ICICI Bank among top index gainers, Bharti Airtel among top laggards on Sensex##ICICI Bank among top index gainers, Bharti Airtel among top laggards on Sensex

Aug 9, 2018 3:48 PM

Closing Bell: Sensex, Nifty, Nifty Bank end at record highs##Closing Bell: Sensex, Nifty, Nifty Bank end at record highs

Indian equity indexes closed at record high on Thursday, primarily led by sharp gains in bank shares on sustained buying, negating subdued global cues. The Sensex closed at 38,024.37, higher by 136.81 points, or 0.36 percent, while the Nifty ended at 11,470.70, rising by 20.70 points, or 0.18 percent. Nifty Bank also ended the day with gains, settling above 28,300 mark. Midcaps also ended with gains over half a percent. Among BSE sectoral indices, Telecom, Consumer Durables and Healthcare were under maximum pressure, while Realty, Metal Power, Utilities, Bankex, surged higher by up to 2 percent. Among NSE sectoral indices, Pharma, Media, IT and Auto trade in the negative zone. PSU Bank surged by nearly 3 percent and PVT Bank over a percent and Realty up by 2.08 percent. Axis Bank, ICICI Bank, SBI, Vedanta emerged as the top index gainers. Bharti Airtel, ONGC, Kotak Mahindra Bank, IndusInd Bank, Cipla were among top losers.

Aug 9, 2018 3:39 PM

Whirlpool Q1 net profit up 23.4% (YoY)##Whirlpool Q1 net profit up 23.4% (YoY)

Aug 9, 2018 3:27 PM

Here's a snapshot of June quarter results declared so far##Here's a snapshot of June quarter results declared so far

Ipca Labs Q1 net profit at Rs 65.5 crore Vs Loss Of Rs 20.2 crore (YoY); Revenue up 19.7 percent at Rs 853.9 crore vs Rs 713.4 crore (YoY); EBITDA at Rs 114 crore vs Rs 22 crore (YoY); EBITDA margin at 13.4 percent vs 3.1 percent (YoY).

TTK Healthcare Q1 net profit at Rs 7.9 crore vs loss of Rs 13.3 crore (YoY); Revenue up 33.2 percent at Rs 173 crore vs 130 crore (YoY).

Bajaj Hindusthan Q1 net loss of Rs 167.5 crore vs loss of Rs 25 crore Revenue down 11.8 percent at Rs 1,456.2 crore vs Rs 1,650.9 (YoY)

J Kumar Infra Q1 net profit up 55.8 percent at Rs 40.2 crore vs Rs 25.8 crore (YoY); Revenue up 49.25 percent at Rs 618.4 crore vs Rs 414.5 crore (YoY); EBITDA up 58 percent at Rs 100 crore vs Rs 63.2 crore (YoY); EBITDA margin at 16.2 percent vs 15.3 percent (YoY).

Aug 9, 2018 3:25 PM

Market update: Sensex, Nifty consolidate gains ahead of close##Market update: Sensex, Nifty consolidate gains ahead of close

Benchmark indexes trade higher with the BSE Sensex hovering around 38,000 mark. The Sensex was trading at 37,996.21, higher by 108 points, or 0.29 percent, while the Nifty 50 is at 11,465, up by 15.30 points, or 0.13 percent at 3.10 pm. Midcaps trade higher by over half a percent, while Bank Nifty is trading above 28,302 mark, rising by 240 points, or 0.86 percent. PSU Bank is also trading over 3 percent, while Pvt Bank and Realty are also higher by 1.02 and 2.02 percent, respectively. Metal also surged to 1.49 percent. ICICI Bank, Axis Bank, SBI, Adani Ports, Bharti Infratel lead among NSE gainers, while Bharti Airtel, Titan, ONGC, HPCL, HDFC Bank are among top laggards. BSE gainers again include ICICI Bank, Axis Bank, SBI, Vedanta, Coal India, while shares of Bharti Airtel, ONGC, Kotak Bank, L&T, IndusInd Bank are among the laggards.

Aug 9, 2018 3:14 PM

Ekta Batra explains where major pharma firms stand after Q1 results##Ekta Batra explains where major pharma firms stand after Q1 results

IPCA Labs which has seen a strong run in 2018 with the stock going up over 25% Year to Date saw profit booking post its Q1FY19 Numbers. The company however reported a strong set. Revenue grew 19.7%, Margins improved to 13% vs 3% YoY & stayed flat QoQ while Profit was Rs 65 cr vs a Loss of Rs 20.3 cr. The disappointment however seemed to stem from the export business. It grew 3% YoY to Rs 382 cr with the branded generic business flat YoY and generics fall 15% YoY. India did well with a growth of 36% YoY.

Natco Pharma missed elevated expectations in Q1FY19. The co reported a revenue growth of 21%, margins of 40% vs 31% YoY and profit growth of 93% to Rs 181 cr. Analysts say the steep QoQ decline of 30% of revenue was on account of lower sales of Tamilfu generic and slower ramp up of multiple sclerosis drug Copaxone generic they drug they have partnered with Mylan on. ​

Strides saw follow on buying reacting to the management commentary in the Q1FY19 conference call. Commentary and performance of the US market it seemed impressed. Strides reported revenue of $26m vs $21m of sales in Q4. Expectations are the company’s quarterly US Sales could rise to $35-40m run rate Q3 onwards on account of launches such as painkiller Ibuprofen. Overall, the company upped its guidance for filing of new products to 20-23 vs 18 to 20 earlier and at least 8 more approvals this year. While institutional business was and is still sluggish they expect to eventually pick up. ​

Lupin reported a weak Q1FY19 with margins disappointing at 13.7% vs expectations of 19.3% and versus 19.86% the previous year. The company’s US business was impacted by generic competition in Methergine a drug used to prevent post partam hemmorage and volume decline in diabetes drugs Fortamet and Glumetza generic. The US business however is expected to pick up in the second half of the fiscal due to ramp of women’s health drug Solosec and sales of flu drug Tamiflu generic. The co expects India that grew 31% in Q1FY19 to grow at 14-15%. The co is undertaking measures to support margins such as rationalizing R&D costs to focus on limited competition, higher margin products.

​The key highlight in Cipla’s Q1FY19 numbers was sequential margin improvement. The margins for the quarter came in at 18% improving 300 bps from the 15% in Q4FY18. Revenue growth this quarter was 11%. While India grew over 20% YoY the US business was impacted on account of supply led disruptions which have now normalized. Going forward Cipla has guided for 15 product launches in FY19 in the US with at least one niche product launch per quarter. The co said the domestic biz should grow 12-14% in FY19 but Q2 will be subdued. Margins continue to be a key focus for the company with guidance that gross margins should improve with new launches in the US. ​

Aug 9, 2018 3:07 PM

Market update: Sensex, Nifty trade near day's high##Market update: Sensex, Nifty trade near day's high

Equity indexes further expanded gains trading near the day's high. The Sensex was trading at 38,043.65, higher by 156.09 points, or 0.41 percent, while the Nifty 50 rose to 11,484.30, rising by 34.30 points, or 0.30 percent at 2.18 pm. Midcaps outperform indexes with gains by up to half a percent or over 100 points. Banks, realty and metal stocks lead the rally. Nifty Bank is higher by 0.83 percent, trading at 28295, while PSU Bank has surged by nearly 3 percent. PVT Bank is also up by a percent and Nifty Realty is higher by 2.42 percent. Only Media and Pharma are depressed.

Aug 9, 2018 2:24 PM

Here's a snapshot of June quarter results declared so far##Here's a snapshot of June quarter results declared so far

Venky's Q1 net profit up 36.8 percent at Rs 71 crore vs Rs 51.9 crore (YoY); revenue up 14 percent at Rs 756.2 crore vs Rs 663.5 crore (YoY).

GMM Pfaudler Q1 net profit up 63.8 percent at Rs 9.1 crore vs Rs 5.6 crore (YoY); revenue up 35.4 percent at Rs 93.2 crore vs Rs 68.9 crore (YoY).

Aegis logistics Q1 net profit up 17.5 percent at Rs 51.6 crore vs Rs 44 crore (YoY); revenue up 18.8 percent at Rs 1,016.9 crore vs Rs 856 crore (YoY); Q1 EBITDA up 52.8 percent at Rs 86.4 crore vs Rs 56.6 crore (YoY); EBITDA margin at 8.5 percent vs 6.6 percent (YoY)

Insecticides India Q1 net profit up 11.5 percent at Rs 34 crore vs Rs 30.5 crore (YoY); Revenue up 2.3 percent at Rs 318.9 crore vs Rs 311.9 crore (YoY); Q1 EBITDA up 10 percent at Rs 55.6 crore Vs Rs 50.5 crore (YoY); EBITDA margin at 17.4 percent Vs 16.2 percent (YoY).

Varun Beverages Q2 net profit up 25 percent at Rs 306.8 crore vs Rs 245.5 crore (YoY); Revenue up 6.5 percent at Rs 2,059 crore vs Rs 1,934 crore (YoY).

Bajaj Electricals Q1 net profit up 97.9 percent at Rs 40.5 crore vs Rs 20.5 crore (YoY); Revenue up 21.6 percent at Rs 1,139 crore vs Rs 937.6 crore (YoY); Q1 EBITDA at Rs 79.9 crore vs Rs 22.3 crore (YoY); EBITDA margin at 7 percent vs 2.5 percent (YoY).

Aug 9, 2018 1:39 PM

Page Industries shares jump on strong June quarter results##Page Industries shares jump on strong June quarter results

Page Industries Q1 net profit up 45.9% (YoY). Shares surge by 3.65 percent to Rs 31,359.45, jumping by Rs 1105.40 on the BSE at 1.16 pm. The maker of Jockey and Speedo brand of products reported a net profit of Rs 124.4 crore, while revenue is reported at Rs 815.3 crore.

Aug 9, 2018 1:18 PM

Bajaj Electricals Q1 net profit up 97.9% at Rs 40.5 crore##Bajaj Electricals Q1 net profit up 97.9% at Rs 40.5 crore

Aug 9, 2018 1:04 PM

Market update: Sensex trades above 38,018##Market update: Sensex trades above 38,018

Benchmark indexes have held on to gains with the Sensex trades higher by 131 points, or 0.35 percent, to 38,018.62. The Nifty 50 is at 11,471.35, up by 21.35 points, or 0.19 percent. Shares of Bandhan Bank rose by 6.63 percent to Rs 737.05, or by Rs 45.80 on the BSE at 12.40 pm.

Aug 9, 2018 12:44 PM

Market update: Sensex trades above 38,018##Market update: Sensex trades above 38,018

Benchmark indexes have held on to gains with the Sensex trades higher by 131 points, or 0.35 percent, to 38,018.62. The Nifty 50 is at 11,471.35, up by 21.35 points, or 0.19 percent. Shares of Bandhan Bank rose by 6.63 percent to Rs 737.05, or by Rs 45.80 on the BSE at 12.40 pm.

Aug 9, 2018 12:44 PM

Cipla hits near 9-month high after June quarter profit beats estimates##Cipla hits near 9-month high after June quarter profit beats estimates

Shares of Cipla trade at Rs 635, higher by 0.39 percent. Intra-day, it surged to Rs 662.50 after opening at Rs 649. India’s third-largest drugmaker by market capitalisation Cipla Ltd’s shares rose as much as 4.7 percent to Rs 662.5, its highest since November 2017. The stock is among top percent gainers on NSE index. Cipla’s Q1 profit of Rs 451 crore tops estimates, helped by strong growth in the domestic market. “While Cipla has a strong India/SA (South Africa) business, which is seeing steady growth, the key driver going forward is US ramp-up where execution has been below expectations,” Jefferies analysts write. Citi analysts remain positive on the pharma company’s ability to outperform most peers on earnings, given its strong branded business, low vulnerability to US pricing and improving quality of launches. The Citi maintains ‘buy’ rating with a price target of Rs 690. 26 of 38 brokerages rate the stock “buy” or higher, ten “hold” and two “sell” or lower; their median price target is Rs 620. (Reuters)

Aug 9, 2018 12:14 PM

Harivansh Narayan Singh now Deputy Chairman of Rajya Sabha##Harivansh Narayan Singh now Deputy Chairman of Rajya Sabha

Aug 9, 2018 12:01 PM

Here's Manisha Natarajan's quick take on SC ruling on Jaypee##Here's Manisha Natarajan's quick take on SC ruling on Jaypee

Manisha Natarajan, Group Editor, Real Estate & Urban Development, Network 18, analyses the Supreme Court ruling on Jaypee: "The court's ruling on Jaypee reflects the government's stand that once given the Financial Creditor status under IBC, all home buyer resolutions should be found within the ambit of that law. It’s a setback for home buyers, according to me, because now the process starts from ground zero and adds 180+90 days to any resolution. Also despite having a 60 percent voting right, resolution may baffle them, unless a few financial institutions back them. My worry even Amrapali may go back to NCLT."

Aug 9, 2018 11:58 AM

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