BHEL plunges ~12% despite strong Q3 numbers
Shares of BHEL dropped significantly in intraday trade on Tuesday despite the company reporting a strong performance in Q3FY19. BHEL shares plunged to a low of Rs56.80, a drop of nearly ~12% from its previous closing on the BSE.
The state-run engineering company posted profits of Rs192cr in Q3FY19 as against 153cr last year, a jump of 25% yoy. Revenues soared over 10% to Rs7, 336cr for the quarter under review against Rs6, 666cr last year.
Whirlpool skids after foreign brokerage downgrade
Home appliances maker Whirlpool of India's stock slipped 4.5% on the BSE in the morning session. The stock dropped after foreign brokerage firm Jefferies downgraded the stock to �Hold� from 'Buy� and cut its price target to Rs1, 625 from Rs1, 690, implying a potential upside of 7% from the current market price.
The company has reported 14% increase in net profit at Rs60.6cr in the third quarter ended December 31, 2018. The company had posted profit after tax of Rs53cr in the same period last fiscal.
IDBI Bank to become LIC IDBI Bank or LIC Bank
Insurance giant LIC entered the banking arena last month by purchasing 51% stake in IDBI bank.
Post the acquisition, a proposal has been made to change the name of the PSU to either LIC IDBI Bank which is the first preference or LIC Bank - the second preference. The IDBI board has finally approved the proposal to change the bank�s name.
�The change of name would be subject to RBI�s no objection, name availability or reservation by Ministry of Corporate Affairs (MCA), shareholders� approval through postal ballot,� said IDBI in an exchange filing on Monday.
Jubilant FoodWorks falls 6.6% on reports of not passing GST benefits on sale of some products
Shares of Jubilant FoodWorks slipped 6.6% in Tuesday�s morning trade after a PTI report suggested that the company was found guilty of not passing on the goods and services tax cut benefit of Rs41.42cr on sale of some products and has been directed to deposit the illegal gains with the government.
As per the report, the National Anti-Profiteering Authority passed the order on an email complaint filed by a customer that Jubilant FoodWorks had not reduced the prices of 'Domino�s Stuffed Garlic Bread' and �Medium Veg Pizza' despite a cut in GST rate from 18% to 5%. The GST rate on restaurants was cut to 5% without an input tax credit from 18%, effective Nov 15, 2017.
Moody's downgrades Bharti's senior unsecured notes to Ba1 and assigns a Ba1 CFR
Moody's Investors Service (Moody's) has downgraded to Ba1 from Baa3 the senior unsecured rating for Bharti Airtel Ltd. (Bharti) as well as the backed senior unsecured notes issued by Bharti's wholly owned subsidiary, Bharti Airtel Int'l (Netherlands) B.V.
At the same time, Moody's has assigned a Ba1 corporate family rating (CFR) to Bharti and withdrawn the company's Baa3 issuer rating.
The ratings outlook is negative.
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