MARKETS: Financials drag indices, Sensex slips 81 pts; midcaps outperform

All that happened in the markets today

2:01 PM

Result Tomorrow | Nestle India Q4 preview: Commentary on rural demand, product pipeline eyed

Emkay Global Financial Services

 

The brokerage expects net sales (revenue) to decline 3 per cent year-on-year (YoY) and 7.5 per cent quarter-on-quarter (QoQ) to Rs 2,912.9 crore. Earnings before interest, taxes, depreciation, and amortisation (EBITDA) are seen declining 3.1 per cent YoY to Rs 695.9 crore. On sequential basis, however, the numbers are expected to grow 8 per cent. EBITDA margin is expected to remain unchanged on YoY basis at 23.9 per cent. Sequentially, it is estimated to rise by 342 basis points (bps). Net profit (profit after tax) is expected to grow 5.5 per cent YoY and 5.9 per cent QoQ at Rs 497.1 crore. READ MORE

1:51 PM

Analysts cautious on railway stocks despite resumption in train services

Reacting to the development, IRCTC and Rail Vikas Nigam surged 5 per cent upper to it their upper circuit at Rs 1,302.85 and Rs 17.15, respectively on the BSE. Besides, stock of Ircon International jumped 7.3 per cent, Texmaco Rail and Engineering gained 4 per cent, Titagarh Wagons 2.4 per cent, and BEML 1.5 per cent in the intra-day deals. READ MORE

1:37 PM

Several parts of country to receive light to moderate rain this week: IMD

North India is likely to witness light to moderate rainfall this week due to two western disturbances that will bring precipitation and thunderstorms to the hills and the plains, the IMD said, news agency PTI reported. READ MORE

Photo: PTI

1:24 PM

BROKERAGE VIEW:: Emkay Global Fin Services on Shree Cement

TP: Rs 15,810 | Rating: SELL | Upside: (15.6) %

• SRCM reported better-than-estimated Q4 results on: 1) higher subsidy income: Rs1.17bn vs. Rs390mn in Q3 and 2) lower employee costs, led by a reduction in variable salaries of key personnel for FY20. EBITDA stood at Rs10.8bn vs. estimate of Rs10bn.
• The company has stopped sharing details of the Power segment separately. Key positives: 1) lower employee costs and 2) 10.8% yoy decline in RM costs. Key negatives: 1) sequential decline in cement realization and 2) EBITDA loss in the UAE subsidiary.
• Sales volume was down 5.4% yoy. The company will decide on its large capex plan (doubling of capacities in six years) after demand conditions improve as management expects 20%+ volume decline in FY21E.
• We have factored in a volume decline of 20.5% yoy for SRCM in FY21, considering current demand conditions and expectation of lower infrastructure spending. Valuations at 27.2x/20.2x FY21/22E EV/EBITDA leave no room for negative surprises. Maintain Sell.

 

1:16 PM

Rakesh Jhunjhunwala raises stake in VIP Industries in Q4; stock jumps 10%

Post acquisition, Rakesh Jhunjhunwala's stake in VIP Industries has increased to 5.31 per cent in Q4FY20, the same level he had held at the end of September quarter (Q2Y20). Jhunjhunwala had cut his stake in the company during the previous quarter to 5.11 per cent level at the end of December 2019 quarter (Q3FY20). READ MORE

1:06 PM

MARKET CHECK

12:57 PM

Worst yet to come: Fed official after US loses 20.5 mn jobs due to Covid-19

A US Federal Reserve official said that the worst was yet to come on the employment front after a staggering 20.5 million jobs were slashed in April amid the Covid-19 pandemic. "I mean the worst is yet to come on the job front, unfortunately. And that it really is going to be, you know, as these states start to reopen and as businesses start to reopen, obviously we need them to reopen safely," Neel Kashkari, president of the Federal Reserve Bank of Minneapolis said to ABC News on Sunday. READ MORE

12:43 PM

RIL crosses Rs 10 trillion m-cap mark

12:42 PM

BUZZING STOCK | BEL trades near day's high

12:33 PM

MARKET CHECK | Top 5 losers on the BSE at this hour

12:22 PM

BUZZING STOCK:: Mphasis climbs over 6%

12:19 PM

BROKERAGE VIEW:: Anand Rathi Shares on Engineering and capital goods

We expect capex generally to be severely constricted and FY21 to be a washout from both ordering and execution perspectives due to the Covid-19 pandemic. Crude-oil prices, at an all-time low, further aggravated concerns regarding budget cuts in West Asia (Mid-East). Cash flows would be severely constrained by a liquidity squeeze and challenges related to working capital. We expect companies with strong balance sheets and tight control on costs to sail through. Our top buys are L&T and Siemens. We recommend a Sell on Cummins.      

12:07 PM

MARKET CHECK | Top 5 gainers on the BSE at this hour

12:07 PM

Rakesh Jhunjhunwala cuts stake in Titan, Lupin, Escorts in March quarter

Ace investor Rakesh Jhunjhunwala rejigged his stake in 11 companies in March quarter and kept it unchanged in 8, as per the latest shareholding pattern filed by the companies till May 8, 2020. Jhunjhunwala increased his stake in six companies during the period under review, including Rallis India, VIP Industries, Federal Bank, Jubilant Life Sciences, GMR Infrastructure, and Orient Cement. READ MORE

11:55 AM

MARCH QUARTER RESULTS | Godrej Properties' Q4 profit falls 35.5% YoY to Rs 101.1 crore

-- Revenue up 10.4 per cent to Rs 1,163 crore

-- EBITDA declines 6.7 per cent to Rs 155.4 crore

-- Margin falls 240 bps to 13.4 per cent