Maruti Suzuki's First Quarterly Loss, Nestle India Q1 Results, and Top Buzzing Stocks Today

Thu, 30 Jul Pre-Open

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Indian share markets ended deep in the red yesterday.

At the closing bell yesterday, the BSE Sensex stood lower by 421 points (down 1.1%). The NSE Nifty closed lower by 97 points (down 0.9%).

The BSE Mid Cap index ended up by 0.7%. The BSE Small Cap index ended up by 0.4%.

On the sectoral front, losses were largely seen in the energy sector and auto sector.

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Top Stocks in Focus Today

IndusInd Bank will be among the top buzzing stocks today as the bank registered a 67.8% YoY (year-on-year) decline in Q1FY21 net profit on the back of a five-fold increase in provisions for bad loans. Net interest income grew by 16.4% year-on-year to Rs 33.1 billion in quarter ended June 2020.

Asset quality has seen marginal weakening during the quarter with gross non-performing assets (NPAs) as a percentage of gross advances rising 8 bps sequentially to 2.5%, while net NPAs fell 5 bps QoQ to 0.9% in Q1FY21.

NIIT Technologies will also be in focus today as the company reported a healthy order intake of US$ 186 million in June quarter (Q1FY21). The company said that fresh business of US$ 186 million was secured during the quarter, which included a large deal along with two more significant deals. A total of 11 new clients were added during the quarter.

Maruti Suzuki Posts Loss of Rs 2.4 Billion in June Quarter

Maruti Suzuki, the country's largest carmaker, reported a standalone net loss of Rs 2.4 billion in the quarter ended June 2020. This was against a profit of Rs 14.3 billion a year ago.

The loss was seen on the back of Covid-19-induced lockdown. This is the first time since its listing in 2003 that the auto major reported a quarterly loss.

Sales for India's top car maker plunged to Rs 36.7 billion, from Rs 187.3 billion a year ago.

The company sold a total of 76,599 vehicles during the quarter, sharply lower from 4,02,594 in the same quarter a year ago. Sales in the domestic market stood at 67,027 units, while exports were at 9,572 units.

The company said its net loss in the quarter was partially off-set by lower operating expenses and higher fair-value gain on the invested surplus.

The company in a press release said that owing to the global pandemic of COVID-19, it was an unprecedented quarter in the company's history wherein a large part of the quarter had zero production and zero sales in compliance with the lockdown stipulated by the government. Production and sales started in a very small way in the month of May. It added that the production in the whole quarter was equivalent to just about two weeks' of regular working.

Nestle India Reports 11% YoY Rise in Q1 Profits

Nestle's profit grew by 11.1% year-on-year, to Rs 4.9 billion. COVID-19 induced Lockdowns disrupted the company's value chain and fall in other income (down 48%) but was supported by lower tax cost.

Revenue from operations during the quarter increased 1.7% YoY, which were impacted due to the COVID-19 induced lockdown leading to production disruption across factories.

Nestle said it delivered strong performance in the 'e-commerce' channel which grew by 122% this quarter and now contributed 3.6% to domestic sales.

Domestic sales increased by 2.6% YoY, but exports fell 9.3% in June quarter.

The demand in all 'Out of Home' consumption channels experienced a sharp decline due to the lockdown.

As far as 'in home consumption' is concerned, it boosted sales of milk-based portfolio, Nescafe Classic and Nescafe Sunrise, all of which performed well this quarter.

Mindspace Business Parks REIT Sees Huge Subscription Interest

In latest developments from the IPO space, the initial public offer (IPO) by Mindspace Business Parks REIT closed for subscription yesterday. The REIT witnessed huge subscription interest and was subscribed 1.23 times by investors during closing market hours yesterday.

The Rs 45 billion IPO of the real estate investment trust has managed to attract bids for 8,34,33,000 units against the 6,77,46,400 units on offer.

The IPO includes fresh issuance worth Rs 10 billion and an offer for sale worth Rs 35 billion.

The real estate investment trust was subscribed 0.83 times by qualified institutional buyers (QIB). Among QIBs, foreign institutional investors bid for 13.1 million units while domestic financial institutions like banks and NBFCs bid for 1.6 million units, and mutual funds bid for 3.6 million units.

REITs have to pay out at least 90% of their net distributable cash flows to stockholders as dividend.

The majority of the demand came from non-institutional investors that oversubscribed their portion on day two itself. Bids were received for 52.7 million units against the 30.7 million on offer. Among these corporate bids were for 9.5 million units while individuals bid for 39.4 million units.

Mindspace Business Parks REIT has also received Rs 15.2 billion from 54 anchor investors.

Some of the marquee anchor investors include the Government of Singapore, Cohen and Steers Global, HSBC, Fidelity, Nomura, Morgan Stanley, SBI Life Insurance, and HDFC Life Insurance.

Mindspace Business Parks REIT is the second such issue to enter the stock exchanges after Embassy Office Parks was listed last year.

To know more about the REIT, you can access our report on the IPO here: Mindspace Business Parks REIT IPO - Should You Apply? (requires subscription).

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

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