ACC: Q1 earnings likely to disappoint

IIFL estimates the company’s net revenues to fall to Rs.2,998 crore, at a rate of 2.7% yoy; however, the same is likely to rise 3% qoq. 

ACC Ltd, one of the leading cement manufacturers in India, will announce its financial results on April 28 for the first quarter ended March 31, 2016.

IIFL estimates the company’s net revenues to fall to Rs.2,998 crore, at a rate of 2.7% yoy; however, the same is likely to rise 3% qoq.
 
As per IIFL’s forecast, the company’s net profit for Q1 CY16 is expected to tank to Rs.145 crore, at a rate of 38.6% yoy; however, the same is likely to soar 41.8% qoq.

Operating profit margin is likely to be at 10.8%, with a yoy dip of 898 bps.

According to IIFL, in case of cement, demand saw double-digit growth, but low capacity utilisation and soft prices for most part of the quarter will lead to 13.8% decline in PAT. Although demand is gaining traction in recent months, water shortage issues may slow down activity in the near term. Ultratech is likely to post the best results among large names, whereas ACC and Ambuja will be below par.

Our preview coverage universe of 374 companies, representing ~75% of India’s equity market cap is expected to report 4.2% yoy drop in net profit in Q4 FY16. On a qoq basis, profits will rise by 17% on account of low base of preceding two quarters, which had witnessed sequential PAT declines.

Other key quarterly results on April 28 include ACC, Ambuja Cement, Can Fin Homes, Dabur, Essel Propack, Granules India, HCL Tech, Idea Cellular, Kajaria Ceramics and Tata Elxsi. 

Sadbhav Engineering Q4 PAT jumps 4.7% to Rs.40.68 crore

The company's total income decreased from Rs.979.2 crore for the quarter ended March 31, 2015 to Rs.877.5 crore for the quarter ended March 31, 2016.

Sadbhav Engineering Ltd has announced the following results for the quarter & year ended March 31, 2016.

The company has posted a net profit of Rs. 40.68 crore for the quarter ended March 31, 2016 as compared to Rs. 38.86 crore for the quarter ended March 31, 2015. The company's total income has decreased from Rs.979.2 crore for the quarter ended March 31, 2015 to Rs.877.5 crore for the quarter ended March 31, 2016.

The audited standalone results for the year ended March 31, 2016:

The company has posted a net profit of Rs.1337.056 million for the year ended March 31, 2016 compared with Rs.1137.314 million for the year ended March 31, 2015. Total income has increased from Rs.29862.664 million for the year ended March 31, 2015 to Rs.32115.373 million for the year ended March 31, 2016.

Consolidated results are as follows:

The audited consolidated results for the year ended March 31, 2016

The group has posted a net profit/loss after taxes, minority interest, and share of profit/loss of associates of Rs.467.531 million for the year ended March 31, 2016 compared with a net loss of Rs.1754.865 million for the year ended March 31, 2015. Total income has increased from Rs.34909.782 million for the year ended March 31, 2015 to Rs.39221.437 million for the year ended March 31, 2016.

Tata Motors plans to raise Rs.300 crore via NCD issue

The board has approved the issuance of privately placed 3,000 rated, listed, unsecured, redeemable, 8.25% coupon NCDs of face value Rs.10,00,000/- each, at par, aggregating up to Rs.300 crore. 

Tata Motors Ltd said that the board has approved the issuance of privately placed 3,000 rated, listed, unsecured, redeemable, 8.25% coupon non-convertible debentures (NCDs) of face value Rs.10,00,000/- each, at par, aggregating up to Rs. 300 crore.

Tata Motors Ltd is currently trading at Rs. 421.25, up by Rs. 1.95 or 0.47% from its previous closing of Rs. 419.3 on the BSE.

The scrip opened at Rs. 419.95 and has touched a high and low of Rs. 425 and Rs. 417.25 respectively. So far 3861575(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 136647.8 crore.

The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 534 on 28-Apr-2015 and a 52 week low of Rs. 266 on 11-Feb-2016. Last one week high and low of the scrip stood at Rs. 423.5 and Rs. 401.1 respectively.

The promoters holding in the company stood at 33.01 % while Institutions and Non-Institutions held 41.3 % and 25.69 % respectively.

The stock is currently trading above its 200 DMA.

Yes Bank Q4 net profit at Rs.702 crore; Gross NPA at 0.76%

The bank reported its Q4 net profit stands at Rs.702 crore 

Yes Bank Q4 net profit at Rs.702 crore .

stock view:

Yes Bank Ltd is currently trading at Rs. 916.95, up by Rs. 6.4 or 0.7% from its previous closing of Rs. 910.55 on the BSE.

The scrip opened at Rs. 915 and has touched a high and low of Rs. 923.9 and Rs. 914.25 respectively. So far 1587110(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 38311.83 crore.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 914 on 26-Apr-2016 and a 52 week low of Rs. 590 on 24-Aug-2015. Last one week high and low of the scrip stood at Rs. 914 and Rs. 871.45 respectively.

The promoters holding in the company stood at 21.91 % while Institutions and Non-Institutions held 65.51 % and 12.58 % respectively.

The stock is currently trading above its 50 DMA.

IDFC Bank plunges 5%;Q4 net profit falls 32%

The Net profit for the quarter stands at Rs. 165 crore 

IDFC Bank Ltd stock was lower by 5% at Rs.50.The Net profit for the quarter stands at Rs. 165 crore

The Operating Income at Rs. 554.5 crore with Non-Interest Income of Rs. 143 crore.

The scrip opened at Rs. 49.85 and has touched a high and low of Rs. 50.75 and Rs. 49.65 respectively. So far 2999228(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 17975.71 crore.

The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 73.45 on 06-Nov-2015 and a 52 week low of Rs. 43.15 on 21-Jan-2016. Last one week high and low of the scrip stood at Rs. 55 and Rs. 51.8 respectively.

The promoters holding in the company stood at 52.95 % while Institutions and Non-Institutions held 37.5 % and 9.55 % respectively.

The stock is currently trading above its 100 DMA.

Bharat Forge bags order from Boeing and other Top Corporate News

Check out the most important news stories, which captured the headlines at the corporate level in India and internationally 

In the first disinvestment of current fiscal, the government will sell 11.36% equity shares in NHPC Ltd at Rs21.75 a piece to raise about Rs27bn.

The board of directors of Bharti Infratel Ltd approved a share buyback for Rs20bn.

Bharat Forge said that aircraft maker Boeing has awarded a contract to the firm for supply of titanium forgings for Boeing 777X.

Glenmark Pharmaceuticals has received tentative nod from the US health regulator for generic version of oral contraceptive tablets Lo Loestrin Fe.

As many as 701 accounts with bad loans exceeding Rs1bn owed public sector banks (PSBs) Rs1.63tn at the end of December, with State Bank of India accounting for the biggest chunk. 

DCB Bank reduced both base rate and the marginal cost of funds-based lending rate (MCLR), a move which will lower EMIs for its borrowers. 

Pidilite Industries, has approved execution of definitive agreements with Industria Chimica Adriatica Spa (ICA), a wood finish manufacturer based in Italy. 

Aurobindo Pharma has received final approval from the US health regulator to manufacture and market generic version of blood pressure treatment drugs Amlodipine and Valsartan tablets. 

Linde India Ltd has commissioned its second air separator unit at Kalinganagar in Odisha. Linde, under a long-term gas supply contract with Tata Steel Ltd at Kalinagar plant, has set up two air separation units with the total capacity of 2,400t a day. 

Biocon Q4 net profit at Rs. 361 crore

Biocon recorded Exceptional Income of Rs 268 Cr in Q4, excluding Exceptional Income, Net Profit for Q4 stood at Rs 105 Cr. 

Biocon Ltd, Asia's premier biopharmaceuticals company, announced its Q4 & FY16 results today.

The net profit for the quarter stood at Rs. 361 crore.

Commenting on the quarterly performance and highlights, Chairperson and Managing Director, Kiran Mazumdar-Shaw stated: "Biocon has closed the year with a landmark quarter, crossing a milestone Rs 1,000 Cr consolidated revenues for the first time. Syngene also closed FY16 on a strong note by crossing a Rs 1,000 Cr annual revenue mark.

Key developments this quarter were:

1: The Japanese regulatory approval of our Insulin glargine which heralds the entry of our biosimilars into key regulated markets

2: A Co-development & Commercialization Partnership for Biocon's rh-Insulin for the US market with Lab Pisa, a leading Mexican Pharma company.

3: An important European approval for Rosuvastatin Calcium Tablets which marks the entry of our generic formulations foray in developed markets."

"Biocon's gross R&D expenses at Rs 152 crore this quarter were the highest till date reflecting the advancement of our innovation led drug pipeline comprising novels, biosimilars and ANDAs. We expect to file a number of regulatory submissions in US and Europe for many of these programs in FY17," she added.

Highlights of Q4 FY16:

Biocon recorded Exceptional Income of Rs 268 Cr in Q4, excluding Exceptional Income, Net Profit for Q4 stood at Rs 105 Cr.

Biocon's Insulin Glargine becomes the first biosimilar from India and 2nd biosimilar glargine to be approved in Japan.

Biocon targets the rh-insulin opportunity in the US by collaborating with Lab PiSA, its long standing partner in Mexico. Pursuant to this, Biocon has recorded an Exceptional Income of Rs 268 Cr on account of the changes in the nature of Biocon's future obligations on the rh-insulin program.

EU approval for Biocon's generic Rosuvastatin Calcium tablets will enable the company to take its first Generic Formulation to the developed markets

Global Phase III clinical trials for biosimilar Insulin Glargine, Trastuzumab, Pegfilgrastim and Adalimumab are progressing well towards anticipated filings in FY 17.

Biocon's quarterly consolidated revenue crosses the Rs 1,000 Cr milestone for the first time in Q4FY16.

Syngene records a strong growth of 32% in Q4FY16 at Rs 316 Cr and crosses the Rs 1,000 Cr annual revenue milestone in FY16.

Biocon's gross R&D expenses for the quarter cross Rs 150 Cr indicating the advancement of our Biosimilars, ANDA and Novel programs.

Restructuring of Legal Entities

Biocon has restructured its legal entities to align with its growth strategies represented by its strategic business units. We believe this restructuring will enable us to unlock greater value from our business segments at an opportune time. All our biosimilar assets will now be consolidated under the new legal entity, Biocon Biologics Limited incorporated in UK as a subsidiary of Biocon Limited, India.

Transition to New India Accounting Standards

From Q1FY17, Biocon will start reporting its financial results based on the new Indian Accounting Standards, referred to as IND-AS. We do not foresee any significant impact on the earnings from this accounting transition.

Appointment of New Auditors

Biocon's Board of Directors have recommended to shareholders the appointment of BSR & Co LLP as the new Statutory Auditors of the Company at the upcoming Annual General Meeting on June 30, 2016.

Appointment of Mr. M. Damodaran as Independent Director

Biocon has strengthened its Board composition with the induction of Mr. M. Damodaran, a renowned financial expert and former Chairman SEBI, as an additional Independent Director. He has served both Central and State Governments in critical positions, besides being on the board of several leading companies and foreign institutions. After successful stints as Chairman UTI and IDBI during his career, he has set up Excellence Enablers Private Ltd (EEPL), a Corporate Governance and Board Advisory consultancy firm. He is also the founder Chairman of IIM, Tiruchirapalli and Chairman of Glocal Healthcare Systems Pvt Ltd, which provides quality healthcare in rural areas. His presence will enrich the board and further enhance the quality of governance and compliance at Biocon.

Thyrocare Technologies IPO to open today

The company has finalized the allocation of 3,223,411 equity shares at Rs. 446 per equity share (upper end of the Price Band) aggregating to Rs. 143.76 crore to 15 anchor investors.

Thyrocare Technologies Limited (the “Company” or “Issuer”) has finalized the allocation of 3,223,411 equity shares at Rs. 446 per equity share (upper end of the Price Band) aggregating to Rs. 143.76 crore to 15 anchor investors - Anchor investors include: Nomura, Merrill Lynch Capital Markets Espana, DSP Blackrock, HDFC MF, Birla Sunlife MF, Reliance Capital, SBI MF, ICICI Prudential, Tata AIA Life Insurance, Copthall Mauritius, Spring Healthcare India Trust, FIL Investments Mauritius, L&T MF, Sundaram MF & DB International Asia. Anchor investor notice for Thyrocare Technologies Limited (IPO) has been issued

The anchor investors include: The Nomura Trust And Banking Co., Ltd As The Trustee Of Nomura India Stock Mother Fund -  214,894 equity shares- 6.67%; DSP Blackrock Emerging Stars Fund - 214,894 equity shares- 6.67%; HDFC Trustee Company Ltd - HDFC Core And Satellite Fund - 214,894 equity shares -  6.67%; Birla Sunlife Trustee Company Private Limited A/C Birla Sunlife Small And Midcap Fund - 59,740 equity shares - 1.85%; Birla Sunlife Trustee Company Private Limited A/C Birla Sunlife India Gennext Fund -  77,008 equity shares - 2.39%; Birla Sunlife Trustee Company Private Limited A/C Birla Sunlife Emerging Leaders Fund Series 3 -  50,158 equity shares - 1.56%; Birla Sunlife Trustee Company Private Limited A/C Birla Sunlife Emerging Leaders Fund Series 4 - 27,988 equity shares     0.87%; Reliance Capital Trustee Co Ltd - A/C Reliance Mid & Small Cap Fund - 214,894 equity shares - 6.67%; SBI Magnum Multiplier Fund -  53,699 equity shares 1.67%; SBI Magnum Midcap Fund- 53,731 equity shares 1.67%; SBI Pharma Fund -53,731 equity shares 1.67%; SBI Long Term Advantage Fund-Series III - - 21,474 equity shares - 0.67%; SBI Magnum Children's Benefit Plan - 10,753 equity shares  0.33%; SBI Magnum Monthly Income Plan Floater - 10,753 equity shares 0.33%; SBI Resurgent India Opportunities Scheme - 10,753 equity shares - 0.33%; ICICI Prudential Business Cycle Fund Series 1 -   53,732 equity shares     1.67% ; ICICI Prudential Mutual Growth Fund - Series 8 - 21,505 equity shares  0.67%; ICICI Prudential India Recovery Fund - Series 1- 75,204 equity shares  2.33%; ICICI Prudential Value Fund  Series 6 - 64,453 equity shares 2%; Tata AIA Life Insurance Co Ltd A/C Whole Life Mid Cap Equity Fund -  214,894 equity shares - 6.67%; Merrill Lynch Capital Markets Espana S.A.S.V. -  214,895 equity shares 6.67%; Copthall Mauritius Investment Limited - 214,894 equity shares 6.67%; Spring Healthcare India Ltd – 179,452 equity shares – 5.57%; FIl Investments ( Mauritius) Ltd – 214921 equity shares – 6.67%; L&T Mutual Fund A/C L&T Midcap Fund – 112134 equity shares 3.48%; Sundaram BNP Paribas Balanced Fund – 33627 equity shares – 1.04%; Sundaram BNP Paribas MF AC Sundaram BNP Paribas Equity Multiplier Fund 33627 equity shares – 1.04%; Sundaram Mutual Fund A/C Sundaram BNP Paribas Smile Fund -44,880 equity shares – 1.39%; and DB International (Asia) Limited – 455,829 equity shares - 14.14%.

The Company will open on Wednesday, April 27, 2016, a Public Offer of up to 10,744,708 equity shares of face value of Rs. 10 each (the “Equity Shares”) for cash, at a price band of between Rs. 420 to Rs. 446 per Equity Share, (including sharepremium per Equity Share) through an offer for sale (the “Offer”) by the selling shareholders - as follows: (i) up to 10,207,472 Equity Shares offered by Agalia Private Limited; (ii) up to 180,000 Equity Shares offered by A. Sundararaju HUF; (iii) up to 180,000 Equity Shares offered by A. Velumani HUF; and; (iv) up to 177,236 Equity Shares offered by Anand Velumani.

Bids can be made for a minimum of 33 Equity Shares and in multiples of 33 Equity Shares thereafter. The Company and the Selling Shareholders may, in consultation with the Book Running Lead Managers (the “BRLMs”), consider participation by Anchor Investors in accordancewith the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009, as amended (the “SEBI Regulations”). The Anchor Investor Bid/Offer Period shall be one Working Day prior to the Bid/Offer Opening Date. The Bid/ Offer will close on Friday, April 29, 2016.

The Equity Shares offered through the Offer are proposed to be listed on National Stock Exchange of India Limited (“NSE”) and BSE Limited (“BSE”). For the Offer, NSE shall be the Designated Stock Exchange.

The BRLMs to the Offer are JM Financial Institutional Securities Limited, Edelweiss Financial Services Limited and ICICI Securities Limited. 

Wall Street mixed...Dow, S&P 500 up; Nasdaq down

The Dow Jones Industrial Average rose by 13.08 points to close virtually flat at 17,990.32.The S&P 500 index advanced by 3.91 points, or 0.2%, to close at 2,091.70 after moving in an 11-point range through the day. 

US stock indices finished mixed on Tuesday, with the Dow and the S&P 500 posting modest gains while the Nasdaq ended lower ahead of Apple's earnings.

Investors on Wall Street remained jittery before a spate of technology sector earnings and an updated policy statement from the Federal Reserve on Wednesday.

The Dow Jones Industrial Average rose by 13.08 points to close virtually flat at 17,990.32.

The S&P 500 index advanced by 3.91 points, or 0.2%, to close at 2,091.70 after moving in an 11-point range through the day.   

The energy sector led gains, helping to offset declines in health-care and consumer-staples sectors.

The tech-heavy Nasdaq Composite Index slid 7.48 points, or 0.2%, to settle at 4,888.31.

Apple shares closed down 0.7% in regular trading, extending its losing streak to a fourth successive session. Apple was expected to report its first ever year-over-year drop in iPhone sales.

After the close of trading, Apple said that its second quarter profit fell by 22.5%, as revenue declined for the first time since 2003 and iPhone sales dropped for the first time ever.

Apple's revenue and profit for the period ended March 26 both fell short of analysts' expectations.

Meanwhile, the Fed policy makers are due to release their policy statement on Wednesday, which will offer investors important guidance about the direction of interest rates.

The US central bank, which raised interest rates in December for the first time in nearly a decade, is widely expected to leave rates unchanged at the end of a two-day meeting. 

A major question for investors is how many more times the Fed is going to lift rates in 2016.

In the day's economic data, durable-goods orders rose at a less-than-expected pace of 0.8% in March. Economists were forecasting a seasonally adjusted 2% rise. 

The S&P/Case-Shiller Home Price Index showed that home prices rose 0.2% in the three months ended February. while prices eased to a 5.4% annual gain.

A reading of consumer confidence also slipped in April, as concerns about the health of the economy increased.