Axis Bank May See 2-Fold Increase In Q1 Profit, Double Digit Growth In Loan Book

Axis Bank India's fourth-largest private sector lender by market capitalisation, is expected to report healthy numbers for June quarter on July 30. The earnings result will be closely watched by the Dalal Street especially after its closest peer ICICI Bank reported better-than-expected earnings on all fronts.

Most brokerages expect more than two-fold increase in its Q1FY20 profit on lower provisioning and stable operational income YoY. They also expect double-digit growth in NII and the loan book, compared to year-ago, with stable asset quality.

"Traction in advances is seen improving 15 percent YoY led by a focus on high yielding retail and MSME loans.

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The Sensex Is Up 28.17 Points At 38,059.30, While Nifty Is Up 10 Points At 11,356.20

The Sensex is up 28.17 points at 38,059.30, while Nifty is up 10 points at 11,356.20. About 415 shares have advanced, 313 shares declined, and 34 shares are unchanged.

Eicher Motors, Hero Motocorp, Axis Bank, Asian Paints, Titan, Cipla, Voltas, Bosch and Bharti Airtel are among major gainers on the indices in the early trade, while losers are Yes Bank, DHFL, Zee Entertainment, HDFC, HDFC Bank, Indiabulls Housing, IOC, Tech Mahindra, IOC and Bajaj Auto.

Except auto and metal all other sectoral indices are trading with marginal gains led by IT, pharma, FMCG and infra.

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Benchmark Indices Started Off Trade On A Positive Note With The Sensex Rising 106.09 Points

Benchmark indices started off trade on a positive note with the Sensex rising 106.09 points to 39,003.55 and the Nifty50 climbing 34.10 points to 11,631 following strong trade in other Asian markets on hope of more easing from Federal Reserve in upcoming policy meeting.

Net profit in quarter ended June 2019 grew by 39.5 percent to Rs 455.7 crore and revenue increased 7.8 percent to Rs 4,149.8 crore compared to year-ago period.

"Indian markets are expected to open in the green on the back of positive global cues. Going ahead, key monitorable for the markets include earnings traction and global news flows," ICICI Direct said.

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Kotak Institutional Equities Maintained Buy Call On ICICI Bank

Kotak Institutional Equities maintained buy call on ICICI Bank and raised price target to Rs 510 from Rs 460 apiece as balance sheet is getting stronger and valuation is inexpensive.

"Business is back on track to deliver normalised levels of return on equities by FY20-21," the brokerage said, adding there’s negligible risk in the corporate portfolio.

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Shares Of Optical Fiber Cable Manufacturer Himachal Futuristic Communications

Shares of optical fiber cable manufacturer Himachal Futuristic Communications rallied 10 percent intraday after reporting healthy earnings growth in June quarter.

Its profit in June quarter increased 148 percent year-on-year to Rs 117 crore driven by strong revenue mix and operating performance.

Revenue grew by 23 percent to Rs 1,343 crore in quarter ended June 2019, against Rs 1,088 crore reported in same period last year.

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Dabur India To Sell With A Target Price Of Rs 334, Implying 16.66 Percent

Goldman downgraded Dabur India to sell with a target price of Rs 334, implying 16.66 percent potential downside from current levels as key segments seeing competition is main reason to sell.

"Juices, Hair Care & Oral Care are seeing heightened competition. We see resurging of price-led competition in the low-unit hair oil packs," the brokerage said, adding oral care is seeing a resurgence of competition from Colgate.

Goldman sees challenges to consumption growth due to slowdown in agri and rural wages. Dabur has amongst the highest exposure to rural India for its domestic business.

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Yes Bank Shares Plunged 9 Percent And IndusInd Bank Tanked 6 Percent Intraday

Yes Bank shares plunged 9 percent and IndusInd Bank tanked 6 percent intraday after global brokerage house UBS slashed price target sharply by 47 percent and 18 percent respectively, citing weak earnings going ahead.

UBS downgraded IndusInd Bank to sell and cut price target to Rs 1,400 from Rs 1,700 earlier while in case of Yes Bank, the brokerage maintained sell rating and slashed target to Rs 90 from Rs 170 apiece, but favoured Axis Bank & ICICI Bank.

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Asian Stocks Tracked Wall Street Losses On Thursday

Asian stocks tracked Wall Street losses on Thursday as rhetoric from Beijing and Washington over trade matters kept alive investor concerns about the tariff war's impact on global economic growth.

US stocks fell on Wednesday, with the S&P 500 and Nasdaq closing just above key support levels, as worries that a lengthy US-China trade war would crimp global growth pushed investors into the safety of government bonds.

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Maruti Suzuki To Harnesses Solar Power For Manufacturing Of Cars

Maruti Suzuki to harnesses Solar Power for manufacturing of cars:
The company recently laid the foundation stone for a 5 MW Solar Power plant at the Gurugram facility. The captive solar power plant is expected to be commissioned in FY 2019-20.

ICICI Lombard General Insurance Company shares gained 2.77 percent on May 29 after a media report indicated that global private equity player Warburg Pincus is exploring a stake sale in the company.

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Benchmark Indices Opened Lower On May 29 With Nifty Around 11,900 Level

Benchmark indices opened lower on May 29 with Nifty around 11,900 level.

The Sensex is down 47.14 points at 39702.59, while Nifty is down 11.50 points at 11917.30. About 418 shares have advanced, 418 shares declined, and 29 shares are unchanged.

Zee Entertainment, Vedanta, Bharti Airtel, ICICI Bank, SBI and UltraTech Cement are among major losers on the Indices in the opening trade, while gainers are HDFC, TCS, Gail, Eicher Motors, HDFC Bank and L&T.

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It Is A Flat Start For The Indian Indices On May 28

It is a flat start for the Indian indices on May 28.

The Sensex is up 38.88 points at 39722.17, while Nifty is up 16.60 points at 11941.40. About 633 shares have advanced, 272 shares declined, and 45 shares are unchanged.

Yes Bank, Gail India, Adani Port, Zee Entertainment, Coal India, Asian Paints, SBI and Kotak Mahindra Bank are some of major gainers in the early trade, while losers are Emami, HPCL and IOC.

Among sectors, FMCG and PSU bank index are under pressure, while buying seen in the metal, auto, infra and pharma.

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Shares Of Lupin Declined 5.5 Percent In The Early Trade On Monday

Shares of Lupin declined 5.5 percent in the early trade on Monday after USFDA classified the inspection as official action indicated.

The company has received a communication from the USFDA classifying the inspection conducted at its Goa facility between January 28 to February 8, 2019 as OAI, company said in release.

Glenmark Pharmaceuticals receives ANDA approval for Aspirin and extended-release Dipyridamole capsules, 25 mg/200 mg.

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Sun TV Network Shares Fell 6.5 Percent On May 24 After Company Reported

Sun TV Network shares fell 6.5 percent on May 24 after company reported weakear-than-expected operating results in January-March quarter due to TRAI's new regime. Brokerage houses slashed price target.

Share price of Jet Airways tanked over 8 percent after reports stated that Hinduja Group and Etihad Airways have failed to strike a deal to buy a stake in the cash-strapped airlines.

After election results, Anand Rathi, Chairman of Anand Rathi Group said, "Return of Modi/NDA government at the Centre is very positive for the country and its economy and people. This government has done far reaching reforms in their present tenure particularly introduction of GST, Bankruptcy law, Jan Dhan Yojana and number of welfare schemes for poor people, particularly for women, though it has not achieved its target for employment and investments in the economy."

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It Is A Positive Start For The Indian Indices On May 24 After Election 2019 Results

It is a positive start for the Indian indices on May 24 after Election 2019 results gave clear mandate to the BJP led NDA government.

The Sensex is up 348.76 points at 39,160.15, while Nifty is up 114.40 points at 11771.40. About 464 shares have advanced, 124 shares declined, and 20 shares are unchanged.

HDFC Bank, IOC, HPCL ,BPCL, Yes Bank, Kotak Mahindra Bank, Yes Bank, IndusInd Bank, L&T, Asian Paints, Axis Bank, RIL, Bajaj Finance are the major gainers on the indices, while losers are ONGC, Bharti Infratel, Bajaj Auto, Tech Mahindra and HCL Tech.

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The Sensex Is Up 104.58 Points At 39457.25, While Nifty Is Up 28.80 Points At 11857.10

The Sensex is up 104.58 points at 39457.25, while Nifty is up 28.80 points at 11857.10. About 534 shares have advanced, 266 shares declined, and 64 shares are unchanged.

Adani Port, Dr Reddy's Lab, HDFC, RIL, Coal India and Bharti Infra are among major gainers on the indices, while losers are Tata Motors, BPCL, Tech Mahindra, HCL Tech, Infosys, Sun Pharma, TCS, Jindal Stainless, Astral Poly, Dhampur Sugar and Phillip Carbon.

Among the sectors, except IT all other sectoral indices are trading higher led by pharma, bank, metal, energy and FMCG.

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Adani Green Adds 3% After Promoters Offer To Sell Stake

Shares of Adani Green rallied nearly 3 percent intraday on May 21 after the promoters decided to offer up to 5.59 percent stake via Offer for Sale.

The company in its BSE release said that two promoters, Adani Tradeline LLP and Universal Trade and Investment, would together offer 8.75 crore shares at an offer price of Rs 43 per piece.

The share touched its 52-week high of Rs 77.60 and 52-week low of Rs 22.75 on 7 August 2018 and 2 July 2018, respectively.

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Tata Motors Slips 3% On Dismal Q4 Numbers; CLSA Maintains Sell

Shares of Tata Motors declined 3.6 percent in the early trade on May 21 after company reported weak set of numbers for the quarter ended March 2019.

The company has reported a 49 percent fall in its consolidated net profit at Rs 1,108 crore. The company had reported a profit of Rs 2,175 crore in a year ago period.

Revenue of the company declined to Rs 86,422 crore against Rs 89,928.97.

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Wall Street Ends Higher: US Stocks Rebounded From Early Losses On Friday

Wall Street ends higher: US stocks rebounded from early losses on Friday to snap a four-day losing streak after US President Donald Trump and Treasury Secretary Steven Mnuchin said trade talks between the United States and China were “constructive.”

Trends on SGX Nifty indicate a negative start for the broader index in India, a fall of 33 points or 0.29 percent. Nifty futures were trading around 11,250.50-level on the Singaporean Exchange.

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Motilal Oswal Has Maintained Its 'neutral' Stance On Mindtree

Motilal Oswal has maintained its 'neutral' stance on Mindtree after the company posted its Q4 results. The brokerage has set the target price at Rs 1,000 for the stock.

"Our revenue/earnings estimates are largely unchanged after the results. Over FY19-21, we expect USD revenue CAGR of 12.4 percent and earnings CAGR of 17 percent. MTCL trades at 18.4/15.5x FY20/21E earnings. Our TP of Rs 1,000 discounts forward earnings by 16x and implies an upside of 3 percent," it said.

However, Prabhudas Lilladher has advised to 'REDUCE' the stock with a target price at Rs 873. It added that weakening TCV may narrow Mindtree's growth multiple.

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Benchmark Indices Are Trading Higher In The Pre-Opening Session

Benchmark indices are trading higher in the pre-opening session.

The Sensex is up 29.29 points or 0.08% at 38906.41, and the Nifty up 28.50 points or 0.24% at 11672.50.

Indiabullls Housing, Hero Motocorp, Titan, UltraTech Cement, L&T, Vedanta, Bharti Airtel, SRF, Godrej Agrovet are among major gainer, while losers are Wipro, HCL Tech, Zee Entertainment, UPL, BPCL, JSW Steel and Tata Steel.

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