Market falls for 9th straight session, suffers worst losing streak in 8 yrs
All that happened in the markets today
 "markets")
1:30 PM
NEWS ALERT | Trident approves 10-for-1 stock split
1:23 PM
Prabhudas Lilladher on Eicher Motors
Last close: Rs Rs20,354
Target price: Rs20,161
Recommendation: Hold
While the overall performance for Eicher Motors over Q4FY19 was broadly in-line with our estimates, its Q4FY19 operating margins at 27.4% (lower 400bps YoY / 160bps QoQ) missed PLe of 29%. Owing to the various cost pressures, the management expects to maintain margins at the current levels going ahead too. However, as for the volumes, the management has set an ambitious production target of 950K units for FY20, implying a volume growth of ~15% over FY19 volumes at ~828K units.
Target price: Rs20,161
Recommendation: Hold
While the overall performance for Eicher Motors over Q4FY19 was broadly in-line with our estimates, its Q4FY19 operating margins at 27.4% (lower 400bps YoY / 160bps QoQ) missed PLe of 29%. Owing to the various cost pressures, the management expects to maintain margins at the current levels going ahead too. However, as for the volumes, the management has set an ambitious production target of 950K units for FY20, implying a volume growth of ~15% over FY19 volumes at ~828K units.
1:16 PM
Prabhudas Lilladher on South Indian Bank
Last xlose: Rs 14
Target Price: Rs 18
Recommendation: Buy
SIB’s earnings were below expectations on back of (i) Muted NII on sharp decline in NIMs and (ii) continued provisions to improve PCR and provide on fresh slippages. Slippages in most segments were lower barring Agri and one a/c in corporate (from medical college in Kerala). SMA-2 book came off further to 1.71% from 2.2% in Mar’18. PPOP growth of 5.4% YoY was supported by better other income, while expenses control though helped are not reflecting in ratios. Management has to significantly work on improving PCR which stood at 31% (42.5% incl. technical w.off) and hence credit cost will remain high, while has to also work on improving pricing power to improve NIMs. Stock trades at 0.7x Mar-21 ABV which is cheap especially given the asset quality issues will be lower. We maintain BUY with TP of Rs18 (from Rs22) based on 0.8x Mar-21 ABV (rolled over from 1.0x Sep-20).
Target Price: Rs 18
Recommendation: Buy
SIB’s earnings were below expectations on back of (i) Muted NII on sharp decline in NIMs and (ii) continued provisions to improve PCR and provide on fresh slippages. Slippages in most segments were lower barring Agri and one a/c in corporate (from medical college in Kerala). SMA-2 book came off further to 1.71% from 2.2% in Mar’18. PPOP growth of 5.4% YoY was supported by better other income, while expenses control though helped are not reflecting in ratios. Management has to significantly work on improving PCR which stood at 31% (42.5% incl. technical w.off) and hence credit cost will remain high, while has to also work on improving pricing power to improve NIMs. Stock trades at 0.7x Mar-21 ABV which is cheap especially given the asset quality issues will be lower. We maintain BUY with TP of Rs18 (from Rs22) based on 0.8x Mar-21 ABV (rolled over from 1.0x Sep-20).
1:04 PM
YES Bank, Reliance Capital slump 5% to trade near 52-week low
Shares of YES Bank and Reliance Capital fell 5 per cent each in the intra-day on Monday to trade close to their respective 52-week low price on the BSE in an otherwise range-bound market. In comparison, the S&P BSE Sensex was marginally higher by 0.07 per cent at 37,487 levels at 11:31 am. READ MORE
12:55 PM
NEWS ALERT | Tata Steel to CNBC TV18
- Europe would be cash-neutral entity
- FY19 sales in Europe affected due to issues at Talbot, Netherlands
- Believe Europe business will generate positive cash flows
- EBITDA/Tonne target at $70 for Euro business
- Eirope Capex likely at $ 300 - 350 mn
- FY19 sales in Europe affected due to issues at Talbot, Netherlands
- Believe Europe business will generate positive cash flows
- EBITDA/Tonne target at $70 for Euro business
- Eirope Capex likely at $ 300 - 350 mn
12:50 PM
NEWS ALERT | Pennar Group bagged orders worth Rs 311 cr during April across its various business verticals
12:41 PM
Elara Capital on Prism Johnson
Last Close: Rs 87
Target price: Rs 132
Recommendation: Buy
Prism Johnson (PRSMJ IN) reported broadly in-line standalone revenue but EBITDA and adjusted PAT were ~14% and 5% ahead of Consensus estimates, respectively, on strong performance of the cement division. Net sales grew ~4% YoY to INR 16.7bn. EBITDA was up ~9% YoY at INR 1.8bn and EBITDA margin expanded by ~53bp YoY and ~345bp QoQ to 11%, driven by healthy improvement in the cement division’s performance. Adjusted PAT was at INR 610mn was slightly down by ~3% YoY but well above Q3FY19 PAT of INR 190mn. PAT declined YoY due to a higher effective tax rate.
Target price: Rs 132
Recommendation: Buy
Prism Johnson (PRSMJ IN) reported broadly in-line standalone revenue but EBITDA and adjusted PAT were ~14% and 5% ahead of Consensus estimates, respectively, on strong performance of the cement division. Net sales grew ~4% YoY to INR 16.7bn. EBITDA was up ~9% YoY at INR 1.8bn and EBITDA margin expanded by ~53bp YoY and ~345bp QoQ to 11%, driven by healthy improvement in the cement division’s performance. Adjusted PAT was at INR 610mn was slightly down by ~3% YoY but well above Q3FY19 PAT of INR 190mn. PAT declined YoY due to a higher effective tax rate.
12:40 PM
Anand Rathi on JMC Projects
Last close: Rs 115
Target price: Rs 162
Recommendation: Buy
Healthy order accretion, profitable growth and controlled working-capital cycle helped JMC close FY19 on a high. Its BOT-toll operations, too, were inspiring: healthy traffic growth led to JMC undershooting its expected stop-gap funding to its SPVs. As a result, its RoCE scaled a multi-year high. The future looks equally bright: the strong order backlog seems set to pave the way for equally healthy growth in core operations; the road BOT portfolio continues to benefit from gradually rising traffic. Any success with BOT monetisation efforts would further support our Buy call.
Target price: Rs 162
Recommendation: Buy
Healthy order accretion, profitable growth and controlled working-capital cycle helped JMC close FY19 on a high. Its BOT-toll operations, too, were inspiring: healthy traffic growth led to JMC undershooting its expected stop-gap funding to its SPVs. As a result, its RoCE scaled a multi-year high. The future looks equally bright: the strong order backlog seems set to pave the way for equally healthy growth in core operations; the road BOT portfolio continues to benefit from gradually rising traffic. Any success with BOT monetisation efforts would further support our Buy call.
12:31 PM
Chanda Kochhar, husband appear before ED in ICICI bank loan fraud case
Former ICICI Bank CEO Chanda Kochhar on Monday appeared before the ED in connection with an alleged bank loan fraud and money laundering case registered against her.
Kochhar arrived before the Enforcement Directorate's office here in Khan Market shortly before her scheduled appearance time of 11 am, official sources said. READ MORE
12:29 PM
HDFC gains in trade on healthy Q4 earnings
- Tier - 1 capital stands at 17.5%
- NII up 6% y-o-y
- Loan growth at 13.8% y-o-y
- NII up 6% y-o-y
- Loan growth at 13.8% y-o-y
12:20 PM
NEWS ALERT | HDFC Q4 result
- Approves dividend of Rs 17.50 a share
- Net profit at Rs 2,861.6 crore
- Revenue at Rs 11,580 crore
- Net profit at Rs 2,861.6 crore
- Revenue at Rs 11,580 crore
12:06 PM
Sectoral trends on NSE at this hour
12:05 PM
Top gainers and losers on S&P BSE Sensex
12:04 PM
Market check
12:02 PM
Market check
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First Published: May 13 2019 | 7:24 AM IST
