Tube Investments: Strong Headwinds
Tube Investments of India Limited (TIIL), one of the flagship companies of the over Rs30,000-crore Chennai-based Murugappa group, has three business divisions – cycles, engineering and metal-formed products. The cycles segment manufactures standard and special cycles under the brands BSA, Hercules, Montra and Roadeo; it also sells imported brands like Bianchi and Schwinn. The engineering...
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  • Drawing a Parallel from the Bull Market, after the 2008 Crash? Look at the Data First - II
    Last week, I explained with two examples how it would be facile to assume that the market crash of 2008 and subsequent recovery from 2009 will repeat itself in the same manner in all future crashes. You can read that article here
     
    My short point was that, unless we look under the hood, we would be comparing apples with oranges. Here is some more evidence. Almost all of the...
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  • Nifty, Sensex on a rising streak – Weekly closing report
    We had mentioned in last week’s closing report that Nifty, Sensex continue to trend up. The major indices rallied and post major gains this week.
     
    The trend of the major indices in the week is given in the table:
     
     
    On Monday, the major indices opened low but recovered with minor losses. On the NSE, there were 692 advances, 1,209 declines and 54 unchanged.
     
    Radhakishan Damani-owned Bright Star Investments acquired 1.25% equity stake in Andhra Paper via open market transactions. Carlyle Group agreed to buy 20% stake in Piramal Pharma for around USD 490 million. 
     
    MRF reported 130% jump in its consolidated net profit for March 2020 quarter at Rs 679 crore against Rs 294 crore in the year-ago period. Revenue went down 11% at Rs 3,685.2 crore versus Rs 4,137.7 crore.
     
    Housing & Urban Development Corporation (HUDCO) consolidated net profit jumped 86.6% to Rs 440.91 crore on 27.3% rise in total income to Rs 1900.40 crore in March 2020 quarter over the corresponding period in the previous year.
     
    On Tuesday, the major indices suffered minor losses. On the NSE, there were 786 advances, 1,020 declines and 320 unchanged.
     
    Bharat Dynamics reported a 149.51% YoY rise in net profit to Rs 309.72 crore in March 2020 quarter. Revenue went up 63.7% at Rs 1,435.4 crore against Rs 878 crore YoY. The Board has recommended a final dividend at Rs 2.55 per share for the year ended March 31, 2020.
     
    Emami reported 58% year-on-year decline in consolidated profit at Rs 23 crore for the quarter ended March 2020. Revenue from operations declined 16.8% to Rs 532.68 crore compared to the same period last year.
     
    Bharat Electronics reported a 74.28% YoY rise in net profit to Rs 1,046.73 crore. Sales rose 51.43% YoY to Rs 5,728.57 crore in Q4FY20.
     
    On Wednesday, the major indices rallied and ended with major gains. On the NSE, there were 1,032 advances, 860 declines and 59 unchanged.
     
    Glenmark Pharmac USA was charged for conspiring with pharmaceutical maker Apotex Corp and other generic drug companies to increase the prices of cholesterol medication, pravastatin, and other generic drugs to fix prices for generic drugs, the US Justice Department said in a statement.
     
    Suzlon Energy completed debt restructuring with unanimous approval of secured lenders. Term debt has reduced substantially with interest of 9% p.a. repayable over 10 years starting July 1, 2020.
     
    Vodafone Idea reported a staggering Rs 73,878 crore of net loss in fiscal ended March 2020 , after it provisioned for Supreme Court mandated statutory dues. The consolidated loss in the quarter ended March 2020 was of Rs 11,643.5 crore. 
     
    On Thursday, the major indices continued to rally. On the NSE, there were 1,090 advances, 720 declines and 312 unchanged.
     
    Mahindra and Mahindra sales numbers for June showed an uptick in tractor demand. The auto company reported a 10% growth in total tractor sales at 36,544 units in June. The company sold 33,094 tractors in the same month of 2019.
     
    Axis Bank is planning to raise up to Rs 15,000 crore through the issue of equity shares/depository receipts and/or any other instruments or securities, the bank said in an exchange communication.
     
    The CBI has booked Venkata Krishna Reddy Gunupati, chairman of the GVK Group of Companies, and his son GV Sanjay Reddy, managing director of Mumbai International Airport Ltd, among others, for alleged irregularities to the tune of Rs705 crore in running of the airport.
     
    On Friday, the markets were volatile and ended with minor gains. On the NSE, there were 851 advances, 958 declines and 314 unchanged.
     
    Reliance Industries announced that Intel Corp’s investment arm, Intel Capital, will invest Rs 1,894.5 crore in Jio Platforms in exchange for a 0.39% stake. The transaction values Jio Platforms at an equity value of Rs 4.91 lakh crore and an enterprise value of Rs 5.16 lakh crore, as per the company release. 
     
    Muthoot Finance plans to split its equity shares and to seek approval of shareholders for increase its borrowing powers from existing Rs 50,000 crore to Rs 75,000 crore.
     
    Bharti Airtel emerged the top bidder for acquiring stake in OneWeb, a UK-based company that has proposed a mega-constellation of satellites in low earth orbit to deliver affordable wireless internet services to anywhere in the world, media sources said.
     
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