Saturday, 21 April 2018

ICICI Direct has come out with its fourth quarter (Jan-March’ 18) earnings estimates for the Banking sector. The brokerage house expects HDFC Bank to report net profit at Rs. 4816.9 crore up 20.7% year-on-year (up 3.8% quarter-on-quarter).
Net Interest Income is expected to increase by 20.8 percent Y-o-Y (up 6.1 percent Q-o-Q) to Rs. 10,942.8 crore, according to ICICI Direct.
ICICI Direct’s earnings estimates on HDFC Bank
HDFC Bank’s performance is seen to remain consistent on growth as well as profitability. After reporting higher growth in advances in Q3FY18, advances growth is seen at 20.8% YoY to Rs. 668,068, led by a surge in the loan book in Q4FY17. Hike in MCLR is expected to keep margins stable at 4.2-4.3%. Led by healthy growth in advances and stable margin, NII growth is seen at 20.8% YoY to Rs. 10,943 crore. PAT growth is expected at 20.7% YoY to Rs. 4,817 crore. With AQR completed for FY17, asset quality is expected to remain stable with GNPA at 1.33%.

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Friday, 20 April 2018


Market Now: Over 30 stocks hit fresh 

Over 30 stocks including Amtek Auto, Apollo Micro Systems, Bharat Electronics and Bhushan SteelNSE -6.14 % hit fresh 52-week lows on NSE during Friday's lacklustre trade. 

Bharat Petroleum Corporation, Hindustan Petroleum Corporation, Indian Oil CorporationNSE 0.73 %, Siemens, Supreme Infrastructure India and Uttam Value Steels were also among the stocks that hit fresh 52-week lows on NSE. 

Weakness in bank stocks post RBI's hawkish policy stance and simmering oil prices dented.

Tata Consultancy Services (TCS) hit its 52-week high of Rs 3,304 on Friday at the NSE, after the company announced an impressive numbers for the March 2018 quarter (Q4FY18). The Mumbai-headquartered company posted double-digit revenue growth in dollar terms in Q4 for the first time in the last 12 quarters.

Thus far in calendar year 2018 (CY18), TCS has outperformed the markets with a gain of over 18 per cent. In comparison, the Nifty IT and the Nifty 50 indices have moved up 13 per cent and 0.3 per cent respectively, ACE Equity data shows.

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Wednesday, 18 April 2018

NSE benchmark Nifty made a positive start and later shifted into a range-bound action for the first half of trading session. However, in the second half of the session, the index took a volatile turn and snapped its 9-day winning streak. The price action formed a bear candle. Going ahead, the level of 10,480 would be seen as a crucial support and only a sustainable move below this level would lead to further correction up to the level of 10,410, whereas on the upside, immediate resistance is seen in the zone of 10,600-10,640. The 14-daily RSI stands at 61.72, and as long as it remains above the level of 60, it would be positive for the index. 

Lemon Tree Hotels: The Company's wholly owned subsidiary Carnation Hotels Private Limited has executed three Hotel Operating Agreements for operating and managing the three(3) properties each in Rishikesh, Neelkanth and Mussoorie.

Jain Irrigation: The Board of Directors approved to raise in the form of 7 years ECB INR Loan an amount upto Rs. 2,600 million from International Finance Corporation, (an arm of World Bank Group) Washington (“IFC”) on mutually agreed terms and conditions.

Infibeam Corporation: the Company has been awarded the contract for providing Online Marketplace for Skilling Resources from National Skill Development Corporation ("NSDC").

Dynamatic Technologies: The Company has signed a Memorandum of Understanding with Daher Aerospace, world renowned Aerospace company from France. The MOU facilitates exploring possibilities of partnering together to add potential value in the global aerospace realm through collaborated efforts.

NMDC: NMDC cut prices of lump ore and fines by Rs 100 each to Rs 2,900 per tonne and Rs 2,560 per tonne with effect from April 18.

Mercator: Mercator said that coal mining operations in Indonesia have since attained near optimum levels. Further, revenue from third party logistics operations and coal handing has also stabilized.

Sun Pharmaceuticals: Sun Pharmaceuticals unit hiked stake in Ranbaxy Malaysia by 4.93%.

Container Corporation: Container Corporation to consider stock split on April 30.

Magma Fincorp: Magma Fincorp raised Rs 500 crore at a price of Rs 155 per share through a QIP.

ABG Shipyard: ABG Shipyard IRP invited fresh bids for the company.

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Tuesday, 17 April 2018


 Gold Prices Slip Amid Upbeat U.S. Housing, Industrial Output Data -  

 Gold prices slipped on Wednesday as dollar held its gains on the back of upbeat U.S. housing and industrial output data. Housing starts climbed 1.9% to 1.319 million units, data on Tuesday showed. Separately, the Federal Reserve said industrial production rose 0.5% in March after jumping 1.0% in February. A hawkish speech from Fed official John Williamson Tuesday reassured rate hikes this year, and eyes are on U.S.-Japan meeting this week to look for cues, with talks over trade and an upcoming summit with North Korea that could ease geopolitical strains in East Asia. Dollar-denominated assets such as gold are sensitive to moves in the dollar – a gain in the dollar makes gold more expensive for holders of foreign currency and thus decreases demand for the precious metal.

China's copper anode imports on the rise on tighter raw material supply -

China’s copper anode imports have risen as the country continued to expand its copper smelting capacity and as its domestic raw material supply percentage is below 30%. In 2017, imported copper anode accounted for 9.1% of the total raw materials used for copper smelting in China. This compared with 8.8% in 2016, SMM data showed. Zambia, Chile, and the Democratic Republic of the Congo are three major sources for China's copper anode imports, accounting for some 90% of the total volume. Imports from Zambia account for about 50%.

 Nickel prices gained on short covering after prices dropped as data showed both hot and cold patches in the Chinese Spices economy -  

Nickel on MCX settled up 1.07% at 937 on fresh buying despite of reports shows China's economy grew 6.8 percent in the first quarter of 2018, slightly faster than expected, buoyed by strong consumer demand and surprisingly robust property investment despite continued measures to tame rising home prices. Also Chinese steel producers ramped up output in March to the highest level since September, with mills in the world's top market for the metal rushing to boost operations after winter restrictions to prevent smog were lifted in the middle of the month.

Oil Prices Rise On Global Supply Risks - 

Oil prices rose on Wednesday morning in Asia amid ongoing risk of supply disruptions.A potentially spreading conflict in the Middle East, renewed U.S. sanctions against Iran and falling output caused by the political and economic crisis in Venezuela have triggered a sense of high risk of disruptions to oil supplies, lifting oil prices. The Middle East is the world’s most important crude exporter and tension in the region tends to put oil markets on edge. Meanwhile in the U.S., crude inventories fell by 1 million barrels last week, to 428 million barrels, according to a weekly report by the American Petroleum Institute (API) on Tuesday. Oil markets are further supported by the supply restraint led by the Organization of the Petroleum Exporting Countries (OPEC) and Russia. The pact runs until the end of 2018 but there is growing confidence that the cooperation will be extended.

Monday, 16 April 2018


 Supported by Weaker Dollar, Stagnant Stock Market -   

The recovery from the early weakness flies in the face of increased appetite for risk with U.S. equity markets trading higher and a drop in crude oil prices because the military activity did not cause any supply disruptions. The move most likely reflects a reaction to the weaker U.S. Dollar. Gold futures are rebounding from an early session setback on Monday as traders continue to respond to the uncertainty in the financial markets regarding a possible escalation of military activity in Syria between the U.S. and Russia after this week-end’s bombing of suspected chemical factories by a US-led coalition. Over the week-end, the U.S., U.K. and France attacked Syria, targeting military positions and research weapons linked to chemical weapons.

Copper rod producers operate at close to 80% in Mar

Operating rates at Chinese copper rod producers jumped to 79.4% in March, up 10.05 percentage points year on year and 31.73 percentage points on the month, as orders improved from the electric wire and cable industry, according to an SMM survey. In April, operating rates are expected to further increase to 80.9% as producers reported brisk orders during the high season. Some large producers said they had already reached full operations in March.

 Zinc gained on short covering after prices dropped after talk that China’s State Reserve Bureau had been selling zinc stockpiles -  

Zinc on MCX settled up 0.3% at 202.7 on short covering after prices dropped after talk that China’s State Reserve Bureau had been selling zinc stockpiles. China’s expected output of refined zinc was 445,900 tons in March, up 3.7% yoy. Imports of refined zinc were 37,700 tons, up 151.3% yoy. A major smog indicator in China's heavy industrial Beijing-Tianjin-Hebei region rose by more than a quarter in March, the Ministry of Ecology and Environment said, raising concerns that pollution is increasing with the end of winter output restrictions. China is currently working on a new 2018-2020 action plan to tackle pollution, and experts have urged the government to introduce more targeted measures to tackle rising ground-level ozone, which has become a growing urban health threat.

Oil Prices Bumpy After Western Strikes On Syria

Oil prices fell on Monday morning in Asia as markets opened the week cautiously following western air strikes in Syria over the weekend.In retaliation for a suspected poison gas attack in Douma on April 7, the U.S., France and Britain launched 105 missiles on Saturday, targeting what they said were three chemical weapons facilities in Syria. Although Syria is not a key oil producer, the wider Middle East is the world’s most important crude exporter and tension in the region tends to trigger concerns that oil supplies will be disrupted. The supply restraint led by the Organization of the Petroleum Exporting Countries (OPEC) and Russia has supported oil markets considerably.

Friday, 13 April 2018

RIL to acquire 72.7% stake in Embibe

Reliance Industries Limited (RIL) executed definitive agreements to acquire majority shareholding constituting 72.69% from existing investors of Embibe, as per BSE release.
Reliance has agreed to invest ~$180mn into Embibe, over the next three years. Embibe will use the capital towards deepening its R&D on AI in education, as well as business growth and geographic expansion, catering to students across K-12, higher education, professional skilling, vernacular languages and all curriculum categories across India and internationally. The founder and CEO of Embibe, Aditi Avasthi will continue in her leadership role and will drive the growth of the business.

Sun Pharma receives tentative approval for Metformin HCL, Sitagliptin Phosphate

Sun Pharma Sun Pharma has received tentative approval for Metformin HCL and Sitagliptin Phosphate, as per the USFDA website. Combination of Metformin HCL and Sitagliptin Phosphate are sold under the brand Janumet by Merck Sharp and Dohme Corp. Sun Pharma already has tentative approval for Sitagliptin Phosphate, which is sold under Januvia.
Janumet with Januvia clocked global sales of $6.1bn in 2017.
Metformin HCL and Sitagliptin Phosphate medicines help lower blood sugar in adults with type 2 diabetes. They have been under pricing pressure, but have been showing strong volume growth globally, as per Merck’s Q4 results.

McDonald's to launch seven new products this summer; Westlife stock up 2%

Westlife Development (WLDL), franchisee of McDonald announced the introduction of new swirls, beverages and sides at pocket friendly prices, as the summer hits and vacation time is around the corner. It is introducing seven new products along with its signature burgers under its value platform, McSavers. McDonald’s has a strategy of everyday value rather than discounting or promotions. This summer they are offering a combination – McSaver’s combo - available with one food option and one beverage/McSwril at a starting price of Rs65.
With the mango season approaching, the company is introducing McSwirls and Fruit Splashes in Mango flavour. The newly introduced products include, three side dishes (Rs38-69), two flavors of Swirls (Rs35 price point) and Fruit Splashes each and one sauce, to be served with side dishes (Rs20).

Ashok Leyland bags Rs100cr defence order for rocket-carrying vehicles

One of India’s largest commercial vehicle (CV) manufacturers, Ashok Leyland Limited (ALL) has bagged an order from the Ministry of Defence worth Rs100cr. The order is for supplying ALL’s High Mobility 10x10 vehicles (HMV 10x10). The HMV 10x10 is used by the Indian Army for carrying Smerch Rockets.
Despite heavy discounting for CVs, its EBITDA margin expanded 100bps yoy to 11.1% in Q3FY18 due to superior product mix and BS-IV migration. ALL will invest Rs400cr in a new LCV platform to launch a new product every six months. It has retained profitability (EBITDA margin >10%) in recent times, even at the cost of some market share loss (from 44% in FY16 to 33% currently). ALL is the third largest manufacturer of commercial vehicles (trucks, buses, tippers, trailers and defence vehicles) in India with 33% market share (Q3FY18). It is also engaged in the manufacturing and selling of engines for industrial and marine applications, spare parts and special alloy castings. ALL has a combined capacity of 1.5 lakh vehicles across six manufacturing facilities — three in Tamil Nadu, and one each in Maharashtra, Rajasthan and Uttarakhand. ALL beat its FY18E M&HCV volume guidance of 5-10% by growing 16% yoy in FY18.

SC refuses out of court settlement for Binani; big blow to UltraTech

Binani Cement Binani Industries has withdrawn its petition seeking termination of insolvency process and permission for an out-of-court settlement with UltraTech Cement, in the Supreme Court, as per Bloomberg. This was post the Supreme Court refusal for any out-of-court settlement.
This is a setback for UltraTech as now Dalmia Bharat stands a clear winner of the Binani Cement assets.
On March 27 2018, the NCLT had suggested an out-of-court settlement between Binani Industries and its committee of creditors. Binani Industries was seeking termination of insolvency proceedings related to Binani Cement and approached UltraTech and had signed an agreement with UltraTech Cement to sell its 98.43% shareholding in the cement business for Rs7,266cr.


Thursday, 12 April 2018

INDIAN BENCHMARKS: SENSEX ENDS UP 161 POINTS AHEAD OF CPI AND IIP DATA 

Benchmark indices ended higher for the sixth consecutive session, with the Sensex rising 160.69 points to 34,101.13 and the Nifty gaining 41.50 points at 10,458.70 ahead of macro data due later in the day and Infosys earnings tomorrow.

Metals, PSU banks, realty and pharma stocks were under pressure while IT stocks outperformed throughout the session.

Jaiprakash Associates, Balrampur Chini, Triveni Engineering, Dwarikesh Sugar, SAIL, IRB Infrastructure, OBC, Union Bank, Andhra Bank, Bank of India, Indraprastha Gas, Gujarat Gas, Bata India, Adani Enterprises, Rain Industries and Goa Carbon fell up to 6 percent.

HEADLINES OF THE DAY

Tata Motors group's global wholesales rise 18% yoy in March 2018
L&T and BEL sign MoU for defence products and systems
Dish TV promoters make open offer to buy 50cr shares at Rs74/share

The crucial resistance for Nifty spot is now seen at 10540 and above this 10630. Support for the immediate term is now placed at 10350 next support will be 10200.

UPCOMING RESULTS: BHANSALI ENG, INFOSYS, DCB BANK, GRUH


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