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US China Trade Talks; Venezuela Crisis; Key Q3FY19 Results and Top Stocks in Action Today
Mon, 28 Jan Pre-Open | Rini Mehta, TM Team

On Thursday, the Indian share markets erased all its morning gains and ended lower on Friday with Nifty finishing below 10,800 level. At the close, the Sensex was down 170 points, while Nifty was down 69 points.

In the major developments, shares of Zee Entertainment plunged as much as 26.4% on Friday on reports of promoter stake sale.

Meanwhile, Maruti Suzuki slipped nearly 9% to Rs 6,420 in afternoon trade after the country's largest passenger car maker reported a 17.3% fall in its net profit at Rs 14.9 billion for the third quarter of FY19.

Top Stocks in Focus

Dr. Reddy's Lab share price will be in focus today as it has launched Propofol Injectable Emulsion, USP, a therapeutic equivalent generic version of Diprivan (propofol) Injectable Emulsion, USP, approved by the US Food and Drug Administration (USFDA).

The promoters of Zee Entertainment Enterprises have zeroed in on three companies to sell half of their holding in the entity. The three companies include Sony Pictures, a US-based media conglomerate, and a Chinese company. The stock will be in focus today.

Natco Pharma is foraying into agrichemical space and initiated work on it green-field manufacturing facilities for producing niche products in that area in Nellore District of Andhra Pradesh.

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

Results Corner

DHFL share price has reported a fall of 36.7% in its net profit at Rs 3.1 billion for the quarter under review as compared to Rs 4.9 billion for the same quarter in the previous year. However, total income of the company increased by 12.4% at Rs 32.6 billion for Q3FY19 as compared Rs 28.9 billion for the corresponding quarter previous year.

Mphasis share price has reported a rise of 19.5% in its net profit at Rs 2.2 billion for the quarter ended December 31, 2018 as compared to Rs 1.8 billion for the same quarter in the previous year. Total income of the company increased by 5.5% at Rs 9 billion for Q3FY19 as compared Rs 8.5 billion for the corresponding quarter previous year.

Pfizer share price has reported a rise of 51.2% in its net profit at Rs 1.3 billion for the quarter under review as compared to Rs 0.9 billion for the same quarter in the previous year.

Maruti Suzuki share price has reported 17.3% fall in its net profit at Rs 14.9 billion for Q3FY19. The carmaker had reported profit after tax of Rs 18 billion in the year-ago quarter. On QoQ basis, the figures fell 33.5 Total revenue from operations stood at Rs 196.7 billion against Rs 192.8 billion in the year-ago period.

Market participants will track Escorts, L&T, Canara bank, Ceat, Tata Power and Wockhardt as they announce their December quarter results today.

Global Stock Market Drivers

Equities in Europe and Asia advanced on Friday as technology shares continued rallying and investors sought to end a challenging week on an upbeat note.

Gold and oil climbed, while the dollar slipped against most major peers.

The euro gained even as German business sentiment fell to its weakest level in almost three years; core European sovereign bonds stabilized after rallying for most of the week.

Market participants are scrambling for hints at progress on trade ahead of discussions this week in Washington, while also assessing the economic impact of the 35-day government shutdown that's hampering the normal flow of official data.

Oil Prices Slide

Oil prices rose by more than 1% on Friday as turmoil in Venezuela triggered concerns that its oil exports could soon be disrupted.

Washington on Thursday signaled it could impose sanctions on Venezuela's crude exports as Caracas descends further into political and economic turmoil.

International Brent crude oil futures were at US$61.89 a barrel, 1.3% above their last close.

US West Texas Intermediate (WTI) crude futures were at US$53.9 per barrel, up 1.5%.

From the IPO Space...

K Raheja Corp-promoted Chalet Hotels' Rs 16.9-billion initial public offering (IPO) will hit the market this week. Reportedly, the hotel property owner has lowered the share sale size due to volatile market conditions.

Chalet Hotels plans to raise about Rs 9.5 billion by fresh equity issuance and the promoter group plans to offload shares worth another Rs 7 billion in the IPO. Earlier, the IPO size was intended to be around Rs 19 billion.

Meanwhile, fleet bus operator Chartered Speed has received markets regulator's approval to raise an estimated Rs 2.7 billion through initial public offering (IPO).

With IPOs hitting the markets again, 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.

To know how to safely profit from the ongoing IPO rush, download this FREE report now and discover How to Get Rich with IPOs.

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

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Aug 26, 2019 09:03 AM