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May 29, 2018 03:35 PM IST | Source: Moneycontrol.com

Closing Bell: Sensex ends below 35K, sheds 216 pts; Nifty Bank loses 359 pts

Most Asian markets traded lower as investors focus on Italian politics and the fall in oil prices.

  • May 29, 05:12 PM (IST)

    Rupee Closing: The Indian rupee depreciated 45 paise to 67.87 against the US dollar on fresh demand for the greenback from importers and banks.

  • May 29, 05:00 PM (IST)

  • May 29, 04:43 PM (IST)

  • May 29, 04:13 PM (IST)

    Earnings: Power Grid Corporation has reported 4.6 percent rise in its Q4FY18 net profit at Rs 2,004.7 crore against Rs 1,916.4 crore in the same quarter last fiscal.

    Revenue of the company was up 16.5 percent at Rs 7,811.3 crore against Rs 6,705.6 crore.

    EBITDA or the operating profit was up at Rs 6,524 crore and margin was at 83.5 percent.

    Power Grid Corporation of India ended at Rs 206.35, down Rs 0.70, or 0.34 percent.

  • May 29, 03:33 PM (IST)

    Market Closing: Benchmark indices snapped three-day winning streak, dented by weak global cues and sharp fall in rupee.

    Banking & financials are the major losers that pulled the market lower in trade today.

    The 30-share BSE Sensex dropped 216.24 points or 0.61 percent to Rs 34,949.24 and the 50-share NSE Nifty fell 55.40 points to 10,633.30 while Nifty Midcap was down 0.35 percent.

    Bank of India, PC Jeweller, Bank of Baroda, Balrampur Chini, HCC, Canara Bank and Strides Shasun were under pressure.

    Ruchi Soya, Ashok Leyland, Idea Cellular, SAIL and BHEL gained up to 4 percent.

  • May 29, 03:29 PM (IST)

    Earnings Reaction: Kiri Industries share price fell 4 percent as operational earnings were not so great in Q4.

    Consolidated net profit more than doubled to Rs 120 crore from Rs 53.4 crore, including share of profit of associates at Rs 90.4 crore against Rs 27.3 crore YoY.

    Revenue from operations grew by 10.6 percent year-on-year to Rs 328.5 crore while EBITDA was up 4.4 percent to Rs 45 crore. Margin contracted 90 basis points.

      Earnings Reaction : Kiri Industries share price fell 4 percent as operational earnings were not so great in Q4. 

 Consolidated net profit more than doubled to Rs 120 crore from Rs 53.4 crore, including share of profit of associates at Rs 90.4 crore against Rs 27.3 crore YoY. 

 Revenue from operations grew by 10.6 percent year-on-year to Rs 328.5 crore while EBITDA was up 4.4 percent to Rs 45 crore. Margin contracted 90 basis points.
  • May 29, 03:28 PM (IST)

  • May 29, 03:21 PM (IST)

    Gold Update: Gold prices drifted lower by Rs 105 to Rs 31,860 per 10 grams, extending its slide for the third straight day at the bullion market in tandem with weak global cues amid muted demand from local jewellers.

  • May 29, 03:11 PM (IST)

    Earnings Reaction: State-run coal mining company Coal India share price fell more than a percent after weak March quarter earnings.

    Profit stood at Rs 1,295 crore and revenue at Rs 26,909 crore for the quarter ended March 2018.

    EBITDA (earnings before interest, tax, depreciation and amortisation) fell 94.4 percent year-on-year to Rs 195.5 crore and margin contracted sharply to 0.7 percent from 14.9 percent.

    Employee benefit expenses shot up sharply to Rs 16,654 crore in Q4FY18, from Rs 9,241 crore in same period last year.

    Other income increased to Rs 2,000 crore from Rs 1,782 crore while other expenses fell to Rs 1,261 crore from Rs 1,926 crore YoY.

  • May 29, 03:03 PM (IST)

    Europe Update: European stocks fell amid renewed fears of a euro zone break-up risk in Italy and political turmoil in Spain.

    France's CAC, Germany's DAX and Britain's FTSE are down 1.4 percent each.

  • May 29, 02:59 PM (IST)

    Earnings Reaction: Godfrey Phillips India's March quarter profit dropped 22.8 percent year-on-year to Rs 43.1 crore and revenue from operations declined 37.6 percent to Rs 543.3 crore.

    EBITDA (earnings before interest, tax, depreciation and amortisation) plunged 30.5 percent to Rs 70.6 crore but margin expanded 130 basis points to 13 percent compared to year-ago.

      Earnings Reaction : Godfrey Phillips India's March quarter profit dropped 22.8 percent year-on-year to Rs 43.1 crore and revenue from operations declined 37.6 percent to Rs 543.3 crore. 

 EBITDA (earnings before interest, tax, depreciation and amortisation) plunged 30.5 percent to Rs 70.6 crore but margin expanded 130 basis points to 13 percent compared to year-ago.
  • May 29, 02:52 PM (IST)

    Market Update: The market extended losses in afternoon with the Sensex falling 200 points on global correction and weaker rupee.

    The rupee fell 50 paise while European markets are down around 1.5 percent each.

    Banking & financials stocks are pulling the market lower as Nifty Bank index slipped 350 points.

    The 30-share BSE Sensex declined 230.70 points to 34,934.78 and the 50-share NSE Nifty shed 68.50 points to 10,620.20. 

  • May 29, 02:46 PM (IST)

    Crude Update: Oil prices were mixed, but remained under pressure from expectations that Saudi Arabia and Russia would pump more crude to ease a potential shortfall in supply.

    Brent crude futures were down 0.01 percent, at $75.29 a barrel, after settling at their lowest since May 8 at $75.30.

    US West Texas Intermediate (WTI) crude was down 2.17 percent, at $66.41 a barrel, sitting around its lowest since April 17, reports CNBC.

  • May 29, 02:27 PM (IST)

    Earnings Reaction: Shares of DCM Shriram Industries fell over 7 percent intraday as company reported net loss in the quarter ended March 2018.

    The company has reported net loss of Rs 18.7 crore in Q4FY18 against profit of Rs 24.8 crore in a year ago period.

    Revenue from operation was down 3 percent at Rs 376.5 crore against Rs 389.7 crore.

    The company recommended a dividend of Rs 4 (40 percent) on equity shares of face value of Rs 10 each for the financial year ended March 31, 2018.

      Earnings Reaction:  Shares of DCM Shriram Industries fell over 7 percent intraday as company reported net loss in the quarter ended March 2018. 

 The company has reported net loss of Rs 18.7 crore in Q4FY18 against profit of Rs 24.8 crore in a year ago period. 

 Revenue from operation was down 3 percent at Rs 376.5 crore against Rs 389.7 crore. 

 The company recommended a dividend of Rs 4 (40 percent) on equity shares of face value of Rs 10 each for the financial year ended March 31, 2018.
  • May 29, 02:12 PM (IST)

    RBI Policy Expectations: The Monetary Policy Committee (MPC) is expected to maintain the repo rate at 6 percent in the ensuing policy review meeting next week, however, there is also a probability of a pre-emptive hike by 25 bps, says a UBS report.

    According to the global financial services major, the June policy review meeting is likely to be a close call, while the tone of the policy statement is expected to remain hawkish.

    "In its monetary policy review, scheduled for 4-6 June, we expect the MPC to maintain the repo rate at 6 per cent. However, we assign a 40 per cent probability that the MPC will pre-emptively hike rates by 25 bps in the meeting," Tanvee Gupta Jain, Economist, UBS Investment Bank said in a research note.

    In its first bi-monthly monetary policy for 2018-19, RBI left repo rate unchanged at 6 per cent. The MPC maintained status quo for the fourth consecutive time since August last year, reports PTI.

  • May 29, 02:02 PM (IST)

    Earnings: M&M's March quarter earnings beat analyst expectations as profit grew by 50 percent year-on-year to Rs 1,155 crore and revenue increased 25.6 percent to Rs 13,189 crore during the quarter.

    EBITDA (earnings before interest, tax, depreciation and amortisation) shot up 70.4 percent to Rs 1,995 crore and margin expanded 400 basis points to 15.1 percent.

      Earnings : M&M's March quarter earnings beat analyst expectations as profit grew by 50 percent year-on-year to Rs 1,155 crore and revenue increased 25.6 percent to Rs 13,189 crore during the quarter. 

 EBITDA (earnings before interest, tax, depreciation and amortisation) shot up 70.4 percent to Rs 1,995 crore and margin expanded 400 basis points to 15.1 percent.
  • May 29, 01:51 PM (IST)

    Market Update: The market is mildly under pressure amid consolidation, as the rupee is moving towards 68 against the US dollar again.

    Banking stocks are under pressure, with the Nifty Bank index falling 200 points.

    Mahindra & Mahindra gained over a percent after March quarter earnings beat analyst expectations

    The rupee extended fall in afternoon, depreciating 50 paise to 67.94 against the US dollar on fresh demand for the greenback from importers and banks.

    The Sensex declined 122.94 points to 35,042.54 and the Nifty fell 33.10 points to 10,655.60.

  • May 29, 01:36 PM (IST)

    Earnings: Transformers and Rectifiers India's March quarter profit fell 7.5 percent to Rs 7.6 crore compared to Rs 8.2 crore in year-ago.

    Revenue from operations during the quarter jumped 30 percent to Rs 244.5 crore compared to Rs 188.2 crore in same period last year.

    EBITDA (earnings before interest, tax, depreciation and amortisation) grew by 10.7 percent to Rs 21.1 crore but margin contracted 150 basis points to 8.6 percent YoY.

      Earnings : Transformers and Rectifiers India's March quarter profit fell 7.5 percent to Rs 7.6 crore compared to Rs 8.2 crore in year-ago. 

 Revenue from operations during the quarter jumped 30 percent to Rs 244.5 crore compared to Rs 188.2 crore in same period last year. 

 EBITDA (earnings before interest, tax, depreciation and amortisation) grew by 10.7 percent to Rs 21.1 crore but margin contracted 150 basis points to 8.6 percent YoY.
  • May 29, 01:29 PM (IST)

    Change in Top Management: Sources told CNBC-TV18 that the government may appoint SBI Managing Director B Sriram as MD of Bank Of India.

    Bank Of India MD Dinabandhu Mohapatra may be asked to head Allahabad Bank, sources added.

  • May 29, 01:25 PM (IST)

  • May 29, 01:24 PM (IST)

    Market Update: Benchmark indices extended losses amid consolidation in afternoon, with the Sensex falling 138.45 points to 35,027.03 and the Nifty declining 35.20 points to 10,653.50.

    Banking stocks pulled the market lower. Nifty Bank index fell nearly 1 percent while the PSU Bank index dropped 2.6 percent.

  • May 29, 01:07 PM (IST)

    Buzzing: Cords Cable Industries share price is locked at 5 percent upper circuit on winning 3 bulk orders amounting to Rs 40 crore. 

    The specialised control & instrumentation cables company has been awarded 3 bulk contracts towards designing, engineering & ‘supplying of Fire Resistant Signal Cables, Conventional Type instrumentation Cables and Power Cables to be used in the Hydrocarbon sector in the states of Haryana, Assam and Gujarat.

    The combined total estimated value of the said contracts is Rs 40 crore, the company said in its filing.

      Buzzing : Cords Cable Industries share price is locked at 5 percent upper circuit on winning 3 bulk orders amounting to Rs 40 crore.  

 The specialised control & instrumentation cables company has been awarded 3 bulk contracts towards designing, engineering & ‘supplying of Fire Resistant Signal Cables, Conventional Type instrumentation Cables and Power Cables to be used in the Hydrocarbon sector in the states of Haryana, Assam and Gujarat. 

 The combined total estimated value of the said contracts is Rs 40 crore, the company said in its filing.
  • May 29, 12:55 PM (IST)

    Market Update: Benchmark indices as well as broader markets are in a consolidation mode after sharp rally seen in previous three consecutive sessions. Investors closely monitor the movement in crude oil prices and rupee.

    The 30-share BSE Sensex declined 60.75 points to 35,104.73 and the 50-share NSE Nifty slipped 11.60 points to 10,677.10.

    The rupee extends losses, falling 41 paise to 67.83 against the US dollar on fresh demand for the greenback from importers and banks.

    PSU Bank index lost 2 percent as Bank of India shed 4 percent following loss in March quarter.

  • May 29, 12:36 PM (IST)

    Earnings Reaction: State-run power equipment maker Bharat Heavy Electricals (BHEL) has reported more than double growth in March quarter profit at Rs 457.2 crore, driven by strong operational income.

    Profit in the same quarter last fiscal stood at Rs 215.5 crore, the company said in its filing.

    Revenue from operations during the quarter grew by 3.7 percent to Rs 10,144 crore compared to Rs 9,779.5 crore in corresponding period last year.

    EBITDA (earnings before interest, tax, depreciation and amortisation) for the March quarter more than doubled to Rs 1,231.5 crore from Rs 568.7 crore while margin expanded 630 basis points to 12.1 percent compared to year-ago.

      Earnings Reaction : State-run power equipment maker Bharat Heavy Electricals (BHEL) has reported more than double growth in March quarter profit at Rs 457.2 crore, driven by strong operational income. 

 Profit in the same quarter last fiscal stood at Rs 215.5 crore, the company said in its filing. 

 Revenue from operations during the quarter grew by 3.7 percent to Rs 10,144 crore compared to Rs 9,779.5 crore in corresponding period last year. 

 EBITDA (earnings before interest, tax, depreciation and amortisation) for the March quarter more than doubled to Rs 1,231.5 crore from Rs 568.7 crore while margin expanded 630 basis points to 12.1 percent compared to year-ago.
  • May 29, 12:22 PM (IST)

  • May 29, 12:21 PM (IST)

    Settlement with Minority Investors: Reliance Infratel, a subsidiary of Reliance Communications has informed the NCLAT that an amicable settlement has been arrived at between it and minority investors holding 4.26 percent equity in the company, and consent terms will be filed shortly.

    "The settlement with the minority investors paves the way for vacation of the stay granted by the NCLT on the sale of RITL''s tower and fibre assets, and will enable the company to proceed with asset monetisation of Rs 8,000 crore as soon as the company exits the debt resolution process under NCLT, for which its appeal, supported by all its lenders, is fixed for hearing today before NCLAT," it said.

      Settlement with Minority Investors : Reliance Infratel, a subsidiary of Reliance Communications has informed the NCLAT that an amicable settlement has been arrived at between it and minority investors holding 4.26 percent equity in the company, and consent terms will be filed shortly. 
 
"The settlement with the minority investors paves the way for vacation of the stay granted by the NCLT on the sale of RITL''s tower and fibre assets, and will enable the company to proceed with asset monetisation of Rs 8,000 crore as soon as the company exits the debt resolution process under NCLT, for which its appeal, supported by all its lenders, is fixed for hearing today before NCLAT," it said.
  • May 29, 12:16 PM (IST)

    Strategic Agreement: Intellect Global Transaction Banking (iGTB), the transaction banking and technology specialist from Intellect Design Arena signed a strategic agreement with Fifth Third Bank, a US regional banking corporation headquartered in Cincinnati, Ohio.

    "This represents a big milestone for iGTB and the expansion of a customer footprint in the US," Manish Maakan, CEO, Intellect Global Transaction Banking (iGTB)  said.

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