Jefferies has maintained underperform rating on Vodafone Idea.
Morgan Stanley has retained equal-weight rating on Dalmia Bharat.
NEW DELHI: Nifty futures on the Singapore Exchange were trading 14.50 points, or 0.13 per cent, lower at 11,246.50, indicating a negative start for the Nifty50. Here are a few stocks which may buzz the most in today’s trade: Lupin, Adani Green: Lupin, Torrent Power, Manappuram Finance, Adani Green, Jubilant Foodworks, KPIT Tech, Taj GVK Hotels, Central Bank, Amara Raja Batteries, Zuari Agro Chemicals and Aditya Birla Fashion are among a few companies, which will announce quarterly results today.
DHFL: Rating agency Icra has downgraded the purchaser payouts/pass through certificates (PTCs) issued under six mortgage loan securitisation transactions by Dewan Housing Finance Corporation (DHFL).
Jet Airways: Lenders to Jet Airways and Etihad Airways have approached the Hinduja Group offering a stake in the grounded airline, said people close to the development, adding that exploratory talks are on. Meanwhile, four senior executives, including chief executive Vinay Dube and his deputy Amit Agarwal, have quit the ailing airline.
Nestle India: FMCG major Nestle India Tuesday reported a 9.25 per cent rise in profit to Rs 463.28 crore for the first quarter ended March 31, 2019.
Polycab India: Wires and cables manufacturer Polycab India reported a 27.26 per cent decline in its consolidated net profit to Rs 137.25 crore for the fourth quarter ended March 31, mainly on the back of an increase in expenses.
HCL Tech: HCL Technologies plans to take on board nearly 2,000 IBM employees as part of its $1.8-billion deal to acquire some of the latter’s software assets, as the Noida-based tech services exporter adopts a strategy to shore up its IP-led business faster than traditional software services.
Union Bank of India: State-owned Union Bank of India said its net loss widened to Rs 3,370 crore in the fourth quarter of 2018-19, mainly on account of higher provisioning.
Vodafone Idea: The telecom operator said its board has approved merger of two wholly-owned subsidiaries, Vodafone India Digital Limited and Idea Telesystems Limited, with the company.
JSW Steel: A proposed innovative employee benefit scheme facilitating acquisition of company shares by certain eligible employees of JSW Steel has fallen foul of proxy advisory firms such as SES that has asked shareholders to vote against the approval of the proposed plan, calling it “noncompliant” and “failing the test of fairness and transparency”.
Tata Steel: The collapse of Tata Steel’s proposed joint venture with German conglomerate Thyssenkrupp is “marginally credit negative” for the Indian steel major, a global rating agency has said.
Torrent Power: The company said it has raised Rs 270 crore by issuing non-convertible debentures on private placement basis.
Mahindra Logistics: The company is scouting for acquisition in Southeast Asia to strengthen its freight forwarding business, expand its warehousing space and touch Rs 6,000 crore topline by FY'21
Snowman Logistics: The company reported nearly three-fold increase in net profit for the quarter ended March 31 at Rs 5.42 crore from Rs 1.88 crore in the corresponding quarter of the previous year.
Edelweiss Financial Services: The company reported a decline of 3.3 per cent in its consolidated net profit to Rs 232 crore in the fourth quarter of the fiscal ended March 2019.
Westlife Development: The owner of Hardcastle Restaurants reported an eight per cent rise in net profit to Rs 7.14 crore for the fourth quarter ended March 31.
Mindtree: Infrastructure major Larsen and Toubro (L&T) has acquired 1,168 shares of Mindtree from the open market, taking its overall holding in the mid-sized IT company to 25.94 per cent.
YES Bank: Former Reserve Bank of India (RBI) Deputy Governor R Gandhi has been appointed as an additional director on the board of Yes Bank.
L&T Finance Holdings: The company plans to raise up to Rs 195 crore by issuing shares on a preferential basis.
Jayant Agro-Organics: The castor oil maker reported a 50.84 per cent jump in standalone profit at Rs 13.32 crore for the quarter ended March 2019.
Mangalore Chemicals and Fertilizers (MCFL): The company reported a net loss of Rs 5.95 crore during the fourth quarter of the 2018-19 fiscal.
Analyst calls • Elara Capital has retained buy rating on Parag Milk Foods with a target price of ₹366. Parag Milk Foods has reported high growth by expanding into north and east India while keeping working capital under control, said Elara. As the company reduces skimmed milk products salience and increases liquid milk or VAD salience in FY20, margin should move up to 10%, said Elara.
• Morgan Stanley has retained equal-weight rating on Dalmia Bharat with a target price of ₹1,176. EBITDA miss in the fourth quarter reflects lowerthan-expected volume and higher costs, said Morgan Stanley. While Dalmia Bharat's growth in the east will be constrained by captive clinker availability, management expects overall growth to be in line with industry, said Morgan Stanley. Deleveraging is on track, but uncertainty remains on investments, it said.
• CLSA has maintained buy rating on Inox Leisure and revised target price to ₹394 from ₹365. Recently completed preferential issue to the promoters and Inox’s strong balance sheet puts it in a strong position to drive both organic and inorganic growth, said CLSA. The brokerage raised FY20/21 estimates by 7-8%. Valuations at 9.5 times one-year forward EV/Ebitda, which is at a 20% discount to five-year average, appear reasonable, said CLSA.
• Jefferies has maintained underperform rating on Vodafone Idea and revised target price to ₹12 from ₹13. The brokerage said Vodafone Idea's fourth quarter results were better than expected. Jefferies said price hikes are unlikely in FY20 and can happen only once Jio becomes a dominant player with 40% plus market share, which is likely in FY21. Jefferies expects Vodafone Idea's market share to fall to 20% and Bharti to remain steady at 30% by FY22, it said.
• Citigroup Global Markets has maintained buy rating on ITC and raised target price of ₹370 from ₹360. The cigarette business continues to deliver healthy volumes, enabling a base for price hikes in the medium term, said Citigroup. The brokerage has raised EPS estimates marginally by 1%-3% on 32 times September 2020 estimated EPS. ITC is trading below its 5-year mean P/E valuation and 30-35% discount versus peer group is compelling, said Citi.
Insider Buys:
Tanla Solutions Limited: D. Tanuja Reddy has bought 1,00,486 shares through Market Purchase on May 10, 2019.
Insider Sells:
Cox & Kings Limited: Sneh Sadan Traders & Agents Limitedsneh Sadan Traders And Agents Ltd has sold 1,45,159 shares through Market Sale on May 9, 2019.
Kotak Mahindra Bank Limited: Kvs Manian has sold 15,000 shares through Market Sale from May 6, 2019 to May 8, 2019.
Wipro Limited: Sanaulla Khan Mohammed has sold 15,400 shares through Market Sale on May 10, 2019.
Note: Disclosure made under Reg 13(4), 13(4a) of SEBI (IT) regulations 1992.
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