Published on 12/01/2018 8:54:44 AM | Source: Religare Securities Ltd
Markets are at record high and still look upbeat - Religare Sec
Markets remained range bound for third successive session and ended almost flat. Mixed cues, both from the local and global front, capped movement in the benchmark index. Initially, weak Asian markets and caution ahead of the TCS and Indusind Bank results were weighing on sentiment. On the other hand, the cabinet decision to ease foreign direct investment (FDI) in some of critical areas viz. single brand retail, broking services in construction etc. restricted downside.
We believe other factors will take a back seat for now and earnings will dictate the market trend. Markets are at record high and still look upbeat, but we suggest keeping cautious approach, citing possibility of volatile swings ahead.
* Indusind Bank reported nearly 25% growth in profit at Rs 936.2cr for Q3FY18 compared to Rs 750.64cr in the same quarter last year. It’s Net interest income increased by 20% yoy to Rs 1,895cr from Rs 1,578.4cr in Q3FY17. Asset quality weakened a bit during the quarter as gross NPAs were higher at 1.16% in Q3 compared to 1.08% in previous quarter and net NPAs were mildly higher at 0.46% from 0.44% QoQ.
* Cochin Shipyard Limited (CSL) signed an MOU today with Mumbai Port Trust (MbPT) for management and operation of the Ship repair Facilities at Mumbai Port trust.
* Bajaj Corp reported a 4.55% decline in its standalone net profit at Rs 55.16cr for the quarter ended December, on account of higher expenses. The company had posted a net profit of Rs 57.79cr during the same period of the previous fiscal. Total income during the quarter under review, however, increased 5.92% at Rs 212.53cr as against Rs 200.65cr in the year ago period.
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