Shares of Reliance Communications (RCom) fell as much as 12 per cent to Rs 13.77 apiece on BSE in the intra-day trade on Wednesday after a news report suggested that the Department of Telecommunications (DoT) on Tuesday, told RCom and Reliance Jio Infocomm that it can’t approve their spectrum deal to trade airwaves as it does not adhere to its guidelines.
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Shares of financial companies including banks, non-banking financial companies (NBFC), housing finance companies (HFCs) and microfinance institutions (MFIs) were trading higher by up to 6% on BSE in early trade after the Reserve Bank of India (RBI) announced the plan to scale up liquidity infusion via purchase of government bonds.
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Shares of Apollo Hospitals were trading 3% higher post Q2FY19 results. The company's Q2FY19 consolidated net profit rose 11% to Rs79cr against Rs70.9cr in the same quarter last fiscal.
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The Nifty Private Bank index has been oscillating between positive and negative territories in today’s trade. Yes Bank slipped ~8% followed by Federal Bank, ICICI Bank, and South Indian Bank.
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Aurobindo Pharma is expected to report a 5.7% yoy revenue growth over new product launches; profitability is likely to remain weak due to high base.
- Consensus estimates for Q2FY19
- Revenue – Rs4,691cr, up 5.7% yoy, due to weak currency, lower base price erosion, and market share gain in gIbuprofen, gReyataz and gErtapenem.
- EBITDA – Expected to decline 11.6% yoy to Rs988cr due to high base; EBITDA margin expected at 21.1%
PAT - Expected to decline 17.3% yoy to Rs606cr
Q1FY19 performance highlights
- Revenue – Rs4,250.3cr grew 15.5% yoy
- EBITDA – Rs711.1cr, declined 14.7% yoy, margins stood at 16.7%
- PAT – Rs455.7cr, yoy decline of 12.1%
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Shares of frontline information technology (IT) companies were under pressure with the Nifty IT index hitting a four-month low on Friday. Tata Consultancy Services (TCS), Infosys and HCL Technologies from the Nifty IT index were trading lower in the range of 2% to 3% on the National Stock Exchange (NSE).
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Shares of Reliance Industries (RIL) has dipped 7% to Rs 1,073 on the BSE in early morning trade after a mixed bag results for the quarter ended September 2018 (Q2FY19) with its retail and digital services (telecom; Jio) businesses continuing to post strong growth, while its core refining business performance was a bit disappointing amid high expectations.
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Shares of non-banking financial companies (NBFCs) mainly housing finance companies (HFCs) were under pressure with Repco Home Finance, Dewan Housing Finance Corporation (DHFL), Indiabulls Housing Finance and Edelweiss Financial Services falling more than 5% on the BSE in an otherwise firm market.
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Shares of Indiabulls Housing Finance were trading 2% down in the morning session Tuesday after the company’s standalone net profit for Q2FY19missed street expectation.
The housing finance company’s net profit was 3% below consensus estimates, which has improved by 21.3% yoy to Rs1,044cr against Rs861cr yoy. Its GNPA for Q2FY19 stood at 0.77%, which is flat qoq. The company’s NII for Q2FY19 has improved by 17.4 yoy to Rs1,631cr against Rs1,389cr yoy.
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IT giant Infosys and India’s largest two-wheeler manufacturer Hero Motocorp are all set to announce their results on Tuesday.
Expectations indicate that Infosys' revenue is all set to spike 6.4% qoq on seasonality impact as well as a turnaround in BFSI/retail and deal ramp ups. Further, the PAT is projected to be Rs4,084cr, up 5.2% qoq.
Infosys share price is currently trading at Rs706.25, up Rs7.15, or 1.02%, from its previous close of Rs699.10 on the BSE.
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Shares of Hindustan Unilever (HUL) are up 2.4% at Rs 1,566 on the BSE ahead of its July-September quarter (Q2FY19) earnings today. The fast-moving consumer goods (FMCG) company will announce results after market hours.
Since July 16, 2018, post-June quarter results (Q1FY19), HUL had underperformed the market by falling 13%, as compared to 6.4% decline in the S&P BSE Sensex.
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The rupee on Thursday plunged 25 paise to hit a fresh new low of 74.46 against the US dollar in the opening trade.
The domestic currency snapped its six-session losing streak to end 18 paise higher at 74.21 on Wednesday after the American currency weakened overseas.
Traders said RBI's decision to inject Rs 120 billion liquidity into the economy through the purchase of government bonds on October 11 to meet the festival season demand for funds supported the recovery in rupee.
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Shares of Britannia rose nearly 3 per cent to Rs 5,690 in the early trade on Tuesday after the company's board announced it will give one free debenture worth Rs 30 in face value for one fully paid-up equity share. The company stated that “the company has completed 100 years of operations and is keen to reward its members for their continued support and belief”.
It said it will utilise its accumulated profits of Rs 8.69 billion for the debenture issue. However, the record date has not been fixed yet.
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Shares of Sadbhav Infrastructure were trading 3% higher in the morning session on Tuesday as its subsidiary Nagpur Seoni Express Way Limited (NSEL) won an arbitration award against NHAI.
From the date of award till the final payment, NSEL shall receive interest at the rate of 12% per annum. Additionally, NSEL will get 19 semi-annual annuity amounts of Rs21.79cr instead of Rs19.19cr presently paid by NHAI making the total award amount of Rs110.50cr, the company said in a press release to the exchanges on Monday after market hours.
Sadbhav Infrastructure Projects share is currently trading at Rs98.85, up by Rs2.55 or 2.65% from its previous closing of Rs96.30 on the BSE.
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Shares of non-banking financial companies (NBFC) were reeling under pressure falling by up to 11% on the BSE after the Reserve Bank of India (RBI) on Friday said that it will revise NBFC asset-liability norms over borrowing-lending mismatch. Dewan Housing Finance Corporation (DHFL), JM Financial, Edelweiss Financial Services, Centrum Capital, Repco Home Finance, Reliance Home Finance, Aditya Birla Money and Indiabulls Ventures have fallen in the range of 5% to 11% on the BSE in intra-day trade on Monday. In comparison, the S&P BSE Sensex was up 0.37% at 34,502 points at 12:22 pm.
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Shares of Titan Company was up 5% to Rs 814 on the BSE in otherwise weak market after the company said jewellery business in July-September (Q2) quarter picked up very well after a relatively soft growth in previous quarter.
The growth in the jewellery industry in the last few months has been challenging on the back of several factors like lesser number of wedding dates, increase in Gold prices, tightening of the credit to the industry, subdued consumer demand etc.
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Shares of housing finance companies erased their morning gains to trade lower late on Thursday morning on the NSE. Indiabulls Housing Finance fell ~6%, followed by Edelweiss Financial Services (-8%). The Nifty Financial Services index was down 1.1% at 10,584.
Shares of PNB Housing Finance Ltd, meanwhile, fell ~3% to its lowest since March 14, 2017.
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