Sensex, Nifty end lower after last hour selloff; India VIX climbs 5%
All that happened in the markets today
10:42 AM
NEWS ALERT | Promoters of MT Educare create pledge on 30% shares on May 6
- Promoter Zee Learn created pledge on shares of MT Educare.
10:35 AM
Union Bank slips over 8%
10:31 AM
Elara Capital on Nestle
Last close: Rs 10,215
Target price: Rs 11,716
Recommendation: Accumulate
Nestle (NEST IN) net sales was up 9% YoY at INR 30bn, 2.7% lower than our estimates, led by 10.2% YoY growth (Volume : 8.2% YoY) in the domestic business. Exports contracted 9% YoY at INR 1.6bn, due to lower coffee exports to Turkey. Gross margin shrank 57bp YoY and 42bp QoQ to 58.5%, as commodity prices had increased. EBITDA was up 6% YoY at INR 7.4bn, 9.5% lower than our estimates, and margin at 24.9% was down 63bp YoY, led by a decline in gross margin and a 36bp rise in employee cost. PAT was up 9.3% YoY at INR 4.6bn, 7% lower than our estimates.
Target price: Rs 11,716
Recommendation: Accumulate
Nestle (NEST IN) net sales was up 9% YoY at INR 30bn, 2.7% lower than our estimates, led by 10.2% YoY growth (Volume : 8.2% YoY) in the domestic business. Exports contracted 9% YoY at INR 1.6bn, due to lower coffee exports to Turkey. Gross margin shrank 57bp YoY and 42bp QoQ to 58.5%, as commodity prices had increased. EBITDA was up 6% YoY at INR 7.4bn, 9.5% lower than our estimates, and margin at 24.9% was down 63bp YoY, led by a decline in gross margin and a 36bp rise in employee cost. PAT was up 9.3% YoY at INR 4.6bn, 7% lower than our estimates.
10:26 AM
Buzzing | Tata Steel up almost 7%
10:24 AM
NEWS ALERT | Japan takes India to WTO over mobile phone import duties: Reuters
Japan has complained at the World Trade Organization about India’s duties on mobile phones, base stations and routers, and the circuit boards and other components that go into them, a WTO filing showed.
10:22 AM
NEWS ALERT | Dr Reddy's launches Daptomycin for Injection: CNBC TV18
- Co launches 500mg/vial single-dose vial in the US Market
- Cubicin for Injection brand and generic had US sales of approximately $640.8 million
- Cubicin for Injection brand and generic had US sales of approximately $640.8 million
10:18 AM
YES Bank hits five-month low; stock tanks 44% in a month
YES Bank shares hit five-month low of Rs 149, down 5 per cent, on the BSE in early morning trade after the Reserve Bank of India (RBI) appointed former deputy governor Rama Subramaniam Gandhi as an additional director on the board of the private sector lender for two years. The stock was trading at its lowest level since November 29, 2018, on the BSE. READ MORE
YES Bank Photo: Reuters
10:18 AM
JM Financials on Solar Industries
Last close: Rs 1,055
Target price: Rs 1,140
Recommendation: Buy
Solar Industries 4QFY19 consolidated revenue reported a growth of 17% to INR 673Cr v/s our estimate of 10%. Higher growth was mainly driven by Housing & Infra segment which grew by 43% YoY to INR 234Cr (35% of overall revenues), Coal India grew by 19.3% YoY to INR 129Cr (19% of overall revenue), Defense
Target price: Rs 1,140
Recommendation: Buy
Solar Industries 4QFY19 consolidated revenue reported a growth of 17% to INR 673Cr v/s our estimate of 10%. Higher growth was mainly driven by Housing & Infra segment which grew by 43% YoY to INR 234Cr (35% of overall revenues), Coal India grew by 19.3% YoY to INR 129Cr (19% of overall revenue), Defense
segment grew by 207% YoY to INR 57Cr (8.5% of overall revenue). However Institution (9.8% overall revenue) and Exports & Overseas (25% of overall revenues) revenues declined by 16.8% & 16% respectively.
PAT grew by 14% YoY to INR 75.2Cr which was mainly on account of exceptional loss of INR 6Cr which was written-off due to termination of JV agreement with CMDC & SMS Infra. Adjusting the exceptional loss PAT grew by 20% YoY.
10:05 AM
UCO Bank slips over 2% on weak Q4 nos
- The bank reported a net loss of Rs 1,552 crore during Q4FY19
10:01 AM
EXPERT QUOTE | Deepthi Mathew, Economist, Geojit Financial Services on WPI data
"WPI for the month of April has slipped to 3.07 per cent. Manufactured products having the largest share in WPI declined from 2.16 per cent in March to 1.72 per cent in April, reflected in the overall decline of WPI. The decline registered by the manufactured products is in line with the Nikkei PMI data for the month of April. The rising food inflation is captured both in the CPI and WPI data, hinting towards a rise in food prices in the coming months. As per the WPI data, vegetable registered a growth rate of 40.65 per cent in April, compared to 28.6 per cent in March."
10:01 AM
MARKET CHECK
9:59 AM
YES Securities on Kajaria Ceramics
Two-thirds of domestic unbranded ceramic tiles production, have been severely impacted by NGT’s Mar’19 order regarding ban on coal gasifier which, in the event of any anti-dumping duties imposed by the Gulf nations (investigations have already been announced), will act like a double whammy. We believe that tightening
compliance through stricter E-way implementation will likely be a game changer for the branded companies like KCL. However, we would wait for more clarity on its actual impact on unorganized Morbi manufacturers as well as some stability in GVT (Glazed Vitrified Tiles) pricing and core demand recovery and hence building in 12% volume CAGR over FY19-21E. We assign HOLD rating with TP of Rs 640 at 30x FY21 EPS.
9:58 AM
SRF gains over 4%
9:58 AM
Buzzing | SpiceJet is trading 7% higher
9:54 AM
Nifty PSU Bank index is trading over 1 per cent lower
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First Published: May 15 2019 | 7:26 AM IST