Benchmark indices were flat on Friday even as minutes of the central bank’s policy panel meeting stoked expectations of an interest rate hike, with losses in financials and metals overshadowing gains in information technology stocks.Benchmark indices were flat on Friday even as minutes of the central bank’s policy panel meeting stoked expectations of an interest rate hike, with losses in financials and metals overshadowing gains in information technology stocks.
The S&P BSE Sensex ended at 34,416, down 12 points while the broader Nifty50 index settled at 10,564, down 1 points.
The rupee dropped to its lowest in more than a year following a hawkish tone in the minutes, released on Thursday, of the Reserve Bank of India’s monetary policy committee (MPC) meeting that took place earlier this month.
Among sectoral indices, the Nifty PSU Bank index slipped nearly 2.5% led by a fall in shares of Bank of India and IDBI Bank.
Investors cheered the results of Tata Consultancy Services, sending its shares to an all-time high of Rs 3,421 after the country’s top software services exporter posted its biggest-ever profit on Thursday.
Globally, world stocks dipped on Friday but were set for a second week of gains after a strong start to the global corporate earnings season, while a rally in commodity prices fizzled out.
The MSCI All-Country World Index, which tracks shares in 47 countries, was down 0.3%.
Oil dipped on Friday but stayed near three-year highs reached earlier this week, with ongoing OPEC-led supply cuts and strong demand gradually drawing down excess supplies. ALSO READMARKETS ON FRIDAY: Indices end higher but Nifty fails to hold 10,500-markMARKETS ON WEDNESDAY: Indices snap 9 sessions of gains; banking stocks dragMARKETS ON WEDNESDAY: Indices end flat, Nifty holds 10,400; OMCs fallMARKETS ON THURSDAY: Indices end higher, Sensex up 96 points; metals riseMARKETS ON FRIDAY: Sensex ends flat, Nifty holds 10,300; PSU banks gain
(with Reuters inputs)CATCH ALL THE LIVE UPDATES03:39 PMNifty IT index surged 4.80% on Friday. Top gainers:
COMPANY LATEST PREV CLOSE GAIN() GAIN(%)MINDTREE 987.95 897.60 90.35 10.07TCS 3414.00 3191.15 222.85 6.98TECH MAHINDRA 696.10 665.20 30.90 4.65INFOSYS 1179.65 1132.85 46.80 4.13HCL TECHNOLOGIES 1057.00 1018.55 38.45 3.7703:35 PMSectoral Trend
03:34 PMBSE Sensex: Gainers and losers
03:31 PMMarket at close The S&P BSE Sensex ended at 34,416, down 12 points while the broader Nifty50 index settled at 10,564, down 1 points.03:17 PMAnalysis: Asian oil demand to hit record, but industry can't take eyes off Middle East
Asian oil demand will hit a record in April just as global crude values are lifted to levels not seen in three years by Middle East supply risks and top exporter Saudi Arabia withholding output and noisily pushing for prices at $80 to $100 per barrel. Most analysts have pointed to escalating Middle East conflicts, a crisis in Venezuela, and the supply cuts of Saudi Arabia and other producers as the main drivers taking global benchmark Brent and U.S. West Texas Intermediate crude futures this week to their highest since late 2014 at almost $75 and $70 a barrel, respectively. READ MORECrude oil prices have firmed up since Opec’s November 2016 agreement to cut production by 1.2 million barrels per day03:00 PMAshok Leyland expects 20% growth in bus business this year
Commercial Vehicle major Ashok Leyland is expecting a 20 per cent growth in its bus business, as the segment is picking up growth from a slow pace last year. In the previous year, the industry and the company had seen a decline of around 23 per cent owing to various reasons including confusion among customers regarding the delayed Bus Body Code. However, the company managed to increase its market share by 0.3 per cent. READ MORE
02:45 PMGlobal Check
European markets were lower, as investors monitored a fresh batch of corporate earnings and economic data. In Asia, equities were dragged lower after the world's largest chipmaker delivered a disappointing forecast late Thursday. Taiwan Semiconductor Manufacturing slashed its revenue target to the lower end of forecast, citing weaker-than-expected demand for smartphones. MSCI's broadest index of Asia-Pacific shares, excluding Japan, was off almost 1 percent on Friday.02:30 PMBuzzing Stock
Prakash Constrowell share price rallied 10% after the company has been declared L-1 bidder by the MCGM (Municipal Corporation of Greater Mumbai) for the new project Dumpsite Reclamation at Mulund Dumping Ground (MDG) in Mumbai by adopting suitable technology for existing garbage dump.
02:16 PMJB Chemicals slips on receiving closure order for Daman plant J B Chemicals & Pharmaceuticals fell 2.33% to Rs 312.65 on BSE after the company said it received an order from Pollution Control Committee, Daman for closure of its formulation manufacturing facility at Daman.02:00 PMMarket Check
S&P BSE Sensex 34,381.72 Up -0.13% Nifty 50 10,551.10 Up -0.13% S&P BSE 200 4,638.44 Up -0.27% Nifty 500 9,334.10 Up -0.24% S&P BSE Mid-Cap 16,770.44 Up -0.61% S&P BSE Small-Cap 18,145.78 Up -0.16%01:46 PMIndia's oil imports from Inran fell 15.7 per cent in fiscal year 2017-18
India's oil imports from Iran during the 2017-18 fiscal year fell by 15.7 per cent from a year ago as state refiners reduced purchases after a row over development rights for an Iranian natural gas field, according to data from shipping and industry sources.
India, the world's third-biggest oil importer, shipped in a record 4.46 million barrels per day (bpd) oil in the fiscal year that ended in March to feed its expanded refining capacity. During the period, Indian refiners received about 458,000 bpd of oil from Iran, compared to about 543,500 bpd during the prior year period, the data showed. READ MOREYear End Specials: GST roll-out, 2G verdict, closure on IBC, and more01:31 PMAlrosa plans rough diamond trading in India, seeks reduction in 40% tax
Russian diamond-mining major Alrosa will start rough diamond trading in India once the government brings the tax on it down to 0.56 per cent from 40 per cent now — to match the rates in other major trading hubs of the world. The 40 per cent rate is applicable in special notified zones (SNZ), including the Bharat Diamond Bourse (BDB), where Alrosa opened its first office in India on Thursday. READ MORE
01:19 PMSebi scans Facebook 'likes'; finds evidence in insider trading case
To catch manipulators, markets regulator Sebi has started looking at Facebook accounts of suspected persons, with 'friends' and 'likes' for posts being scanned in insider trading cases. The watchdog checked the Facebook profiles of suspected persons to ascertain whether they were 'connected' in a case related to violation of insider trading norms. READ MORE
01:05 PMMetal and mining stocks decline as copper prices fall
Key indices moved in a small range in negative zone in mid-morning trade. At 11:19 IST, the barometer index, the S&P BSE Sensex, was down 48.83 points or 0.14% at 34,378.46. The Nifty 50 index was down 23.45 points or 0.22% at 10,541.85. Shares of index heavyweight Reliance Industries dropped. Metal and mining stocks declined as copper prices fell in global commodity markets. Telecom stocks saw mixed trend. Negative Asian stocks weighed on the domestic bourses. READ MORE12:47 PMGoldman sees strong oil demand through 2018
Goldman Sachs said it expects global oil demand growth to remain strong this year and contribute to further declines in oil inventories.
"We believe that the combination of strong developed markets momentum and accelerating emerging markets growth will combine to keep oil demand growth above consensus expectations, with our 2018 year on year forecast at 1.85 million barrels per day (mb/d)," Goldman said in a note dated Thursday.
12:30 PMOil stocks face crucial earnings test as investors venture back in Formerly skeptical investors are buying back into oil majors in the hope that upcoming results will mark a turning point for energy stocks which have failed to keep pace with a surge in crude prices. Oil stocks could begin to close that gap if results live up to lofty expectations, with Goldman Sachs predicting the strongest free cash flow figures in a decade for the sector. Oil is the best-performing global asset this year, with Brent crude up 11.4 percent since January, but energy stocks have continued to lag the commodity. While Europe’s oil and gas sector is the best-performing year-to-date, it still has a way to go to catch up with crude.12:16 PMFate almost sealed for ABG Shipyard, Alok Industries, Lanco Infratech They were once seen as among India’s most promising growth stories. Now, however, the fate of ABG Shipyard, Alok Industries and Lanco Infratech is seen as near-certain but in the opposite direction. With huge debt, few takers for their assets and the whopping write-offs (‘haircuts’) that banks are likely to take on the loans given to these companies, industry experts believe liquidation of the trio are among the few options. All three have defaulted on their huge payment obligations. READ MORE12:12 PMCOMMENT Kotak Securities on MPC minutes
We see 1HFY19 inflation in the range of 4.4-5.2% (RBI: 4.7-5.1%) and 4.1-4.8% in 2HFY19 (RBI: 4.4%), averaging around 4.5% for FY2019. Adjusting for the statistical impact of center’s 7CPC HRA, the average inflation is likely to be around 4.2%, ranging 3.9-4.7% in 1HFY19 (RBI: 4.4-4.7%) and 4-4.6% in 2HFY19 (RBI: 4.4%). CPI inflation outturn amid various uncertainties will be crucial in assessing the RBI’s next move. While we continue to expect the MPC to maintain a status quo in FY2019, the probability of rate hike has increased after the minutes suggested that more members are inclined towards withdrawal of accommodation
12:10 PMCOMMENT Morgan Stanley on MPM minutes
The release of the minutes revive the risk of an earlier-than-expected rate hike. Despite Dr. Acharya's signal of a change in his vote at the next meeting, we think that this might not be enough to tilt the MPC into a rate hike just yet (given most members' wait-and-watch approach). Hence, unless GDP growth and high-frequency indicators surprise strongly on the upside and hint at a stronger - than - expected recovery between now and the next MPC meeting, we think thatour base-case view of a rate hike in 4Q remains largely intact.12:01 PMMarket Check
S&P BSE Sensex 34,353.96 Up -0.21% Nifty 50 10,535.55 Up -0.28% S&P BSE 200 4,632.22 Up -0.40% Nifty 500 9,322.50 Up -0.36% S&P BSE Mid-Cap 16,743.74 Up -0.77% S&P BSE Small-Cap 18,130.80 Up -0.24%11:51 AMIndia bond yields spike, rupee falls after RBI meeting minutes Indian bond yields spiked while the rupee dropped to its lowest in more than a year on Friday after the minutes of the monetary policy panel meeting suggested that they were likely to take a more hawkish tone starting as early as June. The Reserve Bank of India's (RBI) MPC members flagged several concerns, including an increase in minimum support prices for farmers and high and volatile crude oil prices, the minutes released post market hours on Thursday showed. READ MORE 11:39 AMPhillip Capital on Cyient
Cyient reported decent set of results for this quarter – solid revenue growth, better than expected margins and improvement in DLM financials. Europe & Middle East market segments reported strong growth of 7.5% qoq for the fifth consecutive quarter, while Communications reported stellar growth of 11%. TCV win, however, disappointed with decline of -20% yoy.
The growth guidance for next year remains upbeat (double digit), along with DLM to remain strong. We continue to maintain our positive view on Cyient, as we continue to like the ERD space. Maintain BUY.11:38 AMKotak Securities on Dilip Buildcon
We revise our estimates upwards to factor in better than expected order inflows for FY18 and expected improvement in order inflows in FY19/20 also. We now expect revenues/PAT to grow at a CAGR of 34%/37% respectively between FY17-20. We arrive at a revised price target of Rs 1400 on FY20 estimates (Rs 1217 earlier) and continue to maintain BUY recommendation on the stock.
11:37 AMKotak Securities on Cyient
Growth in FY19 is expected to be broad based across a more diverse set of clients within each industry segment. Our earnings estimate stand at Rs.45.4 and Rs.52.1 for FY19E and FY20E respectively. With business momentum back on track we expect a CAGR of 12% in USD revenue and 17% in earnings over FY18-20. We believe Cyient’s performance in FY19 will be better than that its peers, and execution of its strategy of design plus manufacturing should be reflected in financials from FY19E onwards We value stock at 14x(same as earlier) on FY20E earnings. Upgrade to BUY with a price target of Rs.729 (Rs.689 earlier)
11:36 AMElara Capital on IndusInd Bank
High credit growth, stable low-cost deposit franchise, likely uptick in margin on the back of Bharat Financial Inclusion (BFIL) profitability and lesser credit cost would lead to expansion in return ratios. We raise our earnings estimates considering uptick in profitability and upgrade the stock rating to Buy (from Accumulate) with a revised target price of INR 2,339 at 4.3x P/ABV FY20E (from 1,944 at 3.7x FY20E)
11:15 AMIs RBI leaning towards an interest rate hike? Minutes of meeting suggest so
The most hawkish member of India’s monetary policy panel is likely to get support from an influential colleague, signaling an interest rate increase is more probable than a cut. At the April 4-5 policy meeting, Deputy Governor Viral Acharya said there was a revival in investment activity and an improvement in capacity utilization, which boded well for the economy. As a result, he was switching from a neutral stance to shift “decisively to vote for a beginning of ‘withdrawal of accommodation’ in the next monetary policy meeting in June.” READ MORE
11:01 AMTCS Q4FY18 results review: What leading brokerages say
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. READ MORE10:47 AMFortis gets unsolicited offer from KKR-backed Radiant Life Care
The takeover battle for India's Fortis Healthcare Ltd intensified after KKR-backed Radiant Life Care Private Ltd entered the fray on Thursday with an offer to buy more than a quarter of the cash-strapped company's hospital business. In its non-binding offer, Radiant has proposed to make an investment and/or re-structure Fortis Healthcare, Fortis said in a statement. READ MORE
10:35 AMMapping insolvency: UltraTech open to raising Binani Cement offer
UltraTech Cement has indicated it would increase its offer yet again for acquiring bankrupt Binani Cement if the Dalmia Bharat-led consortium matched its last offer. UltraTech Cement recently upped its offer to Rs 79.6 billion after a second round of revision, outbidding Dalmia Bharat’s offer by Rs 11 billion. READ MORE
10:20 AMSPECIAL REPORT Capex cycle revival, Modi re-election key for rally: CLSA's Chris Wood
The ‘Indian story’ will be badly damaged if the formidable Narendra Modi government was not re-elected for another term, writes Christopher Wood, managing director, equity strategist at CLSA in his weekly note, GREED & fear. A key trigger for the markets, according to him, is kick-starting the investment cycle, which Wood feels will be more likely if the non-performing loan (NPL) overhang in the banking system is resolved. The key question here, however, will be whether the deadlines will be enforced since the whole point of the deadline is to force decision-making and faster resolution READ MORE
Christopher Wood CLSA Managing Director & Equity Strategist Christopher Wood
The S&P BSE Sensex ended at 34,416, down 12 points while the broader Nifty50 index settled at 10,564, down 1 points.
The rupee dropped to its lowest in more than a year following a hawkish tone in the minutes, released on Thursday, of the Reserve Bank of India’s monetary policy committee (MPC) meeting that took place earlier this month.
Among sectoral indices, the Nifty PSU Bank index slipped nearly 2.5% led by a fall in shares of Bank of India and IDBI Bank.
Investors cheered the results of Tata Consultancy Services, sending its shares to an all-time high of Rs 3,421 after the country’s top software services exporter posted its biggest-ever profit on Thursday.
Globally, world stocks dipped on Friday but were set for a second week of gains after a strong start to the global corporate earnings season, while a rally in commodity prices fizzled out.
The MSCI All-Country World Index, which tracks shares in 47 countries, was down 0.3%.
Oil dipped on Friday but stayed near three-year highs reached earlier this week, with ongoing OPEC-led supply cuts and strong demand gradually drawing down excess supplies. ALSO READMARKETS ON FRIDAY: Indices end higher but Nifty fails to hold 10,500-markMARKETS ON WEDNESDAY: Indices snap 9 sessions of gains; banking stocks dragMARKETS ON WEDNESDAY: Indices end flat, Nifty holds 10,400; OMCs fallMARKETS ON THURSDAY: Indices end higher, Sensex up 96 points; metals riseMARKETS ON FRIDAY: Sensex ends flat, Nifty holds 10,300; PSU banks gain
(with Reuters inputs)CATCH ALL THE LIVE UPDATES03:39 PMNifty IT index surged 4.80% on Friday. Top gainers:
COMPANY LATEST PREV CLOSE GAIN() GAIN(%)MINDTREE 987.95 897.60 90.35 10.07TCS 3414.00 3191.15 222.85 6.98TECH MAHINDRA 696.10 665.20 30.90 4.65INFOSYS 1179.65 1132.85 46.80 4.13HCL TECHNOLOGIES 1057.00 1018.55 38.45 3.7703:35 PMSectoral Trend
03:34 PMBSE Sensex: Gainers and losers
03:31 PMMarket at close The S&P BSE Sensex ended at 34,416, down 12 points while the broader Nifty50 index settled at 10,564, down 1 points.03:17 PMAnalysis: Asian oil demand to hit record, but industry can't take eyes off Middle East
Asian oil demand will hit a record in April just as global crude values are lifted to levels not seen in three years by Middle East supply risks and top exporter Saudi Arabia withholding output and noisily pushing for prices at $80 to $100 per barrel. Most analysts have pointed to escalating Middle East conflicts, a crisis in Venezuela, and the supply cuts of Saudi Arabia and other producers as the main drivers taking global benchmark Brent and U.S. West Texas Intermediate crude futures this week to their highest since late 2014 at almost $75 and $70 a barrel, respectively. READ MORECrude oil prices have firmed up since Opec’s November 2016 agreement to cut production by 1.2 million barrels per day03:00 PMAshok Leyland expects 20% growth in bus business this year
Commercial Vehicle major Ashok Leyland is expecting a 20 per cent growth in its bus business, as the segment is picking up growth from a slow pace last year. In the previous year, the industry and the company had seen a decline of around 23 per cent owing to various reasons including confusion among customers regarding the delayed Bus Body Code. However, the company managed to increase its market share by 0.3 per cent. READ MORE
02:45 PMGlobal Check
European markets were lower, as investors monitored a fresh batch of corporate earnings and economic data. In Asia, equities were dragged lower after the world's largest chipmaker delivered a disappointing forecast late Thursday. Taiwan Semiconductor Manufacturing slashed its revenue target to the lower end of forecast, citing weaker-than-expected demand for smartphones. MSCI's broadest index of Asia-Pacific shares, excluding Japan, was off almost 1 percent on Friday.02:30 PMBuzzing Stock
Prakash Constrowell share price rallied 10% after the company has been declared L-1 bidder by the MCGM (Municipal Corporation of Greater Mumbai) for the new project Dumpsite Reclamation at Mulund Dumping Ground (MDG) in Mumbai by adopting suitable technology for existing garbage dump.
02:16 PMJB Chemicals slips on receiving closure order for Daman plant J B Chemicals & Pharmaceuticals fell 2.33% to Rs 312.65 on BSE after the company said it received an order from Pollution Control Committee, Daman for closure of its formulation manufacturing facility at Daman.02:00 PMMarket Check
S&P BSE Sensex 34,381.72 Up -0.13% Nifty 50 10,551.10 Up -0.13% S&P BSE 200 4,638.44 Up -0.27% Nifty 500 9,334.10 Up -0.24% S&P BSE Mid-Cap 16,770.44 Up -0.61% S&P BSE Small-Cap 18,145.78 Up -0.16%01:46 PMIndia's oil imports from Inran fell 15.7 per cent in fiscal year 2017-18
India's oil imports from Iran during the 2017-18 fiscal year fell by 15.7 per cent from a year ago as state refiners reduced purchases after a row over development rights for an Iranian natural gas field, according to data from shipping and industry sources.
India, the world's third-biggest oil importer, shipped in a record 4.46 million barrels per day (bpd) oil in the fiscal year that ended in March to feed its expanded refining capacity. During the period, Indian refiners received about 458,000 bpd of oil from Iran, compared to about 543,500 bpd during the prior year period, the data showed. READ MOREYear End Specials: GST roll-out, 2G verdict, closure on IBC, and more01:31 PMAlrosa plans rough diamond trading in India, seeks reduction in 40% tax
Russian diamond-mining major Alrosa will start rough diamond trading in India once the government brings the tax on it down to 0.56 per cent from 40 per cent now — to match the rates in other major trading hubs of the world. The 40 per cent rate is applicable in special notified zones (SNZ), including the Bharat Diamond Bourse (BDB), where Alrosa opened its first office in India on Thursday. READ MORE
01:19 PMSebi scans Facebook 'likes'; finds evidence in insider trading case
To catch manipulators, markets regulator Sebi has started looking at Facebook accounts of suspected persons, with 'friends' and 'likes' for posts being scanned in insider trading cases. The watchdog checked the Facebook profiles of suspected persons to ascertain whether they were 'connected' in a case related to violation of insider trading norms. READ MORE
01:05 PMMetal and mining stocks decline as copper prices fall
Key indices moved in a small range in negative zone in mid-morning trade. At 11:19 IST, the barometer index, the S&P BSE Sensex, was down 48.83 points or 0.14% at 34,378.46. The Nifty 50 index was down 23.45 points or 0.22% at 10,541.85. Shares of index heavyweight Reliance Industries dropped. Metal and mining stocks declined as copper prices fell in global commodity markets. Telecom stocks saw mixed trend. Negative Asian stocks weighed on the domestic bourses. READ MORE12:47 PMGoldman sees strong oil demand through 2018
Goldman Sachs said it expects global oil demand growth to remain strong this year and contribute to further declines in oil inventories.
"We believe that the combination of strong developed markets momentum and accelerating emerging markets growth will combine to keep oil demand growth above consensus expectations, with our 2018 year on year forecast at 1.85 million barrels per day (mb/d)," Goldman said in a note dated Thursday.
12:30 PMOil stocks face crucial earnings test as investors venture back in Formerly skeptical investors are buying back into oil majors in the hope that upcoming results will mark a turning point for energy stocks which have failed to keep pace with a surge in crude prices. Oil stocks could begin to close that gap if results live up to lofty expectations, with Goldman Sachs predicting the strongest free cash flow figures in a decade for the sector. Oil is the best-performing global asset this year, with Brent crude up 11.4 percent since January, but energy stocks have continued to lag the commodity. While Europe’s oil and gas sector is the best-performing year-to-date, it still has a way to go to catch up with crude.12:16 PMFate almost sealed for ABG Shipyard, Alok Industries, Lanco Infratech They were once seen as among India’s most promising growth stories. Now, however, the fate of ABG Shipyard, Alok Industries and Lanco Infratech is seen as near-certain but in the opposite direction. With huge debt, few takers for their assets and the whopping write-offs (‘haircuts’) that banks are likely to take on the loans given to these companies, industry experts believe liquidation of the trio are among the few options. All three have defaulted on their huge payment obligations. READ MORE12:12 PMCOMMENT Kotak Securities on MPC minutes
We see 1HFY19 inflation in the range of 4.4-5.2% (RBI: 4.7-5.1%) and 4.1-4.8% in 2HFY19 (RBI: 4.4%), averaging around 4.5% for FY2019. Adjusting for the statistical impact of center’s 7CPC HRA, the average inflation is likely to be around 4.2%, ranging 3.9-4.7% in 1HFY19 (RBI: 4.4-4.7%) and 4-4.6% in 2HFY19 (RBI: 4.4%). CPI inflation outturn amid various uncertainties will be crucial in assessing the RBI’s next move. While we continue to expect the MPC to maintain a status quo in FY2019, the probability of rate hike has increased after the minutes suggested that more members are inclined towards withdrawal of accommodation
12:10 PMCOMMENT Morgan Stanley on MPM minutes
The release of the minutes revive the risk of an earlier-than-expected rate hike. Despite Dr. Acharya's signal of a change in his vote at the next meeting, we think that this might not be enough to tilt the MPC into a rate hike just yet (given most members' wait-and-watch approach). Hence, unless GDP growth and high-frequency indicators surprise strongly on the upside and hint at a stronger - than - expected recovery between now and the next MPC meeting, we think thatour base-case view of a rate hike in 4Q remains largely intact.12:01 PMMarket Check
S&P BSE Sensex 34,353.96 Up -0.21% Nifty 50 10,535.55 Up -0.28% S&P BSE 200 4,632.22 Up -0.40% Nifty 500 9,322.50 Up -0.36% S&P BSE Mid-Cap 16,743.74 Up -0.77% S&P BSE Small-Cap 18,130.80 Up -0.24%11:51 AMIndia bond yields spike, rupee falls after RBI meeting minutes Indian bond yields spiked while the rupee dropped to its lowest in more than a year on Friday after the minutes of the monetary policy panel meeting suggested that they were likely to take a more hawkish tone starting as early as June. The Reserve Bank of India's (RBI) MPC members flagged several concerns, including an increase in minimum support prices for farmers and high and volatile crude oil prices, the minutes released post market hours on Thursday showed. READ MORE 11:39 AMPhillip Capital on Cyient
Cyient reported decent set of results for this quarter – solid revenue growth, better than expected margins and improvement in DLM financials. Europe & Middle East market segments reported strong growth of 7.5% qoq for the fifth consecutive quarter, while Communications reported stellar growth of 11%. TCV win, however, disappointed with decline of -20% yoy.
The growth guidance for next year remains upbeat (double digit), along with DLM to remain strong. We continue to maintain our positive view on Cyient, as we continue to like the ERD space. Maintain BUY.11:38 AMKotak Securities on Dilip Buildcon
We revise our estimates upwards to factor in better than expected order inflows for FY18 and expected improvement in order inflows in FY19/20 also. We now expect revenues/PAT to grow at a CAGR of 34%/37% respectively between FY17-20. We arrive at a revised price target of Rs 1400 on FY20 estimates (Rs 1217 earlier) and continue to maintain BUY recommendation on the stock.
11:37 AMKotak Securities on Cyient
Growth in FY19 is expected to be broad based across a more diverse set of clients within each industry segment. Our earnings estimate stand at Rs.45.4 and Rs.52.1 for FY19E and FY20E respectively. With business momentum back on track we expect a CAGR of 12% in USD revenue and 17% in earnings over FY18-20. We believe Cyient’s performance in FY19 will be better than that its peers, and execution of its strategy of design plus manufacturing should be reflected in financials from FY19E onwards We value stock at 14x(same as earlier) on FY20E earnings. Upgrade to BUY with a price target of Rs.729 (Rs.689 earlier)
11:36 AMElara Capital on IndusInd Bank
High credit growth, stable low-cost deposit franchise, likely uptick in margin on the back of Bharat Financial Inclusion (BFIL) profitability and lesser credit cost would lead to expansion in return ratios. We raise our earnings estimates considering uptick in profitability and upgrade the stock rating to Buy (from Accumulate) with a revised target price of INR 2,339 at 4.3x P/ABV FY20E (from 1,944 at 3.7x FY20E)
11:15 AMIs RBI leaning towards an interest rate hike? Minutes of meeting suggest so
The most hawkish member of India’s monetary policy panel is likely to get support from an influential colleague, signaling an interest rate increase is more probable than a cut. At the April 4-5 policy meeting, Deputy Governor Viral Acharya said there was a revival in investment activity and an improvement in capacity utilization, which boded well for the economy. As a result, he was switching from a neutral stance to shift “decisively to vote for a beginning of ‘withdrawal of accommodation’ in the next monetary policy meeting in June.” READ MORE
11:01 AMTCS Q4FY18 results review: What leading brokerages say
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. READ MORE10:47 AMFortis gets unsolicited offer from KKR-backed Radiant Life Care
The takeover battle for India's Fortis Healthcare Ltd intensified after KKR-backed Radiant Life Care Private Ltd entered the fray on Thursday with an offer to buy more than a quarter of the cash-strapped company's hospital business. In its non-binding offer, Radiant has proposed to make an investment and/or re-structure Fortis Healthcare, Fortis said in a statement. READ MORE
10:35 AMMapping insolvency: UltraTech open to raising Binani Cement offer
UltraTech Cement has indicated it would increase its offer yet again for acquiring bankrupt Binani Cement if the Dalmia Bharat-led consortium matched its last offer. UltraTech Cement recently upped its offer to Rs 79.6 billion after a second round of revision, outbidding Dalmia Bharat’s offer by Rs 11 billion. READ MORE
10:20 AMSPECIAL REPORT Capex cycle revival, Modi re-election key for rally: CLSA's Chris Wood
The ‘Indian story’ will be badly damaged if the formidable Narendra Modi government was not re-elected for another term, writes Christopher Wood, managing director, equity strategist at CLSA in his weekly note, GREED & fear. A key trigger for the markets, according to him, is kick-starting the investment cycle, which Wood feels will be more likely if the non-performing loan (NPL) overhang in the banking system is resolved. The key question here, however, will be whether the deadlines will be enforced since the whole point of the deadline is to force decision-making and faster resolution READ MORE
Christopher Wood CLSA Managing Director & Equity Strategist Christopher Wood
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