The Indian rupee gained in the early trade on Monday. It opened higher by 73 paise at 69.49 per dollar on Monday versus previous close 70.22.
On Friday, rupee consolidated in a narrow range ahead of the release of exit polls that were released last evening. Today, the rupee is expected to open higher against the dollar as exit polls suggest that the current ruling government could win another term with a thumping majority, said Motilal Oswal.
Equities, bonds as well as the rupee all are expected to open higher and could extend gains after the opening. Votes are set to be counted on May 23 and exit polls suggest a better showing for the NDA than what was expected in recent weeks.
Today, USD-INR pair is expected to quote in the range of 69.20 and 69.90, it added.
Markets finally staged a smart come back ahead of the exit polls. Indices witnessed some relief after two weeks of sharp sell-off.
Market participants seem to have ignored global cues i.e. US-China tariff war and rising crude oil prices. Sentiment got a fillip after index heavyweight like Bajaj Finance, Bajaj Finserv and Dr Reddy’s Labs announced their quarterly earnings which beat market expectations, while IOC and Bajaj Auto results were in-line with estimates. However, Hindalco’s number turned out to be below expectations.
Meanwhile, India’s wholesale inflation eased in the month of April mainly on account of cheaper fuel and manufactured items. The Wholesale Price Index stood at 3.07% in April, down from 3.18% in the previous month and 3.62% in April 2018.
Sector wise, FMCG index rose by 2%, Nifty Bank gained by 1.4%, MNC index gained by 1.3%, Realty index gained by half a percent and Energy index edged higher by 0.3%. On the other hand, Pharma index plunged by 5.5%, Metals index declined by 2.2%, Midcap 100 index fell by 1%, Infrastructure and IT index slipped by 0.6%, Nifty Auto index ended with marginal losses.
Traders and investors are likely to remain on the tenterhooks as the seventh and final phase of polling in the Lok Sabha elections will be held on May 19, i.e. on Sunday coupled with exit poll results of the general election.
Indigo in its filing to the exchanges clarified on news reports that stated “IndiGo promoters Bhatia, Gangwal differ over airline’s control, performance.”
“With regard to the aforesaid news, please note that the Company is not in a position to comment on such news as it relates to the promoters of the company,” the airline said in a press note after markets hours to the exchanges on Thursday.
As per reports, among the issues are clauses in the shareholders’ agreement and differences between the two founders – Rahul Bhatia and Rakesh Gangwal – over strategies and ambitions for the airline. The report further stated that Legal firms Khaitan & Co and J Sagar Associates are helping the founders resolve the problems.
Reports further added that the two founders, who are allegedly grappling over the managerial control of IndiGo, have approached different law firms.
Interglobe Aviation Ltd’s share price ended at Rs1,466.60, down by Rs141.95 or 8.82%, from its previous close of Rs1,608.55 on the BSE.
The scrip opened at Rs1,580 and touched a high and low of Rs1,580 and Rs1,450.50, respectively. A total of, 3,73,907 (NSE+BSE) shares have traded on the counter. The current market cap of the company is Rs56,377.11cr.
Manappuram Finance Ltd reported a full year consolidated profit after tax of Rs919.87cr, a sharp increase of 36% over the previous year. The company’s consolidated net profit for the fourth quarter ended March 31, 2019, stood at Rs255.59cr compared to Rs179.05cr booked in Q4 of the preceding year.
The company’s operating income for the year stood at Rs4,116cr, up by 20.33% over the previous year’s figure of Rs3,421cr. Profit before tax (PBT) for the fourth quarter was reported at Rs380cr as against Rs276cr in the corresponding quarter last year. The PBT for the full year increased by 37.65% to Rs1,427cr from Rs1,037cr in the previous fiscal.
The Board of Directors, which met at Valapad (Thrissur) to consider the results, approved payment of an interim dividend of Rs0.55 per share of the face value of Rs2. Accordingly, the total dividend for the year amounts to Rs2.20 per share.
Gold steadied on Wednesday after retreating from a one-month peak in the previous session as Washington and Beijing decided to further their discussions on trade, soothing investor concerns around a full-blown trade war.
– Spot gold was steady at $1,297.45 per ounce at 0136 GMT.
– U.S. gold futures were also steady at $1,298 an ounce.
– U.S. President Donald Trump on Tuesday called the trade war with China “a little squabble” and insisted talks between the world’s two largest economies had not collapsed, as investors remained on guard for a further escalation of tit-for-tat tariffs.
– Meanwhile on Tuesday, the Chinese government also confirmed that the two countries have agreed to keep talking about their trade dispute.
– The dollar was also firm early in Asia on Wednesday, while the Australian dollar brushed a fresh more than four-month low as traders eyed Chinese and European data for evidence that the worst may be over for the global economy.
– In the previous session, both U.S. and European stocks were lifted by Trump downplaying his trade war with China, a day after a spike in tensions between the world’s two largest economies rattled financial markets.
Karnataka Bank posted an all-time high annual net profit of Rs477.24cr for the FY19, with a growth rate of 46.57%. The previous highest net profit of Rs452.26cr was posted during the year 2016-17.
The Non-Performing Assets (NPA) also moderated. The GNPA [Gross Non-Performing Assets] of the Bank declined to 4.41% as of March 31, 2019, from 4.92% as on March 31, 2018. Similarly, the NNPA (Net Non-Performing Assets) also moderated to 2.95% from 2.96% as on March 31, 2018.
The business turnover of the Bank has touched Rs1.23 lakh cr as on March 31, 2019, registering a growth rate of 11.95% on yoy basis. The deposits of the Bank grew from Rs62,871cr to Rs68,452cr with a growth rate of 8.88% and advances grew from Rs47,252cr to Rs54,828cr with a growth rate of 16.03%. The CASA deposits grew at a rate of 9.15% and reached a level of 28.06% of total deposits as on March 31, 2019, as against 27.98% as on March 31, 2018.
Markets extended losing streak to second consecutive week as Nifty lost 3.7% in the last five days. Trade tensions between the US & China, global growth concerns and mixed quarterly earnings dragged the markets lower. Market participants turn jittery as we get closer to the Elections verdict, which is scheduled on May 23, 2019. Index heavyweight Reliance Industries was the top laggard as the oil major plunged over 11% losing over Rs1 lakh cr in market capitalisation this week.
The sentiment was hit after top index constituents like SBI, ICICI Bank and Asian paints came out with below expectation quarterly earnings, while the results of Titan, Hindustan Unilever and Marico were in-line with estimates. On the other hand, HCL Tech, Bharti Airtel and Vedanta’s numbers were better than expected.
The India VIX shot up by 10% during the week. Sector-wise, the Energy index plunged by 7%, Metals index slipped by 6.7%, Media index declined by 5.5%, Realty index declined by 4.3%, Auto index declined by 3.5%, Bank Nifty slipped by 3%, Infrastructure index slipped by 3%, FMCG index was down by 1.3% and IT index was down by 0.9%.
The stock is currently trading in a lower top lower bottom chart structure, indicating a negative bias. Tracking the monthly chart, the stock is on a verge of giving a bearish head & shoulder pattern breakdown. Tracking the momentum indicator, it is showing a weak strength on MACD Histogram. On the derivative front, the stock has added short positions since the start of the May F&O series, which further accentuate our bearish stance.
Buy or Sell
Oriental Bank of Commerce
The stock has given a strong recovery from its recent low by taking a support around 61.8% retracement level from its previous up-move. Tracking the weekly chart, the stock has formed a bullish Hammer candlestick pattern, indicating a start of next impulse up-move. Tracking the daily chart, the stock has given a falling trend-line breakout, indicating a continued upward momentum going forward.
Voltas, the market leader in air conditioning and engineering services provider from the Tata Group announced its Q4FY19 and FY19 results on May 09, 2019. The company’s consolidated total income for Q4FY19 was at Rs2,120cr vs. Rs2,092cr in the corresponding quarter last year.
The consolidated total income for the quarter ended March 31, 2019 was at Rs2,120 crores as compared to Rs2,092 crores in the corresponding quarter last year. Profit before share of profit / (loss) of joint ventures and associates and exceptional items was at Rs185cr vs. Rs287cr last year. Further, PAT came in at Rs142cr as compared to Rs194cr last year.
The consolidated total income for the year ended March 31, 2019 was higher by 11% yoy at Rs7,310cr vs. Rs6,602cr in the corresponding period last year. Profit before share of profit / (loss) of joint ventures and associates and exceptional items was at Rs741cr vs. Rs801cr last year. For FY19, PAT came in at Rs514cr as compared to Rs578cr last yeaSHARE MARKET
Shares of Titan gained 1% on Thursday after the company reported Q4FY19 numbers, which were largely in line with expectations.
Titan Company Ltd’s revenue grew by 19% yoy and declined 16.7% qoq to Rs4,889cr. EBITDA came in at Rs449cr, up 3% yoy and down 24.1% qoq. EBITDA margin contracted by 143bps yoy and 89bps qoq to 9.17%. Company’s adjusted Net profit stood at Rs354cr, up 12.2% yoy and down 14.4% qoq. The company’s net profit came in-line with an expectation of RsRs365cr.
Titan Company Ltd’s share price is currently at Rs1,097.25, up by Rs8.9 or 0.82%, from its previous close of Rs1,088.35 on the BSE.
The scrip opened at Rs1,097.40 and has touched a high and low of Rs1,109.90 and Rs1,089.65, respectively. So far, 15,19,033 (NSE+BSE) shares have been traded on the counter. The current market cap of the company is Rs96,622.21cr.