Indian Indices Continue Downtrend, March Quarter Results, and Top Stocks in Action Today

Mon, 13 May Pre-Open

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On Friday, share markets in India traded on a volatile note throughout the day and ended marginally lower.

The BSE Sensex closed lower by 96 points to end the day at 37,463. Tata Steel and HCL Technologies were among the top losers.

While the broader NSE Nifty ended down by 23 points to end at 11,279.

Among BSE sectoral indices, metal stocks fell the most by 1.5%, followed by energy stocks and IT stocks.

Top Stocks in Action Today

Bajaj Auto share price will be in focus today as the company has launched a new version of its Avenger Street 160 model equipped with anti-lock braking system (ABS).

Lupin share price will also be in focus today as the drug major has launched Clobazam Tablets, 10 mg and 20 mg, having received an approval from the United States Food and Drug Administration (USFDA) earlier.

Lupin's Clobazam Tablets, 10 mg and 20 mg is the generic version of Lundbeck Pharms, LLC's Onfi Tablets, 10 mg and 20 mg. It is indicated for the adjunctive treatment of seizures associated with Lennox-Gastaut syndrome (LGS) in patients 2 years of age or older.

Market participants will also track HDFC share price, ITC share price, and Vodafone Idea share price as these companies are set to announce their Q4FY19 results later today.

Results Corner

PVR share price has reported a rise of 64.5% in its net profit at Rs 463.3 million for the quarter ended March 31, 2019 as compared to Rs 281.7 million for the same quarter in the previous year. Total income of the company increased by 27.7% at Rs 7313.4 million for quarter under review as compared to Rs 5728.8 million for the quarter ended March 31, 2018.

State Bank of India (SBI) share price has reported a net profit at Rs 8384 million for the quarter ended March 31, 2019 against net loss of Rs 7,7181.7 million for the same quarter in the previous year.

Venky's share price has reported a fall of 41.5% in its net profit at Rs 299.4 million for the quarter ended March 31, 2019 as compared to Rs 512 million for the same quarter in the previous year. However, total income of the company increased by 11.8% at Rs 8384.2 million.

Voltas share price has reported a fall of 29.3% in its net profit at Rs 1252.1 million for Q4FY19.

From the Aviation Space...

The State Bank of India (SBI) has received two unsolicited bids for cash strapped Jet Airways, while another bid is expected, the bank's chairman Rajnish Kumar said on Friday.

In other news, Jet Airways' whole-time director Gaurang Shetty has resigned from the board and the firm due to personal reasons.

Last week, the Ministry of Corporate Affairs had recommended detailed probe into affairs at Jet Airways as recent inspections by Registrar of Companies (RoC) have found many discrepancies in books of accounts.

As per an article in The Economic Times, the Ministry of Corporate Affairs (MCA) last week submitted its report recommending a detailed investigation into the affairs of the company.

Here's an excerpt from the article:

• A lot of discrepancies have been found in the book of accounts which were recently inspected by Registrar of Companies (RoC), Mumbai. They were found to be in violation of certain provisions of the Companies Act. Many of the transactions relating to the fund movements are of suspicious nature which are unexplained.

In February, the Registrar of Companies had initiated inspecting the books of Jet Airways, almost eight months after the MCA directed it to probe allegations that the airline siphoned off money. MCA had called for RoC probe at the time when Jet Airways was delaying its announcement of its June quarter result.

This is not the first agency probing the cash-strapped airline. In September last year, income-tax officials had carried out a survey at the business premises of the airline based on specific information.

Rupee Rebounds After Sliding Past 70/US$

On Friday, the Indian rupee rebounded after falling beyond 70 against the US$. The domestic currency fell as US-China trade war hit emerging market currencies. US increased tariff to 25% on US$ 200 billion worth of Chinese good as the two sides pursue last-ditch talks to try salvaging a trade deal.

US-China Trade Talks

US and Chinese trade negotiators concluded the first of two days of talks to rescue a trade deal that is close to collapsing as Washington prepares to go ahead with plans to hike tariffs on hundreds of billions of dollars of goods imported from China.

Tension between Washington and Beijing has risen after a major setback in negotiations last week when China revised a draft deal and weakened commitments to meet US demands for trade reform.

Last week on Thursday, Trump took aim at the US$ 325 billion in Chinese goods that are so far untouched by the trade war, saying he was "starting ... paperwork today" to tax those with a punitive tariff of 25%.

He also said that if the two sides cannot make a deal, the United States would go back to manufacturing products that China now makes.

Stay tuned for more updates from this space!

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