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Closing Bell
The stock market ended marginally higher in a day marked with mild volatility following alternative bouts of buying and selling by traders and investors alike. Market players turned cautious ahead of counting of votes tomorrow.
The Sensex gained 140.41 points or 0.36% and ended at 39,110.21.The index after opening higher at 39,086.21, moved between an intraday high of 39,249.08 and 38,903.87.
The Nifty 50 index too was up 28.80 points or 0.25% and ended at 11,737.90.
While key sectoral indices such as Auto, Banking, Financial Services and Realty achieved gains, other sectors such as FMCG, IT and Media slipped in the red on selling pressure.
The market breadth, indicating the overall health of the market, was positive.
On the BSE, out of 2,707 scrips traded, 1,357 shares have advanced against 1,159 shares declined.
Sensex Stocks
BSE FMCG Index
Sensex stocks
Nifty Top Losers
Nifty Top Losers
Nifty Top Gainers
Nifty - Top Gainers
Nifty Sectoral Indices
Nifty Sectoral Indices
Andhra Sugars stock sweetens
Andhra Sugars stock rose 2.50% intraday on the NSE today. The stock gained as per the recommendations given by The Hindu Businessline today.
Read: Andhra Sugars (₹360.3): Buy
Jindal Steel and Power tumbles after weak Q4 results
Jindal Steel and Power Ltd (JSPL) shares slumped 12 per cent on Wednesday after the company’s net loss widened to Rs 2,713.34 crore in the fourth quarter ended March 31.
The scrip of the company opened at Rs 154.90 on the Bombay Stock Exchange (BSE) and declined 11.95 per cent over its previous close to Rs 143.65.
At 1.50 pm, the stock was quoted at Rs 148.85, down by 8.75%
On the National Stock Exchange (NSE), the shares slipped 9.20 per cent to Rs 148.30.
Related Stories
Jindal Steel completes first-ever rail order ahead of schedule
Part of OP Jindal Group, is the only private steel company that produces long rails in India
Broker's call
Elara Capital
Dhanuka Agritech
Rating: BUY
Target Price : Rs 448
CMP : Rs 359
Steady quarter in tough conditions
Dhanuka Agritech revenues increased 4% YoY to Rs 190 crore, which was slightly above the estimates of INR 1.8bn. Rising raw material prices and an inability to pass on cost due to weak sentiments led to a 310 bp drop in gross margin to 42%.
EBITDA grew by 5% YoY to Rs 330 million vs the estimates of Rs 252 million while EBITDA margin was flat YoY to 17%. Finance cost increased significantly by 41% YoY to Rs 3 million on higher working capital borrowings. Adjusted PAT fell by 6.6% YoY to Rs 26.80 crore, owing to higher tax outflow and finance cost in comparison to the past year.
New products launch in Q1FY20
The company launched three new products in Q1FY20. The products are Chempa (an in-licensed herbicide from Nissan for control of broad-leaf weeds, sedges and grassy weeds in paddy), Apply (an insecticide to control brown plant hopper in paddy) and Largo (claims to be the world’s best thripicide to control insects & pests on cotton).
Further, one 9(3) grape fungicide (in-licensed from Nissan) and two 9(4) insecticides for multi-crop applications are expected to be launched in FY20.
Key products, such as Cover, Conica, Kasu B, Godiwa and Motar, along with new products are likely to drive growth in FY20.
Management has guided double-digit revenue growth for FY20 under the assumption of a normal monsoon. EBITDA margin is likely to improve by 100-150bp in FY20 as prices in China for some generic molecules have either stabilised or softened, which should reduce pressure on the gross margin.
Elara Capial cuts the EPS by 8% for FY20E and 4% for FY21E to factor in a higher tax rate at 33% from 28%.
The target price for the stock has been revised to Rs 448 from Rs 466 based on 15x (unchanged) FY21E EPS of Rs 29.8.
Reiterate Buy at current levels with a revised target price of Rs 448
Sensex stocks
Nifty 50 May Futures (11,743): Go short only below 11,725 levels
Taking mixed cues from the Asian markets, the Sensex and the Nifty started the session marginally in negative note and entered the positive territory. However, after experiencing selling interest at higher levels, the key benchmark indices have started to decline and are likely to enter the negative territory. The market breadth of the Nifty index is slightly biased towards advances.
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Jindal Steel and Power Limited tumbles 12 per cent after weak Q4 results
On the NSE, the shares slipped 12.09 per cent to Rs 143.60
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Jet Airways shares jump over eight per cent on Hinduja stake buy buzz
The stock gained 8.61 per cent to Rs 163.85 on the NSE
Dewan Housing Finance sinks on reports of deposit curbs
Shares of Dewan Housing Finance Corp Ltd (DHFL) fell as much as 18 per cent to Rs 106.85 on Wednesday, on media reports that the home loan lender would halt early withdrawals from existing deposit schemes and stop taking new ones altogether.
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Dewan Housing Finance pays ₹838 crore to NCD holders
DHFL said it paid ₹500 crore in principal and ₹338 crore in interest on four NCD series that matured on Tuesday
Jet Airways shares jump over eight per cent on Hinduja stake buy buzz
Shares of grounded Jet Airways advanced over eight per cent in early trade on Wednesday after the diversified Hinduja Group said it is evaluating the opportunity to invest in the airline.
On the Bombay Stock Exchange (BSE), the airline’s scrip rose 8.59 per cent to Rs 163.70.
The stock gained 8.61 per cent to Rs 163.85 on the National Stock Exchange (NSE)
Broker's Call
ICICI SECURITIES
Cochin Shipyard Ltd (CSL)
CMP: Rs 364, M-Cap: Rs 4,788 crore)
Cochin Shipyard Ltd reported mixed Q4FY19 numbers. This is due to weak operational performance despite healthy revenue booking in the quarter.
Q4FY19 Earnings
Shipbuilding and shiprepair revenues grew by 31.4% and 29.7% respectively. However, shiprepair segment reported EBIT loss due to upfront booking of expenses during the quarter.
Shipbuilding segment reported strong EBIT margins of 27.4% whereas the shiprepair segment reported margins of -5.6%. Shipbuilding and Shiprepair segment contributed 84% and 16% to the topline respectively.
Overall, revenues increased 31.1% YoY to Rs 787.6 crore.
READ : Cochin Shipyard bags Rs 270-cr floating vessel order from Home Ministry
The company reported EBITDA margins of 14% vs. 19.2% YoY. Gross margins came in at 35.2% vs. 45.2% YoY (raw material costs increased 55.2% YoY). Employee expenses declined 17.5% YoY. Absolute EBITDA de-grew 4.4% YoY to Rs 110 crore.
Other income increased 70.6% YoY to Rs 65 crore. Depreciation expenses declined 2.9% YoY. Accordingly, PAT grew 6.4% YoY to Rs 97.5 crore.
CSL enjoys a near-monopoly in shipbuilding and ship repair of large and complex vessels. CSL also possesses a wide moat in the form of its infrastructure capabilities. CSL is also expanding its capacity by building a new larger size shipbuilding and ship repair facilities at a cost of Rs 2,768 crore.
It currently has healthy order book which give substantial revenue visibility over the next 3-4 years. CSL also has healthy balance sheet.
Related Stories
Cochin Shipyard Q3 profit up to Rs 130 crore
Total expenses surged to Rs 569.21 crore in December quarter
Sensex stocks
DLF hits one-month high on robust Q4 profit growth
Shares of DLF Ltd rose as much as 5.7 per cent to Rs 181.2, their highest since April 22. However, it gave up some of the gains later. At 11.45 am, the stock was quoted at Rs 174.60, up by 1.80% on the NSE today
The real estate firm's March-quarter profit jumped 76 per cent to Rs 437 crore, the company said in a statement.
₹709 • Infosys: Sell Infosys if stock reverses down from Rs 716 levels
Tech Mahindra hits over 3-month low on Q4 profit miss
Shares of Tech Mahindra Ltd fall as much as 3.7 per cent to Rs 744.2 , its lowest since February 5.
The software services provider;s reported 7.4 per cent fall in March-quarter profit, fell short of analysts’ estimates. The company’s total tax expense rose 25.8 per cent.
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Tech Mahindra partners with French digital content solutions firm Rakuten Aquafadas
Collaboration focuses on areas like Digital transformation, Enterprise of the future and Enhanced customer experience
11.10 am
KEI Industries stock jumps 6.50% on results
KEI Industries shares jumped over 6.50 per cent today after the company reported revenues and profits YoY. The company revenues were up 22.2% to Rs 1,258 crorea and its net profit was up 20.8% to Rs 59.9 lakh. Ebitda was up 36.1% to Rs 137.50 crore. Margins were higher at 10.9% versus 9.8%.
Earnings to watch out for today
Cipla,IndusInd Bank,REPCO Home Finance Ltd, Symphony, Skipper, Jindal Saw, Bank of Baroda , Canara Bank , JK Lakshmi Cement, CaplinPoint Laboratories, Central Bank of India, ADF Foods, Redington, S H Kelkar and Company ,Sagar Cements, RamcoCements.
Other Company Earnings to watch
Allcargo Logistics , Apex Frozen Foods, Asahi India Glass, Ashoka, Buildcon, Bajaj Electricals Thermax, Balaji Telefilms, Century Extrusions, Cummins India, Future Consumer, GE T&D India, Gujarat State Fertilizers & Chemicals, Heritage Foods, IG Petrochemicals, Indo Count Industries, ITD Cementation, Man Infraconstruction, MOIL, MunjalAuto Industries, Orient Bell, Pennar Engineered Building Systems, Power Mech Projects, PPAP Automotive, Quess Corp ,Ramco Systems, Rane Brake Lining, Sastasundar Ventures, Schneider Electric Infrastructure, T D Power Systems, Veto Switchgears And Cables, Vikas Proppant & Granite, TCI Express Max, Ventures and Industries, India Nippon Electricals.
11715 • Buy Nifty 50 Futures advances above 11,760 levels
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Nifty 50 May Futures (11,778): Sell in intra-day rallies with stop-loss at 11,810 levels
Bharat Financial down 2%
The stock of Bharat Financial Inclusion declined 2 per cent today after the company reported its revenue and profits for the financial year ended March 31, 2019.
Bharat Financial Inclusion (YoY): Net Revenue up 46.5% to Rs 670 crore. Net profit up 50.5% to Rs 3 21 crore. Loan Disbursements up 14% at Rs 6,568 crore.
bharat-financial-3
₹2109 • Sell TCS with stiff stop-loss at ₹2,130 levels
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IT stocks show mixed trend amidst positive broader market
Trend in the IT counter assumes significance as the broader market witnessed heavy buying
EPFO looks to pull back NBFC investments to avert default risk
Worried about the spate of defaults and downgrades among non-banking finance companies (NBFCs), the Employees’ Provident Fund Organisation (EPFO) is planning to seek early re-payment of some of its investments from troubled firms in the sector, such as DHFL.
Edelweiss Financial Services up over 1%
Arthur J. Gallagher & Co (AJG), a global insurance brokerage and risk management services firm, will acquire a minority stake in Edelweiss Insurance Brokers Ltd (EIBL), a wholly owned subsidiary of Edelweiss Financial Services Ltd. The financials of the deal were not immediately disclosed.
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Arthur J. Gallagher to acquire minority stake in Edelweiss Insurance Brokers
₹337 • SBI: Sell SBI if declines below ₹332 levels
Related Stories
SBI back in black with ₹838-cr profit in Q4
Balance-sheet is fully repaired, says bank’s chief
Sensex stocks
₹1339 • Reliance Ind: Buy RIL if moves beyond ₹1,353 levels
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With ₹6.23-lakh cr revenue, Reliance Ind emerges top firm on all counts
Topples IOC to become the biggest Indian company
₹305 • ITC: Buy the stock rebounds up from ₹303 levels
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ITC profit rises 19% to ₹3,482 crore in Q4
Revenues increase across all verticals
Broker's call: HPCL (Add)
Centrum Broking
HPCL (Add)
CMP: ₹285.1
Target: ₹335
HPCL reported a strong 77/70 per cent y-o-y growth in EBITDA/PAT for the quarter to ₹5,170/2,970 crore, driven by strong marketing margins (38 per cent higher yoy to ₹7494/t), high inventory gains (₹920 crore) and forex gains of ₹250 crore.
HPCL’s combined gross refinery margin during the October-December 2018 quarter was $3.72 per barrel, against $9.04 in Q3 FY18
Dollar hovers near three-and-a-half-week high, supported by higher US yields
The dollar hovered near a four-week high on Wednesday, supported by higher United States (US) yields after the US eased trade restrictions on Chinese telecommunications equipment maker Huawei Technologies.
Oil slides on rising US crude stockpiles, Saudi vow to keep market balanced
Oil prices fell on Wednesday after industry data showed an increase in US crude inventories and as Saudi Arabia pledged to keep markets balanced.
Brent crude futures were down 38 cents, or 0.5 per cent, at $71.80 at barrel by 0219 GMT, having risen 21 cents on Tuesday.
On the boil The price of India’s crude import basket has been rising since the end of last year,
Sensex, Nifty post gains
The 30-share BSE Sensex opened higher by 117 points at 39,086.21,. It ended yesterday at 38,969.80.
The NSE Nifty too rose 33.90 points, or 0.29 per cent, to 11,743.00.
Sectoral indices such as Auto, Banking, Financial Services, Pharma and Realty scored gains between 0.40 per cent and 2 per cent.
Related Stories
Nifty 50 May Futures (11,778): Sell in intra-day rallies with stop-loss at 11,810 levels
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Market rally: Driven more by relief than optimism
Retail investors should stay cautious and focus on fundamentals, despite the market’s sudden spurt
Sensex Stocks (May 22, 2019)
What to watch: BoB, Canara Bank, Cipla, Central Bank results
Over 80 companies including Allcargo, Asahi India, Ashoka Buildcon, Bajaj Electricals, Bajaj Hindusthan, BoB, Canara Bank, Can Fin Homes, Central Bank, Cipla, Cummins India, Future Consumer, GSFC, IndusInd Bank, Jindal Saw, JK Lakshmi Cement, MOIL, Max Ventures, Quess Corp, Ramco Cements, Ramco Systems will announce results later today
What to watch: Cox & Kings: Expansion bodes well
Cox & Kings on Tuesday said its group company has signed a contract to open its fourth hotel in Marseille, France, as part of its expansion strategy. With this, Meininger’s number of prospective beds in France grows to over 2,600.
Today's Pick: Andhra Sugars (₹360.3) - Buy
The stock of Andhra Sugars j umped 4 per cent accompanied by above average volume on Tuesday, breaking above a key resistance at ₹350. Investors with a short-term view can buy the stock at current levels.
READ MORE ON THIS RECOMMENDATION
Day Trading Guide For May 22, 2019
Given below are supports and resistances for Nifty 50 futures and seven key stocks that can help in your intra-day trading:
₹2403 • HDFC Bank
₹709 • Infosys
Asia stocks fragile as trade anxiety overshadows Huawei reprieve
Asian stocks were on shaky ground on Wednesday, as earlier relief over Washington's temporary relaxation of curbs against China's Huawei Technologies failed to offset deeper worries about trade frictions between the world's two largest economies.
Asian markets a reluctant spectator to US political theatre. File Photo
Wall Street rises as Huawei reprieve boosts tech shares
Shares of technology companies helped lift Wall Street on Tuesday after the United States (US) temporarily eased curbs on China's Huawei Technologies Co Ltd, alleviating investor concerns about pressure on future corporate results in the sector.
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