Sensex up 254 points; Yes Bank tanks 7%, Indiabulls Housing surges 14%
09 August 2019
BHEL Q1 results: Net loss at Rs 217.7 crore against profit of Rs 40.7 crore, while revenue was down 23.7 percent at Rs 4,532.5 crore against Rs 5,942 crore, YoY.
NRB Bearings Q1 result: Company reported 69 percent fall in its Q1FY20 net profit at Rs 11.5 crore versus Rs 36.9 crore, while revenue declined 11.8 percent at Rs 212.4 crore versus Rs 240.9 crore, YoY.
Market Close: Indian indices ended higher for second consecutive day but off day's high on August 9 with Nifty holding above 11,100 level.
At close, Sensex was up 254.55 points at 37,581.91, while Nifty was up 77.20 points at 11,109.70. About 1521 shares have advanced, 952 shares declined, and 151 shares are unchanged.
Indiabulls Housing, Eicher Motors, Maruti Suzuki, Bajaj Finserv and Titan Company were among major gainers on the Nifty, while losers were Yes Bank, Cipla, Hindalco Industries, Tech Mahindra and Coal India.
Among sectors, IT, metal, PSU bank and pharma witnessed selling pressure, while buying seen in the auto, FMCG and energy sectors.
Hindalco Q1 Profit Tanks 28%
Hindalco Industries started off the financial year on a weak note by reporting a massive 29 percent year-on-year fall in June quarter consolidated profit due to global downturn and lower commodity prices amid trade tensions.
Profit declined to Rs 1,063 crore in quarter ended June 2019, from Rs 1,475 crore in same period last year.
Consolidated revenue from operations during the quarter fell 3.6 percent to Rs 29,972 crore dented by copper and aluminium businesses, but better performance of Novelis limited overall degrowth.
Buzzing: Shares of Tata Chemicals gained nearly 3 percent on August 9 after the company reported a 19.47 percent jump in consolidated net profit at Rs 312.59 crore for the quarter ended June 2019 on the back of strong sales.
Kirloskar Oil Engines Climbs 2.5%
Company reported consolidated net profit at Rs 46.5 crore in quarter ended June 2019, down 1.7 percent against Rs 47.4 crore in same period last year.
Revenue also fell 4.3 percent to Rs 902.5 crore, from Rs 943 crore in same period.
Sensex Gains 400 pts:
Benchmark indices extended rally in noon with the Sensex rising 409.93 points or 1.10 percent to 37,737.29 and the Nifty climbing 128.10 points or 1.16 percent to 11,160.60.
About three shares advanced for every share falling on the BSE.
Benchmark indices are trading higher on August 9 with Nifty around 11,150 and Sensex up more than 300 points.
The Sensex is up 364.12 points or 0.98% at 37691.48, and the Nifty up 110.30 points or 1.00% at 11142.80. About 1439 shares have advanced, 531 shares declined, and 90 shares are unchanged.
Yes Bank falls nearly 3%: Shares of Yes Bank shed nearly 3 percent on August 9 after research house Citi has maintained sell call on the stock with a target of Rs 80 per share
Buzzing: NBCC plunged more than 13 percent on August 9 to hit its 52-week low of Rs 34.35 after company reported a 39 percent decline in consolidated net profit for the quarter ended June 30 at Rs 51 crore.
Page Industries hits 52-week low on weak Q1 nos:
Share price of Page Industries touched 52-week low of Rs 17,438.45, falling 5.6 percent on August 9 after company reported poor numbers in the quarter ended June 2019 (Q1FY20).
The company has reported 11 percent fall in its Q1 net profit at Rs 110.6 crore against Rs 124.4 crore, while its revenue was up 2.4 percent at Rs 835 crore against Rs 815.3 crore, YoY.
Crude Update: Oil prices fell on Friday amid fears over demand as the US-China trade row casts its shadow over markets, although prices got some support from expectations of more OPEC production cuts.
Endurance Technologies surges 16%:
Share price of Endurance Technologies rose nearly 17 percent on August 9 after company reported strong set of numbers in the quarter ended June 2019.
The company's consolidated Q1FY20 net profit was up 32.9 percent at Rs 165.6 crore against Rs 124.6 crore in the year ago period.
Market Opens: Benchmark indices opened on positive note on August 9 with Nifty above 11,050 level.
The Sensex is up 141.42 points at 37468.78, while Nifty is up 49.40 points at 11081.90. About 488 shares have advanced, 162 shares declined, and 17 shares are unchanged.
Hexaware, Tata Chemical, Mahanagar Gas, UltraTech Cement, Endurance, UPL, Bajaj Finserv, Indiabulls Housing, Yes Bank, are among major gainers on the indices in the early trading, while losers are DHFL, Tech Mahindra, BPCL, HPCL and Page Industries.
Among sectors, except IT other indices are trading positive led by the bank, auto, energy, infra, metal and pharma.
Rupee Opens: The Indian rupee opened higher by 14 paise at 70.55 per dollar on Friday versus Thursday's close 70.69.
Market at pre-opening: Indian indices are trading higher in the pre-opening session with Nifty above 11,050.
At 09:02 hrs IST, the Sensex is up 216.18 points or 0.58% at 37543.54, and the Nifty up 55.80 points or 0.51% at 11088.30.
Citi on Yes Bank
Sell call, target at Rs 80 per share
Have assumed that the bank raises Rs 2,000 crore at Rs 85 per share
Post money, FY20 CET1 could be 8.3%
Have assumed additional returns on the new capital raise
Nomura on UltraTech Cement
Buy rating, target at Rs 5,500 per share
Co is our top pick in the cement space
Cement volumes much weaker than expectations
Blended cement realisation better at +11% QoQ
CLSA on UltraTech Cement
Buy rating, target raised to Rs 5,400 from Rs 5,270 per share
JPA assets achieved PBT breakeven in 8 quarters from acquisition
Deleveraging focus continues as debt reduced 5% QoQ
Citi on UltraTech Cement
Buy rating, target at Rs 5,300 per share
Pricing pullback may be temporary
Volumes should improve as state specific issues are sorted
Jefferies on Adani Ports
Buy rating, target raised to Rs 440 from Rs 425 per share
Operational results in-line with expectations
Management delivering on B/S the key for upside
Credit Suisse on Emami
Maintain outperform, target cut to Rs 375 from Rs 435 per share
Cut FY20-21 EPS estimate by 4-5% to build in lower revenue growth
Cut target multiple to 25x
Jefferies on Emami
Hold rating, target cut to Rs 350 from Rs 465 per share
Weak quarter as revenue grew 5.6%, led by 2% domestic sales growth
Lack of strong medium-term revenue drivers cap upside
CLSA on Emami
Buy rating, target cut to Rs 400 from Rs 450 per share
Earnings beat but growth recovery a must for stock performance
No volume growth in the domestic market
Except Kesh King & Navratna, all other segments witnessed rev decline
CLSA on Godrej Properties
Buy rating, target raised to Rs 1,100 from Rs 1,063 per share
Co is our top sector pick
Lowered gearing creates headroom for faster growth
Presales growth of 9% subdued as launches were back-ended
Macquarie on Godrej Properties
Downgrade to neutral, target raised to Rs 910 from Rs 900 per share
FY20-21 EPS estimates cut by 6.6-8.4%
Credit Suisse on Page Industries
Maintain underperform, target cut to Rs 15,500 per share
Cut FY20-21 earnings by 9-11% & target multiple to 35x
Ambit on Page Industries
Target cut to Rs 17,000 from Rs 18,000 per share
Valuations still need to factor in slowing growth
Cut FY20/FY21 EPS estimates by 10% to factor growth deceleration
Citi on MGL
Buy rating, target at Rs 1,000 per share
EBITDA & PAT 10% ahead of expectations
Beat entirely margin-driven, with volume growth at a dismal 3% YoY
Not enthused by the quality of earnings beat
Nomura on MF Flows
MF flows, especially in the equity segment, remained resilient
SIP book improved to Rs 8,300 crore vs Rs 8,000-8,100 crore in the past six months
Lump sum outflows negligible after seeing outflows in the past few months
Credit risk funds continue to see outflows on an increase in risk aversion
Continued positive net inflows is aiding AUMs despite muted market performance
Debt + liquid AUMs remained muted & down 8% since August 2018
Wall Street ends higher: The S&P 500 registered its largest one-day percentage gain in about two months on Thursday, with technology shares providing the biggest boost as equities continued to rebound along with bond yields.
Rupee ends higher on Thursday: The rupee snapped its five-day losing streak to close higher by 20 paise at 70.69 against the US dollar on August 8, tracking sharp gains in domestic equities after reports of rollback of a tax surcharge on foreign portfolio investors, said PTI.
Asian markets trade higher: Asian shares caught the tail of a Wall Street rally on Friday, helped by China's better-than-expected export figures but fresh concerns about Sino-US trade ties are likely to limit gains in the region.
SGX Nifty: Trends on SGX Nifty indicate a flat opening for the broader indices in India, a gain of 18 points or 0.16 percent. Nifty futures were trading around 11,089-level on the Singaporean Exchange.