Reliance Jio Infocomm (Jio) reported its seventh straight profitable quarter, with a 46% on year expansion in the bottom line for the April-June period on the back of strong user additions and increased data usage, though the company average revenue per user (ARPU) fell on quarter as the company added mostly lower revenue generating subscribers.
Mukesh Ambani-led Reliance Industries (RIL) on Friday reported 6.82 per cent year-on-year rise in consolidated net profit at Rs 10,104 crore for the quarter ended June 30.
Analysts in an ET NOW poll had projected a profit of Rs 9,550 crore. The oil-to-telecom behemoth had posted a net of Rs 9,459 crore in the corresponding quarter last year.
Reliance’s telecom unit Jio reported 45.60 per cent year-on-year rise in profit at Rs 891 crore for the quarter.
This kind of faster retracement on the downside clearly suggests that a fresh leg of downswing is in progress. Today’s fall has not only filled the euphoric gap, whose lower end is placed at 11,426, but it failed to sustain above that level on a closing basis, which resulted in a major breakdown on the weekly charts, as Nifty closed below the multiweek ascending channel. Traders may make use of pullback attempts to create fresh shorts
- Mazhar Mohammad, Chartviewindia.in
The price setup indicates an incremental decline towards the 11,125-11,300 zone on a near-term basis
Nifty formed a Big Bearish Candle on the daily as well as weekly charts and started forming lower tops and bottoms on the lower time frame chart. As long as it remains below 11,500, a bounce could be sold into towards the next support at 11,333 and then 11,250 levels, while immediate hurdles are seen at 11,461 and then 11,500 levels
Indian capital markets are in capitulation mode, as there has been clear dearth of good news. The continuous corporate defaults, high-tax regime, weak earnings season and fragile economy are not helping the already-delicate sentiment. With the crisis deepening and widening, markets are eagerly looking forward if policy makers can talk-up the markets with market-friendly tone
- Jagannadham Thunuguntla, Senior VP and Head of Research Wealth, Centrum Broking
Participants will react to the Reliance and HDFC bank’s results in early trade on Monday and that could set the tone for the day. However, markets are facing headwinds from both domestic and global front and might take further beating in following sessions. We advise keeping cautious approach and preferring hedged positions instead of naked trades. Nifty has next major support at 11,300.
Market slid as there was sharp sell-off by foreign funds due to the government’s reluctance to tweak FPIs income tax surcharge, and the deficiency in monsoon rain, which impacted risk sentiment. Additionally, downward revision in India’s growth to 7% by ADB and lackluster earnings from domestic corporates added anxiety over premium valuation
- Vinod Nair, Head of Research, Geojit Financial Services
CLOSING BELL: Sensex slips 560 pts to log 2nd biggest fall in 2019 so far, Nifty ends at 11,419; RBL Bank tumbles 14%
Nifty slips below 11400 for the first time since May 17
Govt asserts subsidy for EVs only for commercial vehicles, not personal usage
Speaking at an event here, Minister of State for Heavy Industries and Public Enterprises Arjun Ram Meghwal said the government expects India to adopt electric vehicles (EV) in "all natural course" - be it for bikes, cars, trucks, buses and e-rickshaws, while emphasising that the transition was necessary in order to reduce carbon emissions as per the Paris Agreement.
Amid widespread slowdown in the broader economy, which sector do you think will revive first?
Shankar Sharma on market condition
The handful of Nifty stocks is masking the ugly truth that the Indian market, now and over the last 18 months, has… https://t.co/wBKbF0QWoJ
Price as on 19 Jul, 2019 01:34 PM, Click on company names for their live prices.
Larsen & Toubro Infotech slumps on Q1 profit drop
Shares of information technology firm Larsen & Toubro Infotech were down around 5 per cent at Rs 1,495, their lowest since December 2018.
June-quarter consolidated net profit after tax was down 6 per cent sequentially at Rs 356 crore ($51.73 million) and 1.5 per cent lower on year, the company said on Thursday.
Cyient drops to near 2-year low on weak June quarter results
Cyient fell as much as 11.4 per cent to Rs 481.55 — their lowest since September 2017.
On Thursday, the engineering design services provider said June quarter net profit dropped 48.8 per cent QoQ to Rs 90.5 crore ($13.15 million).
Cyient, however, posted a 9.7 per cent YoY rise in net profit.
Cyient shares saw their worst intraday percentage fall in over 15 weeks.
The stock was trading over nine times the 30-day average. About 934,800 shares changed hands compared with the 30-day average of around 101,640 shares
Up to Thursday's close, Cyient was down 12.34 per cent so far this year.
Dr Reddy launches generic version of Allegra D in US
Price as on 19 Jul, 2019 12:02 PM, Click on company names for their live prices.
Mahindra and Mahindra hits 2.5 year low; chart suggests more downside
Shares of automaker Mahindra and Mahindra fell as much as 2.7 per cent to Rs 581.25, their lowest since December 27, 2016.
Stock broke below a support at Rs 586.23, the 23.6 per cent Fibonacci projection level of the downtrend from Aug. 29, 2018 high to Feb. 18, 2019 low (wave A).
A close below the 23.6 per cent level may lead to a near-term drop to the next support at Rs 531.13, the 38.2 per cent level.
Wave pattern suggests that the stock is in the initial wave i in a five-wave downtrend.
Trend intensity (TI) indicator rose two points to 18, which suggests that the stock is in early stages of a new downtrend.
MACD is negative and below its signal line which is seen as unfavourable.
Stock is down 25.7 per cent this year, as of last close, while the broader NSE Index gained 6.8 per cent in the same period.
Top 10 NSE losers at 11.30 am
Price as on 19 Jul, 2019 11:30 AM, Click on company names for their live prices.
ACC jumps 5% on Q1 numbers
Shares of cement maker ACC jumped over 5 per cent in morning trade on Friday, a day after it reported a 38.61 per cent rise in consolidated net profit at Rs 455.68 crore for the quarter ended June 30, 2019 helped by the improvement in operating performance and sales.
The company, which follows January-December financial year, had posted a profit of Rs 328.74 crore in April-June quarter a year ago, ACC said in a BSE filing.
Total revenue from the operation was also up 7.83 per cent to Rs 4,149.82 crore during the quarter under review as against Rs 3,848.25 crore in the year-ago period.
ACC delivered cement volume sales of 7.2 MT (est of 7.4 MT) during the quarter, which remained largely flattish on YoY basis. Growth in net realization/tonne for the company stood way ahead of our estimates, an increase of ~8% YoY and 10.6% QoQ.
EBITDA/tonne came in at Rs 1,044 (+25.5% YoY/+53.8% QoQ) as against our expectations of Rs 990.
Disappointment on operational efficiency front; P&F cost/tonne for the company continues to witness increasing trend since Q4CY18 despite meaningful correction in prices of pet-coke and imported coal during the same period (fall of 10-15% from peak).
We continue to value ACC at 11x EV/EBITDA on CY20E. We raise our target price from Rs 1,621/share to Rs 1,772/share (upside of 12.7%). We have an ADD rating for the stock.
Sensex tops 39,000, Nifty above 11,600; rupee trades at 68.75 against dollar
Singapore trading sets stage for positive start
Nifty futures on the Singapore Exchange were trading 40.50 points, or 0.35 per cent, lower at 11,642.50, indicating a positive start for Dalal Street.
Tech view: Nifty forms ‘Bearish Belt Hold’
Nifty50 witnessed profit taking on Thursday after three days of consecutive rise. The index formed a Bearish Belt Hold candle on the daily chart, following relentless selling through the session. The index would head for the 11,461 level if it fails to take support from its 100-day simple moving average at 11,560 in the coming days.
Asian shares jump on Fed official comment
Asian stocks gained, and the dollar sagged on Friday after a top Federal Reserve official all but cemented expectations of a US interest rate cut later this month. Australian stocks added 0.4 per cent, South Korea's KOSPI rose 0.8 per cent and Japan's Nikkei advanced 1 per cent. MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.3 per cent, squaring the previous day's losses.
Oil prices climb 1% on US-Iran tensions
Oil prices rose more than 1 per cent after the US Navy destroyed an Iranian drone in the Strait of Hormuz, a major chokepoint for global crude flows, again raising tensions in the Middle East. Brent crude futures were up 82 cents, or 1.3 per cent, at $62.75. They closed down 2.7 per cent, falling for a fourth day.
US stocks settled higher
US stocks closed higher as the market sentiment was lifted by a central bank official’s remark. The Dow Jones Industrial Average index rose 3.12 points, or 0.01 per cent, to 27,222.97. The S&P500 index was up 10.69 points, or 0.36 per cent, to 2,995.11. The Nasdaq Composite index gained 22.04 points, or 0.27 per cent, to 8,207.24.
Fed officials make case for aggressive rate cuts
John Williams, vice chairman of the Fed’s rate-setting committee and head of the regional Fed bank in New York that implements those policies, said when rates and inflation are low, policymakers cannot afford to keep their “powder dry” and wait for potential economic problems to materialise, Reuters reported. Fed Board of Governors Vice Chair Richard Clarida, meanwhile, said policymakers might need to act early to stimulate the U.S. economy as an insurance policy against rising risks.
FPIs sell Rs 1,405 cr worth equities
Net-net, foreign portfolio investors (FPIs) were sellers of domestic stocks to the tune of Rs 1,405 crore on Thursday, data available with NSE suggested. DIIs were net buyers to the tune of Rs 329 crore, data suggests.
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