Sensex gains 100 points, Nifty above 10,850; Vedanta tumbles 14%

Market Opens: It is firm opening for the benchmark indices ahead of Budget announcement with Nifty holding above 10,850 level.

The Sensex is up 83.63 points or 0.23% at 36340.32, and the Nifty up 29.30 points or 0.27% at 10860.30. About 458 shares have advanced, 275 shares declined, and 34 shares are unchanged. 

Dabur, Bharti Airtel, UPL are trading higher, while Vedanta tumbled 14 percent.

Banking stocks including Bank of India, OBC, Bank of Maharashtra gained 4-14% after RBI lift the lending curbs.

Piyush Goyal, the interim finance minister, is going to present the interim budget for 2019-20 in parliament today.

Rupee Opens: The Indian rupee opened higher at 71 per dollar on Friday against previous close 71.08.

Source:https://www.moneycontrol.com/news/business/markets/stock-market-live-updates-bse-nse-sensex-gains-100-points-nifty-above-10850-vedanta-tumbles-14-3467031.html

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Dabur Q3 beats estimates, profit rises 10%, domestic volume growth at 12.4%

FMCG company Dabur India has reported healthy numbers for October-December quarter as earnings beat analyst expectations on Thursday. Consolidated profit grew by 10.2 percent year-on-year to Rs 366 crore, which was ahead of CNBC-TV18 poll estimates of Rs 357 crore.

Profit in corresponding period last fiscal stood at Rs 332 crore.

Consolidated revenue during the quarter increased 11.8 percent year-on-year to Rs 2,199 crore with healthy domestic volume growth at 12.4 percent against 13 percent in same period last year.

"Prudent cost management initiatives coupled with strong growth in the domestic market across our key business categories helped Dabur India Ltd mitigate the weaker economic indicators and macro-economic headwinds in some international markets to deliver a strong overall performance in the third quarter of 2018-19 financial year," the company said.

A CNBC-TV18 poll estimates for revenue stood at Rs 2,169 crore and domestic volume growth at 8-10 percent.

Dabur's shampoo business grew by 25.2 percent and hair oil business was up 23.6 percent, helping the hair care category report a nearly 24 percent growth during the quarter.

The skin & salon business ended the quarter with a 19.3 percent growth, while the OTC & ayurvedic ethicals business grew by 17.6 percent.

Dabur's toothpaste sales, led by continued demand for flagship Dabur Red Paste, was up 11.1 percent while the foods business also grew by 11.1 percent.

Sunil Duggal, Chief Executive Officer, said, "The medium-term prospects for India remain robust and we are confident that domestic consumer sentiment, particularly in rural markets, will gain pace in the months to come on the back of fiscal stimulus."

At operating level too, numbers were ahead of estimates. Consolidated EBITDA (earnings before, interest, tax, depreciation and amortisation) in Q3 increased 4.3 percent to Rs 445.2 crore, but margin contracted to 20.2 percent against 20.5 percent YoY.

A CNBC-TV18 poll expectations for EBITDA stood at Rs 433 crore and margin at 20 percent for the quarter.

SP Tulsian of sptulsian.com told CNBC-TV18 that Dabur reported very good numbers for the quarter. "Considering the good rabi crop season and likely continuity in rural consumption growth, Dabur is expected to trade strong going ahead."

Even if it does 10 percent volume growth, numbers are expected to remain good going ahead, according to him.

The stock was quoting at Rs 433, up Rs 2.15, or 0.50 percent on the BSE, at 14:48 hours IST.

Source: https://www.moneycontrol.com/news/business/earnings/dabur-q3-beats-estimates-profit-rises-10-domestic-volume-growth-at-12-4-3462671.html

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Closing Bell: Nifty ends January series above 10,800; Sensex surges 665 points

Market at close: Benchmark indices posted handsome gains on the F&O Expiry day and ahead of Budget, which to be declared on February 1.

At the close, the Sensex was up 665.44 points at 36256.69, while Nifty was up 179.20 points at 10831. About 1403 shares have advanced, 1138 shares declined, and 131 shares are unchanged. 

Axis Bank, Infosys, Tata Motors, GAIL and Titan Company are among major gainers on the Nifty, while losers are Yes Bank, Bajaj Finserv, Zee Entertainment, Indiabulls Housing and HCL Tech.

All the sectoral indices ended in green led by Energy, Metal, Bank, Auto, IT, Infra and FMCG.

Source:https://www.moneycontrol.com/news/business/markets/stock-market-live-updates-bse-nse-indices-extend-gains-on-expiry-day-nifty-at-10830-sensex-up-over-650-points-3459401.html

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Nifty below 10,700, Sensex up 150 points; Zee Ent, Bajaj Finance slip

Market Opens: Benchmark indices opened higher on Thursday with Nifty trading around 10,700.

At 09:17 hrs IST, the Sensex is up 205.23 points at 35796.48, while Nifty is up 44.40 points at 10696.20. About 532 shares have advanced, 242 shares declined, and 26 shares are unchanged. 

Tata Steel, RIL, Grasim, Vedanta, ICICI Bank, UltraTech Cement, Coal India, UPL, Eicher Motors are trading higher, while BPCL, IOC, HPCL, Bharti Infratel, Adani Port, HDFC, Zee Entertainment are among losers.

All the sectoral indices are trading in green, midcap index is up 0.50 percent.

Rupee Opens: The Indian rupee gained in the early trade on Thursday. It has opened higher by 17 paise at 70.95 per dollar versus previous close 71.12.

Source: https://www.moneycontrol.com/news/business/markets/stock-market-live-updates-bse-nse-nifty-below-10700-sensex-up-150-points-zee-ent-bajaj-finance-slip-3459401.html

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ICICI Bank Q3 preview: Analysts expect double-digit growth in profit, NII

Country's largest private sector lender ICICI Bank is likely to show further improvement in earnings with loan growth and net interest income in double digits.

Slippages may moderate and asset quality is likely to be stable in Q3. Profitability is likely to be supported by higher treasury income and pre-provisioning profit during the quarter.

Brokerages expect 5-40 percent on-year growth in profit but sequentially it is expected to show a massive 80-150 percent increase on a low base.

Reliance Securities, Motilal Oswal, Edelweiss Securities and Sharekhan expect more than 100 percent increase QoQ in profitability.

Net interest income, the difference between interest earned and interest expended, may grow in the range of 13-20 percent compared to year-ago with loan growth of around 13-15 percent.

"We expect steady improvement in earnings trajectory led by a recovery in loan growth (around 15 percent YoY) and strong NII growth (20 percent YoY)," Kotak Securities said, adding net interest margin may be flat/marginally positive QoQ.

Motilal Oswal expects loan growth to be around 13 percent YoY, driven largely by retail loans. "Corporate loan growth would be moderate while overseas book would continue to see a decline. Deposit is expected to grow at around 12 percent YoY."

According to the research house, net interest income is expected to grow around 16 percent YoY, whereas Emkay said net interest margin is likely to be stable in Q3, but may look better in Q4 on the back of heavy NPA resolutions.

Overall brokerages expect other income (non-interest income) as well as operating profit to grow more than 20 percent.

Asset quality may see some improvement in Q3 as slippages could stabilise, brokerages said.

Kotak Securities expects reduction in gross NPLs on the back of resolution as well as write-offs. At the same time, watchlist loans will decline QoQ and coverage ratio will improve QoQ, it said.

Gross slippages are expected to moderate to 2.4 percent due to reduction in corporate slippages, Motilal Oswal said, adding net stress loans during Q2FY19 stood at 5.9 percent of loans and are expected to decline further as incremental stress addition moderates.

Emkay sees slippages in the range of Rs 3,000-4,000 crore for the quarter.

Source:https://www.moneycontrol.com/news/business/earnings/icici-bank-q3-preview-analysts-expect-double-digit-growth-in-profit-nii-3450391.html

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