UltraTech Cement gains 5% post Q4FY19 numbers
Shares of UltraTech Cement gained 5% on Wednesday after the company reported a strong set of numbers for Q4FY19, ahead of estimates, on operating fronts.
The company has reported consolidated revenue growth of 17.4% yoy to Rs10, 905.2cr, broadly in-line with estimates. Power and freight costs were down as a percent of net sales by 221bps and 85bps respectively. It was partially offset by higher raw material costs. Thus, EBITDA reported a growth of 31% yoy to Rs2,332.5cr; ~15% ahead of estimates. EBITDA margin expanded by 222bps yoy to 21.4% against an estimate of 19.2%. Profit before tax (PBT) was up 41.8% yoy. On account of exceptional items in the base quarter on account of the acquisition, the company reported a 127.4% yoy growth in PAT to Rs1,014.5cr, ~18% higher than the estimate.
Indiabulls Real Estate surges 10% on report of divestment of unit Century
Shares of Indiabulls Real Estate climbed 10% on Wednesday after a PTI report stated that the company has decided to divest Century, the parent company that houses Hanover Square property, London.
As per media reports, the company will sell the property to its promoters for GBP 200mn or Rs1,800cr. The report stated that the company has decided to focus only on Mumbai and NCR markets, and hence has decided to divest Century Limited, the parent company that houses Hanover Square property, London.
IndusInd Bank gains 2% on report of NCLT approval for merger with Bharat Financial
Shares of IndusInd Bank gained 2% on Wednesday after ET Now reported that the National Company Law Tribunal (NCLT) granted approval for IndusInd Bank and Bharat Financial Inclusion Ltd merger.
As per the report, the merger is expected to complete within 2-4 weeks. Post-merger, microfinance firm Bharat Financial will become a subsidiary of the private lender, the report added.
Lupin Indore facility classified as OAI by USFDA
Lupin, in its filing to the exchanges, informed that the USFDA classified the inspection conducted at its Pithompur (Indore) Unit-2 facility in January 2019 as Official Action Indicated (OAI).
"The USFDA has stated that this facility may be subject to regulatory or administrative action and that it may withhold approval of any pending applications or supplements in which this facility is listed," the company said in a press note after markets hours to the exchanges on Tuesday.
The company does not believe that this classification will have an impact on the disruption of supplies or the existing revenues from operations of this facility.
Tata Global Beverages' Q4FY19 consolidated PAT declined 54%
Tata Global Beverages, for the final quarter of FY19, registered a decline of 49.7% at Rs36cr. Reacting to this, shares of the company slumped 3% on Wednesday.
Consolidated EBITDA for the quarter grew 19.6% yoy. The India tea business witnessed volume growth of 12% however, India tea margin surprised on the downside, due to higher brand investment and ~Rs20cr one-off costs; but the international tea business offset this owing to low Kenyan tea prices and currency benefits.
TGBL has entered into a non-binding term sheet for acquiring the branded business of Dhunseri Tea & Industries (subject to due diligence, signing of definitive binding agreements and necessary approvals), for a purchase consideration of Rs101cr.
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