Here are the top headlines from Moneycontrol News’ Anchal Pathak
Buzzing: Shares of JK Tyre and Industries rose 8 percent intraday as company reported strong numbers in the quarter ended March 2018.
The company’s Q4 net profit was 77 percent at Rs 158.87 crore against Rs 89.48 crore in the same quarter last fiscal.
Revenue from operations was down 1 percent at Rs 2,283.97 crore versus Rs 2309.48 crore.
The board has recommended a dividend of Rs 1.50 per equity share of Rs 2 each (75 percent) for the financial year ended March 31, 2018.
Karnataka Election: Supreme Court on Floor test seems to be the best option, says Justice Sikri while Abhishek Manu Singhvi told Supreme Court that the floor test is an inevitability.
Supreme Court said it is just a number game, one who enjoys the majority should be invited to form the government in Karnataka.
Results Date: MMTC said board of directors, on May 29, will consider the audited standalone and consolidated financial results for quarter and year ended March 31, 2018.
The board will also recommend dividend, if any, on the equity shares of the company for the year ended March 31, 2018 for the approval of the shareholders at the ensuing Annual General Meeting.
Market Update: The market continued trade lower, with the Sensex falling more than 100 points amid higher crude oil prices and corporate earnings.
All sectoral indices are in the red barring FMCG, with the PSU Bank and Pharma indices losing a percent each.
Bajaj Auto is up nearly 3 percent ahead of March quarter earnings as Profit is expected to jump 30 percent year-on-year basis.
The 30-share BSE Sensex was down 113.74 points at 35,035.38 and the 50-share NSE Nifty fell 24.30 points to 10,658.40.
Buzzing: Bajaj Finance share price gained nearly 2 percent on top of 7.63 percent upside in previous session, following solid earnings growth for the quarter ended March 2018.
Net profit in Q4 surged 61 percent year-on-year to Rs 720.9 crore compared to Rs 449 crore in corresponding period of last fiscal.
Net interest income, the difference between interest earned and interest expended, grew by 40 percent to Rs 2,365 crore compared to Rs 1,686 crore in year-ago.
Asset quality also improved as gross non-performing assets (NPA) for the quarter fell to 1.48 percent from 1.67 percent in previous quarter. Net NPA were also down at 0.38 percent from 0.53 percent on sequential basis.
Listing on Monday: IndoStar Capital Finance, an NBFC which offers structured term financing solutions for corporates, and loans to small and medium enterprise (SME) borrowers, is set to list on bourses on Monday.
It has recently expanded its portfolio to offer vehicle finance and housing finance products.
Here are the top headlines from Moneycontrol News’ Anchal Pathak
Buzzing: Shares of Voltas slipped nearly 9 percent on the back poor March quarter numbers.
The company has reported a 3 percent fall in its consolidated net profit at Rs 194 crore for the fourth quarter ended March 2018 against Rs 200 crore in the same quarter last fiscal.
The company has recommended dividend of Rs 4 per share on face value of Re 1 per share (400 percent) for the year 2017-18.
Market Update: The market extended opening losses, continuing correction for the fourth consecutive session amid higher crude oil prices, weak rupee.
The Sensex has broken 35,000 levels, down more than 181 points at 34,968.12 and the Nifty declined 47.20 points to 10,635.50 while the Nifty Midcap was down half a percent.
HDFC Bank, ITC, Reliance Industries, ICICI Bank, L&T and Infosys are pushing the market lower while Bajaj Auto gained 2 percent ahead of March quarter earnings due later in the day.
Crude Oil Update: Oil prices held firm on strong demand, ongoing supply cuts led by producer cartel OPEC and looming US sanctions against major crude exporter Iran.
But markets remained below multi-year highs from the previous day as surging output from the United States is expected to offset at least some of the shortfalls.
Brent crude futures were at $79.53 per barrel, up 0.29 percent from their last close. Brent broke through $80 for the first time since November 2014 on Thursday.
US West Texas Intermediate (WTI) crude futures were at USD 71.62 a barrel, up 0.18 percent from their last settlement, reports CNBC.
Market Update: Benchmark indices extended opening losses, dragged by banking & financials.
The 30-share BSE Sensex was down 127.27 points at 35,021.85 and the 50-share NSE Nifty fell 33.70 points to 10,649.
The market breadth is balanced as about 587 shares declined against 573 advancing shares on the BSE.
HDFC Bank, Infosys, ICICI Bank, L&T, HDFC, Axis Bank, IOC and ITC are top negative contributors to the Nifty50, falling up to 1 percent.
Stay cautious, Nifty may head towards 10,500; 3 stocks that could return up to 10%
It is advisable to remain cautious and not venture into over-leveraged positions. Here is a list of top three stocks that could deliver returns of up to 8-10 percent.
Market Opening: Benchmark indices started off Friday’s trade mildly lower despite most Asian stocks traded in the green.
The 30-share BSE Sensex was down 59.51 points at 35,089.61 and the 50-share NSE Nifty fell 17.90 points to 10,664.80.
Sun Pharma, Bajaj Finance, Bajaj Auto, Tech Mahindra, Yes Bank, Eicher Motors, ONGC, Coal India, Lupin, Vedanta and Power Grid were early gainers.
IOC, HPCL, BPCL, Wipro, Indiabulls Housing Finance, Cipla, UltraTech Cement, ICICI Bank and Asian Paints were under pressure.
Nifty Midcap index was down 70 points. Voltas, Central Bank of India, Jyothy Labs, SRF, Crompton Consumer, TVS Motor Company, Biocon and Balkrishna Industries fell up to 5 percent.
JK Tyre, Reliance Communications, Reliance Power, Future Consumer, Future Enterprises, HDIL, PC Jeweller and Edelweiss Financial rallied up to 17 percent.
Stocks in news: Sun Pharma, Bajaj Auto, Fortis, Voltas, Quess Corp, Minda Corp, JK Tyre, Balkrishna Ind
Ashok Leyland | Bajaj Auto | Central Bank of India | Quess Corp | Minda Corporation | Orient Refractories | Man Infraconstruction | JK Tyre & Industries | Balkrishna Industries | Lux Industries and Bliss GVS Pharma are stocks that are in the news today.
Technical Recommendations: We spoke to IIFL and here’s what they have to recommend:
Bajaj Finance Ltd: Buy| Target: Rs 2,250| Stop loss: Rs 1,975| Returns 9%
Colgate Palmolive Ltd: Buy| Target: Rs 1,276| Stop loss: Rs 1,138| Returns 9%
Oil India: Buy| Target: Rs 266| Stop loss: Rs 230| Returns 10%
Disclaimer: The views and investment tips expressed by investment expert on moneycontrol.com are his own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
[email protected]: Nifty likely to open flat; 3 stocks which can give up to 10% return
Trends on Nifty futures on the Singaporean exchange show that the Nifty could have a lower opening. SGX Nifty is currently trading around 10,670-levels.
Market Pre-Opening: Benchmark indices were flat in pre-opening trade despite most Asian stocks traded higher.
The 30-share BSE Sensex was up 32.30 points at 35,181.42 while the 50-share NSE Nifty fell 32.40 points to 10,650.30.
Tata Steel, Bajaj Finance, SBI, Yes Bank, JK Tyre, Ashok Leyland, Bhushan Steel and Bajaj Auto were gainers in pre-opening while Voltas is under pressure.
Reliance Communications jumped 10 percent.