Closing Bell: Sensex corrects 232 pts, Nifty Midcap sheds 321 pts amid Q4 earnings

Podcast | Sensex cracks over 200 points; mid & smallcaps biggest casualty

  • Market Outlook: Jayant Manglik, President, Religare Broking said the Indian equity benchmark indices started the Monday’s session on a positive note after the sharp fall seen in the past few trading sessions. However, the market failed to sustain its gains amid high crude oil prices and depreciating rupee. The Nifty index ended the session in red, with losses of 0.8%, to close at 10,517 levels. The broader market indices continued its underperformance, with BSE Smallcap & Midcap closing down by 2.2 percent & 1.6 percent, respectively. Barring IT and Oil & Gas, which ended marginally higher, all the other sectoral indices, closed sharply in the red. Consumer Durables, FMCG, Metals, Healthcare, Auto, & Power were the top losers. Amongst the global markets, Asian markets closed in green whereas the European markets were trading flat to positive.

    We expect the Indian markets to remain range bound in the coming sessions. Further course of market would be dictated by global developments, crude oil price and currency movement in near term. However, stock specific volatility would continue with on-going corporate earnings season and we would advise investors to accumulate quality companies on dips.

  • May 21, 04:57 PM (IST)

    Technical View: Nifty holds 10,500; Supertrend indicator gives a ‘sell’

    Technical View: Nifty holds 10,500; Supertrend indicator gives a 'sell'

    The Nifty index has a strong support near 10,500 levels but as long as the index holds below 10,550 there is a higher probability of the index testing lower support placed at 10,300-10,400 levels, suggest experts.

  • May 21, 03:36 PM (IST)

    Market Update: Benchmark indices ended lower for the fourth consecutive session, dragged by pharma, metals, auto stocks, HDFC twins and Reliance Industries.

    The 30-share BSE Sensex was down 232.17 points at 34,616.13 and the 50-share NSE Nifty fell 79.70 points to 10,516.70.

    Sun Pharma, Cipla, Dr Reddy’s Labs, Tata Motors, Tata Steel, HUL and Titan Company declined up to 5 percent while SBI, ICICI Bank and TCS gained up to 2.5 percent.

    Nifty Midcap was down more than 300 points. About four shares declined for every share rising on the NSE.

    Jet Airways, BEML, REC, Adani Power, LIC Housing Finance, Glenmark Pharma, Ashok Leyland, Amara Raja Batteries, Kitex Garments and Strides Shasun fell up to 20 percent.

    Canara Bank, Union Bank, IDBI Bank and Balrampur Chini gained up to 7 percent.

  • May 21, 03:31 PM (IST)

    Buzzing: Shares of Petronet LNG lost a little over 7 percent as the net profit fell over a percent at Rs 522.7 crore. Its revenues fell over 11 percent to Rs 8,636 crore. The operating profit fell 3 percent to Rs 822 crore while the margin was also lower than previous quarter at 9.5 percent.

  • May 21, 03:31 PM (IST)

    Mcleod Russel India to consider buyback: The company has informed that at the meeting of board of directors will be held on May 30 to consider a proposal for buying back some of its own shares by the company.

  • May 21, 03:29 PM (IST)

    Buyback: Shares of DB Corp gained over 5 percent during the day as the firm will be considering a buyback issue on May 26.

  • May 21, 03:28 PM (IST)

    Infibeam Incorporation acquires 100% stake in Dubai company: Infibeam Global EMEA FZ-LLC, the wholly owned subsidiary of Infibeam Incorporation, has acquired 100% shareholding of Vavian International.

    The acquisition is expected to be completed in next 2 to 4 weeks.

    On completion of acquisition, Vavian International will become direct subsidiary of Infibeam Global EMEA FZ-LLC and a step-down subsidiary of Infibeam Incorporation.

  • May 21, 03:25 PM (IST)

    Petronet LNG Q4 results: The company’s Q4 net profit declined 1.2 percent at Rs 522.7 crore against Rs 529 crore. Other income was up at Rs 103.4 crore and revenue increased by 11 percent at Rs 8,636 crore.

    The operating profit or EBITDA was down 3 percent at Rs 822.1 crore and margin was down at 9.5 percent.

  • May 21, 03:15 PM (IST)

    ‘Indian stock market unlikely to give phenomenal returns in FY19, likely to remain volatile’

    'Indian stock market unlikely to give phenomenal returns in FY19, likely to remain volatile'

    Depending on investors’ risk and reward objectives, we would recommend some exposure to gold as it is a hedge against geo-political risks and financial instability.

  • May 21, 02:51 PM (IST)

    Acquisition: Infibeam Incorporation said Infibeam Global EMEAFZ-LLC, the wholly owned subsidiary based in Dubai has acquired 100 percent shareholding of Vavian International Limited, a company formed and registered in Dubai.

    The acquisition is expected to be completed in next 2 to 4 weeks.

    “On completion of aforesaid acquisition, Vavian International Limited will become direct subsidiary of Infibeam Global EMEA FZ-LLC and a step-down subsidiary of Infibeam Incorporation Limited. ompany through our wholly owned subsidiary in Dubai,” it said.

  • May 21, 02:49 PM (IST)

    Earnings Reaction: CCL Products share price fell 2 percent despite decent earnings for the quarter ended March 2018.

    Profit in Q4 grew by 32.6 percent year-on-year to Rs 47.2 crore and revenue increased 7.4 percent to Rs 321 crore.

    Operating profit jumped 10.9 percent to Rs 71.2 crore and margin improved 70 basis points to 22.2 percent compared to year-ago.

      Earnings Reaction : CCL Products share price fell 2 percent despite decent earnings for the quarter ended March 2018. 

 Profit in Q4 grew by 32.6 percent year-on-year to Rs 47.2 crore and revenue increased 7.4 percent to Rs 321 crore. 

 Operating profit jumped 10.9 percent to Rs 71.2 crore and margin improved 70 basis points to 22.2 percent compared to year-ago.
  • May 21, 02:39 PM (IST)

    Results: Colgate Palmolive has reported a 32.4 percent increase year-on-year in March quarter profit at Rs 188.8 crore against profit  at Rs 142.6 crore.

    Revenue from operations grew by 5.2 percent to Rs 1,091.7 crore from Rs 1,037.5 crore YoY.

    Operating profit in Q4 increased 26.6 percent to Rs 307.6 crore from Rs 243 crore in same period last year.

    Margin expanded 480 basis points year-on-year to 28.2 crore for the quarter ended March 2018.

    Volume growth was at 4 percent against analyst estimates of 5 percent. Volume declined 3 percent in year-ago quarter.

      Results : Colgate Palmolive has reported a 32.4 percent increase year-on-year in March quarter profit at Rs 188.8 crore against profit  at Rs 142.6 crore. 

 Revenue from operations grew by 5.2 percent to Rs 1,091.7 crore from Rs 1,037.5 crore YoY. 

 Operating profit in Q4 increased 26.6 percent to Rs 307.6 crore from Rs 243 crore in same period last year. 

 Margin expanded 480 basis points year-on-year to 28.2 crore for the quarter ended March 2018. 

 Volume growth was at 4 percent against analyst estimates of 5 percent. Volume declined 3 percent in year-ago quarter.
  • May 21, 02:25 PM (IST)

    Market Update: Benchmark indices are trading at day’s low, with the Sensex falling 211.79 points to 34,636.51 dragged by metals stocks, HDFC twins, Reliance Industries and Bajaj Finance.

    The 50-share NSE Nifty fell 81.90 points to 10,514.50 while the Nifty Midcap index declined 1.6 percent. About three shares fell for every share rising on the BSE.

    All sectoral indices are under pressure barring PSU Bank (up 2.8 percent) and IT (up 0.3 percent).

    PSU Bank index extended rally on hope of further reduction in bad loans after the successful deal between Tata Steel and Bhushan Steel.

  • May 21, 02:16 PM (IST)

    Results Reaction: Indian Metals disappointed street by reporting a 97.2 percent decline year-on-year in March quarter profit at Rs 4.9 crore against profit at Rs 174 crore.

    Revenue during the quarter declined 25 percent to Rs 443.3 crore compared to Rs 588.2 crore in same period last fiscal.

      Results Reaction : Indian Metals disappointed street by reporting a 97.2 percent decline year-on-year in March quarter profit at Rs 4.9 crore against profit at Rs 174 crore. 

 Revenue during the quarter declined 25 percent to Rs 443.3 crore compared to Rs 588.2 crore in same period last fiscal.
  • May 21, 02:02 PM (IST)

    Earnings: Kitchen appliances maker TTK Prestige has reported a 32.4 percent decline year-on-year in profit at Rs 37.4 crore for the January-March quarter against Rs 55.3 crore in same period last year.

    Revenue during the quarter grew by 11.6 percent to Rs 443.7 crore compared to Rs 397.5 crore in corresponding period last fiscal.

    Operating profit increased 21.4 percent to Rs 60.4 crore from Rs 49.8 crore YoY.

    Tax expenses for the quarter at Rs 18.9 crore against tax credit of Rs 16.3 crore in year-ago.

    The company announced dividend of Rs 30 per share.

      Earnings : Kitchen appliances maker TTK Prestige has reported a 32.4 percent decline year-on-year in profit at Rs 37.4 crore for the January-March quarter against Rs 55.3 crore in same period last year. 

 Revenue during the quarter grew by 11.6 percent to Rs 443.7 crore compared to Rs 397.5 crore in corresponding period last fiscal. 

 Operating profit increased 21.4 percent to Rs 60.4 crore from Rs 49.8 crore YoY. 

 Tax expenses for the quarter at Rs 18.9 crore against tax credit of Rs 16.3 crore in year-ago. 

 The company announced dividend of Rs 30 per share.
  • May 21, 01:56 PM (IST)

    Europe Update: French and UK stocks started the week on a higher note with investors digesting weekend developments in US-China trade talks.

    The FTSE 100 was up by 0.47 percent and the CAC 40 in Paris was higher by 0.26 percent. The former hit a fresh intraday record high Monday. The German and other European markets were closed for a public holiday.

    Market sentiment was driven by trade news and political events in Italy. Fears over a trade war between the US and China eased after comments from US Treasury Secretary Steven Mnuchin that both countries are putting the trade war “on hold” as they try to reach a compromise. His comments also sent US stock futures higher, reports CNBC.

  • May 21, 01:53 PM (IST)

    Market Update: The market remained under pressure, with the Sensex falling more than 100 points amid higher crude oil prices and weaker rupee, as disappointing earnings by midcap companies.

    PSU Bank is the biggest gainer among sectoral indices, rising more than 2 percent on reduction in bad loans after Tata Steel acquired Bhushan Steel.

    The 30-share BSE Sensex was down 142.20 points at 34,706.10 and the 50-share NSE Nifty fell 57.10 points to 10,539.30.

    About three shares declined for every share rising on the BSE.

  • May 21, 01:42 PM (IST)

    Earnings: PPAP Automotive has reported a massive 64 percent rise YoY in profit at Rs 14.1 crore for the March quarter against Rs 8.6 crore in year-ago.

    Revenue during the quarter grew by 32.7 percent to Rs 127.6 crore and operating profit margin 39.9 percent to Rs 28.6 crore compared to year-ago.

  • May 21, 01:36 PM (IST)

    Oil Minister on crude prices: India is looking at ways to keep rising fuel prices in check, its oil minister said on Monday, with retail rates for diesel and petrol touching record highs in capital city New Delhi and financial hub Mumbai.

    Prices at the pump have surged on the back of rallying international markets for crude oil, which last week hit their strongest since late-2014 amid ongoing production cuts led by the Organization of the Petroleum Exporting Countries (OPEC).

    “Various alternatives are being looked at,” Dharmendra Pradhan said in a televised speech, adding that he would “work out something soon”. He did not give details.

    The cost of the growing thirst for oil around Asia will surpass $1 trillion this year, about twice as much as in 2015 and 2016, as oil prices touch $80 per barrel and continental demand hits a record, reports Reuters.

  • May 21, 01:25 PM (IST)

    Rupee Update: The rupee traded lower by 11 paise at 68.12 against the American currency on sustained dollar demand from importers and banks, despite lower local equities.

    The domestic unit hovered between 68.00 and 68.15.
    “Sustained capital outflows, higher dollar overseas after easing trade war tension’s loomed over rupee,” a dealer said.
    Meanwhile, the US dollar rose against basket currencies in early Asian trade after US Treasury Secretary Steven Mnuchin said the US trade war with China was on hold.

  • May 21, 01:11 PM (IST)

    Delisting: Leading stock exchange NSE has decided to delist Vijay Mallya-promoted Kingfisher Airlines and Plethico Pharmaceuticals and 16 other companies from May 30.

    This comes after BSE delisted over 200 companies from May 11 as trading in their shares remained suspended for over six months.

    The decision comes at a time when authorities are clamping down on shell companies – listed as well as unlisted – for being allegedly used as conduits for illicit fund flows.

    In August, markets regulator Sebi had directed exchanges to act against 331 suspected shell companies, while the government has already deregistered more than 2 lakh firms that have not been carrying out business activities for long.

  • May 21, 12:55 PM (IST)

    Buzzing: Shares of Dilip Buildcon fell 5.6 percent intraday as company’s promoters pledged their shares with RBL Bank.

    Dilip Suryavanshi and Devendra Jain, promoters of the company has pledged 1,31,655 and 31,77,345 equity share respectively for the benefit of the company including wholly owned subsidiary companies (SPVs).

    Dilip Suryavanshi has pledged 64,455 shares of DBL Bangalore Nidagatta Highways and 67,200 shares of DBL Nidagatta Mysore Highway in favor of RBL Bank.

    Devendra Jain has pledged 15,55,545 shares of DBL Bangalore Nidagatta Highways and 16,21,800 shares of DBL Nidagatta Mysore Highway in favor of RBL Bank.

      Buzzing:  Shares of Dilip Buildcon fell 5.6 percent intraday as company's promoters pledged their shares with RBL Bank. 

 Dilip Suryavanshi and Devendra Jain, promoters of the company has pledged 1,31,655 and 31,77,345 equity share respectively for the benefit of the company including wholly owned subsidiary companies (SPVs). 

 Dilip Suryavanshi has pledged 64,455 shares of DBL Bangalore Nidagatta Highways and 67,200 shares of DBL Nidagatta Mysore Highway in favor of RBL Bank. 

 Devendra Jain has pledged 15,55,545 shares of DBL Bangalore Nidagatta Highways and 16,21,800 shares of DBL Nidagatta Mysore Highway in favor of RBL Bank.
  • May 21, 12:53 PM (IST)

    Market Update: The market remained under selling pressure amid higher crude oil prices and weaker rupee. Investors also monitor corporate earnings.

    The Sensex is down around 200 points and the Nifty Midcap index fell over 1.5 percent.

    All sectoral indices are in the red barring IT and PSU Bank.

    PSU Bank index is up over a percent on reduction in bad loans after Tata Steel bought Bhushan Steel.

  • May 21, 12:46 PM (IST)

    Mining Block: Aditya Birla group firm Ultratech Cement today said it has bagged the Deora-Sitapuri-Udipyapura limestone mining block in Madhya Pradesh (MP).
    Ultratech Cement said the block is in close proximity to its existing limestone mines of the company’s recently commissioned unit Dhar Cement Works.
    “The company has won the Deora-Sitapuri-Udipyapura limestone mining block in the State of Madhya Pradesh,” Ultratech Cement said in a BSE filing.
    “This mining block is spread over 344.783 hectares of land having minable reserve of around 54 million MT…. This (limestone mining block) will be useful for augmenting the capacity of Dhar Unit in future,” it added, reports PTI.

  • May 21, 12:31 PM (IST)
    Source:-moneycontrol