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Bajaj Finance, Union Bank, Adani Ports, Tata Global top stocks to watch

SI Reporter/New Delhi 16 May 19 | 08:32 AM

At 08:28 am, Nifty futures on the Singapore Exchange (SGX) were trading 28 points or 0.25 per cent higher at 11,190, indicating a positive start for the Nifty50 index. 

Here's a look at the top stocks that may hog the limelight today - 

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Earnings today: As many as 74 companies are slated to release their March quarter results today. Prominent among them include Bajaj Finserv, Bajaj Finance, Hindalco Industries, Jubilant Industries, Minda Industries, Bank of India and JK Tyre and Industries. 

Jet Airways: The Hinduja group would be keen to take over Jet Airways, provided lenders agree to take a substantial haircut on their dues and founder Naresh Goyal gives his consent to the takeover, said a Business Standard report. 

Adani Ports, BPCL and others: The National Stock Exchange (NSE) and the BSE cracked the whip on several listed firms that had failed to comply with listing regulations on Wednesday. Adani Ports and Special Economic Zone, Jet Airways, IL&FS Engineering and Construction Company; Bharat Petroleum Corporation, MOIL, and SJVN were among the firms that were penalised.

Tata Global, Tata Chemicals: The $104-billion Tata group on Wednesday announced that it was demerging the consumer products business of Tata Chemicals into Tata Global Beverages as part of a larger mandate to bring food and beverages under one unit. 

InterGlobe Aviation: According to a business television report, differences have surfaced between promoters Rahul Bhatia and Rakesh Gangwal over managerial control of the firm. However, the airline has denied any such developments calling it mere speculation.

Lupin: Lupin’s Q4FY19 results were a mixed bag. Its revenues grew 9.2 per cent YoY to Rs 4,406 crore while net profit declined 19.8 per cent YoY to Rs 287.5 crore. EBITDA margins improved 223 basis points (bps) YoY to 19.8 per cent. CLSA has cut the target price to Rs 700 from Rs 730 earlier. 

Besides, the drug maker said it has received three observations from the US health regulator for its Aurangabad-based manufacturing facility. 

Central Bank of India: Public sector lender Central Bank of India May 15 reported widening in its losses to Rs 2,477.41 crore in the last quarter of 2018-19 due to a spike in provisioning of bad loans. Gross non-performing assets stood at 19.29 per cent of gross advances at end-March 2019, against 21.48 per cent in the year-ago period. Net NPAs or bad loans stood at 7.73 per cent from 11.10 per cent a year ago.

Union Bank: Union Bank of India plans to raise up to Rs 4,900 crore in equity in the second half of the current financial year to support its loan growth plans. This apart, news reports suggest CLSA has maintained 'buy' rating on the stock but slashed its target price to Rs 96 from Rs 105, earlier. It expects the lender's earnings to normalise from FY21 onwards.  

Nestle: Foreign brokerage Jefferies has maintained buy rating on Nestle India with a target price of Rs 12,000.

PI industries: Credit Suisse has initiated coverage on PI Industries with an outperform rating and target price of Rs 1,300. Given its unique business model, high probability of non-linear growth in coming years and option value from acquisition or branching out into other chemical segments like pharma, this premium multiple will sustain, it said. 

Gujarat Pipavav Port: The company's PAT for the March quarter grew 5 per cent to Rs 51 crore while revenues grew by 9 per cent YoY to Rs 180 crore. EBITDA margins declined by 95 bps YoY to 55.3 per cent. 

Navneet Education: Navneet reported healthy revenue growth of 15.5 per cent YoY to Rs 245.5 crore while EBITDA margins for the quarter improved marginally by 30 bps YoY to 11.5 per cent. PAT fell by 2.3 per cent YoY to Rs 14.7 crore.

Phoenix Mills: PML’s topline grew 65.6% YoY to Rs 723.2 crore and was much higher than our estimate of Rs 469.1 crore in Q4FY19. The company’s board has recommended a final dividend of Rs 3/share in FY19. PAT grew strongly by 1.5x YoY to Rs 228.4 crore. 

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