Tata Power gains ~13% on Q2FY19 results, favorable SC judgment
Shares of Tata Power were trading 13% up in the afternoon session on a rally caused by a favorable judgment of the Supreme Court (SC) on the Power Purchase Agreements (PPA) as well as upbeat Q2FY19 numbers.
The company reported a favorable result for Q2FY19 with EBITDA and net profit coming in higher than consensus estimates (after adjusting for exceptional items). Revenue grew by 6.7% yoy to Rs7,333cr (expectation Rs7,626cr). EBITDA stood at Rs1,726cr, down 4.5% yoy against estimates of Rs1,590cr. EBIDTA margin fell by 275bps yoy to 23.5%. Net profit stood at Rs426cr against an expectation of Rs386cr.
ICICI Bank zooms ~11.5% as asset quality improves in Q2
Shares of ICICI Bank zoomed nearly 11.5% on the NSE and are among the top Nifty 50 gainers in today’s session. NII stood at Rs6, 417.5cr as against Rs5, 709.1cr, up 12.4% yoy. The beat on estimates was mainly on the back of low provisions and better NII growth.
The bank's Q2FY19 standalone revenue came in at Rs18, 262cr, reflecting a decline of 2.7% yoy.
The bank has reported a net profit of Rs909cr in Q2FY19, (which is above consensus estimates of Rs730cr) vs. Rs2, 058.19cr yoy.
Non-interest income, excluding treasury income was Rs3, 191cr in Q2FY19 compared to Rs2, 993cr yoy.
Natco Pharma to consider share buyback
Natco Pharma has said that it will consider the buyback of shares on November 05, 2018, when it releases its Q2FY19 numbers. The shares of the company have fallen by ~30% over the past 12 months. Since March 2018, its shares have been trading in a range-bound manner.
The company has seen record profits in FY18 due to the launch of generic Copaxone; further, gTamiflu has boosted profitability and has strengthened its balance sheet.
Generic of Copaxone will still be driving profits in FY19E and H1FY20E; however, competition is expected in H2FY20E, which may erode profitability. This has put the stock under pressure as investors do not see earning visibility beyond FY20E.
Dr. Lal PathLabs receives NCLT-New Delhi approval to acquire Delta Ria
Dr. Lal PathLabs has received an approval from the National Company Law Tribunal's (NCLT) New Delhi bench for the merger of Delta Ria and Pathology with self. Despite the development, the company’s shares dropped 2% in the late morning trade on Monday.
However, the company is yet to receive an approval from NCLT-Ahmedabad, it said in a press note to exchanges after market hours on Friday.
USFDA issues two observations at Granules’ Virginia facility
Granules India’s wholly-owned US subsidiary Granules Pharmaceuticals Inc., has completed USFDA inspection from 22-26 October, 2018. At the end of the inspection, US regulator has issued two form 483 observations. This was a pre-approval inspection, intended for the ANDAs filed by Granules Pharmaceuticals, Inc. It is however not clear for which ANDA this inspection was performed.
This facility is located at Chantilly, Virginia, USA, and is involved in development and manufacturing of Finished Dosages. The company has said that it will respond to the observations within this week.
Financial Advisory Company in Indore, Stock Advisory Company in Indore , Equity Tips , Free Trading Tips , MCX Tips , sebi registered advisory company , Intraday stock tips , Free commodity tips
0 comments:
Post a Comment