· Bank of Maharashtra raises Rs403.70cr through QIP issue – Positive but poor balance sheet is a concern
· UPL - The credit rating agency reaffirmed long-term / short-term bank facilities to CARE AA+ / CARE A1+. Outlook revised to Stable from Negative.- Positive · Govt plans to complete LIC IPO this fiscal: Karad - The government plans to complete the initial public offering of Life Insurance Corporation (LIC) in the current fiscal, the Minister of State for Finance Bhagwat Kishanrao Karad said on Monday. The government on Thursday had invited bids to appoint merchant bankers and legal advisors for the IPO and subsequent listing of the country's largest insurer.- Positive.
· The government has collected over Rs 1.01 lakh crore in excise duty in April-June period, while direct tax collection stood at over Rs 2.41 lakh crore, the Finance Ministry said on Monday. – Positive for the market, it will be reduce on fiscal burden.
· ACC Q2 Income Rs3885cr (down 9.5% YoY) – expectation Rs3701cr, Ebitda Rs875cr (up 1.8% YoY) – expectation Rs723cr, Ebitda margin 22.5% vs 20.02% (YoY) – expectation 19.5% and net profit Rs534cr (down 4.2% YoY) – expectation 455cr
· HCL Tech Q1 Dollar Rvenue and EBIT margin below expectation - Q1 Net profit Rs3205cr (down 5.8% QoQ) – expectation Rs3400cr, Dollar term revenue at $2720mn (up 0.9% QoQ) – expectation $2767mn, EBIT margin at 19.6% vs 16.6% (QoQ)- expectation Rs20.9%, EBIT Rs3934cr (up 20%b QoQ) – expectation Rs4300cr and Revenue Rs20068cr (up 2% QoQ) – expectation Rs20400cr
· HDFC Life 1Q Net Income below estimates, company reported Q1 Net income Rs300cr (down 33% YoY) – expectation Rs310cr, Net investment income Rs6960cr (down 20% YoY), Net premium income Rs7540cr (up 32% YoY) – expectation Rs8390cr, 1Q Value of New Business Rs410cr and Solvency at 203% vs 201 – expectation 196%.
· Indian Bank announce impressive Q1 results and stable asset quality. Company reported Q1 Net profit Rs1180cr (up 219% YoY), Tax gain Rs320cr, GNPA 9.69% vs 9.85% (QoQ), Other Income Rs1876cr (up 41% YoY), NPA 3.5% vs 3.4% (QoQ) and Interest Income Rs9620cr (down 4.9% YoY).
· Brent Crude declines … OPEC+ to Boost Oil Output After Saudi-UAE Compromise Deal …Positive for Oil marketing companies - Expects positive for oil marketing companies (HPCL, BPCL, IOC), Paints and Cement companies after Brent Crude fell to below $73/bbl. OPEC and its allies agreed to gradually add more oil supplies to the market, ending a two-week spat between Saudi Arabia and the United Arab Emirates. The UAE’s level was increased to 3.5 million barrels day, below the 3.8 million it initially demanded but above the previous baseline of 3.17 million.
By: via @AlliesFin Serve Stock Market
