Ambika Cotton: Valuation Treadmill
A couple of years ago, there was a great deal of excitement about Ambika Cotton Mills Limited (Ambika)—an extremely well-run business by an ethical promoter. Ambika which makes specialty cotton yarn of premium quality for hosiery and weaving, earns 60% of its revenues from exports. Over the past 10 years, it has recorded sales growth of 13.94% and profit growth of 20.97%; this is better...
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  • Weekly Moneylife Indices & Sector Trends
    INDIAN MARKET TRENDS
    For the period from 1 November 2019 to 7 November 2019, ML Micro-cap Index rose 2%, while both, the Sensex and the NIFTY, rose 1%. ML Small-cap Index, ML Mega-cap Index and ML Mid-cap Index ended flat. ML Large-cap Index fell 1%.
     
     
    FUND FLOWS
    Foreigners: Foreign institutional investors were net buyers of equities during the period (Rs2,272.73...
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  • Nifty, Sensex May Give Up Some Gains – Weekly closing report
    We had mentioned in last week’s closing report that Nifty, Sensex were on an uptrend. The major indices moved in a narrow range and ended with minor gains. The trends of the major indices in the course of the week’s trading was:
     
     
    On Monday, the major indices ended with minor gains. On the NSE, there were 1,047 advances, 741 declines and 370 unchanged. Infosys shares were flying on the bourses following a company disclosure days back that it had not received any evidence to corroborate allegations of "unethical practices" made against its two top officials in a whistle blower letter and said the matter was still being investigated. The IT firm also announced it has inked a multi-year deal with Siemens Gamesa Renewable Energy (SGRE), to enable its digital transformation.
     
    Indian Overseas Bank reported year-on-year 6% decrease in revenues to Rs5,024 crore for the quarter ended September 2019. Net losses widened to Rs2,254 crore. VST Industries reported year-on-year 4% increase in revenues to Rs335 crore for the quarter ended September 2019. Net profits grew 34% y-o-y to Rs76 crore.
     
    Can Fin Homes reported year-on-year 19% increase in revenues to Rs501 crore for the quarter ended September 2019. Net profits grew 20% y-o-y to Rs98 crore. HDFC reported year-on-year 43% increase in revenues to Rs32,851 crore for the quarter ended September 2019. Net profits grew 80% y-o-y to Rs10,389 crore.
     
    On Tuesday, the major indices ended suffered minor losses. On the NSE, there were 691 advances, 1,092 declines and 362 unchanged. 
     
    Tech Mahindra reported year-on-year 5% increase in revenues to Rs9,286 crore for the quarter ended September 2019. Net profits grew 5% y-o-y to Rs1,111 crore. Titan Company reported year-on-year 2% increase in revenues to Rs4,693 crore for the quarter ended September 2019. Net profits declined 1% y-o-y to Rs303 crore.
     
    REC reported year-on-year 20% increase in revenues to Rs7,484 crore for the quarter ended September 2019. Net profits declined 24% y-o-y to Rs1,322 crore. JMC Projects India reported year-on-year 27% increase in revenues to Rs986 crore for the quarter ended September 2019. Net profits jumped 40% y-o-y to Rs14 crore.
     
    Punjab National Bank posted a net profit of Rs507.05 crore for the second quarter ending September, against a loss of Rs4,532.35 crore incurred in the corresponding quarter of last year, although the bank's latest performance comes amidst a weakening of its asset quality. Net interest income during the July-September quarter increased 7.3% YoY to Rs4,263.8 crore, with credit de-growth of 0.7% YoY.
     
    On Wednesday, the major indices opened low and closed with gains. On the NSE, there were 867 advances, 931 declines and 346 unchanged. In a jolt to the Jaypee Group, the Supreme Court on Wednesday directed completion of corporate insolvency resolution process within 90 days for Jaypee Infratech Ltd and said the revised resolution plan will be invited only from NBCC and Suraksha Realty. The apex court said the pendency of any other application before the NCLT or NCLAT, including any interim direction, shall be no impediment for the IRP to receive and process the revised resolution plan from the two bidders.
     
    Maruti Suzuki will set up its vehicle dismantling and recycling unit in Noida within 2020-21 via a joint venture company with the Toyota Tsusho Group. Accordingly, Maruti Suzuki India and Toyota Tsusho Group own 50% each in -- Maruti Suzuki Toyotsu India Private Limited -- which has been established to set up its vehicle dismantling and recycling unit in Noida, Uttar Pradesh within 2020-21.
     
    Boeing expects a demand for 2,380 new aircraft in India, valued at $330 billion, over the next 20 years. According to the Boeing’s annual India Commercial Market Outlook (CMO) 2019, factors such as exponential domestic passenger traffic growth, new long-haul opportunities and infrastructure development will lead to the fulfilment of the demand forecast.
     
    On Thursday, the major indices opened high and ended with minor gains. On the NSE, there were 943 advances, 845 declines and 358 unchanged. PNB Housing Finance has raised Rs2,500 crore through the issue of secured redeemable nonconvertible debentures (NCDs). This issuance is through private placement basis with a door to door tenure of 10 years and the proceeds will be utilised by the company for its normal course of business operations.
     
    Adani Transmission reported increase in revenues of 80% year-on-year for the quarter ended September 2019 to Rs2,638 crore. Net profits increased 157% y-o-y to Rs230 crore. UPL reported increase in revenues of 83% year-on-year for the quarter ended September 2019 to Rs7,841 crore. Net profits slumped by 67% y-o-y to Rs89 crore.
     
    Eris Lifesciences reported increase in revenues of 7% year-on-year for the quarter ended September 2019 to Rs290 crore. Net profits increase by 9% y-o-y to Rs93 crore. Solar Industries India reported decrease in revenues of 2% year-on-year for the quarter ended September 2019 to Rs513 crore. Net profits increased by 62% y-o-y to Rs84 crore.
     
    On Friday, the major indices suffered a minor correction. On the NSE, there were 689 advances, 1,085 declines and 369 unchanged. Selling intensified towards closing bell on Friday after markets' upward momentum was hit by Moody's downgrade of India's sovereign outlook from 'stable' to 'negative' citing increasing risks to the country's economic growth.
     
    For the Pune-based manufacturing major Bharat Forge, the business environment in the past quarter has been the "toughest period witnessed by the company in the decade". The company which produces a range of components for the automotive and non-automotive sector said that sluggish macroeconomic environment, weak demand across sectors and introduction of BS VI emission standards led to the decline in demand.
     
    Novartis India reported decrease in revenues of 7% year-on-year for the quarter ended September 2019 to Rs128 crore. Net loss was Rs5.22 crore compared to net profit of Rs9.37 crore in the corresponding quarter of the previous year.
     
    Himatsingka Seide reported a decrease in revenues of 7% year-on-year for the quarter ended September 2019 to Rs653 crore. Net profits dropped by 35% y-o-y to Rs34 crore. Tata Investment Corporation reported decrease in revenues of 20% year-on-year for the quarter ended September 2019 to Rs81 crore. Net profits dropped by 18% y-o-y to Rs92.7 crore.
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