Indian markets are likely to open on a weak note following weakness in Asian markets. US markets edged down on Wednesday. USD remains stable while Oil prices slipped further. Technically, the resistances are placed at 8680 and 8750 and supports are at 8560 and 8500.
India Market News
Hero MotoCorp Ltd reported net profit jump of 27.7% y/y to INR 10.0bn in Q2 FY17. Net sales rose to INR 84.4bn in Q2 FY17 from INR 73.4bn in Q2 FY16 as a normal monsoon rains boosted consumer sentiment and demand in the run-up to the festive period. Unit sales rose to 1.8mn during the quarter from 1.57mn a year-ago.
Hindustan Unilever Limited (HUL) reported net profit growth of 11.5% y/y to INR 10.9bn amid challenging environment, partly supported by other income and margin expansion. Revenue grew by 1.6% y/y to INR 84.8bn in Q2 FY17 as compared with INR 83.4bn in Q2 FY16, impacted by muted growth in personal care as well as home care segments.
ITC posted net profit growth of 10.5% y/y at INRs 25bn in Q2 FY17. Total income registered an 8% y/y growth at INR 136.1bn. Its cigarette revenue grew 7% y/y in Q2 at INR 85.2bn. In Q2, EBITDA grew 7.3% y/y at INR 36.3bn while margins were almost flat at 26.7%.
Dabur Ltd reported net profit jump of 5% y/y at INR 3.5bn in Q2 FY17. Total income was almost flat, up 1.1% y/y at INR 19.8bn. EBITDA grew 1.1% y/y at INR 4.0bn while margins were flat at 20.6%.
Asian Paints reported an 18.1% y/y increase in net profit at INR 4.9bn for Q2 FY17, driven by robust growth in its decorative business segment. Total income from operation on was up 10.2% y/y to INR 42.3bn in Q2 FY17.
Torrent Pharmaceuticals Ltd posted a 59.3% y/y drop in net profit to INR 2.0bn as previous period included exceptional revenues and profits that was primarily on account of the launch of a new product launch in the US market that had limited competition. Total revenues declined by 15.5% y/y to INR 14.3bn.
Wind turbine maker Suzlon Energy Ltd will sell a 49% stake in its 50 megawatt (MW) solar project in Telangana to wind energy company Ostro Energy Pvt. Ltd, months after selling a project to CLP India Pvt. Ltd.
Sun Pharmaceutical Industries Ltd agreed to buy Ocular Technologies for an upfront payment of USD 40mn. Ocular is developing Seciera, used for treating dry eye disease
Today's Corporate action
Ex - Dividend: Eclerx services Ltd, HCL Technologies Ltd
Global Markets Review
Asian shares edged down on Thursday after disappointing earnings from technology giant Apple dragged US stocks, while the USD traded below this week's nearly nine-month highs. US rate hike expectations remains intact.
Crude oil futures nursed losses after settling down more than c.1% on Wednesday even after a surprise drawdown in US crude inventories, as traders remained cautious that OPEC would be able to cut production come late November.
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