M&M, Hero MotoCorp, Maruti, Adani Ports and JSW Steel hit 52-week low
Posted on 28th January 2019 |
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Shares of three automobile companies – Mahindra & Mahindra (M&M), Hero MotoCorp and Maruti Suzuki India – along with Adani Ports and Special Economic Zone and nine stocks from the Nifty 50 index Cipla, Coal India, Grasim Industries, JSW Steel and Tata Steel hit their respective 52-week lows on Monday.
Reliance Capital, Reliance Home Finance and Reliance Infrastructure from Anil Ambani-led Reliance Group were among 70 stocks from the Nifty 500 index that touched 52-week lows.
Ashok Leyland, Balkrishna Industries, Bharat Forge, Minda Industries and TVS Motor Company from the automobile and related sector, HDFC Life Insurance, ICICI Prudential Life Insurance and General Insurance Company from insurance and Aditya Birla Capital, Gruh Finance, ICICI Securities, Lakshmi Vilas Bank and TI Financial Services from the financial sector too, hit 52-week lows today.
Maruti Suzuki India (MSIL) hits a fresh 52-week low of Rs 6,318, down 3 per cent in the intra-day trade today. The stock of automobile company slipped 10 per cent in the past two trading days after the company reported 17.2 per cent year-on-year (YoY) decline in net profit at Rs 1,489 crore in December quarter (Q3FY19). Net sales during the quarter under review remained flat at Rs 18,926 crore over the previous year quarter.
The company said the net profit during the quarter was impacted due to adverse commodity prices, foreign exchange rates, higher marketing and sales expenditure and higher costs in resources and capacities which were earlier planned to enable a higher estimated growth. The higher depreciation expense due to the introduction of new models and new engine also dented the profit growth.
Going forward, analysts at Dolat Capital do not foresee volume growth in low double digits for FY20 as of now. MSIL has taken a price hike of 0.7 per cent in January and volume outlook still remains below par. With fixed cost expected to rise as second plant in Gujarat is underway, margin outlook remains subdued. Despite all this, MSIL is the best performing OEM (original equipment manufacturers) in the PV industry and is expected to consolidate its leadership position, the brokerage firm said in result update.
Shares of metal companies were trading under pressure with most of the frontline firms like Tata Steel, Jindal Steel and Power (JSPL), Steel Authority of India (SAIL), JSW Steel, Coal India and Hindustan Zinc hitting their respective 52-week lows on concerns of weak demand.
Metal stocks have de-rated over the last few months on risk-off trade due to uncertainties of a trade war and concerns about slowing demand in China. The earnings growth for metal companies has started moderating.
Nifty Metal index hit a fresh 52-week low of 2,802 today, was down 15 per cent in the past three months. In comparison, the Nifty 50 index was up 6.3 per cent during the same period. |
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Bharti Airtel defers Q2 results till Nov 14 over ambiguity on AGR verdict
Posted on 29th October 2019 |
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Bharti Airtel said on Tuesday it has postponed its second-quarter earnings report to mid-November, as the wireless operator sought clarity on the court ruling asking telecom firms to cough up overdue payments to the government.
Shares of the company, which was expected to release its quarterly numbers later in the day, dropped 3.3 per cent in early trade. |
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Rupee slips 8 paise vs US dollar in early trade amid drop in oil prices
Posted on 7th October 2019 |
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The rupee on Monday opened eight paise lower at 70.96 against the US dollar amid drop in crude oil prices and rise in Asian equities. The domestic unit on Friday closed almost flat at 70.88 against after the Reserve Bank of India (RBI) in a widely expected move cut key interest rates by 0.25 percentage point. On a weekly basis, the local unit slumped by 32 paise. |
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LIC pips private insurers in first-year premium growth during April-August
Posted on 13th September 2019 |
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In the first five months of the current financial year, first-year premiums of life insurance companies grew by 39.84% (year-on-year) at Rs 1.05 lakh crore as compared to Rs 75,588.35 crore in April-August of 2018-19. Life Insurance Corporation of India (LIC) continued to grow at a faster pace compared to private insurance players, shows the data from the Insurance Regulatory and Development Authority of India (Irdai). |
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Apollo Hospitals rules out further stake sale
Posted on 13th September 2019 |
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Apollo Hospitals Enterprise (AHEL) has ruled out further dilution of promoters’ stake in the company. The company also said its Rs 1,337-crore stake sale of Apollo Munich Health Insurance with mortgage major HDFC will be concluded by October. Following these stake sales, the promoters’ pledged position will come down from a high of 76% to 54% by October and eventually to 20% by November or December, company sources said here. |
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World trusts India on Kashmir, not us: Pakistan minister Ijaz Ahmed Shah
Posted on 13th September 2019 |
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In a major embarrassment for Pakistan and its Prime Minister Imran Khan, the country's Interior Minister Ijaz Ahmed Shah, a retired brigadier, said the international community didn't believe Pakistan's narrative on Kashmir; instead it is India whose version is trusted. |
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