Dear Customer,
Markets always tend to be interesting with something or the other happening all the time. Our Morning Mantra is released before the opening bell and it includes the market commentary along with Corporate & Global news for the day.
- U.S. stocks rebounded from early losses, ending Monday’s lightly traded session in positive territory after investors put more weight on strong housing data than a dismal manufacturing report for the New York region.
| Dow Jones |
17545.2
|
+67.8
|
+0.39%
|
| Dow Futures |
17518.0
|
+14.0
|
+0.08%
|
| Hangseng |
23815.0
|
+0.3
|
+0.00%
|
| Nikkie |
20574.2
|
-46.1
|
-0.22%
|
| SGX Nifty |
8505.5
|
+21.5
|
+0.25%
|
- Most Asian stocks advanced, with the regional benchmark index holding near a seven-month low, following gains in U.S. equities as strong homebuilder data added to signs the world’s biggest economy is improving.
- Market is expected to open on positive note and likely to witness positive move during the day.
- Moody’d revises India GDP growth view down at about 7%. Projections were revised from its earlier estimates for 2015 growth at 7.5%. Maintains forecast that India GDP will rise by 7.5% in 2016.
- The rainfall shortage is about 10% of now. The deficit is expected to widen further to 12% by the end of the season IMD.
- Cipla has emerged as the sole Indian contender for Kremers Urban Pharmaceuticals Inc, the specialty generics drug business of the $4 billion Belgian drug maker UCB.
- Government has decided to challenge the decisions of the Madras and Delhi High Courts allowing Kalanithi Maran promotedSun Group to participate in the FM radio phase-III auction.
- Birla Corp ownership disputes between Birlas and Lodhas may create hurdles for buyout of Lafarge India units.
- Mahindra & Mahindra has received shareholders' approval to raise up to Rs 5,000 cr through issuance of securities on private placement basis in domestic and/or international markets.
- To cater to the North American market, Eicher Motors Ltd, Royal Enfield has set up a direct distribution subsidiary in the US, its first outside India.
- Adani Ports and the Kerala government have signed an MoU for the proposed Rs 7,525-cr Vizhinjam deep sea international terminal and port, 25 years after the project was first mooted.
- Reliance Communications has short-listed bidders that have sought to acquire up to 100 per cent stake in its tower subsidiary Reliance Infratel.
- Nestle India Ltd India's food regulator isn't likely to appeal against the Bombay High Court decision setting aside the ban on Maggi noodles, thus allowing the process stipulated by the division bench to proceed.
- Hero Moto Corp stepped up R&D spending by nearly six times in fiscal 2015. The bikes such as the Karizma and the Splendor range spent Rs 723 cr on R&D in the FY2016, compared with Rs 127 cr in FY5.
- Triveni Turbine (Inst): Triveni Turbine (TTL) reported 1QFY16 revenue of Rs1.2bn, flat on YoY basis and 10% below our estimate of Rs1.4bn. Revenue miss was because of lower number of turbines slated for despatch during the quarter based on delivery schedule in the order book. However, the management is optimistic of TTL posting revenue growth rate in FY16 similar to FY15 (~25%). Raw material costs, as a percentage of sales, fell 410bps YoY, leading to a sharp expansion in gross margin to 45.9% in 1QFY16 versus 41.7% YoY. Higher other expenses at Rs171mn (up 59% YoY) and lower revenue booking led to soft EBITDA/PAT at Rs202mn/Rs144mn compared to our estimate of Rs262mn/Rs171mn, respectively. Order inflow was healthy at Rs1.8bn, up 23% YoY, driven by improvement in domestic market. While the GE-TTL joint venture (JV) did not register any order wins during the quarter, it received LoI (Letter of Intent) for five turbines - to be booked in 2QFY16 - thereby exceeding total order inflow registered by GE-TTL last year (two turbines worth Rs700mn). We remain positive on TTL’s business scalability and strong financial health and have therefore retained Buy rating on it with a target price of Rs140 based on 26xFY17E earnings.
Results Announced
|
|
|
|
No comments:
Post a Comment