Nesco: Strong Cash Flows but Is Yet To Embark on Its Next Phase of Growth
Nesco Limited (Nesco) is the holding company of a mix of services businesses. One of the two main businesses is the Nesco IT Park. It comprises an information technology (IT) park, building private IT parks and providing space on a licence basis; these fetched 34.88% of Nesco’s operating revenue for FY18-19. The second business comprises an exhibition & convention centre (providing space...
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  • Continued Flow of Negative News Pulls Nifty, Sensex Down – Monday closing report
    We had mentioned in Friday’s closing report that Nifty, Sensex may try to bounce. The major indices suffered a correction. On the NSE, there were 504 advances, 1,274 declines and 332 unchanged. The trends of the major indices in the course of Monday’s trading are given in the table below:
     
     
    The Indian equity market traded in the red during the early trade on Monday ahead of key corporate earning results of ITC, Bharti Airtel, Hero MotoCorp and Axis Bank.
     
    PNB Housing Finance announced it has raised $100 million (around Rs690 crore) from the International Finance Corporation (IFC) under the recently allowed automatic External Commercial Borrowing (ECB) route to finance the purchase of affordable housing projects. PNB Housing Finance Managing Director Sanjaya Gupta said this is the first ECB disbursement during the current financial year under the Reserve Bank of India's (RBI) automatic route. RBI has allowed the company to avail ECB of up to $750 million annually under the automatic route.
     
    Vodafone Idea posted a consolidated net loss of Rs4873.90 crore for the quarter ended June 2019. The company had posted a net loss of Rs4881.90 crore in the sequential quarter ended March 2019. 
     
    Vodafone Idea said the first quarter revenue "declined by 4.3 per cent quarter-on-quarter primarily due to churn of customers who recharged with 'service validity vouchers' in the fourth quarter as well as ARPU (average revenue per user) downtrading"
     
    Alembic Pharmaceuticals has reported total income of Rs952.20 crores during the period ended June 30, 2019 (Rs862.63 crores) up 10.38% year-on-year. Net profit grew 31.75% y-o-y to Rs119.08 crores (Rs.90.38 crores).
     
    Kansai Nerolac Paints has reported total income of Rs1,549.18 crores for the quarter ended June 2019 (Rs1423.73 crores) up 8.81% y-o-y. Net profits rose 5.35% y-o-y to Rs146.02 crores (Rs138.61 crores).
     
    Castrol India revenues from operations up by 2% to Rs1,040 crores for the quarter ended June 2019 compared to the same period in the previous year. Profit after tax up by 11% at Rs183 crores.
     
    EID Parry's (India) consolidated revenue from operations declined 7% to Rs.3,126 crore for the quarter ended June 2019 in comparison to the corresponding quarter of previous year. Consolidated loss after tax and non-controlling interest was Rs28 Crore.
     
    ICICI Bank has reported total income of Rs33,868.89 crores for the quarter ended June 2019 (Rs29,174.12 crores), up 16.09% y-o-y. Net profits grew to Rs2,513.69 crores as against Rs.4.93 crores for the quarter ended June 2018.
     
    Tata Power Renewable Energy Limited (TPREL) has received a Letter of Award (LOA) from Gujarat Urja Vikas Nigam Limited (GUVNL) on 25th July 2019 to develop a 250 MW solar project in Dholera Solar Park of Gujarat. This capacity is in addition to 100 MW awarded by GUVNL earlier at Raghanesda Solar Park in May'19.
     
    The top gainers and top losers of the major indices are given in the table below:
     
     
    The closing values of the major Asian indices are given in the table below:
     
     
     
     
     
     
  • User

    Nifty, Sensex May Try to Bounce – Weekly closing report
    We had mentioned in last week’s closing report that Nifty, Sensex were headed lower. The major indices of the Indian stock markets were highly volatile and ended with losses over previous Friday’s close. The trends of the major indices in the course of the week’s trading are given in the table below:
     
     
    On Monday, the indices opened low and closed with losses. On the NSE, there were 557 advances, 1,192 declines and 355 unchanged. InterGlobe Aviation, the parent company of IndiGo, has decided to expand its Board of Directors up to 10 members including 4 independent directors, the company said in a BSE filing. State-owned NTPC will seek shareholders' approval to raise Rs15,000 crore through issuance of bonds or debentures and to raise borrowing limit to Rs2 lakh crore, next month. The funds raised will be used for capex, working capital and general corporate purposes, an NTPC notice for AGM said. Drug firm Alembic Pharmaceuticals on Monday said it has received approval from the US health regulator for Pregabalin Capsules, indicated for management of neuropathic pain associated with certain illnesses. The approved product is therapeutically equivalent to the reference listed drug Lyrica Capsules of PF Prism CV.
     
    On Tuesday, the indices were range bound and closed with minor losses. On the NSE, there were 899 advances, 860 declines and 340 unchanged. Monday saw the Foreign Institutional Investors (FIIs) selling nearly Rs2,000 crore worth of stocks, the highest single-day selling this month. Share price of Cupid hit the 20% upper circuit after the company reported 82.10% rise in net profit for the quarter ended June 2019 at Rs8.16 crore versus Rs4.48 crore in the same quarter last fiscal. On BSE, 41,000 shares were traded in Cupid counter, compared to a 2-week average of 2,892 shares. Revenues jumped 97% year-on-year to Rs34.13 crore in the quarter ended June 2019 against Rs17.28 crore. Cupid is engaged in the business of dealing, marketing and manufacture of rubber contraceptives and allied prophylactic products.
     
    IndusInd Bank plans to raise up to Rs20,000 crore by issuing bonds on a private placement basis, the bank said in its annual report 2018-19. The bank will put up the proposal before the shareholders in its ensuing annual general meeting to be held on 16 August 2019, in Pune.
     
    HDFC Life Insurance posted an 11.7% year-on-year (YoY) growth for the first quarter ended June, with standalone net profit at Rs424.62 crore, driven by growth in new business premiums. New business margins rose to 29.80% in Q1FY20, compared to 24.20% a year ago. The 13th-month persistency rose to 88.80% in Q1FY20 from 85% in the year-ago period. 
     
    On Wednesday, the major indices suffered a correction. On the NSE, there were 561 advances, 1,185 declines and 354 unchanged. Crompton Greaves Consumer Electricals (CGCEL) posted a 17.40% year-on-year growth in its June quarter consolidated net profit to Rs122.44 crore. Total income for Q1FY20 was Rs1,346.80 crore, an 11.90% YoY growth. The company said this was largely driven by volume growth. Suzuki Motor Corporation plans to suspend a planned doubling of vehicle manufacturing capacity in Gujarat, reflecting continuing uncertainty in India’s automobile market. The parent of Maruti Suzuki India, the country’s largest carmaker, will restrict the capacity to 750,000 vehicles a year instead of increasing it to 1.5 million vehicles a year as planned. Mahindra and Mahindra Financial Services consolidated net profit declined 66% to Rs108.50 crore in the quarter ended June 2019. Total consolidated income went up by 23% at Rs2,838.40 crore during June quarter of 2019-20 as against Rs2,302 crore in year-ago same period, Mahindra Finance said in a regulatory filing.
     
    On Thursday, the indices opened higher but closed with minor losses. On the NSE, there were 788 advances, 982 declines and 333 unchanged. Mold-tek Technologies has reported total income of Rs26.40 crores during the period ended June 30, 2019 as compared to Rs24.53 crores during the period ended March 31, 2019. Net profits declined to Rs.3.26 crores year-on-year for quarter ended 30 June 2019 from Rs3.62 crores. Reliance Capital Ltd has fully repaid its outstanding Commercial Paper (CP) of Rs75 crore on July 24, 2019. With the above repayment the CP outstanding stands at zero from the peak outstanding amount of approximately Rs3,500 crore. Though CPs were rated A4 by ICRA, the same have been repaid in full on the due dates.
     
    Tejas Networks has reported total income of Rs168.94 crores for ended June 30, 2019 (Rs.245.48 crores) while it posted a net profit of just Rs5.85 crores (Rs.45.03 crores), a decline of 83.7%. The stock was down 20% and locked in the lower circuit. Bajaj Finance has reported a total income of Rs5808.29 crores for the June quarter (Rs3937.77 crores), up by 47.5% and posted a net profit of Rs1195.25 crores (Rs835.89 crores) , up by 42.61%. its assets under management (AUM) as of 30 June 2019 grew by 41% to Rs128,898 crore (Rs91,287 crore).
     
    On Friday, the major indices of the Indian stock markets opened low but closed with gains. On the NSE, there were 974 advances, 777 declines and 354 unchanged. Bajaj holdings & investment has reported total income of Rs89.13 crores during the period ended June 30, 2019 (Rs84.20 crores for quarter ended 31 March 2019), up 5.86%. Net profits declined 15.44% to Rs669.28 crores (Rs791.44 crores).
     
    JSW Steel has reported total income of Rs19,953 crores during the period ended June 30, 2019 (Rs.22,421 crores for quarter ended 31 March 2019), down 11.01%. Net profits dipped 32.50% to Rs1,028 crores (Rs.1523). Aarti Drugs has reported total income of Rs405.49 crores during the period ended June 30, (Rs464.13 crores for quarter ended 31 March 2019), down 12.63%. Net profits dipped 21.03% to Rs22.45 (Rs28.43 crores).
     
    Jubilant Life Sciences has reported total income of Rs2,191.56 crores during the period ended June 30, 2019 (Rs.2379 crores for quarter ended 31 March 2019), down 7.88%. Net profits were Rs184.98 crores as against net loss of Rs99.29 crores for the period ended March 31, 2019.
     
    Automobile major Maruti Suzuki India on Friday reported a drop of 27.3% in its net profit for the first quarter of 2019-20. Accordingly, the company's net profit for the quarter fell to Rs1,435.50 crore compared to the same period previous year, largely on account of lower sales volume and higher depreciation expenses.
     
    Besides, the company's net sales declined by 14.10% to Rs18,735.2 crore from Rs21,810.7 crore reported for the same period during the previous year. "The company sold a total of 402,594 vehicles during the quarter, lower by 17.90% compared to the same period previous year," the automobile major said in a statement. "Sales in the domestic market stood at 374,481 units, lower by 19.3%."
     
    India`s leading biotech firm Biocon reported Rs206-crore consolidated net profit for the quarter ended 30 June 2019, registering 86% annual growth from Rs120 crore in the same period a year ago. Consolidated revenue from operations grew 30% annually in the quarter under review (Q1) to Rs1,466 crore from Rs1,124 crore in the like period a year ago.
     
    State-run lender Bank of Baroda reported a consolidated net profit of Rs710 crore profit for the quarter ended 30 June 2019, against a net loss of Rs49 crore in the corresponding period of the previous financial year. The bank's net interest income grew by 2.61% to Rs6,496 crore (Rs6,331 crore).
     
     
    YES Bank invoked a pledge of 32,750,139 equity shares constituting 18.55% of the share capital of listed company, Cox & Kings Limited and 34,080 equity shares constituting 30% of the share capital, of an unlisted company, Ezeego One Travel & Tours Limited.
     
    Bajaj Auto reported total income of Rs8093.27 crores during the period ended June 30, 2019 (Rs.7717.44 crores) and has posted net profit of Rs1012.16 crores for the period ended June 30, 2019 (Rs1041.77 crores).
     
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