Market will open on a flat to negative note today as stocks in Asia fell with U.S. equity futures, while the yen and Treasuries climbed, after trade talks ended without a resolution and China said the U.S. must remove all extra tariffs.
Nifty index continued its weakness for the eighth consecutive trading session as every bounce was being sold in the market. It formed a Bearish Candle on daily as well as on the weekly charts which implies that bears are continuously putting pressure at higher levels. Consumer Price Index (CPI) on YoY basis is scheduled to be released on May 13, while inflation data for the month of April is slated to be released May 14, 2019. Trump on Friday ordered his trade chief to begin the process of imposing tariffs on all remaining imports from China, underscoring a lack of progress by US and Chinese negotiators in talks aimed at ending an escalating trade war. India VIX is hovering near 26 signaled volatile sessions ahead.
Major Results Today :
HDFC, ITC.
🎯 News & Impact 🎯
Results Updates :
🎯 Larsen & Toubro (Q4, YoY) :
Revenue up 10 % to Rs.44,934 crore.
Net profit up 8 % to Rs.3,418 crore.
🎯 Eicher Motors (Q4, YoY) :
Revenue down 1.1 % to Rs.2,500.1 crore.
Net profit up 18 % to Rs.544.8 crore.
🎯 Syndicate Bank (Q4, YoY) :
Net interest income up 16.3 % to Rs. 1,952.3 crore.
Net profit at Rs.128 crore versus Net loss at Rs 2,195.1 crore.
Provisions up 3 % to Rs.5,288.4 crore. (Rs 5,444.1 crore QoQ).
Gross NPA at 11.37 % versus 12.54 % (QoQ).
🎯 Avenue Supermarts (Q4, YoY) :
Revenue up 32 % to Rs.5,033 crore.
Net profit up 21.5 % to Rs 203 crore.
🎯 Motilal Oswal Financial Services (Q4, YoY) :
Revenue down 0.9 % to Rs.656.6 crore.
Net profit up 10.5 times to Rs.146.1 crore.
🎯 Jet Airways :
SBI Capital Markets confirmed Etihad bid for Jet Airways.
🎯 UPL :
Company acquired 26.75 % stake in ‘Allfresh’ for Rs 9.24 crore. The target company is engaged in procuring and supplying fresh produce.
🎯 SRF :
Company to sell its engineering plastics division to DSM India (wholly-owned subsidiary of Royal DSM Netherlands) for Rs.320 crore.
🎯 Captain Polyplast :
Inaugurated new manufacturing plant at Kurnool, Andhra Pradesh.
🎯 Larsen & Toubro :
Board approved merger with L&T Shipbuilding Ltd. (a wholly-owned subsidiary).
🎯 Welspun India :
Order sanctioning the scheme of amalgamation of Prasert Multiventure Pvt. Ltd. with company was pronounced by NCLT Ahmedabad Bench.
🎯 Texmaco Rail & Engineering :
Company allotted 47.85 lakh equity shares shareholders of Bright Power Projects in the ratio of 818:100 i.e. 818 fully paid-up equity shares of the Company against every 100 fully paid-up equity shares of Bright Power.
🎯 Adani Green Energy :
Company’s arm commissioned 50 MwAC Solar Power Project in UP, whose PPA is for 25 years. Another arm of Adani Green Energy won bid of setting 250 Mwac wind power project issued by Solar Energy Corporation of India, whose PPA is for 25 years.
Positive for the stock. 👍
🎯 Reliance Industries :
Company intended to close a 330,000 b/d crude unit in India’s Gujarat state for maintenance for two-to-four weeks. The Company will also close some secondary units for maintenance.
🎯 Gail :
Company said that it has accelerated work for Jagdishpur-Haldia & Bokaro—Dhamra Pipeline project and completed awards worth Rs.10,500 crore for line pipe supply and laying.
🎯 PC Jeweller :
Company to demerge its export division to separate company – PCJ Gems & Jewellery Ltd. Export division contributed nearly 28.4 % (Rs 2,690.4 crore) of the revenue in 2017-18.
🎯 Welspun Corp :
NCLT sanctioned the scheme of arrangement between Welspun Pipes and Welspun Corp.
🎯 Shankara Building Products : Company started one new retail store in Bangalore measuring 5,000 square feet. Further, it has decided to close retail stores in Rajkot, Surat, Baroda, Nizamabad, Anakapalli and Sindhanoor.
🎯 Bajaj Consumer Care :
Company promoter Bajaj Resources revoked pledge of 21.94 lakh shares on May 8.
🎯 Adani Transmission :
Company promoter group Gautam Adani revoked pledge of 21.49 lakh shares on May 8.
🎯 Future Retail :
Company promoter Future Corporate Resources created pledge of 1.25 lakh shares on May 8.
🎯 Indiabulls Real Estate :
Promoter released pledge of 3.75 crore equity shares or 8.32 percent equity.
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Edited by Sharp.
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