Stocks in Focus on June 24: Domestic stocks markets on Tuesday, June 23, 2020, ended sharply higher amid positive cues. The S&P BSE Sensex jumped 519.11 points or 1.49% to 35,430.43. Nifty 50 rose 159.80 points or 1.55% to 10.471. Both the indices have risen almost 6% in the four straight sessions. But certain stocks came in news after the market was closed. These stocks can impact the indices when it reopens on Wednesday, June 24, 2020. List of such five stocks:
Asian Paints/ BoB/ Berger Paint/ Aster DM Healthcare/ Balrampur Chini/ GMDC/ Finolex Ind/ NLC India/ Union Bank: They are the companies that reported their financial results of the fourth quarter of the financial year 2019-20 (FY20) after the market hours on Tuesday, June 23, 2020. Find details:
Asian Paints: The paint maker on Tuesday posted the quarterly results of Q4FY20 and reported a year-on-year decline in consolidated profit to Rs 480 crore against a profit of Rs 486 crore posted in the same quarter last year. Revenue from operations was down 7% to Rs 4,636 crore from Rs 4992 crore posted in Q4FY19. EBITDA stood at Rs 861 crore, down 3% from Rs 888 crore posted last year. The margin for the quarter was 18.5% against 17.7%.
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Bank of Baroda: The state-run lender on Tuesday announced the financial results of the quarter that ended on March 31, 2020, and reported a standalone profit of Rs 507 crore from the loss of Rs 991 crore posted in the corresponding quarter in the previous fiscal. Net Interest Income (NII) grew to Rs 6.998 crore from Rs 4,864 crore. Provisions of the NPA were at Rs 6,844 crore, 26.7% up from Rs 5,399 crore of the last year and were down 4% on the quarterly basis from Rs 7,155 crore posted in December quarter of the same fiscal. The bank’s Gross NPA 9.4% in Q4FY20 against 10.4% in Q3FY20.
Berger Paint: Berger Paints on Tuesday reported 6% year-on-year decline in consolidated profit at Rs 103 crore for the quarter ended on March 31, 2020. The paint maker posted a net profit of Rs 110 crore in the corresponding quarter last fiscal. Revenue from operations declined 7.9% to Rs 1,355 crore against Rs 1,472 crore posted last year. EBITDA stood at Rs 208 crore, down 7% from Rs 226 crore, while the margin grew to 15.38% in Q4FY20 from 15.33% posted in Q4FY19.
Aster DM Healthcare: The health care provider on Tuesday announced the financial results of the quarter ended on March 31, 2020, and reported a 37.3% year-on-year decline in consolidated profit after taxes at Rs 131 crore. It posted a profit of Rs 209 crore in the same quarter last year. Sales of the quarter rose 4.5% to Rs 2,301 crore from Rs 2,201 crore posted last year. EBITDA grew 15% to Rs 403 crore from Rs 350 crore and the margin grew to 17.5% against a margin of 15.9% posted a year ago.
Balrampur Chini: The sugarcane mill company on Tuesday reported a 16.3% year-on-year decline in consolidated profit at Rs 241 crore for the quarter ended on March 31, 2020. It posted a net profit of Rs 288 crore in the same quarter last year. Sales grew 31% to Rs 1,740 crore as compared to Rs 1,327 crore posted last year. EBITDA stood at Rs 241 crore, down 6.9% from Rs 259 crore of last year. The margin contracted to 13.85% against the margin of 19.52% posted last year.
Finolex Industries: The manufacturer of PVC Pipes on Tuesday reported a 39% year-on-year decline in consolidated profit of Rs 59 crore for the quarter ended on March 31, 2020. It posted a net profit of Rs 97 crore last year in the same quarter. Sales from the operation were down 20.5% to Rs 766 crore from Rs 949 crore posted last year. EBITDA stood at Rs 104 crore, down 28.7% from Rs 146 crore posted last year. The margin contracted to 13.5% from 15%.
Gujarat Mineral Development Corporation (GMDC): The minerals and lignite mining company on Tuesday reported a 66% year-on-year decline in consolidated profit at Rs 41 crore for the quarter ended on March 31, 2020. It posted a net profit of Rsd 123 crore in the corresponding quarter last year. The company’s revenue from operations stood at Rs 412 crore, down 22% from Rs 531 crore posted a year ago.
NLC India: The ‘Navratna’ fossil fuel mining company posted the financial results of the quarter ended on March 31, 2020, and reported a 0.4% rise in profit at Rs 498 crore, It posted a profit of Rs 496 crore in the same quarter a year ago. Revenue from operations was 24.6% up to Rs 3,069 crore as compared to Rs 2,463 crore posted last year.
Union Bank: The state-owned Union Bank of India on Tuesday reported a loss of Rs 2,713 crore in the fourth quarter that ended on March 31, 2020. The bank posted a net loss of Rs 3,331 crore in the same quarter last year. Net Interest Income (NII) grew 11% to Rs 2,929 crore as compared to Rs 2,629 crore posted a year ago in the same period. Provisions of the NPA came down 37% to Rs 3,912 crore to Rs 3,612 crore compared to Rs 5,783 crore in the same quarter last year. It increased 95% on a quarter-on-quarter basis from Rs 1,857 crore.
Steel Companies in Focus: Government on Tuesday imposed anti-dumping duty on imports of Zinc and Aluminum coated steel products from China, South Korea and Vietnam for 5 years. The duty imposed is in the range of USD 13.07 per tonne to USD 173.1 per tonne on imports of ‘flat-rolled product of steel, plated or coated with an alloy of Aluminium and Zinc’ from these three countries. The anti-dumping duty was slapped after a probe found that these items caused injury to domestic producers. The duty was imposed after the Commerce Ministry’s investigation arm Directorate General of Trade Remedies (DGTR).
Insurance Companies in focus: Insurance Regulatory and Development Authority of India (IRDAI) has allowed all insurance companies to sell short-term policies linked with COVID.
Wockhardt/Cipla: Wockhardt Hospital has started plasma therapy trials on select Covid-19 patients at its facility in the heart of Mumbai. Besides, Pharma major Cipla has said that it will price its generic version of antiviral drug remdesivir at less than Rs 5,000 per vial. The drug is used in the treatment of COVID-19 patients.
Vedanta/ Bharti Infra/ IMF/ Cabinet Meet: Certain events are scheduled to be held today on these fronts, which may have an impact on the stocks in India. Find details:
Vedanta: Today is the last day for e-voting on the proposal of delisting of the Vedanta.
Bharti Infratel: Bharti Infratel board is likely to meet on merger proposal with Indus Tower today. The Board of Directors in its meeting held on April 23, 2020, had extended the long stop date for the Scheme till June 24, 2020. The previous meet scheduled to be held on June 11, 2020, was postponed.
IMF: IMF will announce new growth estimates for 2020.
Cabinet meet: Union Cabinet is scheduled to meet today at 11 am.