Equity Research Report Ways2Capital 27 Nov 2017

Nifty futures and bank nifty future market closed at 10366./ 25770. according to technical analysis

Nifty futures and bank nifty future market closed at 10366./ 25770. according to technical analysis if nifty futures and bank nifty future moves up-word in upcoming treading sessions then 10400/ 25800 will be next resistance level, if it break this level then nifty futures and bank nifty future can touch 10530 / 26000 level . it will be hard resistance. meanwhile in reveres there is support on 10300/ 25650 for nifty futures and bank nifty future after breaking this support with volume there is big support for nifty futures and bank nifty future on 10100/25000

Standalone Results Q4FY17: (Rs. in crore)
Q2FY18 YOY( %)

REVENUE 3142 2.40
EBITDA 317 14.90
EBITDA MARGIN (%) 10.10 153
NET PROFIT 457 74.10

Siemens standalone revenue for the quarter came in at Rs. 3142 crore, registering 2.4% yoy decline. This was primarily driven by 15% and 25% yoy decline in revenues from Power and Gas and Mobility segment.  EBITDA for the quarter rose by 14.9% yoy to Rs. 317 crore with a corresponding margin expansion of 152 bps. EBITDA margin for the quarter stood at 10.1%. This margin expansion was aided by 3% and 10% yoy decline in Purchase of stock in trade and net other expenses. The adjusted PAT for the quarter came in at Rs. 457 crore, yoy decline of 74.1%. This was due to 9% yoy increase in depreciation. Also rise in effective tax rate to 30% from 24% in corresponding quarter last year contributed to the same. Looking at the full year numbers, we see that revenue jumped by 1% to reach Rs.11348.3 crore, while EBITDA rose by 3% to 1051.24 crore. Company reported net profit of Rs.1133.57 crore, down 61% yoy. Company reported exceptional gain of Rs.567 crore which is inclusive of impairment loss on certain assessment, sale and transfer of engineering, design development business forming a part of Power and Gas business and profit on sale of property at Worli. During the quarter, new orders grew by 10.4% yoy to Rs.2704 crore. With this, order backlog is reached to Rs. 12263 crore. Further, management is optimistic about future growth and express its increasing focus on winning projects where the governments thrust on spending is high.

1 Standalone Results Q2FY18: (Rs. in crore)
Q2FY18 YOY( %)

NII 3720.20 8.60
NPA ( %) 11.20 19
PROVISIONS 2329 29.80

Bank of Baroda reported its Q2FY18 results today. The quarterly numbers missed street estimates on  net profit. The net profit for the quarter was 22.6% below the street estimates of Rs.459 crore. However, net interest income for the quarter was 5.7% above the street estimates of Rs.3519 crore. The NII for the quarter was saw 8.6% yoy increase to Rs.3720 crore vs R s.3426 crore in Q2FY17. This was largely due to 2.6% yoy increase in interest income to Rs.10753 crore. While, interest expendedremained flat. The asset quality for the quarter showed steady performance. The GNPA’s for the quarter rose by 8% yoy to Rs.46306 crore. The GNPA’s as percentage to total advances declined by 19 bps to 11.16% vs 11.35% in Q2FY17. The NNPA also declined by 41 bps to 5.05% vs 5.46% in previous year corresponding quarter. The provisions for the quarter continue to remain inch upwards for aging stressed asset problem. The provisions for the quarter rose by 30% yoy to Rs.2329 crore vs Rs.1795 crore Q2FY17. The resultant net profit for the quarter declined by 35.7% yoy to Rs.355 crore in previous year corresponding quarter.Also, the PCR for the quarter stood at 67.18%. Further advances and deposits grew by 9% & 3% yoy to Rs.387301 crore & 583212 crore respectively

Foreign institutional investors net bought stock futures worth Rs100cr and index futures worth Rs140cr on NSE on Thursday. They net sold index options worth Rs500cr. FIIs net bought Indian shares worth Rs73.2cr on the BSE, NSE, and Metropolitan Stock Exchange combined. Domestic institutional investors, however, net bought shares worth Rs220cr, according to provisional data on the NSE website.

Next week promises to be full of action as there are slew of macro-economic data to be released not only in India but also in the US. October fiscal deficit data and second quarter GDP data will be announced on November 30th while Nikkei market manufacturing PMI will also be announced. Apart from interest rate sensitive sectors like banking, realty and auto’s will be in action ahead of the RBI policy meet which will be held on December 6, 2017. Apart from this, US GDP data and also the OPEC meeting is scheduled on 30th of November. Given below is the list of upcoming events -

Nov 29 - GDP data US 

Nov 30 - Oct fiscal deficit India

Nov 30 - Q2 GDP data India

Nov 30 - OPEC meeting 

Dec 1 – Nov Nikkei market manufacturing PMI

Dec 6 – RBI Policy meet

Idea Cellular announced that it is in the process of doubling its current 4G capacity by adding 5 MHz spectrum in the 1800 MHz band. This action the company claims would significantly increase current speeds to more than double from current levels. Over 7,200 4G sites are planned that would cover over 525 towns and 7,100 villages in Maharashtra and Goa. The company plans to add over 3,700 broadband sites in FY18. This move could double 4G capacity and give Idea customers much faster download and upload speeds. In August September 2017, Idea Cellular added 1.5 lakh subscribers to its wireless base in Maharashtra alone. Nationally, however, the company lost 9 lakh subscribers during the same period. Idea is the third largest telecom player in India with a revenue market share of 19% . It also owns 12.8% stake in Indus Towers, a three-way joint venture with Bharti Airtel and Vodafone. Idea had a total subscriber base of 19.8cr at the end of  FY17.

Godrej Consumer Products has cut the prices of products such as hair color, air fresheners, liquid detergents and deodorant categories by 7-10%. This step has been taken in order to pass on the benefits of the recent reduction in GST rates to consumers. This will result in a decline in the prices of their products and would make them more competitive against their peers. Reduction in prices will result in an increase in overall sales and market share. Recent performance of the company indicates that their India business doing comparable sales growth of 11% led by 10% volume growth. International business also reported comparable growth of 9%. We believe, moving ahead there will be stronger growth in H2FY18 as post GST, the trade channels are getting back to normal and consumer offtakes have improved. We have a positve outlook on the stock. T

M&M is eyeing to increase its share in the e-rickshaw segment. The market is primarily dominated by unorganised and local players. With the launch of its ‘e-Alfa Mini’, M&M becomes one of the first organised players to enter this segment. The e-Alfa Mini is priced at Rs 127,000 as compared to indigenous variants that are priced between Rs 75,000 and Rs 100,000. Moreover, the company has launched e-rickshaws in Delhi, Lucknow and Bengal and is planning to launch in another seven to eight markets within this fiscal. Currently, the company occupies a 30% market share in the small commercial vehicle space that includes both three-wheelers and four wheelers. Eyeing for improving market share in e-rickshaw is a step in positive direction, as it would aid the company to get the first mover advantage. Further, M&M knows the growing needs & importance of Electric vehicle and has taken various steps towards EVs. Increasing share in e-rickshaw is one of the vital step towards this direction. Management has also decided to invest Rs 600 cr in technology development and component manufacturing.

It had announced USFDA approval and launch of Clonidine Hydrochloride Extended Release Tablets in the US Market through its wholly owned subsidiary Ajanta Pharma USA Inc. It is a bioequivalent generic version of Kapvay Tablets and company has launched the product in 0.1 mg dosage. In total, Ajanta has 39 Abbreviated New Drug Applications of which it has 22 final ANDA approvals, 2 tentative approvals, and 15 ANDAs under review with USFDA. Till date, it has launched 16 products in the US market. Ajanta Pharma develops, manufactures and markets finished dosages and serves as a specialty player in Ophthalmology, Dermatology and Cardiology. Company derived 66% of FY17 revenue from exports of which 54% and 46% came from Africa and Asia respectively.

President of India Ram Nath Kovind has given his assent today to the Ordinance to amend the Insolvency and Bankruptcy Code, 2016. The Ordinance aims at putting in place safeguards to prevent unscrupulous, undesirable persons from misusing or vitiating the provisions of the Code. The amendments aim to keep out such persons who have wilfully defaulted, are associated with non-performing assets, or are habitually non-compliant and, therefore, are likely to be a risk to successful resolution of insolvency of a company. In addition to putting in place restrictions for such persons to participate in the resolution or liquidation process, the amendment also provides such check by specifying that the Committee of Creditors ensure the viability and feasibility of the resolution plan before approving it. The Insolvency and Bankruptcy Board of India has also been given additional powers. It may be recalled that the regulations by the IBBI were also amended recently to ensure that information on the antecedent of the applicant submitting the resolution plan along with information on the preferential, undervalued or fraudulent transactions are placed before the Committee of Creditors in order for it to take an informed decision on the matter. Along with other steps towards improving compliances, actions against defaulting companies to prevent misuse of corporate structures for diversion of funds, reforms in the banking sector, weeding out of unscrupulous elements from the resolution process is part of ongoing reforms of the Government. These would help strengthen the formal economy and encourage honest businesses and budding entrepreneurs to work in a trustworthy, predictable regulatory environment. The Ordinance amends sections 2, 5, 25, 30, 35 and 240 of the Code, and inserts new sections 29A and 235A in the Code.

State-owned lender Bank of Baroda proposes to raise up to Rs 6,000 Cr through a rights issue or private placement. The finance committee of the bank's board has approved the proposal, the lender said in a regulatory filing. The finance committee of the board approved the proposal of raising additional equity capital aggregating up to Rs 6,000 Cr by way of a rights issue or qualified institutions placements the bank informed stock exchanges.

This move is positive for the bank as it would provide much-needed headroom to provide for bad loans and would also help for next leg of loan growth. The stock should react positively to this news. Bank of Baroda’s earnings would remain subdued in the near term, due to an elevated provisioning requirement. Earnings growth should recover over the medium term, driven by gradual moderation in NPL accrual and reduced provisioning.

Bharti Airtel has entered into a partnership with Ericsson to develop 5G technology for the former's India operations. As part of the partnership, Ericsson will work with Bharti Airtel on creating a strategic roadmap for evolution of the network to the next-gen 5G technology. Earlier this year, the company had inked a similar pact with telecom gear maker Nokia to expand their partnership to areas like 5G technology standard and management of connected devices. Bharti Airtel is a leading global telecommunications company with operations across Asia and Africa. This will be a very big step with respect to 5G by Bharati Airtel particularly in telecom, technology changes, which requires telecom operators to regularly work on developing new technology. This piece of news will have positive bearing on Bharat Airtel as it will give competitive edge over its competitors.

Company has received the final approval from the USFDA to market Ethacrynate Sodium for Inject USP, 50 mg/vial. The drug is used to decrease the swelling caused by various disease conditions such as liver disease, kidney disease, congestive heart failure, cancer etc. and will be produced at the group's formation manufacturing facility at Moraiya, Ahmedabad. Cadila Healthcare is a fully integrated, pharmaceutical company with strong presence in the formulations and CRAMS businesses globally. Its formulations business spans India, US, Europe and emerging markets. The company derived 34% and 41% revenues from India and the US, respectively, in FY17. The group now has more than 165 approvals and has so far filed over 300 ANDAs since the commencement of the filing process in FY2003-04. In the last trading session.

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