RIL Cons PAT at Rs 9,108 cr; Wipro Q1 net profit declines 8% QoQ
Globally, stock markets are on a high mainly on strong US corporate earnings, but Nifty outlook for the day is muted. The domestic market bounced back on Wednesday on short covering and requires fresh buying to emerge and lift the indices higher. Watch this space as we bring you LIVE updates of the proceedings from Dalal Street.
1 New Update
06:19:59 PM IST, 20 July 2017
RIL REPORTS 8.6% RISE IN Q1 NET PROFIT AT Rs 8,196 CR
Reliance Industries, India’s most valued company, on Thursday reported an 8.6 per cent year-on-year jump in standalone net profit at Rs 8,196 crore for June quarter, compared with Rs 7,548 crore posted for the corresponding quarter last year. On consolidated basis, profit (attributable to owners) came in at Rs 9,108 crore for the June quarter, compared with Rs 7,113 crore in the same quarter last year. Consolidated sales came in at Rs 90,537 crore, compared with Rs 71451 crore in the year-ago quarter.
05:23:34 PM IST, 20 July 2017
WIPRO ANNOUNCES RS 11,000 CRORE SHARE BUYBACK
The IT major said the company's board has approved a proposal for up to 343.75 million share buyback at Rs 320 per share, aggregating Rs 11,000 crore. This was the second straight year of buyback announcement by Wipro.
05:02:50 PM IST, 20 July 2017
Wipro Q1
IT services revenue at Rs 11,152.8 cr vs Rs 11,220 cr QoQ. IT services EBIT at Rs 2,191.6 cr vs Rs 2,526 cr QoQ
05:01:53 PM IST, 20 July 2017
Wipro Q1
Consolidated PAT at Rs 2,080 crore
04:41:32 PM IST, 20 July 2017
HEARD ON D-STREET
Ahead of quarterly results of oil-to-telecom behemoth Reliance Industries (RIL), company’s subsidiary Reliance Jio on Thursday announced that it will sell shares though rights issue to raise Rs 20,000 crore.
04:06:49 PM IST, 20 July 2017
WIPRO TO RELEASE Q1 RESULTS TODAY
Wipro, India's third largest IT firm by revenue, is slated to announce its financial results for the first quarter of FY18 ended June 30, 2017. The IT firm is expected to report flattish numbers with net profit seen rising a 1.6 per cent QoQ at Rs 2,124.90 crore in June quarter from Rs 2,090 crore for March quarter.
04:05:00 PM IST, 20 July 2017
RIL Q1 NET LIKELY TO RISE 9.1%, FOCUS ON JIO
The standalone net profit of RIL is likely to see growth for the tenth consecutive quarter. A higher profitability of petrochemicals segment may offset the softness in the gross refining margin (GRM). RIL’s standalone and consolidated profits are expected to be Rs 8,119 crore and Rs 7,764 crore, respectively.
03:35:20 PM IST, 20 July 2017
CLOSING BELL: SENSEX DROPS 50 PTS, NIFTY ENDS BELOW 9,900
Sensex erases gains, ends 51 pts lower; Nifty below 9900; sugar stocks rally up to 10%.
03:20:12 PM IST, 20 July 2017
WHY YOU SHOULD PROUD AS INVESTOR
Within financial savings, on an average bank and non-bank deposits, currency, provident fund, pension, small savings put together account for 78 per cent, insurance funds 18 per cent and shares and debentures only 4 per cent!
02:27:29 PM IST, 20 July 2017
ATLAS HITS 5% UPPER CIRCUIT LIMIT
Shares of Atlas Cycles (Haryana) locked in upper circuit of 5 per cent at Rs 375.05 on Thursday after the company informed bourses that a meeting of the board will held on August 4 to consider and approve sub-division of the equity shares of the company.
02:23:41 PM IST, 20 July 2017
OVER 50 STOCKS HIT FRESH 52-WEEK HIGH
Over 50 stocks including Hilton Metal, Graphite India, Nila Infra, Eastern Silk, Super Spinning, Uttam Sugar Mill, Mangalam Cement, Godrej Ind, L&T Fin Holding and Merck hit their fresh 52-week high on NSE in Thursday's trade.
01:53:54 PM IST, 20 July 2017
IT STOCKS DROP UP TO 3%
Shares of MindTree (down 3.05 per cent) emerged as the top loser in the Nifty IT index in Thursday's trade after it disclosed a lower than expected revenue growth on Wednesday due to the weak performance of one of its acquired entities Bluefin solutions.
01:16:13 PM IST, 20 July 2017
Q1 PREVIEW: WIPRO LIKELY TO REPORT 1.6% QoQ RISE IN NET
The IT firm is expected to report flattish numbers with net profit seen rising a 1.6 per cent QoQ at Rs 2,124.90 crore in June quarter from Rs 2,090 crore for March quarter. Brokerage firm IDBI Capital forecasts its IT services revenue to decline by 1.5% QoQ in constant currency terms within its guidance band of -2% to 0% growth. It factors cross currency tailwind of nearly 60 basis points.
01:15:17 PM IST, 20 July 2017
BAJAJ AUTO REPORTS DROP IN Q1 PROFITS
Profit was 9.24 billion rupees ($143.48 million) in the first quarter ended June 30, compared with 9.78 billion rupees a year earlier, the country's fourth largest automaker by market capitalisation said. Analysts on average had expected a profit of 9.05 billion rupees, according to Thomson Reuters data.
01:02:07 PM IST, 20 July 2017
Q1 SHAREHOLDING: PORINJU CUTS STAKE IN IZMO
Porinju Veliyath kept his stake constant in Emkay Global Financial Services and Balkrishna Paper at 1.06 per cent and 1.02 per cent for the quarter ended June 30, 2017. However, he reduced its stake in IZMO to 1.18 per cent from 1.23 per cent as of March 31, 2017.
12:34:56 PM IST, 20 July 2017
ASHISH KACHOLIA'S Q1 PICKS
The well-known stock picker increased stake in NOCIL (from 2.82 per cent as of March 2017 to 3.13 per cent as of June 2017), followed by Aptech and Mold-Teck Pack. On the other hand, he reduced his stake in GHCL, KEI Industries and Shreyas Shipping.
12:32:45 PM IST, 20 July 2017
KOTAK MAHINDRA BANK TRADES FLAT POST Q1 MISS
Shares of Kotak Mahindra Bank were off day's high of Rs 1,016.40. The stock was trading 0.3 per cent higher at Rs 997.60. The lender on Thursday reported a 23 per cent year-on-year rise in standalone net profit at Rs 912.73 crore for the June quarter, compared with Rs 975 crore estimated by analysts in an ET Now poll. The lender had reported Rs 741.97 crore-profit in the corresponding quarter of last year.
12:03:12 PM IST, 20 July 2017
Q1 EARNINGS PREVIEW: RIL PAT SEEN 9.1% HIGHER
RIL’s standalone and consolidated profits are expected to be Rs 8,119 crore and Rs 7,764 crore, respectively, a gain of 7.6% and 9.1% year-on-year, according to Bloomberg consensus estimates. The company will announce its quarterly results on July 20.
11:42:06 AM IST, 20 July 2017
CANARA BANK TANKS 4% ON POOR Q1 NUMBERS
Shares of Canara Bank plunged over 4 per cent in Thursday's trade after it reported results for the June quarter, which fell short of Rs 310 crore profit estimated by analysts in an ET Now poll. The company reported 9.89 per cent year-on-year rise in profit after tax (PAT) at Rs 251.60 crore.
11:38:38 AM IST, 20 July 2017
BAJAJ FINANCE GAINS 2% ON GS' TARGET UPGRADE
Shares of Bajaj Finance advanced nearly 2 per cent in Thurday's trade after leading brokerages such as Goldman Sachs and Deutsche Bank raised the company's target prices. Following the development, the stock advanced 1.92 per cent to Rs 1,572.65 on BSE. It opened at Rs 1,555 and touched an intraday high and low of Rs 1,591.75 and Rs 1,549 respectively, in the morning deals.
10:10:09 AM IST, 20 July 2017
JUST DIAL RINGS ON BUYBACK PROPOSAL
Shares of Just Dial advanced over 5 per cent in early trade after the company informed bourses that the board will consider buyback of shares on July 24. The scrip was trading 5.66 per cent up at Rs 374.50 around 10 am (IST). Shares of the local search engine provider opened at Rs 367.30 and touched a high and low of Rs 375 and Rs 364, respectively, in trade so far. Benchmark BSE Sensex was up 30 points, or 0.09 per cent, up at 31,985.
10:09:28 AM IST, 20 July 2017
ONGC CLIMBS 3% AS CABINET OKAYS HPCL'S TAKEOVER
Shares of HPCL dropped over 5 per cent while those of ONGC climbed a 3 per cent in Thursday’s trade after the Cabinet gave an in-principle approval to sell the government’s entire 51.11 per cent stake in the former to latter, in a bid to create a state-run integrated oil major that can compete with private and foreign players. Following the announcement, HPCL tumbled 5.01 per cent to hit a low of Rs 364.75 on BSE. ONGC rose 2.91 per cent to Rs 167.80.
09:24:10 AM IST, 20 July 2017
OPENING BELL: NIFTY ABOVE 9,900; HPCL TANKS 3%
OPENING BELL: Sensex reclaims 32K; Nifty50 above 9,900; HPCL tanks 3%, Just Dial up 4%.
09:12:42 AM IST, 20 July 2017
GS, DEUTSCHE RAISE PRICE TARGET FOR BAJAJ FINANCE
Goldman Sachs has raised Bajaj Finance’s price target to Rs 1,700 from Rs 1,559 earlier. Deutsche Bank also has raised the price target for the stock to Rs 1,270 from Rs 1,120 earlier. The NBFC reported 42 per cent YoY jump in June quarter net profit at Rs 602 crore from Rs 424 crore in the same period a year ago.
09:07:51 AM IST, 20 July 2017
MINDTREE SEES TARGET CUT AFTER Q1 NUMBERS
Deutsche Bank has cut Mindtree’s price target to Rs 370 from Rs 390 earlier. Credit Suisse has slashed Mindtree’s price target to Rs 440 from Rs 450 earlier. Citi has reduced Mindtree’s price target to Rs 425 from Rs 430 earlier.
09:03:51 AM IST, 20 July 2017
RIL Q1 NUMBERS TODAY
RIL's standalone and consolidated profits are expected to be Rs 8,119 crore and Rs 7,764 crore, respectively, a gain of 7.6 per cent and 9.1 per cent year-on-year, according to Bloomberg consensus estimates. RIL's stock has outperformed the Nifty and S&P BSE Oil & Gas by 3% and 14%, respectively , in the past three months.
09:03:12 AM IST, 20 July 2017
PRE-OPEN SESSION: SENSEX RECLAIMS 32K
Sensex reclaims 32,000, Nifty50 above 9,850; ONGC surges 10%; rupee trades at 64.34 against the US dollar.
08:57:33 AM IST, 20 July 2017
BOJ MAINTAINS STATUS QUO ON POLICY RATE
Bank of Japan (BoJ) in its policy review on Thursday maintained policy rate at minus 0.1 per cent. The central bank believes that there may be some delays in achieving 2 per cent inflation target. It sees achieving the same by FY19.
08:37:38 AM IST, 20 July 2017
SIGNAL FROM SINGAPORE
SGX Nifty was down 8 points, or 0.08 per cent, at 9,919.50 around 8.35 am (IST), indicating a flat to negative start for NSE Nifty index.
09:13:25 AM IST, 20 July 2017
ASIAN MARKETS AT DECADE HIGH
Asian shares scaled near-decade peak on Thursday, Reuters reported. MSCI's broadest index of Asia-Pacific shares outside Japan added 0.15 per cent, hovering near its highest level since December 2007. Japan’s Nikkei gained 0.1 per cent. Australian stocks rose 0.3 per cent and South Korea’s KOSPI 0.15 per cent.
08:36:23 AM IST, 20 July 2017
NIFTY TECHNICAL CHARTS
On a daily chart, the index formed a Strong Bull Candle on Wednesday. But that may mean nothing if the index could not get past the strong resistance at 9,920, 9,930 levels in the coming sessions. Only a breach of that range on a closing basis could pave the way for the 10,000 level, they said.
08:35:24 AM IST, 20 July 2017
US STOCKS AT RECORD HIGH
Major US stock indices closed at record highs on Wednesday helped partly by technology stocks, which surpassed a long-standing mark, despite gains on the Dow being capped by a sharp drop in IBM shares. The S&P500 rose 0.54 per cent to close at 2,473, a record. The Nasdaq advanced 0.64 per cent to 6,385, while the Dow rose 66 points to 21,640.
08:34:55 AM IST, 20 July 2017
SENSEX ON WEDNESDAY
The 30-share pack, which opened at 31,882 against the previous close of 31,710, hit an intraday high and low of 31,978 and 31,793, respectively, during the session. The Nifty index reclaimed the crucial 9,900 mark in the last hour of trade. However, it closed at 9,899 with 41 components ending in the green and rest in the red.
08:32:46 AM IST, 20 July 2017
Good morning, dear reader! Here’s something to kickstart your trading day
