Mahindra and Mahindra up 2% on Bonus Issue, Strong Q2 Numbers

Share price of Mahindra and Mahindra (M&M) gained 2.3 percent intraday Friday on the back of bonus announcement and strong September quarter numbers.

The company at its meeting held on November 10 has declared bonus share in the proportion of 1:1.

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It has fixed December 23, 2017 as the record date for the purpose of determining members who would be entitled to bonus ordinary equity shares.

The company (including Mahindra Vehicle Manufacturers) has reported 22 percent jump in its Q2 net profit at Rs 1,411 crore against Rs 1,156.7 crore in a year ago period.

Revenue of the company rose 19.4 percent at Rs 12,018 crore versus Rs 10,065 crore.

Earnings before interest, tax, depreciation and amortization (EBITDA) was up 35.1 percent at Rs 1,923.4 crore and EBITDA margin was up 210 bps at t 16 percent.

L&T`s Arm Bags order From ONGC

L&T has said that L&T Hydrocarbon Engineering Limited (LTHE), a wholly - owned subsidiary of the company, has bagged an offshore contract for the Balance Work for Pipeline Replacement Project - 4 from Oil & Natural Gas Corporation (ONGC) valued at approximately Rs 1,267 crores (194 Million USD) . The Contract, won against international competitive bidding, encompasses total ‘EPCIC’ – Engineering, Procurement, Construction, Installation and Commissioning for the project.

The project, part of ONGC’s strategy to replace some of its well fluid, gas lift and water injection pipelines along with brownfield modification works on existing platforms in its Mumbai High , Neelam , Heera and Bassein & Satellite Fields which are situated in the Western Offshore field in the Arabian Sea on the continental shelf of Western India.

Larsen & Toubro is an Indian multinational engaged in technology, engineering, construction, manufacturing and financial services with over USD 17 billion in revenue. Meanwhile, shares of the company were trading at Rs 1222.95 apiece, down 3.25 per cent from the previous close at 10:05 hrs on BSE.

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TCS Recognized as Leader in IDC MarketScape Report

Tata Consultancy Services (TCS), a leading global IT services, consulting and business solutions organization, has said that it has been recognized as a Leader in Cloud ERP Implementation in the recently published IDC MarketScape, "Worldwide Cloud ERP Implementation Services 2017 Vendor Assessment."

"Cloud ERP adoption is an important part of our customers' digital transformation journeys, driven largely by business imperatives," said Krishnan Ramanujam, President, Business & Technology Services, TCS. "This recognition as a Leader is a validation of our business-centric transformational approach, and of our market success," he added.

In the Cloud ERP solutions space, TCS offers a full, consulting-led suite of services spanning business transformation, cloud strategy and roadmap definition, cloud ERP implementation, upgrades, program governance, and change management. Meanwhile, shares of the company closed at Rs 2703.30 apiece, down 1.12 per cent from the previous close on BSE.

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Idea Cellular Slips 6% on Poor Q2 Numbers; Sells Tower biz to ATC Telecom

Shares of Idea Cellular declined 6 percent intraday Monday on the back of poor Q2 numbers and sale of tower business to ATC Telecom.

The company board in its meeting held on November 13 has approved sale of entire shareholding in Idea Cellular Infrastructure Services, a wholly owned subsidiary, to ATC Telecom Infrastructure for Rs 4,000 crore.

The sale process to be completed by first half of 2018.

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The company in the quarter ended September 2017 (Q2FY18) has reported loss of Rs 1106.8 crore against profit Rs 91.5 crore in the same quarter last fiscal.

The company had reported loss of Rs 814.9 crore in the quarter ended June 2017.

The company's revenue was down 8.6 percent at Rs 7,465 crore against Rs 8,166.5 crore. EBITDA was down 19.9 percent at Rs 1,501.6 crore and EBITDA margin was down 290 bps at 20.1 percent, QoQ.

The average revenue per user was at Rs 132 against Rs 141.

Vodafone & Co is also going to sell its tower business in India to ATC. Vodafone will get Rs 3,850 crore post completion of deal.

सेंसेक्स और निफ्टी में गिरावट, मेटल शेयर टूटे

शुरुआती कारोबार में घरेलू बाजारों में गिरावट के साथ कारोबार देखने को मिल रहा है। सेंसेक्स और निफ्टी में 0.25 फीसदी तक की कमजोरी दिख रही है। निफ्टी 10300 के नीचे आ गया है। सेंसेक्स 33300 के नीचे कारोबार कर रहा है। मिडकैप और स्मॉलकैप शेयरों में भी सुस्ती का माहौल है।

मेटल, फार्मा, रियल्टी, कैपिटल गुड्स और ऑयल एंड गैस शेयरों में बिकवाली देखने को मिल रही है। हालांकि बैंकिंग और आईटी शेयरों में खरीदारी दिख रही है। बैंक निफ्टी 0.1 फीसदी बढ़कर 25,516 के स्तर पर नजर आ रहा है।

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फिलहाल बीएसई का 30 शेयरों वाला प्रमुख इंडेक्स सेंसेक्स 73 अंक यानि 0.25 फीसदी की गिरावट के साथ 33,241 के स्तर पर कारोबार कर रहा है। एनएसई का 50 शेयरों वाला प्रमुख इंडेक्स निफ्टी 37 अंक यानि 0.3 फीसदी की कमजोरी के साथ 10,285 के स्तर पर कारोबार कर रहा है।

बाजार में कारोबार के इस दौरान दिग्गज शेयरों में एलएंडटी, कोल इंडिया, इंडियाबुल्स हाउसिंग, बीपीसीएल, ओएनजीसी, बीएचईएल और एचडीएफसी 4.1-1.3 फीसदी तक गिरे हैं। हालांकि दिग्गज शेयरों में महिंद्रा एंड महिंद्रा, एचयूएल, टीसीएस, टेक महिंद्रा, एनटीपीसी, एक्सिस बैंक और एसबीआई 1.7-1 फीसदी तक बढ़े हैं।

मिडकैप शेयरों में रिलायंस कैपिटल, पेट्रोनेट एलएनजी, एचपीसीएल और ओबेरॉय रियल्टी 2.5-2.25 फीसदी तक कमजोर हुए हैं। हालांकि मिडकैप शेयरों में हैवेल्स, नाल्को, पेज इंडस्ट्रीज, अमारा राजा और सीजी कंज्यूमर 2.2-0.9 फीसदी तक उछले हैं।

द्वारिकेश शुगर, सोना कोयो, बिड़ला कॉर्प और जीनस पावर 12-5.3 फीसदी तक टूटे हैं। हालांकि स्मॉलकैप शेयरों में सोरिल इंफ्रा, जयप्रकाश एसोसिएट्स, रॉयल ऑर्किड, केडीडीएल और वाटरबेस 14.4-8 फीसदी तक मजबूत हुए हैं।

रुपये में तेज गिरावट, 21 पैसे की कमजोरी के साथ खुला

रुपये ने तेज गिरावट के साथ शुरुआत की है। डॉलर के मुकाबले रुपया 21 पैसे की गिरावट के साथ 65.37 के स्तर पर खुला है। वहीं, पिछले हफ्ते शुक्रवार को डॉलर के मुकाबले रुपया 22 पैसे कमजोर होकर 65.16 पर बंद हुआ था।

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Union Bank of India posts Q2 net loss of Rs 15,301 cr

State-run Union Bank of India on Friday reported standalone net loss during the quarter stood at Rs 1530.72 crore compared to net profit of Rs 176.67 crore in the previous year quarter. Interest income of the bank rose by 0.17 per cent at Rs 8222.39 crore for the quarter ended September 30, 2017 as against Rs 8208.14 crore in the corresponding period last year. NII, the difference between interest earned on loans and interest paid on deposits, increased by 1.90 per cent at Rs 2,320.73 crore versus Rs 2,277.44 crore in the year ago period. Non-interest income rose 6.84 per cent year-on-year to Rs 1,217.34 crore. 

During the July-September quarter, total income rose by 0.99 per cent to Rs 9,439.73 crore from Rs 9,347.58 crore in the year ago period. Operating profit surged 6.55 per cent to Rs 1,938.97 crore from Rs. 1,819.70 crore. Meanwhile, operating expenses dropped by 0.36 per cent to Rs 7,500.76 crore from Rs 7,527.88 crore in the same period last year. 

Provisions and Contingencies surged by 119.38 per cent at Rs 3,554.67 crore from Rs 1,620.29 crore a year ago. On the asset side, gross non- performing assets (NPAs) rose to 12.35 per cent of the gross advances as at the end of September 30, 2017 from a level of 10.73 per cent year earlier. Its net NPAs or bad loans too increased to 6.70 per cent of net advances on September 30, 2017 from 6.39 per cent a year ago.

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IRB Infra`s Arm Commences toll Collection at Chittorgarh-Gulabpura Section

IRB Infrastructure Developers’ wholly-owned subsidiary - CG Tollway, incorporated for implementation of project of six lanning of 124.87 km of NH-79 between Chittorgarh and Gulabpura in the state of Rajasthan has received the appointed date from the Competent Authority. Accordingly, the SPV has started toll collection and construction on the project from November 4, 2017.

The project is on DBFOT pattern and the concession period of the project is 20 years including construction period of 910 days. The estimated cost of the project is Rs 2,090 crore. The company started toll collection on the project from appointed date i.e. November 4, 2017 being Six Lanning Project. The company has offered premium of Rs 228.60 crore to NHAI.

The premium payment will commence after three years from the appointed date in terms of the concession agreement. IRB Infrastructure Developers undertakes development of various infrastructure projects in the road sector through several special purpose vehicles. Meanwhile, shares of the company were trading at Rs 247.35 apiece, up 1.62 per cent from the previous close

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Granules India Gains 4% as Motilal Oswal expects over 50% return on strong Financials

Granules India share price rallied nearly 4 percent intraday Monday as Motilal Oswal believes the stock has the potential to deliver more than 50 percent return in the next 12-18 months on the back of multiple re rating and strong EPS CAGR of around 30 percent till FY20.

The research house has a buy call on the stock with a target price of Rs 200 per share as it expects 35 percent profit CAGR over FY17-20.

 

It said this strong growth will be driven primarily by ramp-up of the base business (led by capacity expansion), shift in product mix, Omnichem JV, and OTC business expansion.

Although FY19 will be the first year of US business sales, the full impact of investments in the US business will be visible from FY20, it added.

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Currently, its API plant is running at 100 percent capacity and pharmaceutical formulation intermediates (PFI) at 75-80 percent utilisation.

The company had planned to increase its API capacity by around 40 percent and PFI capacity by more than 20 percent (expansion plan to get over in FY18), which will help fuel growth in formulations (as Granules is dependent on backward integration). This will help grow the base business at mid-to-high teens until at least FY20 (around 27 percent CAGR over FY17-20 versus around 7 percent in FY17), Motilal Oswal said.

Granules plans to file around 25 ANDAs in the US by FY19. Of this, around 12-15 complex ANDAs will be filed from its US-based Virginia facility and rest from the India facility in Gagilapur. The company has already filed two complex generic ANDAs from its Virginia facility in March/April-17 (market size of USD 500 million).

Of these, in 1 product, the company could be the only generic player in the near term, the research house said.

It expects the 50:50 joint venture between Granules and Ajinomotos subsidiary Omnichem to record revenue of around Rs 450 crore, with EBITDA margin of more than 30 percent in FY20.

Sobha Surges 9% as CLSA Maintains buy after Strong Pre-Sales Data

Sobha share price rallied nearly 9 percent intraday Monday as global brokerage house CLSA has maintained its buy rating on the stock with a target price of Rs 525 after strong pre-sales data.

The Bangalore-based real estate company during the second quarter achieved new sales volume of 8.61 lakh square feet total valued at Rs 675.1 crore with an average realisation of Rs 7,840 per square feet.

The company has achieved this growth without launching any new projects during the quarter.

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This showed the growth of 5.6 percent and 8.3 percent in sales volume and total sales value compared with previous quarter, respectively while on year-on-year basis, sales volume was marginally higher and total sales value increased by 22.5 percent in Q2FY18.

Sobha said its share of sales value stood at Rs 592.7 crore (out of Rs 675.1 crore) with an average realisation of Rs 6,883 per square feet, up 5.3 percent QoQ and 14.4 percent YoY.

"The new sales value of Rs 592.7 crore achieved during the second quarter of 2017-18 is highest in past 10 quarters," it said.

The growth was supported adequately by an improved performance in the Kochi market followed with a consistent traction in other markets.

CLSA said steady execution & good portfolio helped the company to perform well. It expects pre-sales to do well for the next few quarters.

At 10:34 hours IST, the stock price Sobha was quoting at Rs 416.95, up Rs 25.70, or 6.57 percent.