ITC slips after in-line Q2FY19 results
Shares of ITC slipped over 2.5% on the BSE after the company's Q2FY19 earnings came in-line with market expectations. PAT in the quarter grew 11.9% yoy to Rs2,954.7cr.
Revenue (net of excise duty) grew 7.3% yoy to Rs11,068.9cr, in-line with the estimates. EBITDA grew 11.8% yoy to Rs4,206.0cr with an EBITDA margin of 38%, an improvement of 153bps yoy.
The growth in FMCG (others) segment at 12.7% yoy was lower than the estimated ~15% yoy growth. The EBIT margin of the FMCG (others) segment stood at 1.8%.
Kajaria Ceramics soars 6% post Q2FY19 results
Shares of Kajaria Ceramics are trading 6% higher after it reported Q2FY19 results almost in-line with estimates. Revenue grew 8.1% yoy to Rs725.31cr against Rs671.23cr in Q2FY18, beating the consensus estimate of Rs694cr. Sales volume grew ~11% yoy to 19.54 million square metres (MSM) in Q2FY19 against 17.68MSM in Q2FY18.
EBITDA for the quarter declined 10.7% yoy to Rs108.91cr against Rs122.02cr in Q2FY18, led by a sharp increase in power and SG&A expenses. EBITDA margin declined 316bps yoy to 15%. Net profit for the quarter fell 21.2% yoy to Rs50.2cr against Rs63.7cr last year, in-line with the estimate of Rs49cr.
Equitas Holdings, Ujjivan Financial at day's low after RBI asks for separate listing of Small Finance Banks
Shares of Equitas Holdings and Ujjivan Financial Services declined sharply on Friday after the stocks informed the exchanges that the RBI has asked them to adhere to the original license conditions.
Both the stocks have wiped out their gains for those who bought shares during the initial public offering. The shares are currently trading below their issue price.
The RBI clarified that promoters of small finance banks must list their banking units separately within three years of operations, i.e., by January 2020 for Ujjivan and September 2019 for Equitas.
Raymond, Ceat stocks surge post Q2FY19 earnings
Raymond stock surged around 12% on the BSE and it is the best performing stock in the F&O segment trading 6.74% higher after posting a strong set of earnings.
Its revenue grew by 15.8% yoy and 47.7% qoq to Rs1, 848cr. EBITDA came in at Rs186cr, up 35.8% yoy and 170.9% qoq.
The company’s adjusted net profit stood at Rs63cr, higher than net profit of Rs46cr yoy and Rs1cr qoq. Adjusted Net profit came above estimate of Rs50cr.
Glenmark Pharma USFDA nod for Fluocinolone Acetonide Topical
Glenmark Pharmaceuticals Inc., USA (Glenmark), has been granted final approval by the United States Food & Drug Administration (USFDA) for Fluocinolone Acetonide Topical Oil, 0.01% (Body Oil), a generic version of Derma-Smoothe/FS Topical Oil, 0.01% (Body Oil), of Hill Dermaceuticals, Inc.
According to IQVIA sales data for the 12-month period ending August 2018, the DermaSmoothe/FS Topical Oil, 0.01% market achieved annual sales of ~$14.5 mn.
Glenmark’s current portfolio consists of 140 products authorized for distribution in the US marketplace and 60 ANDAs pending approval with the USFDA, as per a BSE filing.
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