Sensex up 416 pts, Nifty ends May series above 10,700; HDFC Bank leads

Benchmark indices closed sharply higher on the day of expiry of May futures & options contracts. Positive global cues on easing Italy political concerns and the rally in HDFC Bank lifted market sentiment.

The 30-share BSE Sensex rose 416.27 points or 1.19 percent to 35,322.38 and the 50-share NSE Nifty gained 121.80 points or 1.15 percent at 10,736.20 while Nifty Midcap index was down 0.4 percent.

About 1,643 shares declined against 994 advancing shares on the BSE.

Atlanta, Manpasand Beverages, Leel Electricals, Dilip Buildcon, Bombay Dyeing, Suzlon Energy, Hathway Cable, Hindustan Copper, Vakrangee and PC Jeweller were down 5-20 percent.

Avenue Supermarts, NIIT Technologies, KPIT Technologies, Capital First, M&M Financial and Torrent Power gained up to 3 percent.


HEADLINES OF THE DAY

NCC has bagged the package three of Mumbai-Nagpur expressway contract.

Sadbhav Engineering has been declared the successful bidder in respect of the bid invited by Maharashtra State Road Development Corporation.

Infibeam Incorporation's March quarter profit grew by 53 percent to Rs 20.8 crore while revenue from operations jumped 98 percent to Rs 239.5 crore.

IOC most profitable PSU for 2nd year in a row; displaces ONGC.

IIFL Asset Management announced the launch of an alternative investment fund.

Pharma major Lupin has launched Solosec (secnidazole) 2g oral granules in the US market.

Shares of Manpasand Beverages plunged 10 percent to hit their lower circuit limit for the fourth consecutive session.


NIFTY RESISTANCE AND SUPPORT

The NIFTY will now have Resistance 10825 after that next resistance will be 10920. The support for nifty will be 10700 and next support for nifty will be 10620.

BANK NIFTY RESISTANCE AND SUPPORT

The BANK NIFTY will now have Resistance 27200 after that next resistance will be 27520. The support for nifty will be 26640 and next support for nifty will be 26300.

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Sensex falls 239 pts, Nifty ends below 10,700; Rel Comm jumps 65%

Benchmark indices closed lower for the second consecutive session amid political turmoil in Italy.

The 30-share BSE Sensex declined 43.13 points to 34,906.11 and the 50-share NSE Nifty slipped 18.90 points to 10,614.40.

About 1,444 shares declined against 1,222 advancing shares on the BSE.

Nava Bharat Ventures, Info Edge, Torrent Power and Satin Creditcare gained up to 20 percent while Vakrangee, Just Dial, South Indian Bank and Adani Power fell up to 5 percent.


HEADLINES OF THE DAY

CRISIL stock price is locked at 20 percent upper circuit after 6.33 lakh equity shares (representing 0.9 percent of total equity) exchanged hands on the National Stock Exchange at Rs 1851.05 per share.

Hotel Leela Venture share price declined nearly 2 percent after the company reported net loss at Rs 15.8 crore.

Borosil Glass Works share price rallied 5 percent after March quarter profit shot up 66 percent year-on-year to Rs 14.8 crore.

Aban Offshore has increased its losses in the quarter ended March 2018 on the back of weak operating numbers.

Alkem Laboratories' March quarter consolidated profit fell sharply by 51.6 percent year-on-year to Rs 66.3 crore.

arksans Pharma has reported profit in the quarter ended March 2018. The company's Q4 net profit was at Rs 4.3 crore.

UPCOMING RESULTS: -   BOMBAY POTTERIE, REIL ELECTRIC, HIMALAYA FOOD,  BANARAS BEADS,

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Sensex ends below 35K, sheds 216 pts; Nifty Bank loses 359 pts

Benchmark indices snapped three-day winning streak, dented by weak global cues and sharp fall in rupee.

Banking & financials are the major losers that pulled the market lower in trade today.

The 30-share BSE Sensex dropped 216.24 points or 0.61 percent to Rs 34,949.24 and the 50-share NSE Nifty fell 55.40 points to 10,633.30 while Nifty Midcap was down 0.35 percent.

Bank of India, PC Jeweller, Bank of Baroda, Balrampur Chini, HCC, Canara Bank and Strides Shasun were under pressure.

Ruchi Soya, Ashok Leyland, Idea Cellular, SAIL and BHEL gained up to 4 percent.

HEADLINES OF THE DAY

State-run coal mining company Coal India share price fell more than a percent after weak March quarter earnings.

Godfrey Phillips India's March quarter profit dropped 22.8 percent year-on-year to Rs 43.1 crore.

Shares of DCM Shriram Industries fell over 7 percent intraday as company reported net loss in the quarter ended March 2018.

The Monetary Policy Committee (MPC) is expected to maintain the repo rate at 6 percent in the ensuing policy review meeting next week.

M&M's March quarter earnings beat analyst expectations as profit grew by 50 percent year-on-year to Rs 1,155 crore.

State-run power equipment maker Bharat Heavy Electricals (BHEL) has reported more than double growth in March quarter profit at Rs 457.2 crore, driven by strong operational income.

Uflex share price rallied 16 percent despite sharp fall in March quarter profit.

UPCOMING RESULTS: -   HAWKINS, TORRENT PHARMA, HINDUSTAN AERON, APOLLO HOSPITAL, DEEPAK FERT, SAYAJI HOTELS, CANARA BANK, V GUARD, EIH, ONGC,

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Nifty likely to open lower, Stocks in the news: BHEL, Vedanta, L&T, Jet Airways

Nifty likely to open lower, Stocks in the news: BHEL, Vedanta, L&T, Jet Airways

Indian Indices:                           
The Nifty50 is expected to open flat-to-negative on Tuesday following muted trend seen in other Asian markets. The index closed 83 points higher at 10,688 on Monday. Trends on SGX Nifty indicate a negative opening for the broader index in India, a fall of 27.50 points or 0.26 percent. Nifty futures were trading around 10,666.50-level on the Singaporean Stock Exchange.

Global Market:
·Asian markets- Asian markets are lower today as Japanese and Hong Kong shares fall. The Nikkei 225 is off 1.05% while the Hang Seng is down 0.59%. The Shanghai Composite is not trading.
·US Markets: Across the US markets, the Dow Jones Industrial Average fell 58.67 points, or 0.24 percent, to 24,753.09, the S&P 500 lost 6.43 points, or 0.24 percent, to 2,721.33 and the Nasdaq Composite added 9.43 points, or 0.13 percent, to 7,433.85.
·European markets- European markets finished mixed as of the most recent closing prices. The FTSE 100 gained 0.18%, while the CAC 40 led the DAX lower. They fell 0.61% and 0.58% respectively.

Major Headlines of the day:

·Larsen & Toubro: The company allotted 1.63 lakh shares to employees under ESOP scheme. Its Q4 profit up 5 percent YoY at Rs 3,167 crore.
·Rural Electrification Corporation: Q4 net profit down 37 percent on higher provisions.
·Piramal Enterprises: Q4 net up 21 percent at Rs 375 crore
·NTPC: Company's Q4 net profit jumps 41 percent to Rs 2,926 crore
·Oil India Q4: Net profit up 22.9 percent at Rs 866.5 crore and revenue was up 5.1 percent at Rs 2,998 crore
·NMDC Q4: Net profit at Rs 1,105.8 crore. Revenue was up 35 percent at Rs 3,883 crore.
·Uflex Q4: Net profit down 27.6 percent at Rs 71.1 crore and revenue up 12.2 percent at Rs 1,817.8 crore
·Aurobindo Pharma Q4: Net profit at Rs 528.5 crore and revenue at Rs 4,049.1 crore
·Mercator Q4: Net loss at Rs 85.2 crore and revenue was down 57 percent at Rs 192.2 crore
·DB Realty Q4: Net loss at Rs 82.3 crore and revenue at Rs 0.2 crore
·REC approves proposal for incorporation of a project specific SPV, as wholly owned subsidiary of REC Transmission Projects
·Wipro ties up with IIT-Bombay for fabricating formula electric

Trend in FII flows:-The FIIs were Net Value of Rs  -795.06 in the cash segment MONDAY while the DIIs were Net Value of Rs 1017.65 as per the provisional figures.

TODAY ON EARNING FRONT:-ORIENTAL CARBON, DILIP BUILDCON, SAGAR CEMENT, M&M, GODFRY PHILIPS, IPCA LABS, SIYARAM SILK, GLENMARK, PUNJAB CHEMICALS, SUNDARAM BRAKE, DECCAN CEMENT, BAJAJ HEALTHCARE, BPCL, ARROW GREEN TECH. DCM SHRIRAM, BHEL, MMTC, Dish TV, GATI SADBHAV

Securities in Ban For Trade Date 18-MAY-2018 :-

1.BALRAMCHIN

2.DHFL

3.IDBI

4.JETAIRWAYS

5.JISLJALEQS

6.RCOM

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TOP CORPORATE NEWS - 28 MAY 2018

Manpasand Beverages hits 20% lower circuit after auditor Deloitte's exit

Manpasand Beverages stock is currently trading at Rs344.80 down by Rs86.2 or 20% from its previous closing of Rs431 on the BSE.

The statutory auditors for Manpasand Beverages announced to the stock exchanges that Deloitte Haskins & Sells, Chartered Accountants, Vadodara, have resigned as Statutory Auditors of the company w.e.f. May 26, 2018.

Mehra Goel & Co., Chartered Accountants, New Delhi, have been appointed as statutory auditors in Deloitte’s place w.e.f. May 27, 2018.

The company also announced that due to sudden exit of its auditors, the Board meeting scheduled on May 30, 2018 has been cancelled. The Board meeting was supposed to be held for considering Q4FY18 results and dividend of the company.

DB Corp Board approves buyback of 5% shares at Rs340each

DB Corp Ltd has informed BSE that its Board at its meeting held on May 26, 2018 has approved buyback proposal for upto 92lakh equity shares (being 5% of the total paid-up equity capital) at a price of Rs340 per share. The board has formed a buyback committee for the same.

The aggregate amount of buyback stood at Rs312.8cr (excluding transaction costs), being less than 25% of the total paid-up equity capital and free reserves of the company as on March 31, 2018. However, this does not change the fundamentals of the company.

The promoters and promoter group of DB Corp will tender up to a maximum of 34 lakh equity shares (aggregating to 1.85% of the share capital of the company) out of the 12.84cr shares held by them

Aviation stocks recover as oil price tumbles

The crude oil prices have corrected sharply over the last few days from a multi-year high of $80.5/bbl in mid-May. The significant fall in prices on Friday continued on Monday with crude touching around $75/bbl, as Saudi Arabia and Russia have indicated to increase supplies.

The fall in crude prices has aroused interest in the aviation stocks, which were hammered following poor Q4FY18 results. As a result, SpiceJet, Jet Airways and Indigo are up 15.7%, 5.3% and 2.7% respectively in today’s trade.

SpiceJet’s consolidated revenue for Q4FY18 increased by 24.8% yoy to Rs2,029.4cr from Rs1,625.8cr in Q4FY17. EBITDA, however, grew by mere 6.7% yoy to Rs65.1cr from Rs61cr in Q4FY17. Thus, EBITDA margin dropped from 3.8% in Q4FY17 to 3.2% in Q4FY18. Net profit during the quarter increased tepidly by 5% yoy to Rs40.5cr vs. Rs38.6cr in Q4FY17.

Sun Pharma stock soars 7% after announcing Q4 numbers

Sun Pharmaceuticals Industries Ltd is currently trading at Rs500.10 up by Rs33.55 or 7.19% from its previous closing of Rs466.55 on the BSE.

The company’s PAT grew by 15.5% yoy to Rs1,552.3cr in Q4FY18. EBITDA grew by 8.8% yoy to Rs1,683.5cr in Q4FY18. EBITDA margins were at 24.1% in Q4FY18 vs. 21.8% in Q3FY18 and 21.7% in Q4FY17.

The quarter includes one-off, exceptional items, tax write-back of Rs258.6cr on account of difference on tax and book value on the intra-group transfer of certain intangibles. Adjusted for this one-off item, PAT would have been at Rs1,294cr, still ahead of the street estimate of Rs854cr for Q4FY18.

Just Dial surges 18% on heavy volumes

Just Dial Ltd is currently trading at Rs597.10 up by Rs89.7 or 17.68% from its previous closing of Rs507.40 on the BSE.

The company experienced a spurt in volumes by more than 4.32 times.

On May 22, the company reported a 36.2% qoq rise in its standalone net profit to Rs 39cr for Q4FY18. Its standalone revenue in the period stood at Rs200cr, up 1.9% qoq and 10.3% yoy. 

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Capitalstars - INDIAN EQUITY MARKET OUTLOOK - 28 MAY 2018

Nifty likely to open flat, Bank Of India, United Breweries, IDBI Bank, NTPC, BoB, Dr Reddy's Lab in new, NTPC, L&T earnings today

Indian Indices:                           
The Trends on SGX Nifty indicate a positive opening for the broader index in India, a rise of 8 points or 0.08 percent. Nifty futures were trading around 10,647-level on the Singaporean Exchange. Nifty50 is expected to open flat-to-positive on Monday following positive trend seen in other Asian markets. The index closed 91 points higher at 10,605 on Friday. Trends on SGX Nifty indicate a positive opening for the broader index in India, a rise of 8 points or 0.08 percent. Nifty futures were trading around 10,647-level on the Singaporean Exchange.


Global Market:
•Asian markets- Asian markets are higher today as Japanese and Hong Kong shares show gains. The Nikkei 225 is up 0.02% while the Hang Seng is up 0.67%. The Shanghai Composite is not trading.

•US Markets: the Dow Jones Industrial Average fell 58.67 points, or 0.24 percent, to 24,753.09, the S&P 500 lost 6.43 points, or 0.24 percent, to 2,721.33 and the Nasdaq Composite added 9.43 points, or 0.13 percent, to 7,433.85. For the week, the Dow was up 0.2 percent, the S&P 500 was up 0.3 percent and the Nasdaq gained 1.1 percent.

•European markets- European markets finished mixed as of the most recent closing prices. The DAX gained 0.65% and the FTSE 100 rose 0.18%. The CAC 40 lost 0.11%.


Major Headlines of the day:

•Dr Reddy’s subsidiary company Promuis Pharma filed lawsuit for patent infringement in US court

•Punj Lloyd board meeting on May 30, 2018 to consider and approve a proposal to restructure the outstanding credit facilities

•United Breweries: The firm launched AMSTEL Beer in its super premium strong beer category.

•IDBI Bank: The Board has initiated divestment of partial stake in IDBI AMC to a strategic investor.

•Jindal Saw: Neeraj Kumar reappointed as Group CEO and Wholetime Director of the company.

•Tech Mahindra reports Q4 profit beats estimates at Rs 1,222 crore.
•Sun Pharma Q4 profit up 7 percent YoY at Rs 1,309 crore, beats estimates.

•Adani Enterprises sells 51% stake in Adani Chendipada Mining

•DB Corp approved buyback proposal for an aggregate amount of up to Rs 312.80 crore

Trend in FII flows:-  The FIIs were Net Value of Rs  -768.29 in the cash segment FRIDAY while the DIIs were Net Value of Rs 887.76 as per the provisional figures.

TODAY ON EARNING FRONT:-   PIRAMAL ENTER, LUMAX, LARSEN, VADILAL, LUMAX AUTO TECH, FINOLEX, EIH ASSO HOTEL, SHILPA ASIAN HOTEL, KAMDHENU, OIL INDIA, COX&KINGS, MINDA CORP, NTPC, L&T, NMDC, ASSAM COMPANY, BAG FILMS, GRAVITA, KWALITY

Securities in Ban For Trade Date 28-MAY-2018 :- 
1.BEML
2.DHFL
3.IDBI
4.JETAIRWAYS
5.JISLJALEQS
6.JUSTDIAL
7.RCOM

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S&P, Dow fall as oil drop hurts energy; chipmakers boost Nasdaq

The S&P 500 and the Dow eased on Friday after a steep drop in oil prices pressured energy stocks, but losses were limited by gains in chipmakers and retail stocks.

US crude tumbled 4 percent to settle at USD 67.88 a barrel after Saudi Arabia and Russia said they were ready to ease supply curbs that have pushed prices to their highest since 2014.

The S&P energy index slid 2.6 percent and registered its biggest daily percentage drop since early February, while Chevron dropped 3.5 percent and Exxon Mobil fell 1.9 percent and were among the biggest drags on the Dow and S&P 500.

The S&P 500 banks index fell 0.4 percent after US Treasury yields hit their lowest in three weeks.

Stock markets this week also have been roiled by trade tensions with China, a US threat of imposing tariffs on imported cars and uncertainty over a US-North Korea summit.

President Donald Trump said on Friday the summit with North Korean leader Kim Jong Un could still take place on June 12 as originally planned, a day after canceling it.

The Dow Jones Industrial Average fell 58.67 points, or 0.24 percent, to 24,753.09, the S&P 500 lost 6.43 points, or 0.24 percent, to 2,721.33 and the Nasdaq Composite added 9.43 points, or 0.13 percent, to 7,433.85.

For the week, the Dow was up 0.2 percent, the S&P 500 was up 0.3 percent and the Nasdaq gained 1.1 percent.

The Nasdaq was boosted by chipmakers, including Broadcom, which rose 2.7 percent. Intel climbed 1.3 percent.

A 20.2 percent surge in shares of Foot Locker boosted the S&P consumer discretionary index, which rose 0.2 percent, after the company reported a better-than-expected quarterly profit and helped shares edge higher in Nike, which has a partnership with the footwear retailer.

The S&P retail index rose 0.2 percent.

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Asia opens lower; Bank of Baroda, Idea, Sun Pharma in focus

Indian Indices:                           
The Nifty50 which started higher gathered momentum in the last one hour of the trading session on Thursday and closed above its crucial resistance level of 10,500 on Thursday. Index saw some value buying at lower levels along with short covering which helped Nifty to reclaim 10,500 on closing basis which is a positive sign. The Nifty50 which opened at 10,464 slipped to an intraday low of 10,419 before bouncing back above 10,500. It hit an intraday high of 10,535 before closing the day at 10,513, up 83 points. The Nifty Bank index closed up 1.29 percent at 26,016.80 on Thursday. The important Pivot level, which will act as crucial support for the index, is placed at 25,759.1, followed by 25,501.4. On the upside, key resistance levels are placed at 26,173.8, followed by 26,330.8.

Global Market:
•Asian markets- Asian markets are lower today as Japanese and Hong Kong shares fall. The Nikkei 225 is off 0.09% while the Hang Seng is down 0.44%. The Shanghai Composite is not trading.

•US Markets: The Dow Jones Industrial Average fell 75.05 points, or 0.3 percent, to 24,811.76, the S&P 500 lost 5.53 points, or 0.20 percent, to 2,727.76 and the Nasdaq Composite dropped 1.53 points, or 0.02 percent, to 7,424.43.

•European markets- European markets finished lower today with shares in Germany leading the region. The DAX is down 0.94% while London's FTSE 100 is off 0.92% and France's CAC 40 is lower by 0.31%.

Major Headlines of the day:

•Gujarat Alkali Q4 YoY: Profit jumps sharply to Rs 221.1 crore versus Rs 87.1 crore; revenue from operations rose to Rs 697.3 crore from Rs 531.3 crore.

•Cummins Q4 YoY: Profit up 1.7 percent at Rs 161.2 crore versus Rs 158.5 crore; revenue up 4.1 percent at Rs 1,233.2 crore versus Rs 1,184.4 crore.

•GSK Pharma: Q4 net profit down 6.3 percent at Rs 105.6 crore.

•Kaveri Seed Company: Board approves buyback of equity shares.

•United Breweries Q4: Net profit at Rs 90.9 crore and revenue at Rs 1,474 crore.

•United Spirits Q4: Net profit at Rs 211 cror and revenue at Rs 2173.3 crore.

•Pidilite Q4: Net profit at Rs 247.5 crore and revenue at Rs 1,485.3 crore.

•PNC Infratech declared lowest bidder for the project of Rs 1,738 crore.

Trend in FII flows:-The FIIs were Net Value of Rs  -701.93 in the cash segment THURSDAY while the DIIs were Net Value of Rs 1480.51 as per the provisional figures.

TODAY ON EARNING FRONT:- Sun Pharma, Tech Mahindra, Bank of Baroda, Cadila Healthcare, Page Industries, IDBI Bank, Power Finance Corporation, Sundaram Finance, NBCC India, Max Financial, Karur Vysya Bank, Jagran prakashan, BEML and India Cements.

Securities in Ban For Trade Date 25-MAY-2018 :- 

1.BEML,
2.DHFL,
3.Jet Airways,
4.Jain Irrigation Systems and
5.Reliance Communications

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Sensex up over 300 pts, midcaps underperform; IT zooms, ONGC dips

Benchmark indices regained strength in late trade on short covering, with the Sensex rising 318.20 points or 0.93 percent to 34,663.11.
 
The 50-share NSE Nifty rallied 83.50 points or 0.80 percent to 10,513.90.
 
Tata Motors, GAIL and ONGC fell 4-7 percent while TCS, Infosys, Axis Bank and Bharti Airtel gained up to 4 percent.
 
Nifty Midcap fell 70 points on weak market breadth. About 1,087 shares declined against 997 advancing shares on teh NSE.
 
REC, Jubilant Foodworks, Parag Milks Foods, Hexaware, KPIT Tech and L&T Infotech gained up to 5 percent.
 
United Spirits, Jet Airways, Bharat Forge and Motherson Sumi fell up to 6 percent.
 
 
HEADLINES OF THE DAY
 
20 Microns share price rallied 5 percent after March quarter profit jumped to Rs 3.4 crore from Rs 0.7 crore
 
The company has registered nearly 300 percent jump in its Q4 net profit at Rs 1,021 crore against Rs 260 crore in the same quarter last fiscal.
 
ONGC share price losses trimmed to 4.5 percent from 11 percent amid the news that the government may levy a windfall tax on oil producers.
 
Somany Ceramics share price fell 5 percent after its March quarter net profit declined 7.2 percent.
 
Manipal-TPG combine has said it has extended the validity of its modified offer for Fortis Healthcare to June 6, 2018.
 
Construction company NCC has reported healthy earnings for the March quarter 2018, backed by strong operational growth.
 
Aurobindo Pharma, Sun Pharma & Ajanta Pharma have received tentative approval for Tadalfil tablets that are used to treat arterial hypertension & erectile dysfunction.
 
UPCOMING RESULTS: -  APL APOLLO, SUNDARAM FINANCE, GOODYEAR, BEML, RAMKRISHNA FORGE, TECHMAHINDRA, MONTE CARLO, SUN PHARMA, CADILA HEALTHCARE, PCJEWELLERS, PG ELECTROPLAST, BANK OF BARODA, INDIAN HOTELS, INDIA CEMENT.

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Sensex up 300 pts, Nifty reclaims 10,500; IT, pharma cos gain

The markets are trading higher on Thursday afternoon led by a rise in information technology (IT), pharmaceutical and banking stocks.

Among sectoral indices, the Nifty IT index rose over 2% led by a rise in the shares of Infosys, KPIT Technologies and Tata Consultancy Services. The Nifty Pharma index too was up nearly 2% led by Sun Pharmaceutical Industries and Cadila Healthcare.

Stock-specific action is likely to continue during the day as more companies release their March quarter results. Among key results, Glaxosmithkline Pharmaceuticals, Goodricke Group, Pidilite Industries and United Breweries are likely to announce their March 2018 quarter earnings later today.

On Wednesday, the rupee had dropped 0.6 per cent to a 17-month low of 68.42 against the dollar. The rupee is inching towards its record low of 68.85, touched on August 28, 2013.

In the global markets, Asian shares fell on Thursday after the US government launched a national security probe into car imports that could lead to new tariffs, and US President Donald Trump's comments suggested setbacks in US-China trade talks.

MSCI's broadest index of Asia-Pacific shares outside Japan was about 0.1 per cent higher, but Japan's Nikkei stock index fell 1.1 per cent as auto shares slumped. South Korea's KOSPI lost 0.2 per cent. China's blue chip CSI 300 index was 0.7 per cent lower.

In commodities markets, US crude was down 0.3 per cent at $71.63 a barrel. Oil prices fell on Wednesday after an unexpected rise in US crude and gasoline inventories. Brent futures were 0.4 per cent lower at $79.50 a barrel, continuing to move lower after rising above $80 last week for the first time since November 2014 last week.

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CAPITALSTARS TOP CORPORATE NEWS - 23 MAY 2018

NCLT allows CoC to consider revised bid of UltraTech

Twists and turns continue in the Binani Cement asset sale. On Tuesday, the National Company Law Appellate Tribunal (NCLAT) allowed the committee of creditors (CoC) of Binani Cement to consider the revised bid by UltraTech Cement or that of Dalmia Bharat (if it revises its bid higher), as per various media sources.

However, Dalmia Bharat is unwilling to revise its Rs6,589cr takeover offer, which previously won the bid. Dalmia Bharat maintains status quo on the offer, as it has followed the IBC and other legal procedures. Further, it intends to move the NCLAT in the Supreme Court if the Kolkata bench of the NCLT gives approval to the UltraTech Cement’s offer.

Gravita India up 3% after signing deal with Amara Raja Batteries

Gravita India, a leading recycling company, has signed a contract with Amara Raja Batteries for lead acid battery scrap collection and recycling arrangements. Under this contract, Gravita would collect/purchase lead acid battery scrap from designated locations of Amara Raja. It is a joint initiative towards environment protection and sustainability under which used batteries would be recycled and pure lead/lead alloys will be supplied back to Amara Raja.

Gravita targets supply of approximately 8,000 MT of lead to Amara Raja under the said contract, which will help the company to strengthen its top line in FY18‐19 coupled with cost-effective recycling and long-term business association with Amara Raja. The supplies under this contract will be effected during FY18‐19.

HPCL stock drops after Q4FY18 PAT declines

Hindustan Petroleum Corporation Ltd stock declined after the company reported Q4FY18 results in-line with the estimates. Net comparable revenue grew by 14.4% yoy to Rs66,350.88cr against Rs57,992.15cr in Q4FY17. EBITDA stood at Rs2,922.64cr, up 4% yoy against Rs2,811.02cr of Q4FY17. EBIDTA margin declined by ~45bps yoy to 4.4%.

Bata India gains on reporting strong Q4 earnings

Shares of Bata India were up by over 2% after the company reported that its Q4FY18 standalone net profit rose 44.92% yoy to Rs52.08cr.

The company's revenue for Q4FY18 came in at Rs632cr, up 6.9% yoy and down 6.2% qoq. EBITDA for the quarter came in at Rs82cr, up 45.1% yoy and down 26.2% qoq. EBITDA margin expanded by 343bps yoy and contracted by 352bps qoq to 13.02%. The adjusted net profit for the quarter stood at Rs52.08cr, up 44.9% yoy and down 23.6% qoq. Revenue, EBITDA and adjusted PAT came above estimates of Rs625cr, Rs77cr and Rs49cr respectively.

Vedanta down 4% after Madras HC stays expansion plans

The Madras High Court passed a ruling today, staying Vedanta's capacity expansion plans at the Tuticorin plant. This is a blow to the company that was hoping to complete the expansion by Q3FY20.

Protests against its copper plant turned violent yesterday leading to police firing, killing nine protestors. Vedanta’s copper plant in Tuticorin has been closed since March 27 after it had not received clearance from the Tamil Nadu pollution board. The pollution board had rejected Vedanta's license to continue operations in April, citing that the company had not complied with environmental laws. The Tamil Nadu pollution board has adjourned decision on the plant to June 6.

The company had also planned to double capacity to 800k tonnes of copper cathode. 

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