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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