UBS has maintained buy rating on Bank of Baroda and lowered target price to Rs 145.
Getty ImagesInvestec Securities has maintained buy rating on Karur Vysya Bank.
Nifty futures on the Singapore Exchange were trading 249 points, or 2.18 per cent, higher at 11,683.50, indicating a gap-up start for the Nifty50. Here are a few stocks which may buzz the most in today's trade:
Tata Motors, BPCL, HPCL: Tata Motors, BPCL, HPCL, Torrent Power, Bharat Forge, United Breweries, GSK Pharma, HEG and GSFC are a few companies which will announce fourth quarter results today. Graphite India, Hind Rectifiers, JK Cement, Puravankara, Thyrocare Technologies were among a few companies which reported earnings on Saturday.
Reliace Capital: Rating company CARE over the weekend cut by a few notches the creditworthiness of Reliance Capital, the diversified financial services company owned by Anil Ambani, citing reduced fund raising ability amid defaults by RCL’s subsidiaries.
Cipla: The drug firm said the US health regulator conducted a post-approval inspection at its Indore facility, and it ended with zero observations.
Fortis Healthcare: The company said its subsidiary Fortis Healthcare International will sell its entire stake in Medical and Surgical Centre Ltd (MSCL). Mauritius-based Fortis Healthcare International holds 28.89 per cent stake in MSCL.
Bharti Airtel: Telecom operator Bharti Airtel said that its about Rs 25,000 crore rights issue has been "over-subscribed" as per the preliminary information received.
Spencer's Retail: The RP Sanjiv Goenka Group firm said it will acquire Godrej Industries' grocery chain Nature's Basket for around Rs 300 crore.
YES Bank: The bank has decided to sell more of its bad loans to funds instead of to asset reconstruction companies (ARC), seeking to reverse its earlier policy on dealing with non-performing assets (NPAs) after regulatory scrutiny.
Jaypee Infra: The National Company Law Appellate Tribunal (NCLAT) Friday annulled voting by homebuyers and lenders on NBCC's bid to acquire debt-laden Jaypee Infratech, and allowed renegotiation on the offer by May 30.
IOC: Indian Oil Corp (IOC), the nation's biggest oil firm, has tied up imports from the US and taken additional volumes from Saudi Arabia to make up for the bulk of the volumes lost because of sanctions prohibiting buying oil from Iran.
Corporation Bank: The bank said said its loss widened to Rs 6,581.49 crore during the fourth quarter ended March 31, mainly due to higher provisioning for bad loans.
Jubilant Life Sciences: The company on Friday reported a net loss of Rs 100.65 crore in the fourth quarter ended March 31, 2019 on account of a one time loan settlement with International Finance Corporation (IFC).
IL&FS Engineering and Construction: The company said its board has appointed Kazim Raza Khan as its Chief Executive Officer.
Dr Reddy's Laboratories: Consolidated profit after tax for the quarter-ended March 31, 2019 rose 44 per cent to Rs 434.4 crore , a senior official said Friday.
KEI Industries: The company has settled with the Sebi two cases related to alleged manipulation in issuance of GDRs (global depository receipts) by paying over Rs 1.78 crore towards settlement charges.
IOC: State-owned Indian Oil Corp (IOC) Friday reported a 17 per cent rise in its fourth-quarter net profit as inventory and foreign exchange gains neutralised lower refinery margins.
Analyst calls • Kotak Securities has maintained buy rating on Mahindra Holidays & Resorts India and revised target price to ₹276 from ₹315. The company’s focus on adding right kind of members and rationalisation of sales and marketing spend may impact near term growth rate, but will have positive impact on resort income, margins and cash flows, the brokerage said. Further, addition of new locations and room inventory would support membership growth in the longer run, it said.
• Investec Securities has maintained buy rating on Karur Vysya Bank and revised target price to ₹114 from ₹115. The brokerage believes most of the asset quality clean-up will be done by FY20 with credit costs at 200 bps of average assets – after which, the bank should post a normalised credit cost of around 80-85 bps leading to a sharp improvement in RoAs to 1.2%. This should help multiples re-rate to historical levels of around 1.2-1.3 times, said Investec.
• Motilal Oswal has maintained buy rating on Navneet Education with a target price of ₹135. The brokerage has cut estimates of profit after tax for FY20/FY21 by 17%/15% on account of losses in Indiannica due to sluggish recovery. In FY20, change in Gujarat Board syllabus is expected to drive 13% growth in the publishing business, said Motilal Oswal.
• UBS has maintained buy rating on Bank of Baroda and lowered target price to ₹145 from ₹160. The brokerage likes Bank of Baroda for its high provision coverage and improving core franchise as it would provide it with access to scarce retail deposits and an underserved customer base (cross-selling). It has cut earnings by 11 and 14% respectively in FY19 and FY20 but has maintained buy due to inexpensive valuations and improving operating metrics which doesn’t seem fully priced in at current valuation.
• CLSA has maintained buy rating on Dr Reddy’s Laboratories and rolled over target price to ₹3,330 from ₹3,200. Dr Reddy’s fourth quarter profit was in-line with our estimate of ₹3 billion after adjusting for a ₹1.8 billion one-time gain linked to the sale of US products, said CLSA. The company has renewed its focus on India, China, and EM and is well positioned to improve performance in these markets in FY20-FY21, said CLSA.
Insider Buys:
Globus Spirits Limited: Ajay Kumar Swarup has bought 19,771 shares through Market Purchase on May 16, 2019.
Reliance Power Limited: Reliance Project Ventures And Management Private Limited has bought 4,57,25,000 shares through Others on May 13, 2019.
Shree Tirupati Balajee FIBC Limited: Anant Agarwal has bought 36,000 shares through Market Purchase on May 16, 2019.
Tanla Solutions Limited: D. Tanuja Reddy has bought 4,10,000 shares through Market Purchase on May 14, 2019.
Insider Sells:
Housing Development Finance Corporation Limited: Joshi Sanjay has sold 15,000 shares through Market Sale on May 16, 2019.
Quick Heal Technologies Limited: Manu Parpia has sold 35,000 shares through Market Sale from May 15, 2019 to May 16, 2019.
Yes Bank Limited: Shyam Mani has sold 20,000 shares through Market Sale on May 15, 2019.
Yes Bank Limited: Sudhir Singh has sold 20,300 shares through Market Sale on May 15, 2019.
Yes Bank Limited: Yogesh Budhiraja has sold 88,500 shares through Market Sale on May 15, 2019.
Note: Disclosure made under Reg 13(4), 13(4a) of SEBI (IT) regulations 1992.
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