Published on 15/11/2017 10:05:21 AM | Source: Religare Securities Ltd

Markets remained under pressure in volatile trading session and lost nearly half a percent - Religare Sec

Posted in Market Outlook| #Market Outlook #Religare Securities Ltd

Nifty Outlook

Markets remained under pressure in volatile trading session and lost nearly half a percent. Initially, rise in retail inflation and feeble Asian markets were weighing on sentiment. However, the statement from the FM on further rationalization of GST rates combined with firm European markets pared some losses in between. Selling resumed in the last hour of the trade, which again pushed the benchmark lower.

The volatility index, India VIX, has gained nearly 13% in this month so far, pointing towards looming uncertainty. With no major event lined up on local front, possibility of something coming from the global markets is high. Thus we suggest continuing with hedged approach and avoiding high beta counters until the situation stablises.




* Eicher Motor Ltd. reported subdued Q2FY18 results. Net sales increased by 22.8% YoY to Rs 2,164crs, driven by price hikes and higher sales volumes. The company’s Royal Enfield volumes in Q2 increased by 21.7% YoY and commercial vehicle volumes rose by 12.3% YoY. EBITDA was up by 24.9% YoY to Rs 690 crs and margin expanded by 60 basis points YoY to 31.9% in quarter ended September 2017.The company reported PAT of Rs 486.4crs, a growth of 22.8% over Q2FY17.

Cadila healthcare reported robust Q2FY18 results. Net sales jumped 37.4% YoY to Rs 3,234crs, aided by strong US formulation sales led by 180 day exclusivity of generic anti-ulcer drug Lialda. EBITDA for the quarter rose by 64.5% yoy to Rs 983.8crs with a corresponding margin expansion of 553 basis points YoY to 30.4%. Net profit was up by 33% YoY to Rs 503crs.

* Bata India Ltd. reported healthy profit growth in Q2FY18. The company reported 0.5% YoY increase in net sales at Rs 586crs. EBITDA for the quarter rose by 12.3% YoY to Rs 64 crs with a corresponding margin expansion of 114 basis points YoY at 11%. PAT for the quarter came in at Rs 42.8crs, higher by 24.1% YoY, led by lower depreciation and interest cost.


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