BSE Sensex Trades Flat, Larsen Up by 3.2% Post Results

Wed, 23 Nov 01:30 pm

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After opening the day on a flattish note, the Indian share market continues to trade in a similar fashion.

BSE Sensex is trading higher by 63 points (up by 0.2%) and NSE Nifty is trading marginally higher by 16 points (up 0.2%). However, the <>BSE Mid Cap and <>BSE Small Cap index have surged and are trading higher by 0.5% and 0.8% respectively.

Sectoral indices are trading on a positive note with stocks from metal sector witnessing maximum buying interest.

Gold prices, per 10 grams, are trading at Rs 29,170 levels. Silver price, per kilogram is trading at Rs 40,784 levels. Crude oil is trading at Rs 3,285 per barrel. The rupee is trading at 68.23 to the US$.

Larsen and Toubro declared its results for the quarter ended September 2016. Net revenues of the company grew 8.5% YoY during the quarter. The revenues grew on the back of a strong performance of its hydrocarbon, heavy engineering and service segments.

Order inflows grew 11% YoY, led by contracts from outside India largely in the infrastructure and hydrocarbon space. The company's consolidated order book now stands at Rs 2500 billion, about 2.5 times its revenues for the year ended 31 March 2016.

The company's net profit grew 41% YoY excluding an exception item of Rs 4 billion on account of divestment of its insurance business. Including this exceptional item, the profits grew 84.3% YoY to Rs 143 billion. The growth in the net profit was mainly due to strong cost controls coupled with robust other income.

Other income grew at a pace of 49.6% YoY on the back of robust profits from treasury operations. The company's efforts to refinance borrowings at lower rates helped trim the financial charges. The employee costs too were tightly managed. The firm has cut about 14,000 jobs across business in the past six months due to factors such as automation, redundancy and changes in technology.

The company has reiterated its guidance for a revenue growth in a range of 12-15% for the fiscal year 2017. Going forward, performance of its infrastructure segment which contributes to almost half of its revenues will be one of the key things to watch out for. Share price of L&T is up by 3.2%.

In another news update, in a move to clampdown black money, India and Switzerland signed a declaration allowing automatic exchange of financial information between the two countries prospectively.

The agreement signed will end the era of year's long Swiss Bank secrecy. However, the point to be noted is that the information would be shared prospectively and not in retrospection.

Nevertheless, this move along with the stringent Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, is expected to act as an effective deterrent for tax evaders who stash their money in foreign countries.

Reportedly, as per the agreement signed India will automatically receive all financial information about its residents, including bank accounts and balances, dividends and interest income and sales proceeds used to calculate capital gains tax, from September 2019.

Earlier this month, the government had demonetized the 500 and 1,000 rupee note in a move to curb black money. Vivek Kaul has come out with a special report on how demonetization can have an impact on your investments, properties and effectively your wealth. It's a mind boggling read and you can claim this copy for free.

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

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