Axis Bank Q1FY20 Results, Rising Crude Oil Prices, and Top Cues in Focus Today

Wed, 31 Jul Pre-Open

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On Tuesday, Indian share markets hit a 2-month low at the benchmark level as weak corporate earnings and continuous selling by foreign portfolio investors knocked off investment sentiment.

The BSE Sensex closed lower by 289 points to end the day at 37,397. IndusInd Bank and Yes Bank were among the top losers.

While the broader NSE Nifty ended down by 104 points to end at 11,085.

Among BSE sectoral indices, metal stocks fell the most by 3.3%, followed by energy stocks and automobile stocks.

Speaking of the bearish mood in Indian share markets, master trader Vijay Bhambwani talks to us about stocks, gold, silver, interest rates, crude oil, and how this bear market will come to an end.

Top Stocks in Action Today

TCS share price will be in focus today as the company has won the Best Innovation Award in Australia at the 2018 Equinix Partner Awards. The Best lnnovation Award is presented to the partner that has most consistently demonstrated ability to assist customers in navigating their digital transformation journey.

Indian oil corporation (IOC) and its partner Adani Gas are planning to invest about Rs 96 billion in rolling out infrastructure for retailing CNG to automobiles and piped natural gas to household kitchens in 10 cities for which they recently won licenses.

Market participants will also track Ajanta Pharma share price, UPL share price, Symphony share price, and Ashok Leyland share price as these companies will announce their June quarter results later today.

Results Corner

Granules India has reported a rise of 50.4% in its net profit at Rs 595.3 million for the June quarter as compared to Rs 395.7 million for the same quarter in the previous year.

Bharat Electronics has reported 13.9% rise in its net profit at Rs 2,047.3 million for the quarter under review as compared to Rs 1,797.3 million for the same quarter in the previous year.

Dr Reddy's Laboratories has reported 66.7% rise in its net profit at Rs 5,481 million for the quarter ended June 30, 2019 as compared to Rs 3,289 million for the same quarter in the previous year. Total income of the company increased by 12.4% at Rs 29,801 million for Q1FY20 as compared Rs 26,525 million for the corresponding quarter previous year.

On a consolidated basis, net profit rose by 42.1% at 6,765 million as compared to Rs 4,761 million in the same quarter previous year.

You can read our recently released Q1FY20 results: Force Motors, Maruti Suzuki, Vedanta, Tata Motors, Supreme Industries.

From the Commodity Space...

Crude oil witnessed buying interest yesterday. Most of the gains were seen on the back of positive global cues.

Also, expectations that the US Federal Reserve will cut interest rates meant the commodity trade on a positive note.

Note that crude oil has been witnessing volatility lately amid weekly declines in US inventories and rising geopolitical tensions between Iran and other countries.

Meanwhile, volatility was also seen on the back of ongoing geopolitical tensions in the Middle East.

Iran said that a small oil products tanker missing in the Strait of Hormuz was in its territorial waters. This stoked fraught relations with Iran's neighbors and the West over threats to shipping in the key oil chokepoint.

How this all pans out remains to be seen. Meanwhile, we will keep you updated on all the developments from this space.

June GDP at 5.7% amid Demand Slump

As per an article in The Economic Times, despite the policymakers' efforts to revive the sagging growth momentum, the economy is set to print in a 5.7% uptick in the June quarter and is likely to bottom out from there.

Reportedly, the slowdown will be led by consumption and services, attributing the same to the ongoing crisis among the shadow banks which have been funding the consumption drive before liquidity crisis hit them hard since last September, coupled with the weakening global growth and the resultant demand slump.

Growth momentum is likely to pick up in the September quarter to 6.4%, which will go further to 6.7% in the three months after that.

The Reserve Bank has cut its key rates thrice by a cumulative 0.75% to a nine-year low of 5.75% between February and June and is set to slash again next week seizing on the opportunity provided by a cooling inflation.

From the Banking Space...

Axis Bank on Tuesday said its net profit climbed 95% YoY to Rs 13.7 billion for the June quarter against Rs 7 billion in the same quarter last year.

Net Interest Income (NII) for the quarter rose 13% YoY to Rs 58.4 billion from Rs 51.8 billion in the corresponding quarter last year. Net interest margin for Q1FY20 stood at 3.4%.

Non-interest income, which comprises of fee, trading profit and miscellaneous income, jumped 32%.

The key driver of fee income growth was retail fee, which grew 28% YoY and constituted 62% of the bank's total fee income.

Asset quality remained stable with the bank's gross NPA and net NPA coming at 5.25% and 2.04% respectively, against 5.26% and 2.06%, respectively as on March 31.

In other news, at least five banks are planning to raise an aggregate of Rs 620 billion in funds this year. Three public sector banks (PSBs), State Bank of India, Bank of Baroda and Canara Bank and two private lenders Axis Bank and RBL Bank are looking to raise capital to fuel growth.

Expectations are that the fundraising will help the banks grab market share from non-banking financial companies (NBFCs).

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

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