9:30 am Results Reaction: Raymond share price rallied 3 percent after reporting 61.7 percent YoY growth in net profit at Rs 54.5 crore and 10.6 percent growth in revenue at Rs 1,629.8 crore for the quarter ended March 2018.
Operating profit increased 33.5 percent to Rs 150.6 cror and margin expanded by 160 basis points to 9.2 percent YoY.
9:22 am Buzzing: Fortis Healthcare gained a percent after KKR-backed Radiant Life Care made a revised bid for the company with a binding offer to acquire its Mulund hospital for an enterprise value of Rs 1,200 crore.
This is the second revised offer received by Fortis after Malaysian major IHH Healthcare made a binding offer to infuse Rs 650 crore immediately in the Indian firm as part of an overall proposal to invest Rs 4,000 crore.
The company has received a binding offer from Radiant Life Care, FHL said in a regulatory filing.
9:18 am Earnings Reaction: Bharti Airtel share price gained more than 3 percent after reporting profit against expectations of loss in the quarter ended March 2018.
Net profit fell 72.8 percent sequentially to Rs 83 crore and revenue declined 3.4 percent to Rs 19,634 crore in Q4FY18 while operating income slipped 7.3 percent to Rs 7,034 crore and margin contracted 150 basis points to 35.8 percent QoQ.
9:15 am Market Check: Benchmark indices opened lower, tracking negative trend in global stocks.
The 30-share BSE Sensex was down 52.82 points at 34,563.82 and the 50-share NSE Nifty fell 21.10 points to 10,593.30.
Bharti Airtel, Bharti Infratel, HPCL, BPCL and Reliance Industries were early gainers.
Hindalco, Cipla and HCL Technologies were under pressure.
ICICI Prudential, Raymond, Idea Cellular, Advanced Enzyme, Bajaj Corp, MMTC, Parag Milk Foods, Coffee Day, Jubilant Life, Avanti Feeds, Granule India, Gati, Jaiprakash Associates, Indiabulls Ventures and Trent gained up to 5 percent.
Uniply Industries gained 2 percent after block deal of 10 lakh shares.
Balrampur Chini and Reliance Naval were under pressure.
9:09 am Pre-opening Settlement: The market settled lower in pre-opening session, with the Sensex falling 23.47 points to 34,593.17 and the Nifty down 2 points to 10,612.40.
9:05 am Technical Recommendations: We spoke to SMC Global Securities and here’s what they have to recommend:
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9:03 am Stocks in news: Hero MotoCorp: Company hikes two-wheeler prices by up to Rs 625 to offset rising input cost
Strides Shasun: The company will Divest Its Stake In Stride Chemicals For Rs 131 crore.
State Bank of India: The bank will issue & encash electoral bonds through its 11 authorised branches from May 1-10.
Fortis Healthcare: IHH has submitted binding bids for Fortis and has proposed to inject Rs 650 crore at Rs 160 per share.
Blue Dart: The company’s Board will meet on May 08, 2018 to consider the financial results and recommend a dividend.
Bharti Infratel: Re-appoints Akhil Kumar Gupta as Exec chairman
Raymond: Company approves Rs 300 crore development plan for 20 acres land at Thane
DCM Shriram: Board approves expansion of PVC capacity for Rs 32 crore
Zensar Tech: Board approves stock split of equity shares in the ratio 5:1
9:01 am Market Check: Benchmark indices were higher in pre-opening trade despite global weakness, with the Sensex rising 112.63 points to 34,729.27 and the Nifty climbing 1.90 points to 10,616.30.
A gauge of world stocks tumbled on Tuesday, erasing early gains as US bond yields scaled the 3 percent threshold for the first time in four years, while oil prices reversed course after climbing above the USD 75 per barrel mark, said a Reuters report.
Asian shares were under pressure on Wednesday, with a rise in US bond yields above the 3 percent threshold and warnings from bellwether U.S. companies of higher costs driving fears that corporate earnings growth may peak soon, it said.
Oil prices slipped on concerns that the United States might reinstate sanctions against Iran faded somewhat, reducing worries about the future of Iranian exports. Brent slid 85 cents, or 1.1 percent, to settle at USD 73.86 a barrel, said a report.
