Stocks in Focus on August 24: Key benchmarks ended with decent gains on Friday, August 21, 2020, mirroring positive cues from other Asian markets. The barometer index, the S&P BSE Sensex rose 214.33 points or 0.56% at 38,434.72. The Nifty 50 index gained 59.40 points or 0.53% at 11,371.60. But certain stocks came in news after the market was closed. These stocks can impact the indices when it reopens on Monday, August 24, 2020. List of such five stocks:
Triggers: There are certain events, like AGR hearing + Results Today, Eicher, Autoline Industries, AGM and Ex-dividend, which can create positive/negative reactions in the markets. Find them in detail:
F&O: LIC Housing Finance (variable)
Cash: NOCIL, Ingersoll Rand, Indraprastha Medical Corp, Albert David
AGR Hearing: The Supreme Court is scheduled to hear the on adjusted gross revenue (AGR) dues case today. The matter will be heard at 2 pm. Autoline industries: Board is scheduled to meet today to consider and approve the issuance of Equity Shares and Optionally Convertible Debentures (OCD’s) on a preferential basis.
Eicher Motor: Ex-date for stocks split in Ratio 1:10.
Ex-Dividend today: Dollar Industries will turn ex-dividend today. The ex-dividend date for stocks is usually set one business day before the record date. Dollar industries: Dividend Rs1.7/share.
AGM Today: Annual General Meeting of companies, like Escorts Ltd and Indian Overseas Bank, is scheduled to be held today.
See Zee Business Live TV streaming below:
Post Market Results: These companies, PNB, IB Housing, Union Bank, Godfrey Phillips, Minda Industries, IFGL Refractories, Suprajit Engineering, Oil India, Harrisons Malayalam, Rossari Biotech, have reported their financial results of the first quarter of the financial year 2020-21 (Q1FY21) after the market was closed on Friday. Find in details:
Punjab National Bank (PNB): Country’s second-largest public sector lender Punjab National Bank on Friday reported a 69% drop in profits at Rs 308.45 crore for the quarter ended June 30, 2020. It had posted a net profit of Rs 1,018.63 crore in the same quarter last year. Net interest income (NII) of the bank rose 63% to Rs 6,748.4 crore in the quarter this year against Rs 4,141.3 crore posted last year. Gross non-performing assets (NPAs) of the bank stood at 14.11% of gross advances during quarter-ended June, down from 14.21% posted in the previous quarter. Net NPAs or bad loans were at 5.39% in Q1FY21, down from 5.78% posted in March quarter, i.e. Q4FY20.
Indiabulls Housing Finance: The housing finance company, IB Housing Finance on Friday reported a 65% decline in its profit at Rs 273 crore for the quarter ended June 30, 2020. It had posted a net profit of Rs 802 crore in the corresponding quarter last year. Total income fell 33% to Rs 2,575 crore from Rs 3,885 crore posted last year. Gross non-performing assets (NPAs) of the housing finance company remained moderate at 2.2% against 1.47% posted last year.
Union Bank of India (UBI): Union Bank of India on Friday reported a profit of Rs 332 crore for the quarter ended June 30, 2020. It had posted a net profit of Rs 224 crore in the corresponding quarter last year. Net Interest Income (NII) stood at Rs 6,403 crore in Q1FY21 against Rs 2,518 crore posted in Q1FY20. Its gross non-performing assets (NPAs) were at 14.95% in the June quarter, compared with 14.15% in the March quarter of FY20. The bank’s net NPA ratio was at 4.97% in Q1FY21, against 5.49% in the January-March quarter.
Godfrey Phillips: Cigarette maker Godfrey Phillips India on Saturday reported a 53.6% decline in its consolidated net profit to Rs 55 crore for the first quarter ended June 30. It had posted a net profit of Rs 118.7 crore in the corresponding quarter last year. Revenue from operations dropped 49% to Rs 412.1 crore from Rs 807.6 crore posted in the year-ago quarter. EBITDA stood at Rs 63.2 crore, down 69% from Rs 202.5 crore posted last year. The margin dropped to 15.3% in Q1FY21 against 25.1% posted in Q1FY20.
Minda Industries Limited: Minda Industries on Saturday reported a consolidated loss of Rs 119 crore for the quarter ended June 30, 2020, against a net profit of Rs 56.4 crore posted in the year-ago quarter. Revenue from operations dropped 71% to Rs 417 crore against Rs 1,440 crore posted last year. The company posted negative EBITDA of Rs 72 crore against the positive EBITDA of Rs 172 crore posted last year.
IFGL Refractories: The manufacturer of specialised refractories and operating systems for iron and steel industry, IFGL Refractories on Saturday reported a 25% decline in consolidated profit at Rs 10.2 crore for the quarter ended June 30, 2020. It had posted a net profit of Rs 13.6 crore in the corresponding quarter last year. Revenue from operations dropped 20.4% to Rs 203 crore from Rs 255 crore posted last year.
Suprajit Engineering: The auto parts company Suprajit Engineering on Friday reported a consolidated loss of Rs 14.5 crore for the quarter ended June 30, 2020. It had posted a net profit of Rs 24.8 crore in the corresponding quarter last year. Revenue from operations dropped 51% to Rs 177 crore in Q1FY21 against Rs 363 crore posted in Q1FY20.
Oil India: The second-largest hydrocarbon exploration and production Indian public sector company Oil India has reported a standalone loss of Rs 248.6 crore for the quarter ended June 30, 2020. It had posted a net profit of Rs 925 crore in the quarter that ended March 31, 2020. Revenue from operations dropped 32.7% to Rs 1,744 crore in Q1FY21 against Rs 2,589.6 crore posted in Q4FY20.
Harrisons Malayalam: The company on Friday reported a net loss of Rs 7.5 crore for the quarter ended June 30, 2020. It had posted a net loss of Rs 6.8 crore in the corresponding quarter last year. Revenue from operations dropped 18% to Rs 63 crore in Q1FY21 from Rs 77 crore posted in Q1FY20.
Rossari Biotech: The Mumbai-based speciality chemical maker Rossari Biotech reported a 9.2% year-on-year rise in the consolidated profit at Rs 15.5 crore for the quarter ended June 30, 2020. It had posted a net profit of Rs 14.2 crore in the corresponding quarter last year. Revenue from operations dropped 14.3% to Rs 109.5 crore in Q1FY21 from Rs 127.8 crore posted in Q1FY20. EBITDA stood at Rs 23.7 crore, up 6.3% from Rs 22.3 crore posted last year. The margin advanced to 21.6% in Q1FY21 from 17.5% posted in Q1FY20.
ICICI Lombard: ICICI Lombard General Insurance Company on Saturday said its board has approved a proposal to merge Bharti AXA’s non-life insurance business with itself. Bharti AXA General Life Insurance’s shareholders will receive two shares of ICICI Lombard for every 115 shares of Bharti AXA held by them. At present, Bharti and AXA hold 51 per cent and 49 per cent stake respectively in the joint venture. According to experts, the deal value stands at Rs 2,700 crore. The deal would result in the emergence of the third-largest non-life insurer in India.
Future Group stocks in focus: Brickwork Ratings has revised the non-convertible bonds and commercial paper ratings to BWR C and IVR A4 respectively on account of weakening of business and financial risk profile on account of an extended lockdown due to Covid-19. Besides, the board meeting scheduled to be held on August 22, 2020, has been revised to August 28, 2020. The merger of 3 group companies will be discussed in the meeting on August 28.
Phoenix Mills: Mall developer Phoenix Mills Ltd has raised Rs 1,100 crore from institutional investors through a qualified institutional offering (QIP) that closed on August 21, 2020. It issued 1.81 crore shares at an issue price of Rs 605 per share. The government of Singapore has invested Rs 450 crore in the recent qualified institutional placement (QIP) offering of mall developer Phoenix Mills Ltd, the company said in a filing to the stock exchanges. Government of Singapore is also one of the investors in the company.