Hindalco Q3 profit including Utkal surges 47% to Rs 713 cr, margin contracts

 third quarter profit (including Utkal) to Rs 713 crore, driven by higher operating income and lower finance cost in aluminium business.

Hindalco has reported healthy 47 percent on year growth in

Profit during the quarter ended December 2017 stood at Rs 484 crore.

Revenue from operations (including Utkal) grew by 8 percent year-on-year to Rs 11,938 crore in quarter ended December 2018.

At operating level, EBITDA (earnings before interest, tax, depreciation and amortisation) including Utkal rose 3.5 percent to Rs 1,926 crore in Q3 YoY, but margin contracted to 16.1 percent against 16.9 percent in same period last year.

"This is on the back of supporting macros, improvement in operational efficiencies and better realisations. This was despite increase in input costs, mainly of coal and furnace oil," the aluminium major said.

Interest expenses for the quarter were lower by 12 percent to Rs 477 crore YoY, mainly due to re-pricing of long term project loans and loan re-payments.

The company said under its continuous deleveraging focus, it prepaid another Rs 1,575 crore in October 2018.

Hence, Hindalco standalone plus Utkal Alumina net debt to EBITDA (on TTM Basis) improved to 2.36x as on December 2018 from 2.67x as on March 2018, it added.

Aluminium business (including Utkal) during the quarter grew by 12.6 percent to Rs 6,018 crore with its EBITDA increasing 8 percent to Rs 1,286 crore YoY on supporting macros, partially offset by increase in the input prices.

The company achieved aluminium metal production of 324 Kt in Q3FY19, as its plants continued to operate at peak designed capacities, the company said, adding alumina (including Utkal Alumina) production was higher at 749 Kt versus 734 Kt in the corresponding period last year on account of better operational performance.

Copper business revenue at Rs 5,925 crore increased by 4 percent and its operating income at Rs 431 crore was higher by 2.4 percent for quarter ended December 2018.

At 14:38 hours IST, the stock was quoting at Rs 199.65, up Rs 0.30, or 0.15 percent on the BSE.

Source:https://www.moneycontrol.com/news/business/earnings/hindalco-q3-profit-including-utkal-surges-47-to-rs-713-cr-margin-contracts-3521481.html

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JBM Auto rises nearly 2% after strong Q3 results

Shares of JBM Auto rose about 2 percent in early trade on February 12 after the company reported strong results for the quarter ended December 2018.

Consolidated net profit after tax rose to Rs 19.74 crore, up 14.6 percent from the same quarter last year.

JBM Auto's revenue from operations in Q3 was Rs 429.89 crore, an increase of 8.46 percent from the same quarter last year.

Earnings per share (EPS) for the third quarter rose to Rs 4.22 from Rs 3.71 in the corresponding quarter last year.

Source:https://www.moneycontrol.com/news/business/markets/jbm-auto-rises-nearly-2-after-strong-q3-results-3517961.html

At 0926 hours, JBM Auto was quoting at Rs 260.85, up Rs 3.80, or 1.48 percent.

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Flat start on D-Street, Nifty below 10,900; Axis Bank down 1%

  

Market opens Equity benchmarks have begun marginally lower, with the Nifty trading just below 10,900.

The Sensex is down 47.42 points or 0.13% at 36347.61, and the Nifty down 13.70 points or 0.13% at 10875.10. The market breadth was narrow as 179 shares advanced, against a decline of 137 shares, while 43 shares were unchanged.

Majority of sectoral indices are trading in the near the flat line, but pain is visible among automobiles, IT and metals. The Midcap index is trading flat. 

Coal India, Tata Motors, Indiabulls Housing and IOC were the top gainers, while NTPC, Axis Bank, GAIL and Eicher Motors lost the most. 

The Indian rupee has witnessed a flat opening at 71.17 per US dollar against Monday’s close of 71.18 per US dollar. 

The rupee strengthened by 13 paise to close at 71.18 against the US dollar Monday on easing crude oil prices, even as the greenback strengthened vis-a-vis other major currencies.

Source:https://www.moneycontrol.com/news/business/markets/market-live-flat-start-on-d-street-nifty-below-10900-axis-bank-down-1-3517941.html

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Nifty forms 'Bearish Belt Hold' pattern, 10,812 crucial for bulls

The Nifty50 extended downtrend for third consecutive session and closed below 10,900 levels, dragged by oil & gas, select banking & financials and auto stocks. Mixed global cues and not so encouraging December quarter earnings along with fear of downgrade dented the market sentiment.

Traders also looked cautious ahead of macro data - January CPI inflation and December industrial output scheduled to be announced on Tuesday evening.

The index formed a small bearish candle, which resembles a 'Bearish Belt Hold' kind of formation on the daily charts.

A 10,812 is expected to be crucial level for the Nifty, experts said, adding if it breaks the same then there could be further selling pressure which could take the index to around 10,700 levels.

A 'Bearish Belt Hold' pattern is formed when the opening price becomes the highest point of the trading day (intraday high) and the index declines throughout the trading day making up for the large body. The candle will either have a small or no upper shadow and a small lower shadow.

The Nifty50 after opening lower at 10,930.90, which was also a day's high, extended losses to hit an intraday low of 10,857.10 and remained under pressure amid volatility. The index closed 54.80 points lower at 10,888.80.

"Nifty50 signed off the session with a small Bearish candle, which resembles a Bearish Belt Hold formation as it continued to slide without any respite from the opening tick which also remained as the highest point of the day," Mazhar Mohammad, Chief Strategist – Technical Research & Trading Advisory, Chartviewindia.in told Moneycontrol.

He said in the near term it looks critical for the index to sustain above 10,812 kind of levels to prevent further damage.

"In case if the slide continues below 10,812 levels then next target appears to be placed around 10,714 levels where it is expected to test its 100-day moving average where this index can attract some buying interest," he added.

According to Mazhar, as of now some strength in Nifty can be expected above 10,930 levels but in order to get back in the game bulls need a close above 11,041 levels.

In the futures & options segment, maximum open interest in Call option was seen at 11,000 strike, followed by 11,200 and 11,100 strikes while maximum Put option was seen at 10,400 strike followed by 10,700 and 11,000 strikes.

Call writing was seen at the strike price of 10,900 followed by 11,100 levels while Put writing was seen at the strike price of 10,600 followed by 10,500 strike.

Source: https://www.moneycontrol.com/news/business/markets/technical-view-nifty-forms-bearish-belt-hold-pattern-10812-crucial-for-bulls-3515941.html

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Closing bell: Nifty closes below 10,900, Sensex loses 151 pts; midcaps underperform

Market Closing

Benchmark indices continued to reel under selling pressure for third consecutive session on Monday. The 30-share BSE Sensex fell 151.45 points to 36,395.03 and the Nifty50 plunged 54.80 points to 10,888.80.

The broader markets also caught in bear trap with the Nifty Midcap index falling 1.7 percent and Smallcap shedding 1.8 percent, underperforming frontliners.

The market breadth was largely in favour of bears as about two shares declined for every share rising on the NSE.

Reliance Industries and ICICI Bank were leading contributors to the Nifty's fall.

Dr Reddy's Labs and M&M were biggest losers among Nifty50 stocks, down more than 5 percent each. ONGC, Hindalco Industries and UltraTech Cement were down 4-5 percent.

However, Tata Steel, Cipla, IOC, Tata Motors and HCL Technologies gained 1-2.5 percent.

Source:https://www.moneycontrol.com/news/business/markets/closing-bell-nifty-closes-below-10900-sensex-loses-151-pts-midcaps-underperform-3509041.html

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Sensex extends fall to over 100 points, Nifty around 10,900; Tata Steel up 1%

Market opens Equity benchmarks have opened marginally lower, with the Nifty trading around 10,900.

The Sensex is down 53.26 points or 0.15% at 36493.22, while the Nifty is down 36.90 points or 0.34% at 10906.70. The market breadth is narrow as 211 shares advanced, against a decline of 169 shares, while 62 shares were unchanged.

Selling is visible across sectors, with maximum pain seen in automobiles and pharmaceuticals, among others. The Nifty Midcap index is down around 0.20 percent. 

Bharti Airtel, Yes Bank, Tata Steel and Titan are the top gainers, while M&M, Power Grid, Dr Reddy’s and Tata Motors lost the most. 

  

Rupee opens The Indian rupee has opened at 71.23 per US dollar. This implies an appreciation of 8 paise from its previous close of 71.31 per US dollar.

On Friday, the rupee appreciated by 14 paise Friday to close at 71.31 against the US dollar on persistent foreign fund inflows even as the greenback strengthened overseas amid fresh concerns over global growth.

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Opening Bell

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