Corporate News By CapitalStars 29/July/2019

Alembic Pharmaceuticals' profit jumps 37% in Q1

Alembic Pharmaceuticals Limited, a vertically integrated research and development pharmaceutical company, reported its consolidated financial results for the quarter ending June 30, 2019. The company net profit jumped 37% in Q1FY20 to Rs124cr from Rs90cr in the same period previous fiscal.

For the quarter, EBITDA stood at Rs233cr, a growth of 54% yoy vs. Rs155cr over the corresponding quarter of the previous year.

Net sales were up 10% at Rs949cr in Q1 and Profit before exceptional items & tax up 58% to Rs192cr.

SBI reduces the interest rate on deposits across all maturities

Country largest lender State Bank of India (SBI), has, because of the falling interest rate scenario and surplus liquidity, realigned its interest rate on Retail Term Deposits (less than Rs2cr) and Bulk Term Deposits (Rs2cr & above) w.e.f. August 1, 2019.

For time deposits with longer tenors, there is a reduction upto 20bps in the Retail segment and 35bps in the Bulk segment.

Interest rates have been slashed by 50-75 bps for time deposits with shorter tenors, i.e. upto 179 days, the bank said.

KPIT up 3% after reporting flat PAT of Rs31cr qoq in Q1FY20

Shares of tech firm KPIT are up over 3% after the co. posted a consolidated net profit of Rs31cr for the June 2019 quarter on July 26 vs. Rs30.9cr qoq.

Its revenue from operations was at Rs505.7cr for Q1FY20 vs. Rs501.2cr.

The numbers are not comparable on year-on-year basis as last year, CK Birla Group-owned Birlasoft and KPIT Technologies announced that they will merge and then split into two publicly-traded companies to create two specialised IT players.

After the demerger, the engineering business was incorporated on January 8, 2018, and listed on the BSE and the NSE as KPIT Technologies in April 2019.

Havells India tanks ~7% as net profit declines 16% yoy in Q1FY20

Shares of Havells India are down 7% as the company reported a weak set of numbers for Q1FY20 on Saturday. The consumer electrical goods maker reported a 16.13% fall in its consolidated net profit to Rs177.09cr for the first quarter ended June 2019.The company had posted a net profit of Rs211.16cr in the April-June period a year ago.The company total income during the quarter grew 4.81% to Rs2, 756.50cr vs. Rs2,629.94cr yoy.Its total expenses stood at Rs2,489.62cr vs. Rs2,328.23cr yoy, up 6.93%.Revenue from lighting and fixtures was up 8.61% yoy to Rs285.34cr.Havells electrical consumer durables revenue also increased to Rs623.50cr vs. Rs504.21cr in the Q1FY19.Revenue from Lloyd Consumer, a company that Havells had acquired in 2017, fell 7.92% to Rs652cr.

Tata Power to develop 250 MW solar project in Gujarat

Tata Power, India largest integrated power company, announced that Tata Power Renewable Energy Limited (TPREL), the Company wholly owned subsidiary, has received a Letter of Award (LOA) from Gujarat Urja Vikas Nigam Limited (GUVNL) on 25th July 2019 to develop a 250 MW solar project in Dholera Solar Park of Gujarat. This capacity is in addition to 100 MW awarded by GUVNL earlier at Raghanesda Solar Park in May'19.

The energy will be supplied to GUVNL under a Power Purchase Agreement (PPA) valid for a period of 25 years from the scheduled commercial operation date. The Company has won this capacity in a bid announced by GUVNL in January 2019. The project has to be commissioned within 15 months from the date of execution of the PPA.

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CORPORATE NEWS By CapitalStars 16/May/2019

Bajaj Finance gains 3% after Q4FY19 PAT beats estimates

Shares of Bajaj Finance were trading 3.5% higher on Thursday after the company net profit for Q4FY19 beat consensus estimates by 2%, which came at Rs1, 176cr against Rs748cr, which is up by 57% yoy.

The lander consolidated NII has come at Rs3, 395cr, which has improved by 50% yoy. Its GNPA has decreased by 1bps qoq to 1.54% and NNPA has increased by 1bps qoq to 0.63%, respectively.

Loan losses and provisions for the quarter came in at Rs 409cr as against Rs454cr qoq. Provision coverage ratio for the quarter came at 60%, which is flat qoq, while, Asset under management increased by 31% yoy to Rs1.16 lakh cr.

Shilpa Medicare gets USFDA approval for Zoledronic Acid Injection

Shilpa Medicare in its filing on Thursday to the exchanges informed that the company has received US Food and Drug Administration (USFDA) final approval for its ANDA, Zoledronic Acid Injection, 4 mg/5 mL.

Zoledronic Acid Injection, 4 mg/5 ml is a generic equivalent of reference listed drug (RLD) ZOMETA, the company said in a press note to the exchanges today.

It is a bisphosphonate indicated for the treatment of Hypercalcemia of malignancy, Patients with multiple myeloma and patients with documented bone metastases from solid tumors, in conjunction with standard antineoplastic therapy as recommended in the label approved by FDA.

Indigo declines 7% on reports of dispute between founders

Shares of Interglobe Aviation (Indigo) plummeted 7% after media reports stated that there is a dispute between the two founders of the company- Rahul Bhatia and Rakesh Gangwal- which may have an impact on the function of the airline.

Among the issues are clauses in the shareholders agreement and differences between the two founders - Rahul Bhatia and Rakesh Gangwal - over strategies and ambitions for the airline. The report further stated that Legal firms Khaitan & Co and J Sagar Associates are helping the founders resolve the problems.

Ashok Leyland to supply 400 minibuses to Senegal for 10.1mn

Ashok Leyland, the flagship of the Hinduja Group, has received an order from Senegal. This order comes from Senbus Industries, a company assembling urban buses in Dakar. Ashok Leyland has signed a contract for supplying 400 units of Ashok Leyland Eagle 916 Minibuses valuing 10.06 mn. This order comes after the successful operation of 475 buses to Senegal's Dakar Dem Dikk.

This project will provide mobility solutions to the country by expanding the reach and covering the remote areas through AFTU, a leading private bus association of operator groups that run buses extensively across Senegal.

Tata Chemicals surges 7% after announcement of merger into Tata Global Beverages

Shares of Tata Chemicals extended its gain in the morning session on Thursday. Tata Group on Wednesday transferred all its branded food businesses to Tata Global Beverages Ltd (TGBL) from Tata Chemicals Ltd (TCL). TGBL will be renamed as Tata Consumer Products, the group announced.

Under the scheme, every shareholder of TCL will get 1.14 new equity shares of TGBL for every one equity share held in TCL. It means that shareholders having 100 shares in TCL will receive 114 shares in TGBL, the company said in the filing

The newly merged entity will have key brands such as Tata Salt, Tata Tea, Tata Sampann and Tetley under a single umbrella.

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Market Live By CapitalStars 03/May/2019

Nifty likely to open flat.

The Nifty50 is expected to open flat-to-lower on May 3 following weak trend seen in other Asian markets. The index closed 23.40 points lower at 11,724.80 on May 2. Trends on SGX Nifty indicate a flat opening for the broader index in India, a fall of 12 points, or 0.10 percent. Nifty futures were trading around 11,743 - level on the Singaporean Exchange. US stocks eased further from recent record highs on Thursday as energy shares dropped along with oil prices and investors continued to digest comments by Federal Reserve Chairman Jerome Powell, said a Reuters report. Asian share markets were subdued on Friday amid thin holiday trade although the dollar found support as investors pared expectations for a US rate cut this year while oil prices loitered near one-month lows on oversupply fears.

Global Market:

Asian Markets: Shares in Hong Kong are lower today as the Hang Seng falls 0.31%. The stock markets in Tokyo and Shanghai are closed at this time.

US Markets: North and South American markets finished lower today with shares in Brazil leading the region. The Bovespa is down 0.86% while Mexico's IPC is off 0.64% and U.S.'s S&P 500 is lower by 0.21%.

European Markets: European markets finished mixed as of the most recent closing prices. The DAX gained 0.01%, while the CAC 40 led the FTSE 100 lower. They fell 0.85% and 0.46% respectively.

Major Headlines of the day:

Rupee opens at 69.39 per dollar.

Hero MotoCorp April sales drop 17.2% at 5.74 lakh units Despite the challenging market conditions, Hero MotoCorp registered over 7.8 million unit sales in the recently concluded the financial year 2019.

Standard Life to sell 1.78% stake in HDFC Life Insurance DSP Merril Lynch is the broker for the sale process on behalf of Standard Life.

JSW enters paints business with Rs600cr investment: Media report JSW Paints, the promoter-owned company, will produce both decorative and industrial paints.

Earnings Reaction To Watch

BIRLA CORP

CENTURY

CHOLAMANDALAM

GODREJ CONSUMER

HUL

L&T TECHNOLOGY

TATA CHEMICALS

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Opening Bell By CapitalStars 18/Apr/2019

CS NIFTY FUTURES (APR) OVERVIEW
TREND BULLISH
RES 2: 12020
RES 1: 11940
SUP 1: 11750
SUP 2: 11610

CS BANK NIFTY FUTURES (APR) OVERVIEW
TREND BULLISH 
RES 2: 30930
RES 1: 30780
SUP 1: 30340
SUP 2: 30130

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Opening Bell By CapitalStars 10/Apr/2019

CS NIFTY FUTURES (APR) OVERVIEW

TREND BULLISH

RES 2: 11950

RES 1: 11838

SUP 1: 11632

SUP 2: 11546

CS BANK NIFTY FUTURES (APR) OVERVIEW

TREND BULLISH 

RES 2: 30822

RES 1: 30639

SUP 1: 30000

SUP 2: 29820

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Market Live By CapitalStars 25/Feb/2019

Nifty50 likely to open higher

The Nifty50 is expected to open higher today following positive trend seen in other Asian markets. The index closed nearly 2 points higher at 10,791 on Friday. Trends on SGX Nifty indicate a positive opening for the broader index in India, a rise of 16 points or 0.15 percent. Nifty futures were trading around 10,823-level on the Singaporean Exchange. The S&P 500 posted its highest closing level since Nov. 8 on Friday as investors clung to signs of progress in the ongoing trade talks between the United States and China, said a Reuters report. Asian share markets looked well set on Monday after US President Donald Trump confirmed he would delay a planned increase on Chinese imports as talks between the two sides were making �substantial progress�.

 

Global Market

Asian Markets: Asian markets are higher today as Chinese and Hong Kong shares show gains. The Shanghai Composite is up 2.79% while the Hang Seng is up 0.05%. The Nikkei 225 is not trading.

US Markets: North and South American markets finished higher on Friday with shares in Brazil leading the region. The Bovespa is up 0.98% while U.S.'s S&P 500 is up 0.64% and Mexico's IPC is up 0.37%.

European Markets: European markets finished higher on Friday with shares in France leading the region. The CAC 40 is up 0.38% while Germany's DAX is up 0.30% and London's FTSE 100 is up 0.16%.

Major Headlines of the day:

Rupee opens at 71.02 per dollar.

Corporation Bank received Rs 9086cr from government this amount has been utilized to make loan loss provision in order to bring down the Net NPA ratio below the threshold under Prompt Corrective Action Framework.

RBI to merge 3 categories of NBFCs to create a new category The RBI has decided to merge the three categories of NBFCs viz. Asset Finance Companies (AFC), Loan Companies (LCs) and Investment Companies (ICs) into a new category called NBFC - Investment and Credit Company (NBFC-ICC).

US-China said to be negotiating enforcement of currency pact as deadline looms Talks continue ahead of March 1 deadline.

Trend in FII flows:- The FIIs were Net Value of Rs 6311.01 segment while the DIIs were Net Value of 838.88 the provisional figures.

Securities in Ban For Trade Date 25-FEB-2019

1. ADANIENT

2. ADANIPOWER

3. JETAIRWAYS

4. RPOWER

5. ALBK

6. PCJEWELLER

7. IDBI

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Over 6% of promoter holdings in BSE 500 companies pledged

Promoters of 116 companies pledged their holdings in December quarter in the BSE-500 index compared to 114 in September 2018 quarter

The percentage of pledged promoter (by majority shareholder) holdings in BSE 500 companies was steady overall in the December 2018 quarter in comparison to the September quarter, showed a Kotak Institutional Equities report.

The percentage of pledged promoter holdings was at 6.7 percent in the December quarter similar to that of September 2018. Outstanding promoters pledged shares worth Rs 1.96 trillion, which is about 1.47 percent of the total BSE-500 index’s market capitalization in December 2018, said the report.

Promoters of 116 companies pledged their holdings in the BSE-500 index compared to 114 in September 2018 quarter. Out of 116, 30 companies saw an increase in pledge holdings by 2-21 percent in the December quarter (QoQ).

Six companies had more than 90 percent of their promoter holdings pledged. These include CG Power, Kwality, Reliance Naval, IL&FS Transport, Sterlite Technologies and Hindustan Construction.

Kotak in the note clarified that pledging of shares does not necessarily imply that a company or a promoter is under financial stress; it could also be that banks (lenders) could have sought additional security in the form of promoter shares.

The maximum decline in pledged promoter holdings was seen in 26 companies in December quarter which includes names like Fortis Healthcare, Suzlon Energy, Advanced Enzyme Technologies, Adani Transmission and Indiabulls Housing Finance.

Fresh promoter pledges were seen in Texmaco Rail, Uflex and Wockhardt, while promoters who revoked their entire pledged holdings was seen in Sonata Software.

Companies in the Nifty-50 with more than 5 percent of pledged promoter holdings include names like Zee Entertainment (59.4%), Adani Ports & SEZ (45.5%), JSW Steel (43.6%), IndusInd Bank (26.4%) and Indiabulls Housing Finance (12.7%).

Source:https://www.moneycontrol.com/news/business/markets/over-6-of-promoter-holdings-in-bse-500-companies-pledged-3572401.html

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