Comments
Closing Bell:
The market today had been in the negative territory wholly. Post-budget and RBI policy announcement, it has now taken a breath. The broader benchmark NSE Nifty closed at 12,086.40, down 51.55 points or 0.42 per cent. Nifty Auto, Realty, PSU Bank, Pvt Bank, Financial services and Bank were in red. In green were: FMCG, IT, Media, Metal and Pharma.
The BSE Sensex ended at 41,169.33, dropping 136.70 or 0.33 per cent. Reliance Capital, SKF India, Venkys, Gujarat Alkalies and Chemicals, and UCO Banks were the laggards.
The top gainers were: Trent, Abbot India, Symphony, Jamna Auto, and Wellspun crop.
3.20 PM
Alkem Laboratories Q3 profit jumps 90%; declares interim dividend
Alkem Labs posted a 90 per cent jump in its net profit at Rs390 crore for the quarter ended October-December 2019. In the same quarter of previous year it posted a profit of Rs.205 crore.
It also posted a 13.26 per cent jump in its revenue, at Rs.2,182 crore, compared to Rs.1,926 crore in the previous year.
Alkem Laboratories Ltd board has declared interim dividend of Rs 22/- per equity share on the face value of Rs. 2/- per share for the financial year 2019-20. The date of payment of this will shall be on and from 18th February, 2020
Credit: NSE
Emami Q3 net up 5% at ₹144 cr
Homegrown FMCG major Emami Ltd on Friday reported a 5 per cent increase in its consolidated net profit at ₹144.44 crore for the third quarter ended December 31, 2019 helped by rise in gross margins and cost control measures.
It had reported a net profit of ₹137.54 crore in October-December quarter a year ago, Emami said in a BSE filing. Its total income was at ₹828.22 crore, up 1.02 per cent, during the quarter under review, as against ₹819.83 crore in the corresponding period of the previous fiscal.
2.15 PM
Hester Biosciences Q3 profit drops 4%
Animal healthcare firm Hester Biosciences on Friday posted a four per cent decline in its consolidated profit at ₹11.9 crore for the quarter ended December 31, 2019.
The company had posted a consolidated profit of ₹12.4 crore in the year-ago period, Hester Biosciences said in a filing to BSE.
The consolidated revenue of the company, however, increased to ₹50.9 crore in the October-December period, over ₹45.9 crore in the year-ago period, the filing saidPTI SID
Shares of Hester Biosciences were trading at ₹1,610, down 1.67 per cent on the BSE.
L&T to offer drone technology to defence forces
Larsen and Toubro (L&T) has entered into an agreement with and ideaForge, manufacturer of Unmanned Aerial Vehicles (UAVs) to offer drones and allied systems for defence use.
Both the companies will combine their strengths to offer hi-tech, integrated drone solutions to enhance security and surveillance. They will also offer anti-drone solutions to counter the threat of malicious or unintended usage of drones. The recent drone attacks claimed by Yemen’s Houthi rebels on two key oil installations inside Saudi Arabia has made such solutions very valuable for the security agencies.
Here is how the BSE Sensex 30-pack stocks are doing:
Credit: BSE
Q3 Results:
India Cements Ltd on Friday reported widening of its consolidated net loss to Rs 8.79 crore for the third quarter ended December 31, 2019.
The company had posted a net loss of Rs 4.32 crore in the October-December period a year ago, India Cements said in a regulatory filing.- PTI
Related Stories
Truecaller explores listing on Indian bourses as it goes beyond caller ID
Targets 30 per cent revenue from fintech services
IFDC to merge its subsidiaries
IDFC Ltd's board on Friday announced that is set to merge IDFC Alternatives Ltd, IDFC Trustee Company Ltd and IDFC Projects Ltd into IDFC Limited. This move is a part of simplifying their corporate structure.
The shares of IDFC were trading at Rs.36.30, down per cent on the NSE.
Related Stories
Strides to acquire 18 ANDAs from Pharmaceutics International
Of the 18 products, 11 are currently approved by USFDA
Nifty Pharma sectoral indice movement:
Credit: NSE
Aurobindo Pharma gains 7% post Q3 announcement
The scrip of Aurobindo Pharma gained 7.13% after the announcement of Q3 results. It is now trading at ₹547.20 a piece.
The company's consolidated net profit declined by one per cent at ₹705 crore in the third quarter ended December 31, 2019 compared to ₹712 crore in the corresponding quarter of previous financial year.
The total revenue of the Hyderabad-based company, however, increased 11.9 per cent at ₹ 5,895 crore (₹5,270 crore).
This was driven by 22 per cent growth in revenue from US formulations followed by 14.2 per cent increase revenue from Europe.
Company news:
Bharat Electronics Ltd (BEL), a Bengaluru-based defence PSU, has signed a Memorandum of Understanding (MoU) with RailTel Corporation of India for co-operation in the fields of Cloud Services, IoT, eGovernance, Smart Cities, Networks for Defence projects and mission critical communication systems for domestic and international markets.
Religare Health Insurance has entered into a definite agreement with Kedaara Capital Fund II LLP and Trishikhar Ventures LLP (Jointly known as Kedaara). The deal is for sale of part of the investment in Religare Health Insurance (RHICL), a subsidiary company for a consideration aggregating to Rs 200 crores, and also for a primary capital infusion of Rs.200 crores in RHICL by Kedaara. Post this, the company will hold 76.18 per cent stake in RHICL
NSE Nifty Gainers:
Credit: NSE
NSE Nifty losers:
Credit: NSE
SBI cuts MCLR by 5 basis points across tenors
The State Bank of India (SBI) on Friday announced a 5 basis points reduction in its marginal cost of fund-based rate (MCLR) across tenors, effective February 10.
This is the ninth consecutive cut in MCLR by the bank in the current fiscal.
With this reduction, the one-year MCLR has come down to 7.85 per cent per annum from 7.90 per cent, a bank statement said. Read more about the SBI Rate cut here
YES Bank calls for EGM to decide on fund-raising plan
YES Bank has called an extraordinary general meeting (EGM) on Friday to approve its fund-raising plans.
The bank has proposed to increase the authorised share capital and consequently alter the capital clause of the memorandum of association.
The board of directors had, in a meeting on January 10, outlined a modified capital-raising plan, where it intends to raise up to Rs 10,000 crore through a mixture of equity and debt.
Yes Bank stock is trading at Rs.38.45 a piece.
Rupee slips 9 paise in early trade
The rupee opened on a weak note and declined by 9 paise to 71.27 against the US dollar in opening trade on Friday, tracking weak opening in domestic equities and foreign fund outflows.
Forex traders said weak opening in domestic equities, rising crude oil prices and foreign fund outflows dragged the local unit, but weakening of the American currency in the overseas market supported the rupee.
The rupee opened weak at 71.26 at the interbank forex market and then fell further to 71.27, down 9 paise over its last close. READ MORE ABOUT RUPEE TRADE HERE
S&P BSE Sensex overview. Credit: BSE
Broker's call: HG Infra Engineering (Buy)
Centrum Broking
HG Infra Engineering (Buy)
CMP: ₹248
Target: ₹405
HG Infra Engineering has a strong order book (OB) of ₹6,160 crore (2.9x TTM revenue), providing good revenue visibility for FY21E. While currently 62 per cent of OB is under execution, share of executable orders should improve to 75 per cent by February 2020 with likely receipt of AD for Ateli Mandi-Narnaul project, indicating a relatively low risk to our estimates. We expect 16.5 per cent CAGR in revenue over FY20E-22E with 0 per cent/28 per cent contribution in FY21E/22E from new order inflows. We estimate a marginal 50 bps dip in EBITDA margin to 14.5 per cent in FY21E/22E led by rise in revenue from subcontracted orders to average of 35 per cent from 24 per cent in FY19 and FY20E even as cash generation should remain strong as no equity needs to be invested. Read about the HG Infra Engineering stocks here
Broker's call: Titan Company (Buy)
ICICI Securities
Titan Company (Buy)
CMP: ₹1,258.7
Target: ₹1,470
After a significant decline in grammage growth in Q2FY20 (down 14 per cent), a reasonably strong festive season and healthy demand for wedding jewellery led to arrest of grammage de-growth in Q3FY20 (down 5 per cent). As guided by the management in its pre-quarterly update, the jewellery division reported stable revenue growth of 12 per cent y-o-y to ₹5,605.8 crore on high base of Q3FY19 (institutional order of gold coins worth ₹200 crore). Underlying retail sales were strong with value growth of 15 per cent y-o-y (gold prices up about 20 per cent y-o-y). READ MORE ABOUT THE VALUATION AND STOCK CALL OF TITAN COMPANY HERE
Stocks in focus:
Over 120 companies including 3i Infotech, 63 moons, ACC, Britannia, Concor, Corporation Bank, Elgi Equipments, Emami, Future Supply, Godfrey Phillips, KEC International, IRB InvIT, India Cements, Inox Leisure, Jindal Drilling, Mahanagar Gas, Max India, MFL, NHPC, NTPC, Nesco, New India Assurance, P&G Health, Repco Home, Subex, Sterling & Wilson, Symphony, Tata Steel, UPL, Voltas, Venky's Walchandnagar, Whirlpool and Zota will declare their Q3 results on Friday.
The board of Varun Beverages will meet on Friday to consider the audited financial results (on standalone and consolidated basis) for the quarter and financial year ended December 31, 2019; and enabling resolution to raise capital from time to time through qualified institutional placement. Shareholders will closely monitor the quantum of funds it plans to raise through the QIP issue and other related issues such as through how many tranches, and price, among others.
Wipro on Thursday said it has bagged a multi-year, global, strategic lT deal from Marelli. This partnership will help Marelli, a leading global tier-1 automotive technology supplier, to standardise, simplify and further enhance their lT services at a global level and consolidate several current vendors across applications management services and workplace end-user services. Wipro, however, did not disclose the deal size. The stock may remain in focus on the back of this deal.
Opening Bell:
The benchmark indices opened on a flat note in the negative territory. The NSE Nifty was at 12,125.95, a decline of 12.00 points or 0.10 per cent. In the sectoral indices, only FMCG, IT, Media, and Pharma were in the green.
The 30-pack BSE Sensex opened at 41,250.16, posting a decline of 55.87 or 0.14 per cent. Trent and Reliance Infra gained over 5 per cent and are in focus today. About 705 advanced, 481 declined and 56 remained unchanged.
Day trading guide
Given below are supports and resistances for Nifty 50 futures and seven key stocks that can help in your intra-day trading:
₹1239 • HDFC Bank
₹770 • Infosys
₹213 • ITC
₹107 • ONGC
₹1457 • Reliance Ind.
₹322 • SBI
₹2128 • TCS
12136 • Nifty 50 Futures
S1, S2 : Support 1 & 2; R1, R2: Resistance 1 & 2.
9.05 AM
Today's Stock Pick:
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.