The Curious Case of TAKE Solutions - II
Last week I wrote that the financial data of TAKE Solutions don’t add up, on preliminary scrutiny. There were issues with revenue per employee, cost per employee, low asset to turnover ratio, high receivables and so on, for a company that has exceptionally high operating and net margins. The only way an investor can ignore the implication of these numbers is by blindly believing the line...
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Nifty, Sensex Looking Weak – Thursday closing report

We had mentioned in Wednesday’s closing report that Nifty, Sensex might try to rally. The major indices of the Indian stock markets suffered a further correction on Thursday and closed with losses over Wednesday’s close. On the NSE, there were 671 advances, 1,042 declines and 350 unchanged. The trends of the major indices in the course of Thursday’s trading are given in the table below:

 

 
The key equity indices traded lower on Thursday after ceding initial gains owing to profit booking. Although the indices traded in the red, the overall market breadth was positive with 1,245 advances and 1,159 declines. Also, a decline in crude oil prices and a strengthening rupee capped further losses. The domestic currency rose to Rs71.13 from its previous close of 71.45 while the benchmark Brent Crude traded $63.37 a barrel. Selling pressure was witnessed in the metal and power stocks which fell over 1% whereas the index pivotals -- finance and banking -- were 0.27% and 0.66% lower from its previous close.
 
Housing finance company DHFL reported a whopping 52% rise in net profit for the second quarter ending September at Rs439 crore on the back of improved operating performance. According to a DHFL statement, the company posted a profit after tax (PAT) of Rs288 crore in the same quarter last year. DHFL said its assets under management (AUM) as on the end of the quarter in consideration at Rs1,30,182 crore grew by 38% over Rs94,079 crore at the end of the same quarter last year. The company's total income during the July-September quarter at Rs3,468 crore was up 32% over Rs2,632 crore earned in the corresponding quarter of the previous year. Loan book outstanding during the second quarter at Rs1,10,093 crore grew 35% over Rs81,380 crore on this count during the corresponding quarter of the previous year. The market perhaps does not believe in the data. DHFL shares closed at Rs232.40, down 1.06% on the BSE.
 
Automobile major Maruti Suzuki India launched the next generation of its multi-utility vehicle 'next gen Ertiga'. According to the company, the new vehicle's petrol powered version is priced between Rs7.44 lakh and Rs9.95 lakh while the diesel fuelled variant costs between Rs8.84 lakh and Rs10.90 lakh. Maruti Suzuki shares closed at Rs7,409.95, down 0.08% on the BSE.
 
Indoco Remedies reported that the US FDA (Food and Drug Administration) has conducted an inspection at the company's Sterile facility (Plant II) and Solid Dosages facility (Plant III) situated at Verna Industrial Estate, Goa and concluded with two minor observations. The company’s shares closed at Rs206.40, up 20% on the BSE.
 
Pennar Industries reported that the Pennar Group has bagged orders worth Rs317 crore across its various business verticals and the subsidiary, PEBS Pennar. The company’s shares closed at Rs37.80, down 0.40% on the BSE.
 
Glenmark Pharma has been granted final approval by the US FDA for Atovaquone Oral Suspension USP, a generic version of GSK's Mepron® Oral Suspension. The company’s shares closed at Rs638.95, down 0.35% on the BSE.
 
GMR Infra reported that the Kakinada Gateway Port, a subsidiary of Kakinada SEZ, has signed the Concession Agreement with Government of Andhra Pradesh for the development of green-field commercial port on DBFOT basis on Kona Village, East Godavari with an investment of Rs2,100 crore. The company’s shares closed at Rs16.10, down 1.83% on the BSE.
 
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:
 
 

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ADF Foods: In a Pickle
ADF Foods (ADF) is into the business of packaged and processed foods. Its beginnings can be traced back to 1932 as a small retail store by the name of American Dry Fruits in Mumbai. ADF’s major products include meal accompaniments (chutneys, pastes and pickles), frozen foods, ready-to-eats, spices & condiments and others, sold under seven brands. As much as 99% of the company’s products are...
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