{LONGTERMINVESTORS} Morning Call

 

Dear all,

Markets tumble after weak earnings

Ø  Indian benchmark indices tumbled on Wednesday, with financials coming under heavy selling pressure, after Axis Bank posted weak quarterly results due to higher provisioning for bad loans. Weak global cues also dented investor sentiment.

Ø  Global risk appetite was muted as as oil prices extended losses and investors digested a slew of mixed earnings reports. Regional data painted a mixed picture, with the German GfK forward-looking consumer sentiment index falling to 9.7 from 10.0 in October.

Global Macro

Ø  The U.S. trade deficit in goods came in at USD 56.1bn in September, down 5.2% from USD 59.1bn in August.

Ø  U.S. consumer confidence index fell to 98.6 in October after climbing to 103.5 in September.

Ø  Italy retail sales edged down a seasonally adjusted 0.1% month-over-month in August, following a 0.2% drop in July.

Corporate Buzz 

Ø  L&T Infotech to acquire Pune based AugmentIQ Data Sciences, an innovative start-up offering IP-based, big data and analytics solutions that help enterprises derive business benefits from big data.

Ø  Jubilant FoodWorks reported 1.44% YoY fall in its net profit to INR 215.7mn in 2QFY17 as compared to INR 218.8mn in 2QFY16. Total income of the company increased by 13.44% YoY to INR 6698.2mn in 2QFY17.

Ø  JSW Energy reported a net loss of INR 83.1mn in 2QFY17 as compared to a net profit of INR 2435.7mn in 2QFY16. Total income of the company decreased by 42.10% YoY to INR 8900.1mn in 2QFY17.

Ø  Hindustan Unilever reported 11.55% YoY rise in its net profit to INR 10.95bn in 2QFY17 as compared to INR 9.82bn in 2QFY16. Total income of the company increased by 2.23% YoY to INR 87.33bn in 2QFY17.

Ø  Ajanta Pharma reported 27.42% YoY rise in its net profit to INR 1.20bn in 2QFY17 as compared to INR 949.2mn in 2QFY16. Total income of the company increased by 16.07% YoY to INR 4.84bn in 2QFY17.

Ø  Housing Development Finance Corporation reported 13.83% YoY rise in its net profit after tax to INR 18.26bn in 2QFY17 as compared to INR 16.04bn in 2QFY16. Total income of the company increased by 9.19% YoY to INR 81.03bn in 2QFY17.

Ø  Syndicate Bank reported 75.20% fall in its net profit to INR 824.2mn in 2QFY17 as compared to INR 3.32bn in 2QFY16. Total income of the Bank decreased by 1.43% YoY to INR 65.74bn in 2QFY17.

Ø  Canara Bank reported 32.51% YoY fall in its net profit to INR 3.56bn in 2QFY17 as compared to INR 5.28bn in 2QFY16. Total income of the Bank decreased by 2.33% YoY to INR 121.87bn in 2QFY17

Outlook

Ø  Benchmark indices are likely to open on a cautious note amidst mixed global cues.

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Regards,

CSEC Research

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