MARKETS ON FRIDAY: Sensex ends below 35,000; metal, pharma stocks drag

Markets dropped on Friday tracking global markets, as metal and pharma stocks pulled down the indices.

3:45 PM

Nifty Metal index fell 1.07%. Top losers:

COMPANY	LATEST	PREV CLOSE	LOSS( )	LOSS(%)
NATL. ALUMINIUM	78.35	80.45	-2.10	-2.61
WELSPUN CORP	140.25	144.00	-3.75	-2.60
COAL INDIA	271.30	276.95	-5.65	-2.04
HIND.ZINC	303.50	309.45	-5.95	-1.92
VEDANTA	281.65	286.20	-4.55	-1.59

3:41 PM

Nifty Pharma index ends 1.66% lower. Top losers:

COMPANY	LATEST	PREV CLOSE	LOSS( )	LOSS(%)
SUN PHARMA.INDS.	517.85	536.00	-18.15	-3.39
CIPLA	597.00	609.30	-12.30	-2.02
GLENMARK PHARMA.	535.35	542.50	-7.15	-1.32
PIRAMAL ENTERP.	2495.00	2527.95	-32.95	-1.30
CADILA HEALTH.	389.10	393.80	-4.70	-1.19

3:37 PM

Sectoral Trend

3:35 PM

BSE Sensex: Adani Ports, Hindustan Unilever top gainers of the day, Sun Pharma top loser

3:32 PM

Market at close

 

The S&P BSE Sensex ended at 34,915, down 188 points while the broader Nifty50 index settled at 10,618, down 61 points.

3:24 PM

$2.7 bn shaved off PC Jeweller m-cap after promoter gifts shares to family

 

An Indian jeweller that saw its market worth reach $3.6 billion at the start of the year is now floundering at about a quarter of that value after one of its founders gifted some shares to family members, raising concern about the company’s governance.

 

PC Jeweller Ltd. slumped by about half after the company said last week that one of its founders P.C. Gupta made the gifts through off-market transactions. The stock has plunged 75 per cent from a record on January 19, taking its market capitalization to Rs 58.3 billion ($873 million). It climbed 21 per cent to Rs 146.85 as of 12.31 p.m. in Mumbai on Friday. READ MORE

3:18 PM

GST MEET

New model of return filing to be kick-started in 6 months

3:15 PM

GST MEET

GST council approves ownership change of GSTN structure. 51% held by private entities to be taken over by Govt. Central and state Govt to hold 50 each. 

3:13 PM

GST MEET IMPACT: SUGAR STOCKS FALL

COMPANY	LATEST	PREV CLOSE	LOSS( )	LOSS(%)	VOLUME
EID PARRY	267.90	272.05	-4.15	-1.53	9419
BAJAJ HINDUSTHAN	8.50	8.57	-0.07	-0.82	330669
SH.RENUKA SUGAR	15.50	15.60	-0.10	-0.64	157326

3:07 PM

Godrej Properties Q4 net more than doubles to Rs 1.41 mn on robust sales

 

Realty firm Godrej Properties on Friday reported over two-fold jump in its consolidated net profit at Rs 1.41 billion for the January-March quarter of last financial year on higher sales.

 

Its net profit stood at Rs 625.9 million in the year-ago period, the company said in a filing to the BSE. READ MORE

EARNINGS IMPACT
 

2:59 PM

MARKET CHECK

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	34,911.11	-192.03	-0.55
S&P BSE SENSEX 50	11,121.02	-57.47	-0.51
S&P BSE SENSEX Next 50	33,866.71	-176.94	-0.52
S&P BSE 100	10,998.73	-56.92	-0.51
S&P BSE Bharat 22 Index	3,547.87	-34.19	-0.95

(Source: BSE)

2:59 PM

Demonetisation, GST impact: India is fast ceding gold market share to China

 

The January-March period of 2018 has been the worst for India’s share in the global gold demand.

 

According to the World Gold Council’s gold demand trend report for the March quarter, released on Thursday, total global consumer gold demand (jewellery and investment) in 2017 stood at 3,198.6 tonnes, 2 per cent lower than that in 2010. READ MORE

2:59 PM

Angel Broking's top picks for May 2018

2:56 PM

Centrum Broking on HT Media

We maintain our Hold rating on HT Media and revise our target price to Rs 98. In last two month newsprint prices have increased by steep 40% led by China (world’s largest paper recycler) to ban imports of mixed paper in its campaign against environment pollution. We believe this would have an impact of 200bps on the operating margins of HT Media despite strategies taken by the management by increasing cover prices.

While the advertising revenue was impacted in both the English and Hindi print for FY18, we have modelled high single digit ad growth for FY19 on the back of low base and sectors such as auto, real estate bouncing back while government/political ad would be high on many state elections. Further there would be margin expansion in the radio business and probable lower losses in the digital business

2:55 PM

HDFC Securities on Marico

With a recovery in margins, stabilizing trade channels and improving international biz we expect revenue/EBITDA/APAT CAGR of 15/27/30% over FY18-FY20E. We value Marico based on P/E of 35x Mar-20, and arrive at a target price of Rs 376. Maintain BUY.

2:54 PM

RESULT UPDATE Godrej Properties Q4 Net More Than Doubles To Rs 1.41 Mn On Robust Sales

Realty firm Godrej Properties on Friday reported over two-fold jump in its consolidated net profit at Rs 1.41 billion for the January-March quarter of last financial year on higher sales. Its net profit stood at Rs 625.9 million in the year-ago period, the company said in a filing to the BSE READ MORE

2:52 PM

UBS on Britannia Industries (Image source: UBS report)

2:46 PM

Adani Ports up 3% on post Q4 results

 

Adani Ports and Special Economic Zone was trading 3% higher at Rs 408 on the BSE, after the company reported mixed set of numbers with consolidated revenue from operations up 43% year on year (YoY) at Rs 31.83 billion during March quarter (Q4FY18), on back of higher cargo volumes.

 

The consolidated net profit declined 20% YoY at Rs 9.29 billion in Q4FY18, due to weak product mix and higher tax outgo. Consolidated cargo for Q4FY18 increased by 6% to 45.44 MMT as against 42.67 MMT in Q4FY17. READ MORE

2:30 PM

Volume Toppers

COMPANY	PRICE( )	CHG( )	CHG(%)	VOLUME
PC JEWELLER	147.65	26.20	21.57	10294300
HIND.CONSTRUCT.	17.90	0.35	1.99	8580264
REL. COMM.	15.20	0.15	1.00	6564009
MAX INDIA	82.60	1.25	1.54	3881569
JP ASSOCIATES	18.90	-0.40	-2.07	3261738

2:27 PM

Q4 result snapshot: NIIT Technologies (Image source: Company release)

2:17 PM

Prabhudas Lilladher on Thyrocare Technologies

The stock trades at PER of 35x and 29x FY19E and FY20E respectively. We expect Thyrocare to achieve 20% growth in revenue and 35% EBITDA margins in FY19E. Management guided that lower rationalisations and advertisement (guided at 4-5% of sales) costs will impact EBITDA margin by 400-500bps. While management maintains its guidance of 25% (+/-2%) sustainable annual growth, we have become more conservative and expect revenues to grow at 20% and 21% in FY19E and FY20E

2:15 PM

HDFC Securities on Interglobe Aviation

We  believe  margins will remain under pressure until competitive intensity eases  or  crude prices reduce. In addition to building in lower yields, we have  adjusted  our  crude assumption to $68/65 bbl and US$ to INR67/67 for FY19E/20E. 

As  a result of these changes our EPS forecasts for FY19E/FY20E stand  reduced  by 44.1/32.9% to Rs51.3/77.6 respectively. While we believe Interglobe  offers to be the lowest cost operator in an underpenetrated and structurally growing aviation market, current market dynamics need to improve for us to get constructive on the name. Consequently, we maintain NEUTRAL rating with a target price of Rs 1,125 (-6.2%) based on 14.5x FY20 EPS

2:14 PM

NEWS ALERT Flipkart board said to have okayed $15-bn deal to sell 75% stake to Walmart

The board of Flipkart Online Services Pvt has approved an agreement to sell about 75 per cent of the company to a Walmart Inc.-led group for approximately $15 billion, according to people familiar with the matter, an enormous bet by the American retailer on international expansion READ MORE

Representative Image

2:00 PM

Market Check

S&P BSE Sensex	34,955.95		-0.42%
Nifty 50	10,626.80		-0.49%
S&P BSE 200	4,654.73		-0.38%
Nifty 500	9,343.35		-0.48%
S&P BSE Mid-Cap	16,551.08		-0.41%
S&P BSE Small-Cap	18,004.12		-0.18%

1:51 PM

India's private banks have been biggest winners from note ban: Here's how

 

India’s clampdown on unaccounted cash has sent a flood of money into the private banking industry, prompting a major lender to embark on a hiring binge for wealth managers.

 

HDFC Bank Ltd. -- the most preferred wealth manager in India among high net worth clients surveyed by Euromoney -- plans to add as many as 150 relationship managers by the end of 2020 to the current 250, said Rakesh Singh, group head of private banking. He started hiring at a faster pace last year, when he added about 50. READ MORE

1:38 PM

Classic investing error? This billionaire has put half his wealth into gold

 

Investors are advised to look sceptically at anyone promoting an investment position that they already have a substantial stake in. Consider the gold miners as a class. Since inception in 1993, the NYSE Arca Gold Miners Index has returned about 15 per cent. During the same time period, gold has returned 268 per cent, while the Standard & Poor’s 500 Index has gained roughly 800 per cent. READ MORE

1:16 PM

Pre-poll political limbo in Pakistan threatens best stock rally in Asia

 

A period of pre-election political limbo coinciding with an increasingly perilous economic backdrop is prompting predictions that a rally in Pakistan stocks is set for a reversal.

 

The benchmark KSE100 Index will probably fall 10-15 percent in the run-up to elections in July or August, said Muhammad Rameez, the head of international sales at Foundation Securities Pvt. in Karachi. That would wipe out this year’s 10.6 per cent gain in local-currency terms, the best performance in Asia. READ MORE

1:01 PM

India Inc lines up to hedge forex exposures before it is too late

 

The recent movement in the rupee is being taken in all seriousness by corporates in India, and they are queuing up to hedge their foreign exchange (forex) exposures, say currency consultants. But there is still some way to go before Corporate India, particularly importers, can say it is fortified against sudden shocks. “Most companies do not hedge in a disciplined manner. READ MORE

12:47 PM

Stocks at 52-week low

COMPANY	PRICE( )	52 WK LOW	CHG( )	CHG(%)
ALLCARGO LOGIST.	136.00	135.15	-1.45	-1.05
BEML LTD	1019.00	971.45	10.95	1.09
BLUE DART EXP.	3600.45	3505.00	-82.25	-2.23
C P C L	301.20	292.55	0.80	0.27
DCM SHRIRAM	297.40	277.90	5.55	1.90

12:33 PM

PC Jeweller up 58% in two days from 52-week low; down 52% in 1 month

 

PC Jeweller has moved higher by 24% to Rs 150 on the BSE on Friday in intra-day trade in an otherwise weak market. The stock of jewellery firm rallied 58% from its 52-week low of Rs 95 recorded on Thursday during intra-day trade after PC Jeweller denied reports of CBI search.

 

“We would like to clarify that the abovementioned news item published in "BTVI" dated 3rd May, 2018 is factually incorrect and Shri Balram Garg, Managing Director of the Company has already appeared on Zee Business for a live interview and clarified the position,” the company said with reference to news appeared in Bloomberg TV dated May 03, 2018 quoting "CBI arrests owner of PC Jeweller." READ MORE