Thumbs up from brokerages: Nomura view on ICICI Bank is that its watchlist is likely to be revised down due to JP Assoc/Essar deleveraging. Bank's stressed book at nearly 18 percent of loans. Concentrated exposures to infra groups like JP Assoc, Essar. About 50 percent reduction in debt in these groups will cut watchlist. About Rs 9,000 crore of ICICI Pru stake sale cash will help in providing for more bad loans. Target price upped to Rs 325 from Rs 285 earlier.
Zensar: Software services firm Zensar Technologies reported a 25 percent decline in consolidated net profit at Rs 68.8 crore for the July-September quarter, impacted by currency movement.
The Pune-headquartered mid-sized firm had posted a net profit of Rs 91.3 crore in the year-ago period.
Consolidated revenue rose by 2.7 percent to Rs 776.7 crore during the period from Rs 756.4 crore in the same quarter of 2015-16.
For the sequential quarter, net profit declined 9.8 percent from Rs 76.2 crore, while revenue was up 1.9 percent from Rs 762.4 crore in the April-June 2016 quarter.
Petronet LNG: Petronet LNG commissions expansion of Dahej LNG terminal. Dahej LNG Terminal capacity up from 10 to 15 MMTPA. September 2016 LNG imports at all-time highs. Asia spot LNG price up from sub-USD 5/mmbtu to USD 6.2/mmbtu in the past four months. Every 5 PP additional utilisation adds 6 percent to co's EPS.
GST stocks to watch: Gati, Transport Corp, VRL Logisitics, Kajaria, Somany, Century Ply, Greenply, Relaxo, Bata, PVR, Inox Leisure, Dish TV, Asian Paints, HUL, Dabur, Emami, ITC, United Spirits.
Aarti Industries: Aarti Industries board approves buyback of 12 lakh shares at Rs 800/share. Promoters to participate in the buyback. Acceptance ratio at 1.44 percent. Aarti Industries board approves buyback of 3.6 lakh shares at Rs 750/share. Promoters to participate in the buyback. Acceptance ratio at 1.49 percent.