CORPORATE NEWS By CapitalStars 31/July/2019

Apollo Tyres net profit declines 44% yoy in Q1FY20

Apollo Tyres' share price jumped 4% after the co. announced its Q1FY19 numbers. 

The company's Q1FY20 net profit has declined by 44% to Rs141.6cr from Rs251.8cr for the corresponding quarter ended June 30, 2018.

The income from operations rose by 1% to Rs4331.3cr in Q1FY20 as against Rs4299.3cr for the corresponding quarter ended June 30, 2018.

EBITDA margin stood at 11% vs. 12.5% yoy basis.

Coffee Day appoints S. V. Ranganath as interim chairman

Coffee Day Enterprises said in the press note that the board has appointed SV Ranganath as the new Interim Chairman. The company has also appointed Nitin Bagmane as an Interim Chief Operating Officer.

Constitution of an executive committee comprising S. V. Ranganath (Non-Executive Independent Director), Nitin Bagmane (COO) and R. Ram Mohan (CFO) to exercise the powers previously vested with the Chief Executive Officer of the Company and the Administrative Committee constituted by the Board in 2015. The Board will, in due course, prepare a detailed charter of authorities vested in the Executive Committee and approve the same. The Executive Committee will, inter alia, explore opportunities to deleverage the Coffee Day Group, the company said in the stock exchange.

RBI eases ECB norms for corporates, NBFCs

The Reserve Bank of India (RBI) on July 30 relaxed the end-use stipulations under external commercial borrowings framework for corporates and non-banking financial companies (NBFCs).

"Based on the feedback from stakeholders and with a view to further liberalise the ECB framework, it has been decided, in consultation with the Government of India, to relax the end-use restrictions relating to external commercial borrowings for working capital requirements, general corporate purposes and repayment of rupee loans," RBI said in a press release yesterday.

PNB Housing Finance PAT up 11% yoy to Rs285cr in quarter ended Jun'19

Performance highlights for Q1FY20 vs. Q1FY19:

Its Net Interest Income registered a growth of 45% to Rs625.5cr from Rs432.8cr.

Profit after Tax grew by 11% to Rs284.5cr from Rs255.8cr.

The spread on loans for Q120 stood at 2.53% compared to 2.11% for Q1FY19. 

Net Interest Margin for Q1FY20 stood at 3.14% compared to 2.74% for Q1FY9.

Return on Asset is at 1.37% on an average gearing of 9.4x against 1.54% on an average gearing of 8.7x during Q1 FY18-19 resulting in a Return on Equity of 14.8% for Q1 FY19-20 vis a vis 15.8%for Q1 FY18-19.

Gross Non-Performing Assets (GNPA) stood at 0.85% of the loan assets as on 30th June, 2019, against 0.43% as on 30th June, 2018.

Net NPA stood at 0.67% of the loan assets as on 30th June, 2019 against 0.33% as on 30th June, 2018.

ICRA expects some weakening in Retail-NBFC asset quality in the current fiscal

The assets under management (AUM) of retail non-banking finance companies grew at a much slower pace of ~9.5% (over September 2018) during H2FY2019 vis a vis ~13% during H2FY2018 (over September 2017) due to tightening of liquidity. Typically, though Retail-NBFC growth in H2 is higher than H1, in FY2019, it was lower than H1 growth of 11.5%. Therefore, overall credit growth of 22% during FY2019 was largely supported by the H1 performance. The Retail-NBFC AUM stood at Rs9.1 trillion as on March 31, 2019.

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CORPORATE NEWS By CapitalStars 30/July/2019

Dr. Reddy's Labs launches Pregabalin capsules in the US

Dr Reddys Laboratories announced the launch of Pregabalin capsules in the US market.Shares of the company are down 2.5%.Pregabalin Capsules is a therapeutic equivalent generic version of Lyrica® (pregabalin) Capsules approved by the US Food and Drug Administration (USFDA).

The Lyrica® (pregabalin) Capsules brand had US sales of ~$5,462mn MAT for the most recent twelve months ending in May 2019, according to IQVIA Health.

Dr. Reddy's Pregabalin Capsules are available in 25 mg, 50 mg, 75 mg, 100 mg, 150 mg, 200 mg, 225 mg and 300 mg capsules in bottle count sizes of 90. This is also a controlled substance schedule V product.

Bank of India stock slumps 6% even as net profit jumps 154% yoy to Rs243cr

Shares of Bank of India are down 6% even as its PAT for the quarter ending Jun'19 more than doubled over it year-ago profit. 

Net profit up 154% at Rs242.6cr vs. Rs 95.1cr yoy.

Its net interest income (NII) grew 3.9% yoy at Rs3, 485.4cr against Rs3, 354.3cr in the corresponding period last year.Gross NPA came in at 16.50% and net NPA at 5.79% qoq.

Dilip Buildcon declared L-1 bidder for Khaki dam construction

Dilip Buildcon Limited has been declared L-1 bidder for the project involving construction of Kharkai Dam at Icha with all control gates and its allied works including civil, mechanical (with Design of Gates), electrical and SCADA system under SMP in the state of Jharkhand.

The Company has been declared L-1 bidder by the Water Resources Department for the project in the state of Jharkhand.

The project cost is Rs972cr, and the completion period is 26 months.

ICRA expects some weakening in Retail-NBFC asset quality in the current fiscal

The assets under management (AUM) of retail non-banking finance companies grew at a much slower pace of ~9.5% (over September 2018) during H2FY2019 vis a vis ~13% during H2FY2018 (over September 2017) due to tightening of liquidity. Typically, though Retail-NBFC growth in H2 is higher than H1, in FY2019, it was lower than H1 growth of 11.5%. Therefore, overall credit growth of 22% during FY2019 was largely supported by the H1 performance. The Retail-NBFC AUM stood at Rs9.1 trillion as on March 31, 2019.

Granules India net profit soars 61% yoy in Q1

Granules India Ltd., a growing pharmaceutical manufacturing company, announced today the result for its first quarter of the financial year 2020. The stock gained after the company reported healthy Q1 numbers on Tuesday.

The company's Q1FY20 net profit has increased by 61% to Rs83cr from Rs52cr for the corresponding quarter ended June 30, 2018.

The income from operation also rose by 31% to Rs595cr in Q1 as against Rs453cr for the corresponding quarter ended June 30, 2018.

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Nifty records worst fall since October 2018; over 22 stocks fall 20-50% in June

The index finally closed 52.70 points lower at 11,788. The index closed below its 5-day EMA, 20-EMA, as well as 13-EMA which does not augur well for the bulls.

The Nifty50, which had hit a record high of 12,103 on June 3, failed to keep the momentum going and closed with losses of 1.12 percent in June. The index recorded its worst fall since October 2018 when it fell by nearly 5 percent.

The index moved in a range and retested its crucial 50-days exponential moving average (EMA) for seven consecutive days in a row before bouncing back towards 11,900 levels. However, selling pressure at higher levels pushed the index below 11,800.

The index finally closed 52.70 points lower at 11,788. The index closed below its 5-day EMA, 20-EMA, as well as 13-EMA which does not augur well for the bulls.

The S&P BSE Sensex might have lost a little over 300 points or 0.8 percent in June, but the real carnage was seen in the broader market space. The S&P BSE Midcap and the S&P BSE Smallcap index fell 4.2 percent and about 2 percent respectively for the month of June.

More than 70 percent of the stocks or 356 in the S&P BSE 500 index gave negative returns in the same period. As many as 21 stocks in the 356 stocks fell 20-50 percent which include names like Jet Airways, Jain Irrigations, Reliance Infra, Reliance Capital, PC Jeweller, Reliance Power, and Reliance Communications, etc. among others.

Most of the stocks mentioned in the list are value traps, and investors should not try to catch the falling knife, suggest experts.

“The mentioned stocks are certainly not value buys, but definitely Value Traps. Investors misunderstand the meaning of value to something which is available cheap,” Lovelesh Sharma, Head of Research – Epic Research, told Moneycontrol.

“This is not right since it is manifested through biases that an investor develops while looking at prices, when the price falls to an extent of say more than 50 percent. In an established bullish trend, a Value stock or Value buy would certainly be in tandem or likely to outperform its peers or the index,” he said.

Sharma further added that, even if there is any price drop or say correction in value buy, it should be an outcome of a slowdown in that sector. But, here the stocks that we are seeing are debt-ridden, have compliance and governance issues, and some of them are now going through NCLT.

Most of the stocks which fell double digits in the S&P BSE 500 index also hit their respective 52-week low. As many as 88 stocks in the S&P BSE 500 index hit their fresh 52-week low which includes names like YES Bank, Reliance Infra, SPARC, Indiabulls Housing Finance, IDFC, BOSCH, Biocon, Andhra Bank, Indiabulls Ventures, Wockhardt, etc. among others.

As many as 13 stocks fell 50-70 percent in June which include names like Eros International, Cox & Kings, Sintex Industries, High Ground Enterprise, Jet Airways, Omkar Speciality, and McLeod Russel India Ltd.

“The smallcap space has been in pressure for a while and, in recent months, it has been oscillating in a range. If we observe closely, the stocks which have fallen more than 20 percent are mostly those which are affected with huge debt or corporate governance issues,” said Sharma.

The market breadth has been a concern for the market especially at a time when benchmark indices hit fresh record highs. Nearly 300 stocks in the BSE500 stocks are trading below their long-term moving average (200-DMA) in June.

They include marquee names like ITC, Maruti Suzuki, Asian Paints, Hindustan Zinc, IndusInd Bank, Avenue Supermarts, Tech Mahindra and Dabur India, among others.

Experts feel that there is a possibility that we might have hit an intermediate top in June, and a breakout above the recent top of 12,103 on the Nifty and 40,312 on the Sensex recorded in June is still some time away.

“The current anatomy of the market structure is fractured; a high number of stocks are trading below 200 EMAs. Budgets are indeed important to set the right policy initiatives for the economy,” Umesh Mehta, Head of Research – SAMCO Securities, told Moneycontrol.

“However, the mood of the street is not positive and therefore policy initiatives, if any, will not be immediately reflected in the stock prices. Therefore, we believe the market might have achieved an immediate top and a breakout above the recent is not likely to happen in near term,” he said.

Source: https:// www.moneycontrol.com /news/business/stocks/nifty-records-worst-fall-since-october-2018-over-22-stocks-fall-20-50-in-june-4151321.html

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Market Live: Nifty likely to open higher.

Nifty above 11,850 in pre-opening, Sensex gains 200 pts; rupee opens higher Trends on SGX Nifty indicate a higher opening for the broader index in India. As the counting of votes for Lok Sabha elections is taking place, the market would want confirmation of exit polls, Arvind Sanger of Geosphere Capital Management told CNBC-TV18. On May 19, exit polls predicted the NDA may get around 250-300 seats in general elections, which means the ruling party may retain their power for another five-year term. "BJP majority would be very positive for the market sentiment. Less than 250 seats for BJP might lead to a correction whereas more than 300 seats for BJP would result in a rally,".

Global Market:
Asian Markets: Asian markets are lower today as Chinese and Hong Kong shares fall. The Shanghai Composite is off 0.79% while the Hang Seng is down 1.27%. The Nikkei 225 is not trading.
US Markets: North and South American markets finished lower today with shares in Mexico leading the region. The IPC is down 0.57% while the U.S.'s S&P 500 is off 0.28% and Brazil's Bovespa is lower by 0.13%.
European Markets: European markets finished mixed as of the most recent closing prices. The DAX gained 0.21% and the FTSE 100 rose 0.07%. The CAC 40 lost 0.12%.

Major Headlines of the day:

Rupee opens at 69.45 per dollar.

The seven-phase election, in which Prime Minister Narendra Modi of the BJP is seeking a second term, saw 8,000 candidates contesting. This Lok Sabha election is also a big test for the Rahul Gandhi-led Congress.

Biocon and Mylan's Ogivri gets Health Canada's approval Ogivri has been developed for the treatment of HER2-over expressing breast cancer and metastatic stomach cancer.

MOIL net profit up 6% at Rs135cr in Q4 Revenue from operations of the company stood at Rs436.59cr in March 2019 up 10% from Rs397.55cr in March 2018.

Earnings Reaction To Watch
ECLERX SERVICES
IGL
SUN TV

The trend in FII flows:- The FIIs were Net Value of Rs -965.02 segment while the DIIs were Net Value of -157.75 the provisional figures.

Securities in Ban For Trade Date 23-MAY-2019
ADANIPOWER
RELCAPITAL
IDBI

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CORPORATE NEWS 22 MAY 2019

IndusInd Bank gains 4% post Q4FY19 numbers
Shares of IndusInd Bank were trading 4% higher on Wednesday despite the bank's net profit was below consensus estimates, which has declined by 62.2% yoy to Rs360cr against Rs953cr yoy.
IndusInd Banks Q4FY19 NII has improved by 11.2% yoy to Rs2,232.4cr against Rs2,007cr. Higher provisioning of Rs1,561cr made on certain assets related to IL&FS (against our estimates) as against Rs606.7cr qoq led to miss on estimates. GNPA for Q4FY19 came at 2.1% against 1.13% qoq, which has increased by 97 bps. NNPA for the quarter came at 1.21% as against 0.59% qoq, which has increased by 62 bps.

Lupin launches Budesonide Inhalation Suspension
Pharma major Lupin Limited (Lupin) announced the launch of its Budesonide Inhalation Suspension, 0.5 mg/2 mL Single-Dose Ampules in the US market, having received an approval from the United States Food and Drug Administration (USFDA) earlier.
Lupins Budesonide Inhalation Suspension, 0.5 mg/2 mL Single-Dose Ampules is a generic version of AstraZeneca Pharmaceuticals LP's Pulmicort Respules Inhalation Suspension, 0.5 mg/2 mL.
It is indicated for the maintenance treatment of asthma and as prophylactic therapy in children from 12 months to 8 years of age.

FDC board to consider share buyback on May 24
Shares of FDC were trading 2% higher on Wednesday after the company is a press note to the exchanges informed that its board will meet on May 24 to consider buyback proposal.
"The Board of Directors shall consider the proposal for buyback of fully paid up equity shares of the company through Tender Offer route, up to such amount of the aggregate of company's paid-up equity share capital and free reserves as the board may decide in accordance with SEBI regulation and to fix the record date for the purpose of buyback of equity shares," the company said in a press note after markets hours to the exchanges on Wednesday.

Tata Elxsi licenses Autosar adaptive to Great Wall Motors
Tata Elxsi announced the licensing of their AUTOSAR Adaptive platform to Great Wall Motors. Tata Elxsis AUTOSAR Adaptive platform, developed in collaboration with a leading European OEM, will help accelerate the development of connected autonomous and driverless vehicles.
Tata Elxsi licenses modules and the stack for Classic version 4.3 as well as high computing applications such as Autonomous driving, V2X, predictive analysis, OTA to OEMs, Tier-1 and Semicon companies worldwide.

Tech Mahindra slips 3% post Q4FY19 numbers
Shares of Tech Mahindra declined 3% on Wednesday after the company reported lower than expected numbers for Q4FY19 on all fronts.
The company's revenues declined by 0.6% QoQ to Rs8, 892cr against a median consensus estimate of Rs9, 014cr. Revenue in dollar terms grew by 0.5% QoQ to $1,268mn. EBIT came in at Rs1, 368cr, down 4.9% QoQ against a median consensus estimate of Rs1, 415cr. EBIT margin contracted by 70bps QoQ to 15.4%. PAT declined by 5.9%QoQ to Rs1, 133cr against median consensus estimates of Rs1, 159cr.

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CORPORATE NEWS By CapitalStars 15/May/2019

Zee Media declines 11% post Q4FY19 results

Zee Media declined 11% on Wednesday after the company registered a net loss of Rs86.66cr vs PAT of Rs11.2cr a year ago.

The revenue of Zee Media tumbled 3.9% in the January-March quarter at Rs169.35cr, compared to Rs176.22cr in Q4FY18, the company said in a press note after markets hours to the exchanges on Tuesday.

The company PAT stood at Rs13.17cr for FY19, which is down 73.1% yoy vs. Rs49cr. Consolidated operating revenue in FY19 grew by 19.8% to Rs686.92cr from Rs573.48cr in the FY18.

Karur Vysya Bank Q4FY19 PAT at Rs60cr

Karur Vysya Bank Q4FY19 net profit was up by 18.7% at Rs60cr against Rs50.6cr during the previous quarter ended March 2018. The bank other income was up at Rs272.4cr in Q4FY19 vs. Rs208.6cr in Q3.

The net interest income (NII) of the bank was down 3.7% at Rs619.2cr vs. Rs643cr on the yoy basis.

The gross NPA stood at 8.79% vs. 8.49% on a qoq basis, while net NPA at 4.98% vs. 4.99%, qoq.

Dr Reddy launches Daptomycin for Injection in the US

Dr. Reddy Laboratories in its filing to the exchanges on Wednesday informed that the company has launched Daptomycin for Injection, 500mg/vial single-dose vial, a therapeutic equivalent generic version of Cubicin for Injection, approved by the US Food and Drug Administration (USFDA).

The Cubicin for Injection (daptomycin for injection) brand and generic had US sales of ~$640.8mn MAT for the most recent twelve months ending in March 2019, according to IQVIA Health.

UCO Bank slips ~4% after Q4 net loss

Shares of UCO Bank slipped 3% in Wednesday's late morning trade on the BSE after the bank posted a net loss of Rs1,552cr in the quarter ended March 2019 as against a net loss of Rs2,134.36cr during the previous quarter ended March 2018.

The provisions for non-performing assets (NPAs) in the last quarter stood at Rs2,602cr as against Rs3,134cr in the same period of FY18.

For the full year, net loss reported to Rs4,321.09cr in the year ended March 2019 as against a net loss of Rs4,436.37cr during the previous year ended March 2018.

Orchid Pharma gets ANDA nod from USFDA for Risedronate Sodium tablets

Orchid Pharma has received ANDA approval from USFDA for Risedronate Sodium Tablets USP, 30 mg and 35 mg, the company said in the filing. The announcement made on May 14, after market hours.

Risedronate sodium tablets are a bisphosphonate indicated for the treatment and prevention of Osteoporosis, the company said.

Orchid Pharma Ltd is currently trading at Rs4.02, up by Rs0.19 or 4.96% from its previous closing of Rs3.83 on the BSE. The scrip opened at Rs4 and has touched a high and low of Rs4.02 and Rs4 respectively.

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