points from 300 points in morning while the Nifty Midcap index turned in the green.
After the Karnataka poll verdict, investors are closely watching which party will form the government.
Earnings: ITC share price gained a percent after March quarter profit grew by 9.9 percent year-on-year to Rs 2,933 crore but revenue fell nearly 5 percent to Rs 10,587 crore.
Operating income during the quarter increased 6.9 percent to Rs 4,144 crore and margin expanded 430 basis points to 39.1 percent compared to year-ago.
Buzzing: AIA Engineering share price gained over a percent after the company reported profit growth of 31.6 percent year-on-year at Rs 151.7 crore for the quarter ended March 2018.
Revenue from operations grew by 11.3 percent year-on-year to Rs 743.9 crore and operating income increased 4.1 percent to Rs 166.6 crore, but margin contracted 230 basis points to 22.4 percent in Q4FY18.
Earnings: On Mobile Global's March quarter consolidated net profit shot up 62.6 percent sequentially to Rs 4.3 crore due to other income.
Revenue from operations fell 6.3 percent quarter-on-quarter to Rs 148.2 crore and operating income declined 22.9 percent to Rs 12.3 crore and margin contracted 180 basis points to 8.3 percent in Q4FY18.
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Concession Agreement: IRB Infrastructure share price gained over a percent as IRB PS Highway Private Limited and IRB PP Project Private Limited - wholly-owned subsidiaries, have now executed concession agreement with National Highways Authority of India (NHAI) for two Hybrid Annuity Projects under NHDP Phase IV in the state of Tamil Nadu.
Buzzing: Granules India said the US FDA has issued Establishment Inspection Report (EIR) for company’s Jeedimetla facility located at Hyderabad, Telangana.
This facility was inspected by US FDA in March 2018 and there was one (1) 483 observation during the inspection. The company has responded to the observation within the stipulated timeframe. Jeedimetla facility manufactures Active pharmaceutical ingredients (APIs) and Pharmaceutical Formulation Intermediates (PFIs), it added.
The stock price gained nearly 3 percent.
Lemon Tree Hotels in focus: Hotel chain Lemon Tree announced the opening of its new hotel, Lemon Tree Hotel, Baddi, marking its entry into this industrial town of Himachal Pradesh.
Carnation Hotels Private Limited, the hotel management arm of Lemon Tree Hotels, will be managing this midscale hotel. The management agreement was signed by Rattan Keswani, Deputy Managing Director – Lemon Tree Hotels & Whole Time Director – Carnation Hotels, and M/s Royal Park (owner).
Market Update: The market trimmed losses in afternoon following further recovery in banking stocks, rupee and fall in crude oil prices. After the Karnataka poll verdict, investors are closely watching which party will form the government.
The 30-share BSE Sensex was down 87.70 points at 35,456.24 and the 50-share NSE Nifty fell 38.10 points to 10,763.80 while the Nifty Midcap index recouped all its losses to trade flat.
About two shares declined for every share rising on the BSE.
Europe Update: Shares in Europe opened mixed as investors monitor surging interest rates in the bond markets.
The pan-European Stoxx 600 was 0.1 percent up with the various sectors moving in different directions, reports CNBC.
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Earnings: DB Corp's March quarter earnings missed analyst expectations as consolidated profit fell 11 percent year-on-year to Rs 57.1 crore and operating income dropped 12.8 percent to Rs 97.9 crore and margin contracted 440 basis points to 17.3 percent.
Crude Oil Update: Oil prices fell, weighed down by ample supplies despite ongoing output cuts by producer cartel OPEC and looming US sanctions against major crude exporter Iran.
Brent crude futures, the international benchmark for oil prices, were at USD 78.26 per barrel, down 0.22 percent, from their last close.
US West Texas Intermediate (WTI) crude futures were at USD 71.15 a barrel, down 0.22 percent, from their last settlement.
Buzzing: Share price of Gammon Infrastructure Projects advanced 18.3 percent intraday as private sector lender ICICI Bank acquired nearly 18 percent stake in the company through invocation of pledged shares.
ICICI Bank has acquired 168,999,900 shares of Gammon Infrastructure through pledge invocation. Accordingly, at May 14 2018 the total equity shareholding of the bank stands at 17.94 percent," company said in a BSE filing.
Prior to acquisition, the ICICI Bank holding in the Gammon Infrastructure Projects was nil, the filing added.
Market Update: The market is off its day's low amid rupee recovery and fall in crude oil prices. After digesting election results, investors closely watch movement of political parties for forming the government in Karnataka.
The 30-share BSE Sensex was down 171.57 points at 35,372.37 and the 50-share NSE Nifty fell 58.70 points to 10,743.20.
Karnataka Election Results: Sources told CNN-News18 that the meeting of BJP legislative is over and Yeddyurappa is elected as BJP legislature party head.
Karnataka governor may invite BJP to form the government.
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