Emami Ltd net profit down by 28% in Q4

May 3, 2018 0

Kolkata– FMCG major Emami Ltd on Thursday reported nearly 28 per cent fall in its consolidated net profit to Rs 60.23 crore for the quarter ended March 31, 2018 from Rs 83.32 crore for the year-ago period.

During the period under review, the company’s revenue from operations clocked over seven per cent year-on-year growth at Rs 616.98 crore, as compared to Rs 575.86 crore during corresponding period of previous fiscal.

On the financial front, EBIDTA at Rs 173.3 crore declined by three per cent due to aggressive spends on new launches which increased by 3.2 times at Rs 19.6 crore.

“Profit after tax at Rs 60.2 crore, however was impacted on account of writing off MAT credit entitlement of Rs 14 crore. Gross margins stood at 65.2 per cent and EBIDTA margins at 28.1 per cent in fourth quarter of FY18,” the company said in a statement.

“While Q4 witnessed a good growth, we expect the momentum to continue in FY19. With GST stabilisation, normal monsoon expectation coupled with higher government spending, FMCG is poised for a good growth. Strategic investment in upcoming growth segments through start-ups will help the company to grow further in years to come,” company’s Director Harsha V. Agarwal said.

Director Mohan Goenka said the company increased its direct reach to 8.5 lakh outlets, which will help in reducing its dependency on wholesale channel. International business has achieved a growth of 37 per cent. (IANS)

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Disappointing Q4 results, global cues suppress Indian equity indices

May 3, 2018 0

Mumbai– Disappointing quarterly results, along with heavy selling pressure in capital goods, IT and FMCG stocks pulled the key domestic equity indices lower on Thursday.

Market observers opined that broadly negative global cues such as fears over the rise in geo-political tensions in the Middle East and future rate hike in the US eroded investors risk taking appetite.

Index-wise, the broader Nifty50 of the National Stock Exchange (NSE) closed at 10,679.65 points — down 38.40 points or 0.36 per cent — from the previous session’s close.

Similarly, the barometer 30-scrip Sensitive Index (Sensex) ended in the red on Thursday. The Sensex opened at 35,257.31 points and closed at 35,103.14 points — down 73.28 points or 0.21 per cent — from its previous close.

The Sensex touched a high of 35,257.31 points and a low of 35,020.08 during the intra-day trade.

The BSE market breadth was bearish with 1,848 declines and 817 advances.

In the broader market, the S&P BSE mid-cap declined by 1.16 per cent while the S&P BSE small cap fell 0.84 per cent.

“Markets corrected on Thursday as the Nifty ended in the red for the second consecutive day. The weakness seemed to have come on the back of negative global cues,” Deepak Jasani, Head, Retail Research, HDFC Securities, told IANS.

“Major Asian markets have closed on a negative note barring the Shanghai index. European indices like FTSE 100, CAC 40 and DAX are trading in the red.”

According to Vinod Nair, Head of Research, Geojit Financial Services: “The global market is trading weak as US starts trade talk with China while any escalation of trade war will dampen investor’s sentiment.”

“Back home, results and upcoming state election will give near term direction.”

On the currency front, the Indian rupee strengthened by one paise to 66.65 against the US dollar from its previous close at 66.66.

In terms of investments, provisional data with the exchanges showed that foreign institutional investors sold scrips worth Rs 148.42 crore, and the domestic institutional investors sold stocks worth Rs 578.92 crore.

Sector-wise, the S&P BSE metal index rose by 109.85 points, followed by the banking index which was up 64.28 points.

On the other hand, the S&P BSE capital goods index slumped 312.11 points, the IT stocks fell by 217.33 points and the FMCG index by 128.60 points.

The major gainers on the Sensex were Sun Pharma, up 3.68 per cent at Rs 534.50; NTPC, up 2.32 per cent at Rs 174.40; Tata Steel, up 1.84 per cent at Rs 585.65; Axis Bank, up 1.71 per cent at Rs 532.40; and ICICI Bank, up 1.61 per cent at Rs 281.55 per share.

The top losers were Wipro, down 1.94 per cent at Rs 270.15; Kotak Mahindra Bank, down 1.90 per cent at Rs 1,233.40; Asian Paints, down 1.74 per cent at Rs 1,200.50; Larsen and Toubro, down 1.52 per cent at Rs 1,380.25; and Hindustan Unilever, down 1.39 per cent at Rs 1,451.00 per share. (IANS)

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HCL net down 4.3% quarterly, up 3.8% yearly

May 2, 2018 0

New Delhi–Software major HCL Technologies on Wednesday reported Rs 2,227 crore consolidated net profit for the fourth quarter of fiscal 2017-18, posting 4.3 per cent annual decline from Rs 2,325 crore in the same period year ago (2016-17) but up 1.5 per cent sequentially from Rs 2,194 crore quarter ago.

Net profit, however, grew 3.8 per cent year-on-year (YoY) to Rs 8,780 crore for the fiscal under review (FY 2018) from Rs 8,457 crore in FY 2017.

In a regulatory filing to the BSE, the Noida-based IT firm said consolidated revenue grew 9.3 per cent YoY to Rs 13,179 crore for the quarter under review (Q4) from Rs 12,053 crore in the like period year ago and 2.9 per cent sequentially from Rs 12,808 crore quarter ago.

Revenue for FY 2018 grew 8.2 YoY to Rs 50,570 crore from Rs 46,723 crore in FY 2017.

Under the International Financial Reporting Standard (IFRS), net profit for the quarter slipped 1.7 per cent YoY to $344 million from $350 million year ago but grew 1.1 per cent sequentially from $340 million quarter ago.

Net profit, however, grew 7.7 per cent YoY to $1,360 million for the fiscal from $1,262 million year ago while revenue grew 12.4 per cent YoY to $7,838 million from $6,975 million year ago.

Revenue for the fiscal (FY 2018) grew 12.2 per cent YoY to $ 7,838 million from $6,975 million in FY 2017.

Earnings before interest, tax, depreciation and amortisation (Ebitda) was up 14.6 per cent YoY to Rs 3,036 crore for the quarter from Rs 2,649 crore in the same period year ago and 2.4 per cent sequentially from Rs 2,964 crore quarter ago.

Ebitda for the fiscal grew 11 per cent YoY to Rs 11,404 crore from Rs 10,309 crore year ago.

Under IFRS, Ebitda grew 17.6 per cent YoY to $470 million for Q4 from $399 million in the same period year ago and 2.1 per cent sequentially from $460 million quarter ago and 15.2 per cent YoY to $1,773 million from $1,539 million year ago. (IANS)

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Equity indices end flat tracking weak global cues

May 2, 2018 0

Mumbai– The key Indian equity indices on Wednesday provisionally closed on a flat note with a negative bias following weakness in the global markets.

Heavy selling was witnessed in metal, consumer durables and auto stocks.

At 3.30 p.m., the broader Nifty50 of the National Stock Exchange (NSE) provisionally closed at 10,718.05 points — down 21.30 points or 0.2 per cent — from the previous close.

The barometer 30-scrip Sensitive Index (Sensex) on the BSE, which opened at 35,328.91 points, closed at 35,176.42 points — up 16.06 points or 0.05 per cent — from its previous session’s close

The Sensex touched a high of 35,357.15 points and a low of 35,072.42 during the intra-day trade.

The BSE market breadth was bearish with 1,782 declines and 915 advances.

The major gainers on the BSE were Kotak Mahindra Bank, ITC, Asian Paints, HDFC and Axis Bank, while Tata Steel, Hindustan Unilever, State Bank of India, Hero MotoCorp and ICICI Bank were among the major losers.

The Indian equity markets were closed on Tuesday on account of Maharashtra Day.

On Monday, the key indices rose riding the back of firm global cues.

The Nifty50 closed at 10,739.35 points — up 47.05 points or 0.44 per cent — from the previous close, while the Sensex, closed at 35,160.36 points — up 190.66 points or 0.55 per cent — from its previous session’s close. (IANS)

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Sensex ends near 3-month high, at over 35,000 points

May 1, 2018 0

Mumbai–  The barometer 30-scrip Sensex on Monday ended over 35,000 points, nearly a three-month high level, riding on the back of firm global cues along with robust buying in the capital goods, IT and fast-moving consumer goods (FMCG) stocks.

However, selling pressure on oil and gas and energy stocks restricted further gains.

The broader Nifty50 of the National Stock Exchange (NSE) closed at 10,739.35 points — up 47.05 points or 0.44 per cent — from the previous close.

The Sensex, which opened at 35,021.20 points, closed at 35,160.36 points — up 190.66 points or 0.55 per cent — from its previous session’s close.

It touched a high of 35,213.30 points and a low of 35,004 points during the intra-day trade.

The BSE market breadth was bullish with 1,379 advances and 1,279 declines.

In the broader markets, the S&P BSE mid-cap index close 0.56 per cent and the small-cap index rose by 0.89 per cent.

“Indian markets continued to dominate the uptrend and traded near three-months high,” said Dhruv Desai, Director and Chief Operating Officer, Tradebulls.

In terms of investments, provisional data with the exchanges showed that foreign institutional investors sold scrips worth Rs 385.47 crore, while the domestic institutional investors purchased stocks worth Rs 261.98 crore.

Sector-wise, the S&P BSE capital goods index surged by 284.68 points, followed by the IT index which rose 192.94 points, and the fast moving capital goods (FMCG) index by 150.60 points.

On the other hand, the S&P BSE oil and gas index fell by 157.06 points, the energy stocks by 82.69 points and the consumer durables index by 28.66 points.

The major gainers on the Sensex were Yes Bank, up 3.90 per cent at Rs 362.05; Hindustan Unilever, up 2.34 per cent at Rs 1,509.05; Tata Consultancy Services, up 2.22 per cent at Rs 3,531.40; Kotak Mahindra Bank, up 1.83 per cent at Rs 1,210.35; and Larsen and Toubro, up 1.73 per cent at Rs 1,400.60 per share.

The top losers were Axis Bank, down 3.87 per cent at Rs 518.05; Reliance Industries, down 3.18 per cent at Rs 963.10; ICICI Bank, down 1.25 per cent at Rs 284.45; Coal India, down 0.60 per cent at Rs 283.85; and ONGC, down 0.14 per cent at Rs 180.50 per share.

On Tuesday, trade on the NSE and BSE would remain closed on account of Maharashtra Day. (IANS)

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Kotak Mahindra Bank net profit up 27% in Q4

May 1, 2018 0

Kolkata– Kotak Mahindra Bank on Monday reported a 27 per cent rise in its consolidated net profit to Rs 1,789.24 crore in the quarter ended March 31, 2018 as compared to Rs 1,404.34 crore in the year-ago period.

Its total income, on consolidated basis, was at Rs 10,874.12 crore in the three months ending March, up by nine per cent from Rs 9,953.57 crore in the year-ago period.

The lender posted a 26 per cent growth in its consolidated net profit at Rs 6,201 crore in 2017-18 (FY 18) from Rs 4,940 crore in FY17.

Its gross NPA (non-performing assets), as on March 31, 2018, was at Rs 4,071 crore, as against Rs 3,803.92 crore year-ago.

The bank said its net NPA was at Rs 1,768.6 crore at the end of FY18, down by 2.5 per cent from Rs 1,814.23 crore year-ago.

Its gross NPA, as a percentage of total advances, reduced to 1.95 per cent at the end of FY18 from 2.25 per cent as on March 31, 2017.

Capital adequacy ratio (CAR) as per Basel III, as on March 31, 2018 was 18.4 per cent.

On a standalone basis, its profit after tax for FY18 increased to Rs 4,084 crore, up by 20 per cent from Rs 3,411 crore in FY17 and in the fourth quarter, the standalone net profit increased by 15 per cent to Rs 1,124 crore from Rs 976 crore in corresponding period previous fiscal.

The bank’s board of directors recommended dividend of Rs 0.7 per share. (IANS)

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Global cues, index heavyweights lift equities; metals slump

Apr 24, 2018 0

Mumbai– Key Indian equity indices on Tuesday closed with humble gains riding on broadly positive global markets, coupled with expectations of healthy quarterly corporate earnings and healthy buying in oil and gas, banking and capital goods stocks.

Index heavyweights like Reliance Industries (RIL), Yes Bank, Adani Ports, Mahindra and Mahindra (M&M), and ICICI Bank were the top gainers on the BSE.

However, heavy selling pressure in metals, IT and consumer durables stocks, along with outflow of foreign funds and higher crude oil prices, trimmed some gains of the benchmark indices, market observers said.

On closing basis, the wider Nifty50 of the National Stock Exchange (NSE) edged higher by 29.65 points or 0.28 per cent from the last closing to 10,614.35 points.

The barometer 30-scrip Sensitive index (Sensex) of the BSE closed at 34,616.64 points — up 165.87 points or 0.48 per cent from its previous session’s close.

In contrast, the BSE market breadth remained bearish with 1,497 declines and 1,180 advances.

The broader markets underperformed the benchmark index, with the S&P BSE mid-cap index closing lower by 0.02 per cent and the small-cap index by 0.13 per cent.

“Markets ended with moderate gains on Tuesday after (the Nifty50) finding support at the 10,569 levels,” Deepak Jasani, Head – Retail Research, HDFC Securities, told IANS.

“Major Asian markets have closed on a mixed note. European indices like FTSE 100 and DAX traded in the green,” added Jasani.

On the currency front, the Indian rupee strengthened by 10 paise at 66.38 against the US dollar from its previous close at 66.48.

Anand James, Chief Market Strategist, Geojit Financial Services, said: “Earnings positivity and buoyancy in the Asian and European peers led the market further higher, despite negative closing in the US towed by higher bond yields and fall in technology stocks.”

“Brent testing the $75 mark and FIIs (foreign institutional investors)’s continuous selling in the equities ensured that upsides were capped. All eyes would now be on whether the government will cut excise duty to provide relief to common man or stick to fiscal prudence,” he said.

In terms of investments, provisional data with the exchanges showed that FIIs sold scrip worth Rs 680.99 crore, while the domestic institutional investors purchased stocks worth Rs 508.55 crore.

Sector-wise, the S&P BSE oil and gas index rose by 215.36 points, followed by capital goods index by 123.98 points and banking stocks by 110.66 points.

On the other hand, the S&P BSE metal index declined by 265.55 points, IT index by 227.26 points and Teck (technology, media and entertainment) index by 104.52 points.

The major Sensex gainers on Tuesday were: RIL, up 3.70 per cent at Rs 969.75; Yes Bank, up 3.31 per cent at Rs 323.40; M&M, up 1.94 per cent at Rs 838.45; Adani Ports, up 1.74 per cent at Rs 391.95; and ICICI Bank, up 1.66 per cent at Rs 284.20.

The top losers were: Wipro, down 3.30 per cent at Rs 287.05; Infosys, down 2.49 per cent at Rs 1,153.90; Tata Steel, down 1.23 per cent at Rs 598.25; State Bank of India, down 0.87 per cent at Rs 240.60; and Tata Consultancy Services, down 0.87 per cent at Rs 3,385.65. (IANS)

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Essar sells “Equinox Business Parks” to Brookfield for Rs 2,400 cr

Apr 24, 2018 0

Mumbai– Essar Group on Tuesday announced that it has completed the sale of “Equinox Business Parks” to Brookfield Asset Management for an enterprise value of Rs 2,400 crore.

According to the company, the commercial property spread across nearly 10 acres is located in Mumbai’s Bandra-Kurla Complex (BKC) and comprises of four towers, with a leasable office space of about 1.25 million sq ft.

“In 2006, Essar was a licensee in the Park. Later, realising the potential of BKC in the commercial real estate space, it acquired the towers and ultimately the entire Park in the period between 2008 and 2012,” the company said in a statement.

“Over time, Essar developed the Park as among the few corporate parks in Mumbai with campus-like facilities. These facilities include a Commerce Centre, club house, food court, cafeteria, banquet hall and parking.” (IANS)

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Bharti Airtel’s fourth quarter net profit drops 78%

Apr 24, 2018 0

New Delhi– Bharti Airtel’s consolidated net profit for the January-March (fourth) quarter of 2017-18 dropped by 77.8 per cent, a company statement said here on Tuesday.

The company posted net profit of Rs 83 crore for the Q4 of 2017-18 compared to Rs 373 crore posted during the corresponding period a year ago.

The net revenue of the company during the quarter stood at Rs 19,634 crore, down 10.5 per cent from Rs 21,935 crore posted during the corresponding quarter in 2017-18.

The statement said during the quarter mobile data traffic had grown more than six times to 1,540 billion MBs in the quarter as compared to 225 billion MBs in the corresponding quarter last year. Mobile broadband customers increased by 79.3 per cent to 76.6 million from 42.7 million in the corresponding quarter last year.

“The telecom industry continues to witness below cost, artificially suppressed pricing. Industry revenues were further adversely impacted this quarter due to the reduction in International termination rates. Airtel continued to consolidate its leadership position this quarter,” said Gopal Vittal, MD and CEO, India & South Asia.

“Our strategic investments in data capacities, innovative digital content through Airtel TV, customer friendly bundles and upgrade programs led to the highest ever mobile data customer additions of 15 million during the quarter. Usage parameters remained robust on a year-on-year basis, we saw data and voice traffic grow 584 per cent and 55 per cent respectively,” he added.

Vittal said the company ended the financial year 2017-18 with its highest ever capital expenditure of Rs 240 billion. “We intend to continue the rollout momentum next year as well.”

During the quarter, Bharti Airtel acquired Tigo Rwanda country operations in Africa.

“Airtel Africa’s revenues grew by 10.7 per cent on a year-on-year basis. Data traffic grew 88 per cent, voice minutes increased by 37 per cent and Airtel Money throughput grew by 45 per cent on a year-on-year basis,” said Raghunath Mandava, MD and CEO, Africa operations. (IANS)

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Equity indices inch-up; IT stocks rise

Apr 23, 2018 0

Mumbai– The Indian equity indices witnessed a volatile trade session on Monday and closed on a flat-to-positive note as healthy quarterly results drove investors’ sentiments.

According to market observers, healthy buying was witnessed in healthcare, IT and auto stocks.

However, global cues, profit booking and upcoming derivatives expiry arrested the upward movement of the key indices.

Index-wise, the wider Nifty50 of the National Stock Exchange (NSE) closed higher by 20.65 points or 0.20 per cent at 10,584.70 points.

The barometer 30-scrip Sensitive index (Sensex) of the BSE, which opened at 34,493.69 points, closed at 34,450.77 points — up 35.19 points or 0.10 per cent — from its previous session’s close.

The Sensex touched a high of 34,663.95 points and a low of 34,259.27 during the intra-day trade.

The BSE market breadth was tilted towards the bulls with 1,384 advances and 1,304 declines.

In the broader market segment, the S&P BSE mid-cap index closed higher by 0.49 per cent and the small-cap index inched up by 0.53 per cent.

“It has been a volatile day on the bourses as markets have not been able to hold on to gains, while bears have been unsuccessful in putting a lid on positive sentiment. Benchmark indices opened lower on negative global clues but recovered as the session progressed,” said Abhijeet Dey, Senior Fund Manager-Equities, BNP Paribas Mutual Fund.

“However, unable to hold onto larger gains, both the benchmarks — Sensex and the Nifty — finally closed the day near the flat line.”

HDFC Securities’ Retail Research Head Deepak Jasani said: “Markets ended with modest gains on Monday after a sell-off from the highs curbed the gains. Selling emerged from the highs of 10,638 points (on Nifty50).

“Trading was volatile ahead of derivative expiry this week,” Jasani told IANS.

On the currency front, the Indian rupee weakened by 35 paise on Monday to 66.48 against the US dollar from its previous close at 66.13.

In terms of investments, provisional data with the exchanges showed that foreign institutional investors sold scrip worth Rs 259.08 crore, while the domestic institutional investors purchased stocks worth Rs 387.26 crore.

Sector-wise, the S&P BSE healthcare index rose by 178.18 points, followed by IT which gained 89.92 points and auto stocks which edged up by 83.33 points.

On the other hand, the S&P BSE metal index fell by 133.04 points, FMCG index by 47.57 points and basic materials index by 7.92 points.

In another major market development, IT bellwether Tata Consultancy Services (TCS) on Monday emerged as the first Indian listed company to cross the $100-billion mark in terms of market capitalisation (m-cap).

On closing basis, however, the company’s m-cap stood at Rs 653,767.50 crore or $99.05 billion on the BSE. Share price of the company settled at Rs 3,415.20 each, up 0.26 per cent from the previous close.

The major Sensex gainers on Monday were IndusInd Bank, up 3.40 per cent at Rs 1,875.60; Mahindra and Mahindra, up 2.74 per cent at Rs 822.50; Sun Pharma, up 1.74 per cent at Rs 514.20; Asian Paints, up 1.68 per cent at Rs 1,178.60; and Yes Bank, up 1.49 per cent at Rs 313.05 per share.

The top losers on Sensex were HDFC Bank, down 1.42 per cent at Rs 1,933.05; Tata Motors (DVR), down 1.15 per cent at Rs 188.75; Coal India, down 0.98 per cent at Rs 289.20; Hindustan Unilever, down 0.97 per cent at Rs 1,451.25; and ICICI Bank, down 0.85 per cent at Rs 279.55 per share. (IANS)

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