Indian markets are likely to open on a weak note following weakness in US and Asian markets. Increased expectations of US interest rate hike prompted a surge in US Treasury yields. Technically, the resistances are placed at 8680 and 8750 and supports are at 8550 and 8500.
India Market News
Maruti Suzuki reported net profit rising sharply by 60.2% y/y to INR 23.9bn. It was boosted by other income, operational income and volume growth. Revenue during the quarter grew by 29.3% y/y to INR 202.9bn. The company sold 4.18 lakh units in Q2, registering 18.4% growth y/y. Domestic sales in Q2 increased 18.5% to 3.83 lakh units and exports grew by 17.9% to 35,440 units on yearly basis, largely driven by Baleno, Vitara Brezza etc. Margins expanded by 80bps to 17.3% y/y, though growth was partly restricted by adverse forex impact.
ONGC reported net profit rising 17.5% sequentially to INR 49.7bn in Q2 FY17, partly supported by other income. Revenue in Q2 FY17 increased 3.4% to INR 183.9bn. ONGC has recommended the issue of bonus shares in the proportion of 1 new equity share for every 2 existing shares.
IOC net profit has slipped 62% y/y at INR 31.2bn in Q2 FY17. Total income slipped 6.5% at INR 1tn. EBITDA in Q2 FY17 also fell 57.8% at INR 57.7bn while margins were at 5.7% compared to 12.8% in Q2 FY16. In first half of FY16, gross refining margins (GRMs) was at USD 7.19/barrel against USD 5.76/barrel in H1 FY17.
GMR Group has won an international arbitration against the Maldives government and has been awarded USD 270mn as compensation from the island nation after its contract to build an international airport in Male was arbitrary cancelled. The compensation covers the debt and equity invested in the project along with a return of 17% and also termination payments and legal costs.
Tech Mahindra reported net profit fall by 19.2% sequentially to INR 6.4bn in Q2 FY17, impacted by sharp fall in other income and partly by weak operational performance. Revenue grew by 3.6% to INR 71.6bn on sequential basis.
Bajaj Finserv Ltd reported a 31% jump in net profit at INR 5.7bn in Q2 FY17, led by growth in the financing and general insurance businesses division which reported PAT growth of 66%. Total revenue shot up 33% to INR 69.1bn in Q2 FY17.
Today's Corporate action
Ex - Dividend: Mindtree Limited.
Global Markets Review
US markets closed lower as weakness on Wall Street came as traders digested the latest batch of earnings news. Bond sell-off gained momentum after Labor Department released a report showing a modest drop in initial jobless claims in the week.
Asian markets trading mixed after opening positive, as oil prices begin to slip after an initial bounce in the US on OPEC comments. OPEC member meeting is scheduled on Friday and Saturday with energy officials from non-member countries.
Brent crude was trading flat at USD 50.5 / bbl with 0.1% gains.
You received this message because you are subscribed to the Google Groups "LONGTERMINVESTORSRESEARCH" group.
To unsubscribe from this group and stop receiving emails from it, send an email to longterminvestorsresearch+unsubscribe@googlegroups.com.
Visit this group at https://groups.google.com/group/longterminvestorsresearch.
For more options, visit https://groups.google.com/d/optout.
No comments:
Post a Comment