Stocks in Focus on June 10: Hero MotoCorp, General Insurance Companies to Vedanta; here are expected Newsmakers of the Day
Stocks in Focus on June 10: Hero MotoCorp, General Insurance Companies, Vedanta, etc. stocks are expected to remain newsmakers throughout the intraday trade session.
Stocks in Focus on June 10: The market ended with steep losses on Tuesday, June 9, 2020, due to profit selling after the recent run-up in share prices. Correction in index pivotal Reliance Industries, HDFC Bank and ICICI Bank put pressure on bourses. The barometer S&P BSE Sensex fell 413.89 points or 1.20% at 33,956.69. The Nifty 50 index fell 120.80 points or 1.19% at 10,046.65. But certain stocks came in news after the market was closed. These stocks can impact the indices when it reopens on Wednesday, June 10, 2020. List of such five stocks:
Hero MotoCorp/ Bombay Dyeing/ Gujarat Pipavav/ KRBL/ MRPL/ Teamlease: They are the companies that reported their financial results of the fourth quarter of the financial year 2019-20 (FY20) on Tuesday, June 9, 2020, after the market hours. Find details:
Hero MotoCorp: The two-wheeler major, Hero MotoCorp, on Tuesday posted 15% year-on-year (YoY) decline in net profit at Rs 620.7 crore for the quarter ended March 31, 2020. It had reported a net profit of Rs 730.32 crore in the corresponding quarter last year. Zee Business Analysts had projected a net profit of Rs 563 crore. Revenue from operations of the company declined 20% YoY to Rs 6,238 crore in Q4FY20 when compared to Rs 7,885 crore posted in Q4FY19. EBITDA fell 38% to Rs 659.7 crore against Rs 1,069 crore posted last year in the same quarter, while margin contracted to 10.58% from 13.6%. Tax expense of the two-wheeler company reduced from Rs 350 crore to Rs 30 crore due to remeasurement of DTA/DTL. Its management has said that it has rationalized CapEx spends for the financial year by half. Besides, the board also recommended a final dividend of Rs 25 equity share for the financial year 2019-20.
See Zee Business Live TV streaming below:
Bombay Dyeing & Manufacturing Co Ltd: Bombay Dyeing on Tuesday reported a 96.1% decline in consolidated net profit at Rs 48.6 crore for the fourth quarter ended March 31, 2020. The company had posted a net profit of Rs 1,253.4 crore in the same period a year ago. Revenue from operations declined 88.7% to Rs 313.1 crore against Rs 2,786.4 crore posted a year ago in the same period.
Gujarat Pipavav Port: Gujarat Pipavav on Tuesday reported a 10% decline in consolidated net profit at Rs 54 crore for the quarter ended March 31, 2020. The port has reported a net profit of Rs 60 crore in Q4Fy19. Sales stood at Rs 161.9 crore, down 10% from Rs 180 crore posted last year. EBITDA grew 0.9% to Rs 100.3 crore against Rs 99.4 crore of last year, while margin grew to 61.9% from 55.2%.
KRBL Limited: KRBL on Tuesday announced its Q4FY20 results and reported an 8% Year-on-Year rise in consolidated profit to Rs 149.6 crore. The company posted a net profit of Rs 138.5 crore a year ago in the same quarter. Sales declined 11.1% to Rs 1,062.5 crore from Rs 1,196.4 crore posted a year ago in the same period. EBITDA stood at Rs 228 crore, down 1.1% from Rs 230.6 crore. The margin grew to 21.46% from 19.27% posted last year.
MRPL: The company on Tuesday reported the financial report of the fourth quarter of fiscal 2019-20 (FY20) and posted a consolidated loss of Rs 225 crore. The port had clocked a net profit of Rs 499 crore in the fourth quarter of fiscal 2018-19. Revenue from operations declined 5.8% to Rs 17,283 crore against Rs 18,349 crore posted a year ago in the same period.
TeamLease Services: Indian staffing company TeamLease on Tuesday announced the financial results of March quarter FY20 and reported a loss of Rs 29 crore against a profit of Rs 26 crore posted a year ago in the same quarter. Sales from operations grew 14.3% to Rs 1,330 crore against Rs 1,163 crore posted last year. EBITDA stood at Rs 19.9 crore, down 19.7% from Rs 24.8 crore posted a year ago. Margin contracted to 1.50% against 2.13% of last year.
Godrej Consumer Products: Managing Director and CEO Vivek Gambhir have resigned from the company citing personal reasons with effect from the close of business hours on June 30, 2020. Gambhir will continue to be on the board as a whole-time director until September 30, 2020. Besides, Nisaba Godrej, who is currently serving as a whole-time director, was appointed as the MD till the conclusion of her existing term on September 30, 2022.
General Insurance companies: Companies like ICICI Lombard, New India Assurance and GIC RE will be in focus today as the Insurance Regulatory and Development Authority of India (IRDAI) has withdrawn permission for motor long-term cover. The authority in a notification said that it has decided to withdraw the long-term package cover offering both motor third party insurance and own damage insurance for three years or five years for new cars and two-wheelers, respectively, with effect from August 1, 2020.
Real Estate in focus: Real Estate developers have asked for a one-time restructuring of their loans from the government.
Vedanta: Billionaire Anil Agarwal has petitioned Prime Minister Narendra Modi for help in reopening his group's copper plant at Tuticorin in Tamil Nadu. He has said that the closure of the plant two years back has led to a surge in copper imports, defeating the purpose of Atmanirbhar Bharat campaign.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.