Indian Indices Continue Downtrend, Key Q4FY19 Results, and Top Stocks in Action Today

Wed, 8 May Pre-Open

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On Tuesday, share markets in India fell sharply during closing hours and ended deep in the red after a volatile day of trading.

The BSE Sensex closed lower by 324 points to end the day at 38,277. Tata Motors and ICICI Bank were among the top losers.

While the broader NSE Nifty ended down by 100 points to end at 11,498.

Among BSE sectoral indices, telecom stocks fell the most by 2.4%, followed by energy stocks and banking stocks.

Top Stocks in Action Today

Lupin share price will be in focus today as the company has received tentative approval for its Fosaprepitant for Injection, 150 mg Single-Dose Vial, from the United States Food and Drug Administration (USFDA) to market a generic version of Emend for Injection, 150 mg Single-Dose Vial, of Merck Sharp & Dohme Corp. (Merck).

Mindtree share price will also be in focus today as the company has launched QuikDeploy, an IP-driven approach to helping customers maximize their use of the SAP Solution Manager. This flexible industry accelerator is tailor-made to rapidly deploy SAP S/4HANA into Microsoft Azure cloud.

Market participants will also track Gillette India share price, Titan company share price, and Rain Industries share price as these companies are set to announce their March quarter results today.

Results Corner

Escorts share price has reported a rise of 7.8% in its net profit at Rs 1213.5 million for the quarter under review as compared to Rs 1125.4 crore for the same quarter in the previous year.

Total income of the company increased by 13.1% at Rs 16,490 million for Q4FY19 as compared Rs 14,586 million for the corresponding quarter previous year.

Gujarat Gas share price has reported a rise of 76.7% in its net profit at Rs 1165.4 million for the quarter ended March 31, 2019 as compared to Rs 659.5 million for the same quarter in the previous year.

ICICI Bank share price registered a 5% drop in its net profit in the fourth quarter of FY19 with higher provisions and expenditure. The bank's net profit fell 5% to Rs 9.7 billion in the January to March 2019 quarter from Rs 10.2 billion a year ago.

Its standalone net profit for FY19 also fell 50% to Rs 33.6 billion from Rs 67.8 billion in FY18. The bank's bad-loan provision rose to Rs 54.5 billion in the fourth quarter of FY19 from Rs 42.4 billion in the third quarter.

However, on an annual basis, it fell by 17.7% from Rs 66.3 billion in the fourth quarter of FY18. Its gross non-performing assets fell to Rs 462.9 billion or 7.4% of gross advances as on March 2019 as against 9.9% a year ago. Net NPAs were also the lowest in about 13 quarters at Rs 135.8 billion or 2.3% of net advances as on March 2019 as against 5.4% on March 2018.

From the IPO Space...

Travel booking site EaseMyTrip is close to becoming the first online travel aggregator to list on the domestic bourses.

The Delhi-headquartered firm has engaged Axis Capital and JM Financial as merchant bankers for its proposed initial public offering (IPO).

The company is likely to raise between Rs 5 billion and Rs 7.5 billion via the IPO, though a final call on the issue size has not been taken.

EaseMyTrip was founded in May 2008 by the Nishant Pitti and Rikant Pitti. It provides air tickets, hotel bookings, bus bookings, holiday packages and white label services and has overseas branches in Dubai, Bangkok, Maldives and Singapore.

Speaking of IPOs, we at Equitymaster believe a merit-based selection, primarily including valuation, business, and management quality, is the logical way to go about investing in IPOs.

If it means going against the herd, so be it. And going by recent past, this strategy has been proven to be successful more often.

From the Currency Space...

The Reserve Bank of India (RBI) is planning to conduct at least one more swap of rupees for dollars after the general election as an effort to support economic growth.

The central bank also plans to conduct open market operations (OMOs) of up to Rs 500 billion over the next two months expanding a quantitative easing programme to spur the slowing economy.

Reportedly, these latest moves are expected to increase cash in the financial system and help push interest rates down.

Despite cutting its key policy rate by 50 basis points this year to 6%, the RBI has struggled to get banks to reduce lending rates due to tight cash conditions and high deposit rates.

The RBI's two US$ 5 billion buy/sell swap auctions in March and April together injected close to Rs 700 billion into the banking system.

How this all pans out remains to be seen. Stay tuned for more updates.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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