December Quarter Results, IPO Buzz, and Top Cues in Focus Today

Mon, 17 Feb Pre-Open

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On Friday, Indian share markets witnessed most of the selling pressure during closing hours and ended lower.

The BSE Sensex closed lower by 202 points to end the day at 41,258. IndusInd Bank and Power Grid were among the top losers.

While the broader NSE Nifty ended down by 61 points to end at 12,113.

Among BSE sectoral indices, power stocks fell the most, followed by metal stocks and automobile stocks.

Top Stocks in Action Today

Tata Motors share price will be in focus today as the company has bagged an order from Uttar Gujarat Vij Company (UGVCL) for supplying the electric version of its sub-compact sedan Tigor, which will be deployed in Gandhinagar and Ahmedabad, as part of its tender with Energy Efficiency Services (EESL).

Bharat Petroleum Corporation (BPCL) share price will also be in focus as it has received approval from its board of directors for divestment of company's shareholding of 61.65% in Numaligarh Refinery as per the decision of Cabinet Committee on Economic Affairs (CCEA).

This divestment would be undertaken subject to the completion of all requisite formalities including inter-alia shareholders' approval.

Market participants will also track Reliance Industries share price. The company's telecom arm - Reliance Jio Infocomm (Jio) has continued its lead in average 4G download speed rankings with 20.9 megabit per second (mbps) speed in January.

According to telecom regulator TRAI's data, Reliance Jio led the chart despite dip in peak download speed of 27.2 mbps recorded in November. The company had almost three times higher speed than its nearest rival Bharti Airtel.

Results Corner

Nestle on Thursday posted a 38.4% rise in December quarter profit at Rs 4,730 million. The packaged foods and beverages company had reported a profit of Rs 3,418 million in the same quarter a year ago.

The FMCG major's total sales rose to Rs 31,307 million compared with Rs 28,788 million from a year before.

The company's total income rose to Rs 31,940 million, from 29,725 million a year ago.

The company declared a final dividend of Rs 61 per share.

To know more, you can read Nestle's Q3FY20 result analysis on our website.

BPCL has reported over 2-fold jump in its net profit at Rs 12,606.3 million for the quarter under review as compared to Rs 4,951.4 million for the same quarter in the previous year.

PI Industries has reported a rise of 12.2% in its net profit at Rs 1,204 million for the quarter ended December 31, 2019 as compared to Rs 1,073 million for the same quarter in the previous year.

Total income of the company increased by 20.3% at Rs 8,695 million for Q3FY20 as compared to Rs 7,227 million for the corresponding quarter previous year.

On a consolidated basis, Adani Transmission has reported a rise of 32.5% in its net profit at Rs 2,036.7 million for the quarter under review as compared to Rs 1,536.7 million for the same quarter in the previous year.

Supreme Court Dismisses Telcos' Plea

On Friday, the Supreme court rejected the telcos' plea seeking new schedule of AGR payments.

Coming down heavily on the Department of Telecommunications (DoT) for not taking coercive action against telcos for failing to repay, the apex court ordered contempt proceedings against Bharti Airtel and Vodafone Idea.

The next hearing has been scheduled for March 17.

The Apex Court also pulled up the DoT desk officer who wrote to the Attorney General asking him to not insist on payment of dues.

Last month, a bench headed by Justice Arun Mishra had dismissed review petitions of telecom firms seeking review of its earlier order asking them to pay Rs 1.47 trillion in statutory dues by January 23, saying it did not find any "justifiable reason" to entertain them.

Vodafone Idea, Bharti Airtel and Tata Teleservices had filed modification applications on the time schedule to make payments of over Rs 1 trillion that they owe to DoT as AGR.

From the IPO Space...

As per an article in The Economic Times, the Rs 95-billion initial public offer (IPO) of SBI Cards and Payments Service is likely to be launched in the first week of March.

Earlier this week, the markets regulator gave its inprincipal approval to SBI Cards to launch its IPO.

Here's an excerpt from the article:

• The IPO is likely to be priced in a band of Rs 690-700 per share. In the unofficial grey market, SBI shares are being traded at Rs 950-970 per share, about 38% over its likely IPO price.

Parent State Bank of India added a record 3.6 lakh shareholders in December quarter as a portion of the shares in the SBI Cards IPO are reserved for the state-owned lender's shareholders.

The company will offer up to 130.5 million equity shares via the offer for sale route, according to the draft red herring prospectors (DRHP).

How this IPO sails through remains to be seen. Stay tuned for more updates from this space.

Global Stock Market Updates

European shares touched record highs on Friday as investors digested whether China's coronavirus outbreak would cause long-lasting damage to global economy.

Asian stock markets ended on a mixed note. As of the most recent closing prices, the Hang Seng was up 0.3% while the Nikkei was down 0.6%.

Asian shares had earlier inched higher toward their second straight week of gains, helped by hopes that government will make provisions to soften the impact on their economies from the coronavirus epidemic.

The euro slumped to another near-three-year low, with worries lingering about slowing growth in the euro zone and rising political uncertainties in Germany.

On the commodities front, crude oil prices edged up backed by expectations that major producers will implement deeper output cuts to offset slowing demand in China caused by the coronavirus epidemic.

In response to the demand slump, the Organization of the Petroleum Exporting Countries (OPEC) and its allied producers, a grouping known as OPEC+, are considering cutting output by up to 2.3 million barrels per day.

The International Energy Agency (IEA) said that first-quarter oil demand is set to fall versus a year earlier for the first time since the financial crisis in 2009 because of the coronavirus outbreak.

US Energy Secretary Dan Brouillette also told Reuters the coronavirus epidemic in China has had a marginal impact on energy markets and is unlikely to dramatically affect oil prices even if Chinese demand falls by 500,000 barrels per day.

We will keep you updated on the latest developments from this space. Stay tuned.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

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