Moneycontrol Bureau12:45 pm Earnings: Godrej Consumer Products' first quarter (April-June) consolidated profit more than doubled to Rs 244.3 crore compared with Rs 116.7 crore in year-ago period, driven by strong operational performance despite slow growth in revenue.
Revenue during the quarter increased 6.8 percent to Rs 2,123 crore on yearly basis, which was much lower than analysts' estimates.
Bottomline too missed expectations but margin was far ahead of estimates. Profit was estimated at Rs 257.2 crore on revenue of Rs 2,380 crore for the quarter, according to average of estimates of analysts polled by CNBC-TV18.
Consolidated operating profit (EBITDA - earnings before interest, tax, depreciation and amortisation) grew by 20.4 percent year-on-year to Rs 380 crore and margin expanded by 200 basis points to 17.9 percent in Q1, which were expected at Rs 381 crore and 16 percent, respectively.12:40 pm Europe opens: European stocks opened higher on Friday as investors digest the conclusion of a two-day policy meeting of the Bank of Japan (BOJ) and take stock of more European earnings.
The pan-European STOXX 600 was up 0.35 percent.12:25 pm CLSA on GST Bill: There are a couple of key things to watch out for in the GST even if the Constitutional Amendment Bill is passed in this session of Parlaiment, Mahesh Nandurkar, India Strategist, CLSA tells CNBC-TV18.One, the market will be closely watching the standard GST rate. If the standard rate is 17-18 percent, the market will stay excited about GST, says Nandurkar. But if the standard rate is 20 percent or higher, the enthusiasm over GST will die down, he says.Second will be the flexibility offered by the Centre to the states on GST. States have been bargaining hard on the list of goods they can charge tax on and in some cases even on the rates they can charge.Nandurkar says that higher the flexibility offered to states, lower will be the effectiveness of GST.Also read - Q1 lifts Eicher Motors to new high, Citi ups target at Rs 2500012:00 pm Market Check: Consolidation with a negative bias continued in equity benchmarks in noon trade as investors digested earnings (announced so far) and waited for GST Bill to be tabled in the parliament for consideration and passage.The 30-share BSE Sensex was down 102.61 points at 28106.01 and the 50-share NSE Nifty fell 16.80 points to 8649.50.
Healthcare, FMCG and metals stocks continued to support the market while banking & financials, infra and telecom stocks dragged.
Oil prices fell to fresh April lows as slowing economic growth threatened to worsen ongoing oversupply of crude and refined products. International Brent crude oil futures were trading at USD 42.50 a barrel, down 20 cents from their previous close, the lowest since April. US West Texas Intermediate (WTI) crude fell 21 cents to USD 40.93 a barrel, slipping below $41 for the first time since April.
The safe-haven yen jumped against the dollar after the Bank of Japan's monetary policy easing disappointed investors who had been hoping for more radical stimulus measures.
The BoJ announced a modest increase in purchases of ETFs, but maintained its base money target at 80 trillion yen ($775 billion) as well as the pace of purchases for other assets including Japanese government bonds. The BOJ also kept negative interest rates unchanged at minus 0.1 percent.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
