Podcast | Market ends flat ahead of May F&O expiry; Nifty holds 10,600
On the sectoral front, the S&P BSE Power index rose 0.2 percent, followed by the S&P BSE Metal index which gained 0.15 percent, and the S&P BSE Banking index rose 0.1 percent.
Rupee Closing: The Indian rupee recovered sharply, rising 43 paise to 67.43 against the US dollar due to sustained bouts of dollar-selling from banks and exporters.
Stock Reaction: Shares of RPP Infra Projects rose nearly 4 percent as company bagged order from Kerala Infrastructure and Technology.
The company has bagged an order for education infrastructure division (government of Kerala undertaking) worth of Rs 318 million and Central Public Works
Department, Trichy, Tamilnadu worth of Rs 67.9 crore.
The orders include, modernization of schools as centers of excellence and metterment of infrastructure facilities in other schools (Thrissur District) for worth of
Rs 31.8 crore. The said work to be completed within 9 months.
Market Closing: Benchmark indices closed lower for the second consecutive session amid political turmoil in Italy.
The 30-share BSE Sensex declined 43.13 points to 34,906.11 and the 50-share NSE Nifty slipped 18.90 points to 10,614.40.
About 1,444 shares declined against 1,222 advancing shares on the BSE.
Nava Bharat Ventures, Info Edge, Torrent Power and Satin Creditcare gained up to 20 percent while Vakrangee, Just Dial, South Indian Bank and Adani Power fell up to 5 percent.
Buzzing: Satin Creditcare share price rallied 10 percent after the company posted March quarter profit at Rs 44 crore against loss of Rs 43 crore YoY.
Buzzing: CRISIL stock price is locked at 20 percent upper circuit after 6.33 lakh equity shares (representing 0.9 percent of total equity) exchanged hands on the National Stock Exchange at Rs 1851.05 per share.
Fuel Price in Kerala: Kerala Government says will reduce the prices of petrol & diesel by Re 1 per litre in state effective June 1.
Earnings Reaction: Hotel Leela Venture share price declined nearly 2 percent after the company reported net loss at Rs 15.8 crore for March quarter due to one-time loss of Rs 32.9 crore.
Profit in the year-ago quarter stood at Rs 52.1 crore, it said.
Revenue from operations during the quarter grew by 5.1 percent to Rs 206.4 crore compared to Rs 196.4 crore in corresponding period last fiscal.
Buzzing: Borosil Glass Works share price rallied 5 percent after March quarter profit shot up 66 percent year-on-year to Rs 14.8 crore and revenue grew by 16.3 percent to Rs 87.5 crore.
Earnings: Aban Offshore has increased its losses in the quarter ended March 2018 on the back of weak operating numbers.
The company has reported net loss of Rs 1,780 crore, which include an impairment loss of goodwill of Rs 1,003 crore.
It had posted net loss of Rs 332.6 crore in December 2017.
Revenue of the company was down 12 percent at Rs 328.4 crore against Rs 376 crore. EBITDA loss was at Rs 1,110 crore versus profit of Rs 113 crore.
Marke Update: The market remains under pressure amid political turmoil in euro zone's third-largest economy Italy. The cut in India's 2018 GDP growth forecast by Moody's also weighed.
HDFC, ICICI Bank, ITC, L&T and Infosys are pulling the market lower while the buying in HDFC Bank and Reliance Industries capped losses.
The rupee gains past 67.50 against the US dollar, up 37 paise on sustained bouts of dollar-selling from banks and exporters.
The 30-share BSE Sensex fell 97.22 points at 34,852.02 and the 50-share NSE Nifty slipped 32.10 points to 10,601.20.
Earnings: Alkem Laboratories' March quarter consolidated profit fell sharply by 51.6 percent year-on-year to Rs 66.3 crore, impacted by weak operational performance and tax expenses.
Profit in corresponding quarter of last fiscal stood at Rs 137 crore, the company said.
Consolidated revenue from operations increased 20.9 percent to Rs 1,513.2 crore compared to Rs 1,251.4 crore in March quarter 2017.
EBITDA (earnings before interest, tax, depreciation and amortisation) slipped 23.8 percent to Rs 113.7 crore and margin contracted 440 basis points to 7.5 percent compared to same period last fiscal.
GDP Forecast: The credit rating agency Moody's on Wednesday slashed India's GDP growth forecast for 2018 from 7.5 percent to 7.3 percent.
The government will announce GDP data for the quarter ended March on Thursday at 05:30 PM. The Economic Affairs Secretary Subhash Chandra Garg said on Monday it was expected that annual growth was between 7.3 and 7.5 percent in the March quarter.
India’s GDP grew by 7.2 percent in the third quarter which put helped the country to reclaim the tag of the fastest growing economy from China. China grew 6.8 percent in the quarter, the data showed.
AirAsia in focus: AirAsia Group Bhd shares plunged after federal police in India filed a case against the airline accusing it of corruption - a probe that threatens to delay its India unit's IPO plans and international expansion.
The case, also filed against Chief Executive Tony Fernandes and unit AirAsia India, is a fresh blow to the airline's embattled leader, who has been under fire for supporting Malaysia's former prime minister and is being investigated over the cancellation of flights during the general election period.
India's Central Bureau of Investigation (CBI) accused the airline, some of its employees and third parties of violating foreign direct investment rules while obtaining its licence to fly, and of bribing government officials in an attempt to get regulations relaxed to allow AirAsia India to fly international routes, reports Reuters.
Market Update: The past one hour has seen volatile moves on the market, with the Sensex trading over 100 points lower. The Nifty is trading below 10,600-mark. Selling pressure is visible in pharmaceutical names, dragged by losses in Glenmark, Aurobindo Pharma and Cipla, among others. Midcaps, meanwhile, are trading in the red, at par with benchmarks. M&M and Coal India are the top gainers, while ICICI Bank, Tata Motors and HPCL have lost the most.
Earnings: Marksans Pharma has reported profit in the quarter ended March 2018. The company's Q4 net profit was at Rs 4.3 crore against loss of Rs 2.4 crore in a year ago period.
Revenue of the company was up 61 percent at Rs 87 crore versus Rs 54 crore.
EBITDA or the operating profit was at Rs 10.7 crore and margin was up at 12.3 percent.
Market Update: Equity benchmarks have erased all of its losses and is currently trading flat. The Street could be keeping in mind positive trends in Dow Jones Futures, which is trading almost 100 points higher, following the sharp fall seen by the cash market there on Tuesday. European markets, meanwhile, were trading mixed amid a political crisis in Italy. Back home, the rupee has recovered around 40 paise from the day’s low points. Reliance Communications continued its uptrend from Tuesday as shares soared up to 15 percent intraday and is now up 11 percent. Investors continued to be betting on the company’s settlement plan for Reliance Infratel.
Results: Ganesh Benzoplast has reported massive 18-fold rise year-on-year in its March quarter profit at Rs 58.2 crore, backed by one-time gain and operational income.
Profit in corresponding period last fiscal was at Rs 3.2 crore.
The company said exceptional income of Rs 51.25 crore is on account of effect of write back as per the sanctioned DRS of the company.
Revenue from operations in Q4 grew by 53.1 percent to Rs 47.8 crore compared to Rs 31.2 crore in same period last fiscal.
Market Update: Benchmark indices recouped all morning losses, with the 30-share BSE Sensex rising 21.89 points to 34,971.13 and the 50-share NSE Nifty gaining 2.20 points at 10,635.50.
HDFC Bank, Bajaj Finance, M&M, Kotak Mahindra Bank, Yes Bank, Bajaj Finserv, Reliance Industries and SBI are top contributors to Nifty's gains.
ICICI Bank, ITC, HDFC and L&T are off the day's lows.
Results Reaction: Marksans Pharma share price gained 3 percent after the company posted profit at Rs 4.3 crore for March quarter against loss of Rs 2.4 crore in same period last year.
Revenue from operations grew by 61 percent to Rs 87 crore while EBITDA (earnings before interest, tax, depreciation and amortisation) jumped sharply to Rs 10.7 crore and margin expanded to 12.3 percent from 1.4 percent YoY.
Earnings: Pharma company Indoco Remedies has reported a 14.3 percent growth year-on-year in profit at Rs 20.5 crore for March quarter, driven by operational performance.
Profit in the year-ago period stood at Rs 17.9 crore.
Revenue from operations fell 2.5 percent year-on-year to Rs 259 crore while EBITDA (earnings before interest, tax, depreciation and amortisation) grew by 82.6 percent to Rs 38.7 crore and margin expanded 690 basis points to 14.9 percent in Q4.
Market Update: Benchmark indices are off the day's low, tracking positive trade in Dow Jones futures which indicating rebound in US markets after yesterday's sharp fall.
The Nifty clawed back above 10,600 levels while the Sensex is down more than 50 points. Bank index also cut down losses to trade flat.
The rupee recovered further, rising 32 paise to 67.55 against the US dollar on sustained bouts of dollar-selling from banks and exporters.
Manpasand Beverages continues to be in lower circuit: Manpasand Beverages continued its sharp downfall for the third consecutive day as investors could have chosen to be cautious of its auditor’s abrupt exit ahead of Board meeting.
The company’s shares clocked 20 percent lower circuit for the past two days as its auditor, Deloitte India, quit during the weekend. Further, what fuelled the downfall is the firm cancelling its Board meeting, which was scheduled on May 30, 2018.
On Monday evening, the company issued a statement to the exchanges, assuring investors that the situation involving Deloitte was ‘unfortunate’ but the decision was taken keeping in mind shareholders’ interest.
“Everything related to financial results announcement and the timing of this event is purely coincidental and has no direct correlation. The board meeting has been postponed and the new date will be announced shortly,” the company said in a filing to the exchanges. “This is just a minor hiccup and doesn't represent any long term business impact.”