CH Stock Market Closing Bell for 10-Nov-2017

Closing Bell

CLOSING BELL:

NIFTY FUTURE DOWN 13 @ 10348

BANKNIFTY FUTURE UP 105 @ 25525

SENSEX DOWN 63 @ 33314

INR 65.09

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Just Dial says no Proposal from Google to Acquire Company

Just Dial share price was off day’s high in afternoon after its clarification over the news that US internet giant Google showed interest to acquire the company. The stock rallied nearly 20 percent in early trade to hit an intraday high of Rs 549.85 on the BSE, but trimmed gains.

It was trading with gains of 7.75 percent at Rs 494.55 per share at 12:17 hours IST.

“Google, a subsidiary of parent Alphabet, has been talking to Just Dial for an acquisition for some time. Both the companies entered into exclusive talks about two months ago,” Business Standard said quoting an investment banker familiar with the discussions. β€œIt may take some more time before the discussions are finalised,” the report added.

Just Dial, however, clarified that as of now there is no proposal in respect of acquisition of business of the company by Google and news published in newspaper is factually incorrect. The company said as part of its regular business, it does meet various relevant corporates for exploring any business / strategic opportunities and tie-ups.

Meanwhile, Just Dial, on November 6, reported a 26.5 percent growth year-on-year in profit at Rs 37.5 crore and 7.9 percent growth in revenue at Rs 194.5 crore for the quarter ended September 2017.

At 11:40 hours IST, the stock price was quoting at Rs 540.00, up Rs 81.00, or 17.65 percent on the BSE.

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Bank of India Q2 Beats Estimates, Profit Jumps 41% to Rs 179 cr

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Public sector lender Bank of India’s second quarter earnings beat analyst expectations, and even the asset quality improved, but the loan growth was tepid.

Profit for the quarter stood at Rs 179.1 crore, which was higher compared with Rs 126.8 crore in year-ago despite lower other income and operating income. It was driven by net interest income, lower provisions and improvement in asset quality.

Net interest income, the difference between interest earned and interest expended, grew by 6.9 percent year-on-year to Rs 2,908 crore for quarter ended September 2017, with slow loan growth (0.3 percent YoY).

“Total advances increased to Rs 3.64 lakh crore in Q2FY18, compared with Rs 3.63 lakh crore in year-ago,” the bank said.

At 12:38 hours IST, the stock price was quoting at Rs 202, up Rs 1.95, or 0.97 percent after hitting a fresh a 52-week high of Rs 209.40 on the BSE.

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M&M Q2 Profit seen up 6%

Utility vehicle and tractor maker Mahindra & Mahindra is expected to report 6 percent growth in profit and 20 percent in revenue from operations, driven by tractor business.

Profit is seen at Rs 1,228 crore for the quarter against Rs 1,163.33 crore and revenue may grow to Rs 12,219 crore from Rs 10,171 crore on year-on-year basis, according to average of estimates of analysts polled by CNBC-TV18.

Analysts feel the low base (Q2FY17) in auto segment and improvement in tractor volumes may boost earnings.

Operating profit is likely to increase 8 percent year-on-year to Rs 1,582 crore but margin may shrink 140 basis points to 13 percent for quarter ended September 2017. Analysts see sequential improvement in margin.

M&M’s overall sales volume growth was at 16 percent for the quarter YoY, driven by 31 percent growth in tractor segment and 9 percent in automotive business.

Lower other income (dividend from Tech Mahindra) may impact profitability in Q2.

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Motherson Sumi Q2 Profit Jumps 24%

Auto ancillary products maker Motherson Sumi Systems has reported better-than-expected profit growth of 23.7 percent for July-September quarter, but operational numbers missed estimates on Friday.

Consolidated profit increased to Rs 593.4 crore in quarter ended September 2017, from Rs 479.8 crore in year-ago. It was estimated at Rs 498 crore for the quarter, according to average of estimates of analysts polled by CNBC-TV18.

Revenue from operations during the quarter grew by 32.7 percent year-on-year to Rs 13,431 crore, the company said in its filing.

Operating profit grew by 26 percent to Rs 1,251 crore with margin shrinking by 50 basis points to 9.3 percent in Q2 YoY, which were below CNBC-TV18 poll estimates of Rs 1,328 crore and 9.8 percent, respectively.

At 12:28 hours IST, the stock price was quoting at Rs 354.85, down Rs 6.35, or 1.76 percent on the BSE.

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Mahindra Logistics Debuts at Discount to Issue Price of Rs 429, Falls 3%

Mahindra Logistics, the subsidiary of Mahindra & Mahindra, listed at a 0.2 percent discount to its issue price of Rs 429 per share on Friday and then immediately fell further. Weak market conditions could be reason for tepid listing.

At 10:05 hours IST, the stock was trading at Rs 420.40, down 2 percent from its pre-opening as well as issue price.

It touched day’s low of Rs 416.10 on the National Stock Exchange while its issue price is day’s high.

The 3rd party logistics (3PL) solutions provider raised Rs 829.35 crore through the issue, at higher end of price band of Rs 425-429 per share during. Out of which, Rs 247 crore had raised from anchor investors.

The initial public offering was oversubscribed over 7.9 times during October 31-November 2, 2017.

It was an offer for sale of 1,93,32,346 equity shares by parent firm Mahindra and Mahindra (96,66,173 shares); investors Normandy Holdings and Kedaara Capital. Normandy Holdings is a 100 percent subsidiary of Kedaara Capital.

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SBI Q2 Profit Falls 38% on Higher Provisions

Country’s largest lender State Bank of India has reported a sharp degrowth of 38 percent year-on-year in standalone profit for July-September quarter, dented by higher provisions for bad loan accounts referred for insolvency proceedings at the National Company Law Tribunal (NCLT).

Profit was supported by higher other income, operating income, net interest income and tax write back.

Profit for the quarter, which also missed analyst estimates, declined to Rs 1,581.55 crore, from Rs 2,538.32 crore in year-ago. Sequential fall in profit was 21 percent, the bank said.

Net interest income, the difference between interest earned and interest expended, grew by 27.3 percent year-on-year to Rs 18,585.9 crore in Q2, which was above estimates.

Profit was estimated at Rs 2,507.6 crore and net interest income at Rs 19,088.7 crore for the quarter, according to average of estimates of analysts polled by CNBC-TV18.

Asset quality improved on sequential basis post decline in slippages. Gross non-performing assets (as a percetage of gross advances) were lower at 9.83 percent in Q2 against 9.97 percent in Q2 and net NPAs (as a percentage of net advances) were also lower at 5.43 percent against 5.97 percent QoQ.

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Simplified Hedging Facility from January 1: RBI

RBI

The RBI today came out with simplified norms for hedging exchange rate risk under which companies can take exposure of up to USD 30 million on gross basis.

The scheme of simplified hedging facility was first announced by the Reserve Bank of India (RBI) in August 2016 and the draft scheme was released in April 2017.

“The facility is being introduced with a view to simplify the process for hedging exchange rate risk by reducing documentation requirements, avoiding prescriptive stipulations regarding products, purpose and hedging flexibility, and to encourage a more dynamic and efficient hedging culture,” said a RBI notification.

The facility for resident and non-resident entities (other than individuals) to hedge exchange rate risk on transactions, contracted or anticipated, permissible under Foreign Exchange Management Act (FEMA) will be effective from January 1, 2018.

The products covered will be any Over the Counter (OTC) derivative or Exchange Traded Currency Derivative (ETCD), the RBI said adding cap on outstanding contracts is “USD 30 million, or its equivalent, on a gross basis”.

“If hedging requirement of the user exceeds the limit in course of time, the designated bank may re-assess and, at its discretion, extend the limit up to 150 per cent of the stipulated cap,” the guidelines said.

It further said banks should have an internal policy regarding the time limit up to which a hedge contract for a given underlying can be rolled-over or rebooked by the user.

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Den Network posts Q2 net profit at Rs 1.11 cr

Broadcasting and cable TV service provider Den Network reported a consolidated net profit of Rs 1.11 crore for the September quarter led by cost optimisation measures.

The company had posted a net loss of Rs 43.96 crore in the July-September quarter last fiscal, the company said in a BSE filing.

Its total income during the quarter under review stood at Rs 334.90 crore, up 19.59 per cent, as against Rs 280.04 crore in the corresponding quarter of the last fiscal.

“Den has been able to improve operational performance consistently every quarter with constant focus on increasing the subscription collections on the ground with a much controlled cost base,” Den Networks CEO S N Sharma said.

The company’s total expense in the second quarter of the financial year 2017-18 stood at Rs 326.12 crore, up 0.64 per cent, as against Rs 324.03 crore in the similar quarter of the previous fiscal.

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Trent Q2 net profit up 37% at Rs 29 cr

Tata group retail firm Trent Ltd reported an increase of 37.05 per cent in its standalone net profit at Rs 29 crore for the September quarter of the current fiscal.

The company had posted a standalone net profit of Rs 21.16 crore in the July-September quarter of the last fiscal, the company said in a BSE filing.

Its total income during the quarter under review stood at Rs 533.75 crore, up 15.30 per cent, as against Rs 462.90 crore in the corresponding quarter of the last fiscal.

Trent’s total expense in the second quarter of the financial year 2017-18 stood at Rs 490.95 crore, up 13.34 per cent as against Rs 433.14 crore in the similar period of the previous fiscal.

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